GST Compliance made easy after 23rd Council meeting

Significant Changes in GST compliance

(23rd GST Council Meet and notification dated Nov 15, 2017)

These Changes shall be effective prospectively from November 15, 2017

Relaxation in GST returns filing

GSTR 1

GSTR 2 and GSTR 3

For the period - July to March 2018
Due dates for filing of GSTR 2 and GSTR3 dates will be notified late on.

GSTR 4 (for Composition dealer)

July to September 2017- 24th day of December, 2017

GSTR 6 (for Input Service Distributer)

July 2017 - December 31, 2017
August, 2017, September, 2017 and October, 2017 - the extension of the time limit for furnishing the return for these months shall be subsequently notified.

GSTR 3B

All registered person shall file GSTR 3B on or before of 20th of next month - Upto March 31, 2018

Jan - Feb 20, 2018
Feb - March 20, 2018
March - April 20, 2018

GST Tran 1

• GST Tran 1 - 27th Dec 2017
• Revised GST Tran 1 - 27th Dec 2017

No GST on advance payment

• Seeks to exempt all taxpayers from payment of tax on advances received in case of supply of goods

Late filing fees - GSTR 3B

• Late Fee credit - Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back in Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.
• October onward Rs 50 per day and where tax amount payable is nil, it is Rs. 20 per day.

Contributed by PSPL Advisors