GST year 2018 : A mixture of happiness and fear

Arjuna (Fictional Character): Krishna, The year 2018 is about to end and it all went pass in implementation of GST rules and regulation of 2017. What is your view regarding this?

Krishna (Fictional Character): Arjuna, Yes you're right the year saw many changes such as improvement in GST law, changes in old provisions, implementation of new provisions, changes in GST rates, changes in schemes etc. Let us now discuss all the changes in brief.

Arjuna (Fictional Character): Krishna, What all major events of GST have occurred and when they have occurred?

Krishna (Fictional Character): Few major events that took place are:

1. January: In the month of January GST circular was published regarding taxability of Development rights. Similarly, Notification was issued for the composition schemes, wherein manufacturer and others were allowed to pay tax at concessional rate.

2. Febuary, March: In the month of March RCM related circular was published in which RCM applicability as per section 9(4) was further extended to 30-09- 2018.

Also, for the taxpayers whose annual turnover does not exceeds 1.5 Crore were allowed to file GSTR-1 quarterly.

3. April: For interstate transport of goods in the month of April e-way bill was introduced, in which clarification regarding inspection, detention, seizure, and release were specified for transport related goods.

4. May: For intrastate transport of goods in the month of May e-way bill was introduced. Further a circular regarding the applicability and issues relating to tenancy rights were issued.

5. June: The month of June saw small and crucial changes also a few of the forms under GST regime were revised.

6. July: In the month of July a circular was issued in relation to Ambulance services provided by National Health Mission to the Government through private service provider.

7. August: A different procedure was introduced for those taxpayers who had earlier obtained provisional ID but had not yet migrated. Further circular was published regarding taxability of services provided by Industrial Training Institute and taxability of petroleum gas used to produce petrochemical and chemical was clarified.

8. September: In month of September the date for availment of ITC for the F.Y.2017-18 which was not claimed by mistake was declared.

9. October: Under Section 51 of CGST act TDS related provisions were made effective and similarly under section 52 of CGST act TCS was also made effective.

10. November: Scope of principal & agent relationship in context of del-credere agent was clarified through circular. Also notification regarding Services provided by PSU to PSU will not attract the provision of TDS was issued.

11. December: 31ST GST council meeting was held in December. Wherein various crucial decisions regarding ITC, composition Schemes, return filling etc. were taken. Similarly, the date of filling of GSTR-9 & GSTR -9C (Annual Return & Audit Report) was extended.

During the year 1042557 crore rupees plus gross GST collection was generated in which 7 council meetings, 89 notifications and 49 circulars were published.

Arjuna (Fictional Character): Krishna, What one should learn from this?

Krishna (Fictional Character): Arjuna, It's the law of nature that every year is like a seed of good and bad. Our job is to learn from the experiences and take a note of the future events. Variation in rules and regulations is normal but every taxpayer should be aware of all the changes and should understand the structure of Tax system so that he can make decisions accordingly.