changes in gst

Changes in GST that will impact your business : Complete Guide

Changes in GST that will impact your business

In a major overhaul under the GST, there are changes in GST that will impact your business. It’s important for you to remain updated with them so that you don’t do lose out anything or do any wrong for your business as well as customers.

Bringing smiles for consumers, as many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air- conditioned and non-AC.

Other compliance changes are:

Revision in Late fee

1) For nil return from 200 Rs per day to Rs 20 per day
2) For others , The late fees Has been revised from Rs 200 to Rs 50 Per day

Revision in Timelines for filling return

GSTR 2 & 3 is abolished till March 2018

For Asseses having Turnover upto Rs 1.5 Cr will file
1- GSTR 3B monthly
2- GSTR 1 – Quarterly

For assesses having Turnover more than 1.5 Cr will file
GSTR 3B- Monthly filling by 20th of the following month.
GSTR 1- Monthly

Revision in overall due dates

Invoices for Nov, 2017 to be filed by Jan 10, 2018

Invoices for Dec, 2017 to be filed by Feb 10, 2018

Invoices for Jan 2018 to be filed by March 10, 2018

GSTR 4 shall have to file there return 24th December 2017. Form for GSTR 4 is already available online

GSTR 5- 11th Dec 2017
Trans 1 – 31st December 2017

Changes in Composition Scheme

COMPOSITION dealer shall have uniform rate of 1% for manufacturer and traders.

COMPOSITION SCHEME will cover services of up to Rs 5 Lakhs in addition to the goods.

Threshold limit for COMPOSITION SCHEME will increase to 2 Cr (Necessary amendments will be made in act).

The aggregate turnover will only cover the taxabale supplies and not exempt supplies for the purpose of computing tax @1%/5%.

ALSO READ : Imprisonment under GST: Offences That May Land You in Jail

* In the current year, all taxpayers will have to file only GSTR-1.

* New GST rates will come into effect from November 15

* Nobody can charge tax over and above MRP

* Taxpayers with annual aggregate turnover more thanRs. 1.5 croreneed to file GSTR-1 on monthly basis as per following frequency:

2
PIB

Due dates for furnishing forms

 

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Credit: PIB