1. Compostion Scheme

A) The threshold limit for composition scheme –

B) Extension of time limits for availing the composition scheme

Once the option of availing the composition scheme is exercised; it will become operational from the 1st day of the succeeding month.

Option is available to the existing tax payer to choose the Scheme. Prior for the period before choosing the option under this scheme, the taxpayer shall fall in category of normal tax payer.

C) Eligibility of scheme for Service Providers providing exempted services

It has been decided that persons who are otherwise eligible for availing composition scheme and are providing any exempted service, shall be eligible for the composition scheme.

2. Relief for Small Medium Enterprises(SMEs) – Having turnover upto Rs.1.5 crore

A) Registration not required in case of Interstate taxable services

The service provider whose annual turnover is less than Rs 20 lac (Rs 10 lac in special category states except Jammu & Kashmir and Uttarakhand) are exempted from obtaining registration even though they are making interstate taxable supply of services (Earlier it was mandatory).

B) Relaxation of Return filing and payment of tax

1. The taxpayer, whose annual turnover is not exceeding Rs. 1.5 crore falls under the category of Small & Medium Enterprises.

1. These taxpayers are required to file Return quarterly in prescribed Return Form i.e. GSTR1, 2 and 3 and tax shall also be required to pay tax quarterly, starting from third quarter of this financial year.

1. Meanwhile all the taxpayers will be required to file Form GSTR 3B on monthly basis till December, 2017.

C) Reverse Charge Mechanism (RCM)

The RCM under section 9(4) of GST Act 2017 and section 5(4) of IGST Act 2017 is suspended till 31st march 2018.
Here it is to be noted that RCM under section 9(3) of CGST Act is still be prevailing hence the GST goods and services (http://www.cbec.gov.in/resources//htdocs-cbec/gst/list-of-services-under-reverse-charge-2.pdf) which are notified by CBEC are to be paid by recipient of such goods and services like Goods Transport Agency (GTA), royalty etc.

D) GST on Advance Receipt against supplies/services

There is no requirement of paying GST on the advance receipt.

E) GST by GTA on services to unregistered persons

In order to remove the hardship being faced by small unregistered businesses on this account, the services provided by a GTA to such unregistered persons shall be exempted from GST.

3. Other Facilitation Measures

• TDS and TCS provisions is deferred till 31st march 2018
• E-way Bill shall come into force from 1st April 2018
• Extension of return filing date of form GSTR4 and GSTR6 is up to 15th Nov 2017.

4. Due Dates For Filing Of Returns For October Month

5. Other Miscellaneous

• Notification is to be made by GSTN on above proposed amendments
• Invoices rules are also going to be modified

6. New Initiatives by Government

GoM (Group of Ministers) shall be constituted to examine measures to make the
composition scheme more attractive

7. GST Council Relief For Exporters

• Refund against IGST paid on exports the month of July and Aug 2017 will begin to be paid from 10th Oct 2017 and 18th Oct 2017 respectively.
• To prevent cash blockage of exporters
1. Immediate relief is being given by extending the Advance Authorization (AA) / Export Promotion Capital Goods (EPCG) / 100% EOU schemes to sourcing inputs etc. from abroad as well as domestic suppliers.
2. Holders of AA / EPCG and EOUs would not have to pay IGST, Cess etc. on imports.
3. Domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports
4. Refund of tax paid on such supplies given to the supplier.
• Merchant exporters will now have to pay nominal GST of 0.1% for procuring goods from domestic suppliers for export. The details would be announced soon.
• The Council desired that the “e-Wallet” solution should be made operational w.e.f. 1st April 2018 which will enable to exporters to get immediate credit.
• Exporters have been exempted from furnishing Bond and Bank Guarantee when they clear goods for export.
• Specified banks and Public Sector Units (PSUs) are being allowed to import Gold without payment of IGST. This can then be supplied to exporters as per a scheme similar to Advance Authorization.
• To restore the lost incentive on sale of duty credit scrips, the GST on sale-purchase of these scrips is being reduced from 5% to 0%.
• GST on bunker fuel is being reduced to 5% for both coastal vessels and foreign going vessels. This will boost coastal shipping. It will also improve India's competitiveness globally.

8. GST Rate Change

A) New GST Rate on Food Items
B) New GST Rate on Stationary Items
C) New GST Rate on Textile
D) Other Items

9. GST rates on job work

10. Transportation Of Passengers

Transport of passengers by motor cab/ renting of motor cab:

1. GST of 5% without ITC and 12% with full ITC available to transport of passengers by motor cab/ renting of motor cab shall be extended to any motor vehicle;
2. ITC of input services shall be allowed in the same line of business at GST rate of 5%

Income Tax

Due Dates For Filing Of Returns

Provident Fund & ESI

Due Dates For Filing Of Returns

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