“GOODS & SERVICES TAX UPDATES”

“Key Takeaways of 21^st meeting of G.S.T Council held on 9^th September 2017”

• 21^st meeting of G.ST Council was held on 9^th September 2017 at Hyderabad wherein the following decisions were taken:
• Rate of given services has been reduced from 18% to 12%:
• Services provided to the Government, a local authority or a governmental authority by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of –
• (a) a civil structure or any other original works meant predominantly for use other than for commerce, industry, or any other business or profession;
• (b) a structure meant predominantly for use as (i) an educational, (ii) a clinical, or(iii) an art or cultural establishment;
• (c) a residential complex predominantly meant for self-use or the use of their employees or other persons specified in paragraph 3 of the Schedule III of the CGST Act, 2017 (namely, MPs/Members of State Legislatures, Panchayats, Municipalities, other local authorities, persons holding constitutional posts, chairperson/member/director in a body established by Central Government, State Government or local authorities etc.).
• Place of supply of satellite launch services by ANTRIX to international customers would be outside India in terms of section 13(9) of IGST Act, 2017 and where such supply meets the requirements of section 2(6) of IGST Act and thus constitutes export of service will be zero rated. Where satellite launch service is provided to a person in India, the place of supply of satellite launch service would be taxable.
• Services by way of admission to FIFA U-17 Football World Cup- 2017 events have been exempted from GST.
• Revision of Date Of GST Returns

The GST council, in its 21^st meeting in Hyderabad, has recommended extensions of the due dates:

 

S.NO.	RETURNS	DESCRIPTION	FOR THE MONTH OF(2017)	REVISED DUE DATES
1.	GSTR-1(Turnover >INR 100CR	Return of outward  supply	JULY	03RD OCTOBER, 2017
2.	GSTR-1(Turnover <= INR 100CR)	Return of outward  supply	JULY	10TH OCTOBER, 2017
3.	GSTR-2	Return of inward supply	JULY	31ST OCTOBER, 2017
4.	GSTR-3	Monthly Return	JULY	10TH NOVEMBER,2017
5.	GSTR-4	Return for Composite dealers	JULY-SEPTEMBER	18TH OCTOBER,2017(No change)
6.	GSTR-6	Return for input service Service distributors	JULY	13th OCTOBER

 

FURTHER RECOMMENDATIONS

• Revised GST Return (GSTR-1, GSTR-2 & GSTR-3) due dates for the month of August & September 2017 is not yet notified.
• GSTR-3B (Summary Return) for September to December 2017 to be filed by 20^thof the next month of the relevant tax period (earlier GSTR-3B was only required for July & August 2017).
• Registration under composition scheme for both new registrants and migrated persons extended upto 30^thSeptember, 2017.
• Provisions of the composition scheme to be allowed from 1st October, 2017
• The due date for filing of GST TRAN-1 (Transition Return) extended to 31^stOctober, 2017 (from 28^th Sept 2017). Further, such Return can be revised once only.
• FORM GST TRAN-1 can be revised once.
• Registration for persons required for deduct TDS or collect TCS will commence from 18^thSept 2017 (The date of such deduction / collection of TDS / TCS is not yet notified).
• Presently, any person making inter-state taxable supplies is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration.
• It has been decided to allow an exemption from registration to persons making inter-State taxable supplies of handicraft goods upto aggregate turnover of Rs. 20 lacs as long as the person has a Permanent Account Number (PAN).
• The goods move under the cover of an e-way bill, irrespective of the value of the consignment.
• Presently, a job worker making inter-State taxable supply of job work service is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration.
• It has been decided to exempt those job workers from obtaining registration who are making inter-State taxable supply of job work service to a registered person as long as the goods move under the cover of an e-way bill, irrespective of the value of the consignment.
• This exemption will not be available to job work in relation to jewellery, goldsmiths’ and silversmiths’ wares as covered under Chapter 71 which do not require e-way bill

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