Legal Knowledge

Invitation

Key Inputs from Today's GST council Meeting:

1. Quarterly Return for Small Businesses with turnover up to 1.5 Crore shall be applicable from October to December Quarter.

2. Tax shall also be paid on Quarterly basis.

3. For July-September, monthly GSTR-1,2,3 shall be filed by all assesse.

4. Big Businesses with turnover more than 1.5 crore buying from small businesses will take Input tax credit in their monthly GSTR-2 by using Add Missing Invoice option.

5. Provisions of TDS & TCS has been deferred till 31/03/2018.

6. Now no need to pay GST on advance received, but this provision is applicable for businesses with turnover upto 1.5 crores only.

7. Reverse charge provision has been suspended till 31/03/2018.

8. Threshold for Composition scheme is increased to Rs. 1 Crore.

9. GST on Restaurant Service is not yet reduced, a Team of GOM will examine the issue and will update in 2 weeks.

10. GST Return for composition person which is due on 18/09/2017 shall be extended to 15/11/2017.

11. E-way bill may be introduced from January in some states and shall be introduced from 1st April nationwide.