GST Status as on 12th October 2018

GST Status as on 12th October 2018 pic

It’s time to look up the overview of GST Status as of 12th October 2018.  If you are new in Goods and Service Tax then this is very important for you.

Also, if you are an existing taxpayer under GST then this must be useful to you too.  Especially below the GST Return filing section.

Let us see the main key points status as on the said date.

20 Important point of GST Status as of 12th October 2018

Exemption under GST

1)Threshold limit for GST Registration is Rs. 20 lakh Turnover  per year  and  for J & K it is 10 lakh.

a) Threshold limit to opt for a composition scheme is Rs. 1 crore turnover in the previous year. For J&K and Uttarakhand, it is 75 lakh.  Composition scheme registration is available for sales within the state.

This scheme can opt only for various goods suppliers.  For the service sector, only Restaurant service providers can opt for this scheme.

The following categories of taxpayers are exempted from receiving registration:

b) Service Provider, having turnover of Rs. 20 lakh rupees making inter-state supply.

c) Service Provider, having turnover of Rs. 20 lakhs, making supply through e-commerce platform.

Reverse Charge Mechanism

2) Reverse charge mechanism under sub-section (4) of section 9 Under section 5 of the IGST Act 2017, the CGST Act 2017 and Section 5 have been suspended under section 30.09.2019.

3) There is no need to pay taxes on advance taxes received by all the taxpayers for supply of goods.

4) Non-registered persons are exempted from supply received from the GTA

5) Registration and operation of TDS / TCS provisions are applicable from 01.10.2018.

E way bill Implementation

6) The e-way bill mechanism has been started nationwide for all inter-state movements enforced from 01.04.2018. Regarding inter-state supply, the states have been given the option to choose any date on or before 01.06.2018.

On 01.05.2018, a total of 17 states and one union territory have started an e-way bill system for the intra-state movement of goods. Karnataka, Andhra Pradesh, Gujarat, Kerala, Telangana, Uttar Pradesh, Bihar, Haryana, Himachal Pradesh, Jharkhand, Tripura, Uttarakhand, Arunachal Pradesh, Madhya Pradesh, Meghalaya, Sikkim, Puducherry, and Nagaland.

7) The general goods and service tax electronic portal will be for e-way billing is managed by NEC  On 30.04.2018, about 2.80 crore e-waves have been earmarked.

8) From 01.10.2018 the e-wallet scheme is available to  exporters.

GST Return Filing

9) All taxpayers need to pay GST-3B return form and tax on monthly basis.

10) Turnover tax with Rs. 1.5 crores of rupees are required to be filled on a quarterly basis in Form GST-1. Other taxpayers will have to file FORM GSTR-1 on a monthly basis.

a) One-time extension of filing GSTR 1 return facility is available for the period from July 2017 to September 2018.  The last date to file GSTR 1 Return for this period is 30th October 2018.

11)GSTR-2 and Form GSTR-3 will be worked out by implementing committee officials.

12) Late fees for the delay in the form GST-3B for the period of July 2017 to September 2017 has been waived off. The late fees already paid will be re-credited in the Electronic Cash Ledger of a registered person under “Tax” head instead of “Fee” head.

Late fees under GST

13) After October 2017, the fees for the late filing of GSTR-3B by the registered person are as follows:

a) whose tax liability for that month was „NIL‟ will be Rs. 20/- per day instead of Rs. 200/- per day;

b) whose tax liability for that month was not „NIL‟ will be Rs. 50/- per day instead of Rs. 200/- per day.

14) Facility to file manual refund application has been started.

15) facility will be introduced to file manual filing application for an advance ruling.

16) Although no money has been sent in foreign exchange currency, exemption from GST will be given to providing services to Nepal and Bhutan – such suppliers will be eligible for the input tax credit.

17) Central UIN will be issued to each of the foreign diplomatic missions / central government to the United Nations.

Official GST Portal

18), managed by GSTN, will be an electronic portal of common goods and service tax.

19) The interest rate for delayed payments and late refund have been recommended.

20) All exports and deliveries to SEZ and SEZ units would be zero-rated

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