CBEC-Clarification on filing of Returns under GST- Part-1

The GST Council, in its 23rd  meeting held at Guwahati on 10th November 2017, has taken certain decisions in regard to filing of returns by taxpayers. Subsequently, various representations have been received seeking clarifications on various aspects of return filing such as return filing dates, applicability and quantum of late fee, amendment of errors in submitting / filing of FORM GSTR-3B and other related queries. In order to consolidate the information in various notifications and circulars regarding return filing and to ensure uniformity in implementation across field formations, the Board, in exercise of its powers conferred under section 168 (1) of the Central Goods and Services Tax Act, 2017 hereby clarifies the following issues:

E way Bill coming with New year

The nationwide e-way bill system will be available on trial basis from January 16, 2018 for traders and transporters to use voluntarily. The rules governing the compulsory implementation of the system will be notified on February 1, 2018.

If Excess Tax Paid By Mistake Under GST than it can be Credited back to Your Bank Account

A new facility has been started by the government on its GSTN portal, under which the taxpayers who paid excess tax money by mistake, can now transfer the money back to their bank accounts. This facility has started online from 29th November. With just one click, the money will be transferred directly to the bank account of the particular taxpayer.

To get back their excess tax money, businesses will be required to log on to GSTN portal by using their GSTN registered numbers and then they can apply for returning of the excess money. The money will automatically be credited to the concerned bank account.

Changes recommended in Composition Scheme

1. Uniform rate of tax @ 1% under the scheme for manufacturers and traders 
(for traders, turnover will be counted only for supply of taxable goods).
 No change for composition scheme for restaurant.

2. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same

3. Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law.
Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum.

Note :The changes recommended by GST Council at (3) above will be implemented only after the necessary amendment of the CGST Act and SGST Acts.

Extension of due date of filing GSTR-1

Due date of filing Returns GSTR-1, GSTR-2 and GSTR-3 has been extended vide Notification No. 30/2017 – Central Tax date 11 September 2017 but now Notification No-58 has further extended due date for GSTR-1 for persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year and due date for GSTr-2 and GSTR-3 shall be notified later.

New dates are as under:-