2018 GST(Goods and Service Tax ) News Update by Mr. Arun Jaitley:
1. New rates to be applicable from 15.11.2017 prospectively after notification.
2. 178 items shifted from 28% slab to lower slabs leaving apart sin goods and cess applicable goods.
3. Restaurants to have no ITC. The rate of tax will be 5%. Restaurants in star hotels-18% with ITC. Other hotels -5% without ITC.
4. Outdoor catering -18% with ITC.
5. Gstr-3b to continue till 31.03.2018.
6. Nil returns to become very easy.
7. Only filing of GSTR-1 in the current year for all taxpayers. Below 1.5 crore- 31st Dec for July to Sept, Qtr3- 15.02.2018, Qtr4- 30.04.18
8. Other taxpayers file GSTR 1 for July-oct by 31st Dec 2017 then from November by 10th of next month – only GSTR 1.
9. Gstr-1 to be matched with GSTR-3B.
10. Penalty on late filing, nil return- Rs. 20 per day. Others- Rs. 50 per day.
11. Composition: July-sept- ITC-05 by 31.12.2017 and GSTR-04 by 24.12.2017
12. *TRAN-01 to be filed by 31.12.2017.*
13. Composition rate of 1% for manufacturers.
14. Composition scheme for services up to Rs. 5 Lacs in addition to the supply of goods.
15. Composition limit to be increased to Rs. 1.5 crores only upon amendment of the law.
16. 1% composition only on taxable and not exempt goods. The dealer dealing in exempted goods allowed to opt for composite.
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