GST Council has approved the proposal to open the migration window for taxpayers till 31st August ,2018
Recommendations on opening of migration
window for tax payers till 31st August ,2018
The GST Council in its 28th meeting held here today has
approved the proposal to open the migration window for taxpayers, who received
provisional IDs but could not complete the migration process.
The taxpayers who filed Part A of FORM
GST REG-26, but not Part B of the said FORM are requested
to approach the jurisdictional Central Tax/State Tax nodal officers with the
necessary details on or before 31stAugust, 2018.
The nodal officer would then forward the details to
GSTN for enabling migration of such taxpayers.
It has also been decided to waive the late fee
payable for delayed filing of return in such cases.Such taxpayers are required
to first file the returns on payment of late fees, and the waiver will be
effected by way of reversal of the amount paid as late fees in the cash ledger
under the tax head.
Taxpayers who intend to complete the migration
process are requested to approach their jurisdictional Central Tax/State
Tax nodal officers in this regard.
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Recommendations
made during the 28thmeeting of the GST Council held in New Delhi on 21st 2018
Amendments to the CGST Act, 2017, IGST Act, 2017, UTGST Act2017, and GST (Compensation to States) Act, 2017
Amendments to the CGST Act, 2017, IGST Act, 2017, UTGST Act2017, and GST (Compensation to States) Act, 2017
The GST Council in its 28thmeeting held
here today has recommended certain amendments in the CGST Act, IGST Act, UTGST
Act and the GST (Compensation to States) Act.
2.
The major recommendations are as detailed below:
1.
Upper limit of turnover for opting for
composition scheme to be raised from Rs. 1 crore to Rs. 1.5 crore. Present
limit of turnover can now be raised on the recommendations of the Council.
2. Composition dealers to be allowed to supply
services (other than restaurant services), for upto a value not exceeding 10%
of turnover in the preceding financial year, or Rs. 5 lakhs, whichever is
higher.
3. Levy of GST on reverse charge mechanism on receipt
of supplies from unregistered suppliers, to be applicable to only specified
goods in case of certain notified classes of registered persons, on the
recommendations of the GST Council.
4. The threshold exemption limit for registration in
the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya,Sikkim and
Uttarakhandto be increased to Rs. 20 Lakhs from Rs. 10 Lakhs.
5. Taxpayers may opt for multiple registrations within
a State/Union territory in respect of multiple places of business located
within the same State/Union territory.
6. Mandatory registration is required for only those
e-commerce operators who are required to collect tax at source.
7.
Registration to remain temporarily
suspended while cancellation of registration is under process, so that the
taxpayer is relieved of continued compliance under the law.
8. The following transactions to be treated as no
supply (no tax payable) under Schedule III:
a.
Supply of goods from a place in the non-taxable
territory to another place in the non-taxable territory without such goods
enteringinto India;
b. Supply of warehoused goods to any person before
clearance for home consumption; and
c.
Supply of goods in case of high sea
sales.
9. Scope of input tax credit is being widened, and it
would now be made available in respect of the following:
a.
Most of the activities or transactions
specified in Schedule III;
b. Motor vehicles for transportation of persons having
seating capacity of more than thirteen (including driver), vessels and
aircraft;
c.
Motor vehicles for transportation of
money for or by a banking company or financial institution;
d. Services of general insurance, repair and
maintenance in respect of motor vehicles, vessels and aircraft on which credit
is available; and
e.
Goods or services which are obligatory
for an employer to provide to its employees, under any law for the time being
in force.
10.In
case the recipient fails to pay the due amount to the supplier within 180 days
from the date of issue of invoice, the input tax credit availed by the
recipient will be reversed, but liability to pay interest is being done away
with.
11.
Registered persons may issue
consolidated credit/debit notes in respect of multiple invoices issued in a
Financial Year.
12. Amount of pre-deposit payable for filing of appeal
before the Appellate Authority and the Appellate Tribunal to be capped at Rs.
25 Crores and Rs. 50 Crores, respectively.
13. Commissioner to be empowered to extend the time
limit for return of inputs and capital sent on job work, upto a period of one
year and two years, respectively.
14. Supply of services to qualify as exports, even if
payment is received in Indian Rupees, where permitted by the RBI.
15. Place of supply in case of job work of any
treatment or process done on goods temporarily imported into India and then
exported without putting them to any other use in India, to be outside
India.
16. Recovery can be made from distinct persons, even if
present in different State/Union territories.
17. The order of cross-utilisation of input tax credit
is being rationalised.
3.
These amendments will now be placed before the Parliament and the legislature
of State and Union territories with legislatures for carrying out the
amendments in the respective GST Acts.
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