GST Compliance Highlights of GST Council Meeting Held

Highlights of GST Council Meeting Held

Highlights of GST Council Meeting Held

HIGHLIGHTS OF GST COUNCIL MEETING HELD

The GST Council in its 28th meeting held today at New Delhi has recommended certain amendments in the CGST Act, IGST Act, UTGST Act, and the GST (Compensation to States) Act.

The major recommendations are as detailed below:

  • The upper limit of turnover for opting for composition scheme to be raised from Rs. 1 crore to Rs. 1.5 crore. The present limit of turnover can now be raised on the recommendations of the Council.
  • Composition dealers to be allowed to supply services (other than restaurant services), for up to a value not exceeding 10% of turnover in the preceding financial year or Rs. 5 lakhs, whichever is higher.
  • 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.
  • The threshold exemption limit for registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim, and Uttarakhand to be increased to Rs. 20 Lakhs from Rs. 10 Lakhs.
  • 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.
  • Mandatory registration is required for only those e-commerce operators who are required to collect tax at the source.
  • Registration to remain temporarily suspended while cancellation of registration is under process so that the taxpayer is relieved of continued compliance under the law.
  • The following transactions are to be treated as no supply (no tax payable) under Schedule III:
    • Supply of goods from a place in the non-taxable territory to another place in the non-taxable territory without such goods entering into India;
    • Supply of warehoused goods to any person before clearance for home consumption; and
    • Supply of goods in case of high sea sales.
  • Scope of the input tax credit is being widened, and it would now be made available in respect of the following:
    • Most of the activities or transactions specified in Schedule III;
    • Motor vehicles for transportation of persons having a seating capacity of more than thirteen (including the driver), vessels and aircraft;
    • Motor vehicles for transportation of money for or by a banking company or financial institution;
    • Services of general insurance, repair, and maintenance in respect of motor vehicles, vessels, and aircraft on which credit is available; and
    • Goods or services which are obligatory for an employer to provide to its employees, under any law for the time being in force.
  • 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 a liability to pay interest is being done away with.
  • Registered persons may issue consolidated credit/debit notes in respect of multiple invoices issued in a Financial Year.
  • 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.
  • Commissioner to be empowered to extend the time limit for return of inputs and capital sent on job work, up to a period of one year and two years, respectively.
  • Supply of services to qualify as exports, even if payment is received in Indian Rupees, where permitted by the RBI.
  • 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.
  • Recovery can be made from distinct persons, even if present in different State/Union territories.
  • The order of cross-utilization of the input tax credit is being rationalized.

Simplified GST Return

  • GST Council approved the new return formats and associated changes in the law. The formats and business process approved today were in line with the basic principles with one major change i.e the option of filing quarterly returns with a monthly payment of tax in a simplified return format by the small taxpayers.
  • All taxpayers excluding small taxpayers and a few exceptions like ISD etc. shall file one monthly return. The return is simple with two main tables. One for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier
  • NIL return filers (no purchase and no sale) shall be given the facility to file the return by sending SMS.
  • Council approved quarterly filing of return for the small taxpayers having turnover below Rs. 5 Cr as an optional facility. Quarterly returns shall be similar to the main return with a monthly payment facility. simplified returns have been designed called Sahaj and Sugam. In these returns details of information required to be filled is lesser than that in the regular return.

Reverse Charge Mechanism

  • GST Council has recommended to further defer/ suspend the Reverse Charge Mechanism (RCM) up to 30 Sept. 2018, as against the already notified date of 31st March 2019.

migration window for taxpayers

  • hose who could not migrate or who are having provisional GST Registration can migrate/ register under GST up to 31 Aug. 2018.

Reduction in GST Rates

  • The GST Council has recommended reducing tax rates of about more than 50 items of Goods, including providing relief for women by way of exempting Sanitary Napkins, Rakhi, etc

New CGST (12th Amendment) Rules, 2020 (Dated 15.10.2020)
 
Rule 80. : GST Audit (GSTR-9C) limit increased from Rs. 2 Crores to Rs. 5 Crores for FY 2019-20 as well (Due Date - 31.12.2020).

Rule 138E. : Relaxation from blocking of eway bill facility during the period 20.03.2020 to 15.10.2020.

Rule 67A. : Form GST CMP-08 was also added in rule 67A for the manner of verification of returns by SMS facility.

GST Return compliances calendar- Nov 2020

CBIC has issued three circulars, purusant to the 45th GST council meet. For easy reference of all, we had summarized the same in the attached PPT.

For any query, you can write to info@carajput.com. Hope the information will assist you in your Professional endeavours. For query or help, contact:   info@carajput.com or call at 09811322785/4,9555 5555 480)

 

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

Share This Post

Related Articles

Related Videos


E Way Bill: What is E Way Bill 2021 under GST | All About E-Way Bill | E-Way Bill Complete Knowledge.

E Way Bill: What is E Way Bill 2021 under GST | All About E-Way Bill | E-Way Bill Complete Knowledge.

Published On: Dec 08, 2021 | By: RJA

Need help?

Request a call
from a RJA
Business Advisor.

LET'S TALK

Private Limited Company

Popular Categories

Browse Blogs

Recent Posts

Understanding the Differences between Old vs. New Tax Regime

Understanding the Differences between Old vs. New Tax Regime

Documentation for Peer Review- Audit work For CA in Practices.

Documentation for Peer Review- Audit work For CA in Practices.

Key Updates and Recommendations from the 53rd GST Council Meeting

Key Updates and Recommendations from the 53rd GST Council Meeting

 Futures and Options transactions may attract higher tax rate

Futures and Options transactions may attract higher tax rate

All about the Social Stock Exchange (SSE):

All about the Social Stock Exchange (SSE):

Connect with a RJA Advisor

Fields marked with an * are required

Enquire Us

Please send us your query and we feel very happy helping you

Testimonials

  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

    A US consultancy group

  • Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

    A Leading Service Provider

  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

    A Leading Consultancy Firm in Dubai

Money Back Guarantee

Not happy with the service? You can request a refund at anytime within 30 days!

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

Get In Touch--

Rajput Jain & Associates

Add: P-60, Connaught Circus, Connaught Place, New Delhi-110001

Email: singh@carajput.com

Phone: 9555555480

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates. All Rights Reserved | Sitemap

Call Email