UPDATES WITH GST
- GSTR-3B is mandatory for all the tax payers those who have registered under GST. The Due Date for GSTR-3B has been extended from the month of July 2017 to Nov 2018 is now till 31st December 2018 for newly migrated tax payers and the due date for others is not changed.
- Every registered dealer is required to file GSTR-1 every month. The return contains details of all outward supplies made during the month.The Due Date to file GSTR-1 has been extended for the taxpayers with Turnover above the Amount 1.5 crores in previous year or current year.
- The Due date for the month from July 2017 to September 2018 extended till the 31st October 2018.
- The current four bills that have been passed do not put forth a single uniform rate across all categories. Instead a multi-tier tax slab has been put forth with four different tax rates i.e., 5%, 12%, 18% and 28%. The reasoning behind this is that luxury goods cannot be taxed at the same rate as daily necessities.
- There would also be goods that are tax-exempted and zero-rated which implies that there are six categories of products and services under the bill. An additional Cess on demerit goods such as aerated drinks, luxury cars and tobacco products would be levied. There will not be any tax on food products and petroleum products as of now. There has been no information as of yet regarding alcohol under GST.
- Services will not be taxed over 18% and 5% tax will be levied on mass consumed products such as packaged salts and spices although food grains and other agricultural products are not going to be taxed. For most other products and services, the nearest tax slab will be applicable. Items generally used by the common man such as toothpaste, oil, soap and others will be taxed between 12% to 18% as opposed to the current rate which is over 20%.
- GST Bill is expected to have a good impact on the general public as products of mass consumption, such as food grains, will not be taxed. Other commodities and services that are commonly used, like soaps and toothpaste will attract 12%-18% tax, which is lower than the current rate of more than 20%. Even household products such as refrigerators and washing machines will be cheaper as the rate of tax now applicable to them is 28% as opposed to the previous rate of 30%-31%.
Update GST Registration:
- Most of the commodities and services that are subject to GST have been categorized under four tax slabs, viz. 5%, 12%, 18%, and 28%. However, GST Rates is not applicable to some goods and services, such as jute, fish, eggs, fresh meat, milk, chicken, curd, fresh fruits, butter milk, vegetables, natural honey, bread, salt, besan, Prasad, sindoor, printed books, bindi, judicial papers, newspapers. hand loom, bangles, horn cores, bone meal, bone grist, horn meal, hoof meal, Palmyra jaggery, cereal grains hulled, coloring and drawing books, etc.
Key Due Dates:
- 31st December 2018.
- 31st October 2018.
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