Summary of changes in Goods and Services Tax

New Delhi:- The Changes were introduced by Goods and Services Council Meeting on 10th November at Guwahati and Date notify of changes is 15 Nov 2017. Here follow is Summary of changes in Goods and Services Tax

Due Dates Changed in GSTR-1:-

 If Previous Year Turnover is 1.5 Crores than GSTR-1 to be filled Quarterly.

If the Previous year Turnover is More than 1.5 Crore than GSTR-1 filled monthly from November

So those Assessees who have filled GST Return for July have to file it again for July-Sept(If previous year turnover is 1.5 Crores ) and July to Oct(If Previous year turnover is More than 1.5 Crores).

GSTR-1 is Now independent of GSTR-2 and GSTR-3

Earlier GSTR-1,2 and 3 has to be filed for one month. So GSTR-1 for August could not be filled as GSTR-2 and  GSTR-3 for July was Pending. Now GSTR-1 become independent and could be filled for these periods.

GSTR-3B Continued Until March 2018

Earlier GSTR-3B was to be filled for July 2017 to December 2017, But now the Date is extended to March 2018. Tax along with form GSTR-3B to be filled until 20th of next Month.

Late Fee Reduced for Nil GST Return:-

Commonly late fee of filling Nil GST Return is 200 Per day (100 for CGST and 100 for SGST) Nonetheless Govt has given the relaxation on Nil GST Return. They will charge the late fee for filling Nil GST Return is 20 Per Day (10 for CGST and 10 for SGST).

Changes in GST Rates:-

Changes in Composition Scheme:-

Written by:– Kiran M.