Gst 23rd council meeting updates

309 views 1 replies

*Revision in Late fee*
1) For nil return from 200 Rs per day to Rs 20 per day 
2) For others , The late fees Has been revised from Rs 200 to Rs 50 Per day

*Revision in Timelines for filling return*

GSTR 2 & 3 is abolished till March 2018

For Asseses having Turnover upto Rs 1.5 Cr will file
1- GSTR 3B monthly
2- GSTR 1 - Quarterly

For assesses having Turnover more than 1.5 Cr will file 
GSTR 3B- Monthly filling by 20th of the following month.
GSTR 1- Monthly

*Revision in due dates*

GSTR 4 shall have to file there return 24th December 2017. Form for GSTR 4 is already available online

GSTR 5- 11th Dec 2017
Trans 1 - 31st December 2017

*Changes in Composition Scheme*

COMPOSITION dealer shall have uniform rate of 1% for manufacturer and traders.

Restaurant Services will have a flat rate of 5%

COMPOSITION SCHEME will cover services of up to Rs 5 Lakhs in addition to the goods.

Threshold limit for COMPOSITION SCHEME will increase to 2 Cr (Necessary ammendments will be made in act). Once the act is ammended, the threshold limit will be Rs 1.5 Cr

The aggregate turnover bwill only cover the taxabale supplies and not exempt supplies for the purpose of computing tax @ 1%/5%.

Click here to know more on 23rd GST Council Meeting


Attached File : 1748882 20171111134228 23rd gst council update powered by cleartax.pdf downloaded: 157 times
Replies (1)
Thanks

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
11 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT , CA SemiQualifie

Vakilsearch.com

Chennai

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details