GST rejig recap: A guide to all changes

NEW DELHI: After the a lot needed charge overhaul within the ongoing Goods and Services Tax (GST) structure, there were a slew of changes within the closing dates for filing returns, product classes and past due filing fees. The GST Council had reshaped the 28 in keeping with cent tax bracket, leaving just 50 pieces (which is handiest sin and comfort items) underneath it.

Traders' frame Confederation Of All India Traders (CAIT) lauded the move and said that it will be a recreation changer in simplifying the tax regime and inspire its wider adoption.

These are the revised changes within the new tax structure that you just will have to know:

Due dates for filing GSTR-1

Small taxpayers (with annual combination turnover up to Rs 1.5 crore) can file the returns on a quarterly foundation:

July-September: December 31, 2017
October-December: February 15, 2018
January-March: April 30, 2018

For the ones with annual turnover over Rs 1.5 crore, the returns wish to be filed per thirty days:

July-October: December 31, 2017
November: January 10, 2018
December: February 10, 2018
January: March 10, 2018
February: April 10, 2018
March: May 10, 2018

GSTR-2 and GSTR-Three: The time time table for filing these go back between July 2017 and March 2018 will be notified.

GSTR-3B: Taxpayers are required to file this in conjunction with the payment of tax by way of 20th of the succeeding month till March 2018. Amendment facility for GSTR-3B to those who have submitted the go back however no longer filed it will be provided soon.

Late filing fees

No past due charge for the months of July, August and September. But, if the positive was paid then it will be returned again. From October onwards, the past due charge will be deducted, then again, the fees have been reduced.

* Taxpayers with nil legal responsibility for the involved month: Rs 20 in keeping with day (Rs 10 in keeping with day each and every underneath CGST and SGST)
* For others: Rs 50 in keeping with day

Revised due date for GST Input Tax Credit (ITC-04) all the way through July-September: December 31, 2017

GSTR-4 (July-September): December 24, 2017

GSTR-5 and GSTR-5A (July): December 11, 2017 and December 15, 2017

GSTR-6 (July): December 31, 2017

Composition scheme

Uniform tax charge of one in keeping with cent for producers and buyers. For buyers, turnover to be counted just for provide of taxable items. Annual turnover eligibility for the scheme higher to Rs 2 crore from Rs 1 crore. So, the eligibility for composition to upped to Rs 1.5 crore in keeping with annum.