The GST Council, in its twenty second Meeting that was held on sixth October 2017 in Delhi, Shri Arun Jaitley has counseled the subsequent helpful changes to ease the burden of compliance on small and medium enterprises:
- The composition scheme shall be created offered to taxpayers having annual mixture turnover of up to Rs. 1 crore.
- This threshold of turnover for special class States, except Jammu & Kashmir region and Uttarakhand, shall be increased to Rs. 75 lacs. (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh).
- The turnover threshold for Jammu & Kashmir region and Uttarakhand shall be Rs. 1 crore.
- it’s been set that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
- the facility of availing composition schema after the increased threshold shall be offered to each migrated and new taxpayers up to 31st March 2018.
- A group of Ministers (GoM) shall be constitutes to look at measures to form the composition scheme.
Relief for Small and Medium Enterprises
- it’s currently been set to exempt those service suppliers whose annual mixture turnover is a smaller amount than Rs. twenty lacs (Rs. ten lacs in special class states except Jammu & Kashmir) from getting registration even though they’re creating inter-State dutiable provides of services.
- To facilitate the convenience of payment and come filing for little and medium businesses with annual mixture turnover up to Rs. 1.5 crores, it’s been set that such taxpayers shall be needed to file quarterly returns in Form GSTR-1,2 & three and pay taxes solely on a quarterly basis, ranging from the Third Quarter of this fiscal year i.e. October-December, 2017.
- The due dates for the months of August and September, 2017 are going to be declared in due course.
- The reverse charge mechanism under sub-section (4) of section nine of the CGST Act, 2017 and under sub-section (4) of section five of the IGST Act, 2017 shall be suspended until 31st March 2018.
- it’s been set that taxpayers having annual mixture turnover up to Rs. 1.5 crores shall not be needed to pay GST at the time of receipt of advances on account of offer of products. (in case of services, they need to pay GST on advance receipt).
- The services provided by a GTA to associate unregistered person shall be exempted from GST.
Other Facilitation Measures
- it’s been set that registration and operationalization of TDS/TCS provisions shall be delayed until 31st March 2018.
- The e-way bill system shall be introduced during a staggered manner with impact from 01.01.2018 and shall be extended nationwide with impact from 01.04.2018.
- The last date for filing the come in kind GSTR-4 by a remunerator below composition theme for the quarter July-September, 2017 shall be extended to 15th November 2017.
- The last date for filing the come in kind GSTR-6 by associate input service distributor for the months of July, August and September, 2017 shall be extended to 15th November 2017.
- Invoice Rules square measure being changed to produce relief to sure categories of registered persons.