- Payments Exempted under Reverse Charge Mechanism
Exempts payment of tax under reverse charge basis in terms of section 9(4) of the CGST Act, 2017, section 5(4) of the IGST Act, 2017 & section 7(4) of the UTGST Act, 2017 till 31.03.2017.
- Composition Scheme
The composition scheme threashold has been increased to 1 crore for taxpayers as compared to the current turnover threshold of Rs. 75 lacs with Notification No. 46/2017 dated 13/10/2017 under CGST Act, 2017.
- Time extended for Form GST ITC-01
Seeks to extend the time limit for submission of FORM GST ITC-01
- Time extended for Form GSTR-6
Seeks to extend the time limit for filing of FORM GSTR-6
- Time extended for Form GSTR-5A
Seeks to extend the time limit for filing of FORM GSTR-5A
- Time extended for Form GSTR-4
Seeks to extend the time limit for filing of FORM GSTR-4
- Business having turnover less than 1.5 crore in preceding financial year
Seeks to notify in Notification No. 40/2017 – Central Tax dated 13/10/2017 that the registered person whose aggregate turnover in the preceding financial year did not exceed one crore and fifty lakh rupees or the registered person whose aggregate turnover in the year in which such person has obtained registration is likely to be less than one crore and fifty lakh rupees and who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods
- State Tax Officers cross-empower to process and grant refund
Notification No. 39/2017 dated 13/10/2017 of CGST Act, 2017 & 11/2017-Integrated Tax dated 13/10/2017 seeks to cross-empower State Tax officers for processing and grant of refund.
- Specific Items added to the list of “handicrafts goods”
Seeks to amend notification no. 32/2017-CT dated 15.09.2017 so as to add certain items to the list of “handicrafts goods” with Notification No. 38/2017 dated 13/10/2017 under CGST Act, 2017 & 09/2017 dated 13/10/2017 under IGST Act, 2017.
- Rule 46A inserted
Amendment to CGST Rules, 2017 – Amendment of Rule 3, 54, 62, FORM GST CMP-02, FORM GSTR-1, FORM GSTR-1A, FORM GSTR-4; insertion of Rule 46A.