We are
pleased to release a GST news alert providing highlights of the recommendations
made by the GST Council in the 21st meeting at Hyderabad on 9
September 2017.
The GST Council has recommended an extension in the time-limit for filing GST returns for the month of July, 2017. The other key decisions taken by the GST Council are as follows:
· The due date to file Form TRAN -1 for transition of tax credits has been extended by one month i.e., 31 October 2017. Further, one-time revision option has been provided.
· Form GSTR – 3B will continue to be filed until the month of December 2017.
· The last date to opt for the composition scheme has been extended till 30 September 2017.
· Exemption from registration has been provided for inter-state supply of job work service, as well as, handicraft goods, if goods are moved under the cover of an e-way bill, irrespective of the value of the consignment.
· Registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from 18 September 2017.
· A committee under the chairmanship of the Revenue Secretary will be set-up to examine issues relating to exports.
The Government is taking steps to address the technical problems faced in GST return filing process. Pro-active measures to form special committees to examine and restore critical issues under GST may go a long way in streamlining and ensuring smooth functioning of the new tax regime. Extension of the due dates has come as a big relief for all taxpayers who grappled with online submission of tax returns for the month of July 2017. Since GST is still at a nascent stage, the trade and industry should take the opportunity to represent to the Government on various practical difficulties faced in the process of complying with the provisions of GST. This will not only enhance the business process efficiency but also facilitate ease of doing business.
The GST Council has recommended an extension in the time-limit for filing GST returns for the month of July, 2017. The other key decisions taken by the GST Council are as follows:
· The due date to file Form TRAN -1 for transition of tax credits has been extended by one month i.e., 31 October 2017. Further, one-time revision option has been provided.
· Form GSTR – 3B will continue to be filed until the month of December 2017.
· The last date to opt for the composition scheme has been extended till 30 September 2017.
· Exemption from registration has been provided for inter-state supply of job work service, as well as, handicraft goods, if goods are moved under the cover of an e-way bill, irrespective of the value of the consignment.
· Registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from 18 September 2017.
· A committee under the chairmanship of the Revenue Secretary will be set-up to examine issues relating to exports.
The Government is taking steps to address the technical problems faced in GST return filing process. Pro-active measures to form special committees to examine and restore critical issues under GST may go a long way in streamlining and ensuring smooth functioning of the new tax regime. Extension of the due dates has come as a big relief for all taxpayers who grappled with online submission of tax returns for the month of July 2017. Since GST is still at a nascent stage, the trade and industry should take the opportunity to represent to the Government on various practical difficulties faced in the process of complying with the provisions of GST. This will not only enhance the business process efficiency but also facilitate ease of doing business.
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