GST Updates-JAN 2018

GST Updates

Central Government vide Notification No. 73/2017 Central Tax, dated 29.12.2017 waives the amount of late fee payable, for failure to furnish the return in FORM GSTR-4 by the due date, which is in excess of an amount of twenty five rupees for every day during which such failure continues. Provided that where the total amount payable in lieu of central tax in the said return is nil, the amount of late fee payable, shall stand waived to the extent which is in excess of an amount of ten rupees for every day.

Central Government vide Notification No. 74/2017 Central Tax, dated 29.12.2017 notifies the effective date 01.02.2018 for CGST Rules in respect of E-way bill. Rule 138 – Information to be furnished prior to commencement of movement of goods and generation of e-way bill; Rule 138A – Documents and devices to be carried by a person-in-charge of a conveyance; Rule 138B – Verification of documents and conveyances; Rule 138C – Inspection and verification of goods; Rule 138D – Facility for uploading information regarding detention of vehicle.

Central Government vide Notification No. 75/2017 Central Tax, dated 29.12.2017 amends Central Goods and Service Tax Rules, 2017 as under:

1. The Unique Identity Number granted shall be applicable to the territory of India.
2. Any particular of the application for registration shall not stand amended with effect from a date earlier than the date of submission of the application in FORM GST REG-14 except with the order of the Commissioner for reasons to be recorded in writing and subject to such conditions as the Commissioner may, in the said order, specify.
3. Rule 89(4A) and 4(B) inserted and Rule 89(4) of the CGST Rules has been substituted with effect from 23.10.2017 to give effect of Notification No. 48/2017 Central Tax, Dt. 18.10.2017 in respect of deemed export and Notification No. 40/2017 Central Tax (Rate), Dt. 23.10.2017 in respect of concession to deemed exporter.
4. Rule 95 of the CGST to provide option for manual application for refund, to remove pre-condition to file GSTR-1 and to remove condition that value of single invoice should exceed five thousand rupees.

Central Government vide Notification No. 1/2018 Central Tax Dt. 01.01.2018 reduced composition rate in case of manufacture to half percent from one percent. Further in case of supplier of goods other than manufacturer and service provider for the words “half per cent of the turnover”, the words “half per cent of the turnover of taxable supplies of goods” shall be substituted.

Central Government vide Notification No. 2/2018 Central Tax, dated 20.1.2018 extends the date to file Form GSTR 3B up to 22.01.2018.

Central Government vide Notification No. 71/2017 Central Tax, dated 29.12.2017 extends the date to file Form GST-1 by the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year, as the class of registered persons who shall furnish the details of outward supply of goods or services or both as under:

Central Government vide Notification No. 72/2017 Central Tax, dated 29.12.2017 extends the date to file Form GST-1 by the registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, as the class of registered persons who shall furnish the details of outward supply of goods or services or both as under:

Compiled by CA. Manilal Parsiya