AVS Professional Services Private Limited

06/04/2018

11/11/2017

The exerts from the press conference of FINANCE MINISTER SHRI ARUN JAITLEY after 23rd GST Council Meeting as below:

1) Total 178 items shifted from 28% to 18%.

2) 13 items pruned from 18% to 12%.

3) 6 items shifted from 18% to 5%.

4) 8 items tax rate reduced from 12% to 5%.

5) 6 items shifted from 5% to Nil.

List will be made available shortly.

6) For restaurants irrespective turnover a/c and non a/c tax will be 5% without input tax credit.

Hotels and restaurants having tariff
- Upto 7500/ tax rate will be 18% with input tax credit.

- Below 7500/ rate of tax will be 5% without input tax credit.

Outdoor catering will be 18% with input tax credit.

7) Returns procedure
Form 3B will be continued upto 31st March 18.

Form 3B will be more interactive and simple.

For small tax payers and nil liability dealers easy return filing.

Now GSTR 1 will be only submitted till 31/3/18.

*Dealer's having turnover below 1.5 crs will file*

GSTR 1 for *July to sept* by 31.12.17.

*Oct to Dec* by 15th Feb 17.

*Jan to Mar* 18 by 30th April 18.

*Dealers having turnover above 1.5 crs will file*

GSTR 1 in 40 days.

*July to oct* by 31.12.17

*Nov 17* by 10.01.18

*Dec 17* by 10.02.18

Future all in 40 days.

For GSTR 2, 3 etc committee formed under chairman ship of GSTN Chairman and state centre officials.

😎 Penalty
Nil return submitted after due dates 20 Rs per day.

Other dealers it will be 50 Rs per day.

9) Extension of due dates for other returns..

GSTR ITC 04 JULY TO SEPT 31.12.17

GSTR COM 04 JULY TO SEPT 24.12.17

Dates for GSTR 5, 6, etc extd to 11.12.17 and 31.12.17.

Transition Form revision date extd to 31.12.17

10) Composition dealer's traders and manufacturers rate will be 1%.

Composition limit increased to 1.5 crs.
In case of composition tax to be paid on taxable turnover.

All these changes will be effective from 15th November 2017.

AVS Professional Services Pvt. Ltd.

06/10/2017

GST Updates

Gst Council 22nd meeting update:

1. Turnover for composition scheme raised from ₹75 Lakhs to₹ 1 crores.
2. E-way bill provisions deferred till April 2018.
3. Reverse charge to be abolished till 31.03.2018.
4. Quarterly returns for taxpayers with annual turnover less than ₹1.5 crores. Tax to be paid on monthly basis.

29/08/2017

Time limit for filing GST return in case of input service distributor for the month of July to 8th Sep and August to 23 sep.

26/08/2017

GST Updates...!!!

For TRAN-1 cases, last date for payment is 25th August 2017 and filing return continues to be 28th August 2017

19/08/2017

AVS Professional Services Private Limited
Is recruiting an accountant, work exposure GST , accounting, auditing, Income tax, company law, ROC.

Contact Arun - 9818 766 626

10/08/2017

GST UPDATE - E-Sign services has been disabled temporarily.

23/07/2017

Cancellation of migrated taxpayers service will be made available by end of July 2017.

21/07/2017

*👉🏻GST - Extension of date for filing option for composition scheme.*

(In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017, the Board hereby extends the period for filing an intimation in FORM GST CMP-01 under sub-rule (1) of rule (3) of the Central Goods and Services Tax Rules, 2017 upto 16th August, 2017.

20/07/2017

GST UPDATE - For the purpose of TDS service tax is to be substituted by GST and TDS is to be deducted exclusive of GST amount.