11/11/2017
The exerts from the press conference of FINANCE MINISTER SHRI ARUN JAITLEY:
1) Total 178 items shifted from 28% to 18%.
2) 13 items pruned from 18% to 12%.
3) 6 items shifted from 18% to 5%.
4) 8 items tax rate reduced from 12% to 5%.
5) 6 items shifted from 5% to Nil.
List will be made available shortly.
For restaurants irrespective turnover a/c and non a/c tax will be 5% without input tax credit.
Hotels and restaurants having tariff upto 7500/ tax rate will be 18% with input tax credit. Below 7500/ rate of tax will be 5% without input tax credit.
Outdoor catering will be 18% with input tax credit.
Returns procedure
For 3 B will be continued upto 31st March 18.
For small tax payers and nil liability dealers easy return filing.
Now GSTR 1 will be only submitted till 31/3/18.
Dealer's having turnover below 1.5 crs will file GSTR 1 for July to sept by 31.12.17.
Oct to Dec by 15th Feb 17.
Jan to Mar 18 by 30th April 18.
Dealers having turnover above 1.5 crs will file GSTR 1 in 40 days.
July to oct by 31.12.17
Nov 17 by 10.01.18
Dec 17 by 10.02.18
Future all in 40 days.
For GSTR 2, 3 etc committee formed under chairman ship of GSTN Chairman and state centre officials.
Form 3B will be more interactive. And simple.
Penalty
Nil return submitted after due dates 20 Rs per day.
Other dealers it will be 50 Rs per day.
Extension of due dates for other returns..
GSTR ITC 04 JULY TO SEPT 31.12.17
GSTR COM 04 JULY TO SEPT 24.12.17
Dates for GSTR 5, 6, etc extd to 11.12.17 and 31.12.17.
Transition Form revision date extd to 31.12.17
Composition dealer's traders and manufacturers rate will be 1%.
Composition limit increased to 1.5 crs.
In case of composition tax to be paid on taxable turnover.
All these changes will be effective from 15th NOVEMBER 2017.
