Sejal Chheda & Co Chartered Accountants

06/02/2020

13/11/2017

*Outcome of 26th GST council meeting*

1. New rates to be applicable from 15.11.2017 prospectively after notification.

2. 178 items shifted from 28% slab to lower slabs leaving apart sin goods and cess applicable goods.

3. Restaurants to have no ITC. Rate of tax shall be 5%. Restaurants in star hotels-18% with ITC. Other hotels -5% without ITC.

4. Outdoor catering -18% with ITC.

5. Gstr-3b to continue till 31.03.2018.

6. Nil returns to become very easy.

7. Only filing of GSTR-1 in current year for all taxpayers. Below 1.5 crore- 31st dec for July to sept, Qtr3- 15.02.2018, Qtr4- 30.04.18

8. Other taxpayers file GSTR 1 for July-oct by 31st dec 2017 then from November by 10th of next month - only GSTR 1.

9. Gstr-1 to be matched with GSTR-3B.

10. Penalty on late filing, nil return- Rs. 20 per day. Others- Rs. 50 per day.

11. Composition: July-sept- ITC-05 by 31.12.2017 and GSTR-04 by 24.12.2017

12. *TRAN-01 to be filed by 31.12.2017.*

13. Composition rate of 1% for manufacturers.

14. Composition scheme for services up to Rs. 5 Lakhs in addition to supply of goods.

15. Composition limit to be increased to Rs. 1.5 crores only upon amendment of law.

16. 1% composition only on taxable and not exempt goods. Dealer dealing in exempted goods allowed to opt for composition.

03/11/2017

Due Dates for the month of November 2017
07.11.17 - TDS/TCS Challan for Oct. entries.
07.11.17 - Income Tax Audits and Returns for 44AB
15.11.17 - ESI & PF
15.11.17 - GSTR 4 Quarterly Return July to Sep. for Composition Dealers under GST.
15.11.17 GSTR 6
15.11.17- Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending September 30, 2017
20.11.17 - GSTR - 3B for the month October
28.11.17 - AOC 4 and MGT 7 with ROC
30.11.17 - Income Tax Audit International TP and Domestic TP Cases & Returns
30.11.17 - GSTR-2 for the month of July.
30.11.17 - TRAN-1
30.11.17- ITC -1
30.11.17- ITC -4
30.11.17 - CMP -03

31/10/2017

GSTR 2 for Jul Date extended to 30/11/17 & GSTR 3 ti 11/12/17 vide notification no. 54/2017 Central tax dated 30/10/2017