Taxpayers might go with multiple registrations within a State/ Union territory in respect of several workplaces situated within the very same State/ Union area. Earlier it was restricted to numerous services in the separate States.
Now it ends up being necessary to sign up under GST for those E-commerce operators who are needed to collect tax at source.
The threshold exemption limit for GST registration increased to INR 20 lakhs from INR 10 lakhs for 6 States -Taxpayers operating in Sikkim, Arunachal Pradesh, Himachal Pradesh, Uttarakhand, Assam & Meghalaya.
Registration to stay momentarily suspended for the time cancellation of registration is under the procedure, so that the taxpayer is relieved of ongoing compliance problems under the law.
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Reverse charge system
As the RFID readers or tags will be introduced with Goods and Services Tax Network (GSTN) for transporters in the next 6 months, this is supposed to relieve the transporters from wait at check posts.
A standard procedure to be adopted to minimize harassment of transporters avoid unnecessary difficulty at checkpoints and to offer effect to a uniform.
GST migration re-opened
Those companies that had VAT or Service Tax or Central Excise registration were needed to migrate and obtain GSTIN by registering under GST. This migration was later closed.
The 28th GST Council has actually now authorized the proposition to open the migration window for taxpayers, who received provisional IDs but could not finish the migration process.
Taxpayers who filed Part- A of Form GST REG-26, however not Part- B requirement to approach the jurisdictional Central Tax/ State Tax nodal officers with the required information on or prior to 31st August 2018 to complete the procedure.
All such taxpayers who are now migrating will likewise be not imposed a penalty for late filing GST return. However, such taxpayers will have to submit GST return first in addition to the payment of late cost. On filing the GST return, the GSTN would provide credit by way of a reversal of the amount paid as late fees in the cash ledger under the tax head.
* To motivate the exact same the late cost payable for delayed filing of return in such cases is chosen to be waived.
A modification is proposed to impose GST on reverse charge mechanism on receipt of materials from unregistered providers, to be suitable to just specified goods in case of specific alerted classes of registered persons.
E-way expenses compliance
Little taxpayers with less than INR 5 crores of turnover can choose to file GST return quarterly against an earlier limit of INR 1.5 crores. Just little taxpayers making B2C supply or making B2B and B2C supply can enroll for quarterly GST return filing.
2 simplified returns have actually been designed- Sugam and Sahaj, wherein the very first one, report only B2C products and the other report both B2B & B2C supplies, respectively.
The returns that have actually to be submitted monthly, has actually also been streamlined. The brand-new return is basic with two main tables. One for reporting outside materials and one for reporting inward supplies for availing input tax credit. The process would be based upon Invoice UPLOAD LOCK PAY TAX for many taxpayers.
A brand-new center is proposed by the GSTN wherein NIL return filers (no purchase and no sale) can file Return by simply sending an SMS.
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Limitation not going beyond 10% of the turnover of services rendered in the preceding fiscal year, or INR 5 lakhs, whichever is greater will be fixed for deciding into the composite scheme. Dining establishment services are not be thought about for this step.
Threshold limit for selecting the composition plan to be raised to INR 1 crore from existing INR 1.5 crore.
Exemption on external transportation of all goods by air and sea is extended by another year till 30th September 2019.
Services offered in sectors like banking, IT has actually been supplied relief by excusing services provided by an establishment of an individual in India to any establishment of that person outside India (related party).
Other essential points
Currently, the fiber material is charged at a greater GST rate of 12% as compared to the final garments that were constructed of it brought in only 5%. Due to this, ITC on fiber material was not being able to be made use of. On account of the inverted duty structure that presently dominates in this market, the GST council has proposed for the arrangement of allowing refund of the built-up ITC by providing a prospective impact to its applicability from 27th July 2018.
Registered persons may issue combined credit/ debit notes in respect of several billings released in a Financial Year.
Hotels to be taxed on a real tariff basis, not on the declared tariff.
Common-use foot products having retail rate as much as INR 1,000 to be taxed at 5 % for those with a cost exceeding INR 1000, 18% GST rate will apply.
Ethanol oil for oil companies to be taxed at 5 percent in the location of 18 % earlier.
GST rates for all leather products minimized to 18 percent from 28 %.
GST rates cut to 18% for special function cars, work trucks, trailers.
Rates on fragrances, toilet spray now under 18 % slab.
GST on the bamboo floor covering put under 12 % category.
Handicraft items to now are taxed at 12 %.
GST on handbags, jewelry box, wood box for paintings, art ware of glass, stone endeavor, decorative framed mirrors, handcrafted lights and so on minimized to 12%.
GST on imported urea reduced to 5%.
Rates for 17 white items consisting of Washing maker, Refrigerators, TV, Video games, Vacuum cleaners, Trailers, Juicer mixer, Grinders, Shavers & Hair driers, water cooler, water heaters, Lithium-ion batteries, electric iron decreased by 10 % from 28 % to 18 %.
Little taxpayers with less than INR 5 crores of turnover can decide to submit GST return quarterly against the earlier limitation of INR 1.5 crores. Just small taxpayers making B2C supply or making B2B and B2C supply can enroll for quarterly GST return filing. All such taxpayers who are now moving will likewise be not levied a charge for late filing GST return. Such taxpayers will have to submit GST return first along with the payment of a late charge. On submitting the GST return, the GSTN would supply credit by way of a reversal of the amount paid as late charges in the cash ledger under the tax head.
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