GST Tip – 367

As per Notification No 44/2017-Central Tax,dt. 13-10-2017 , the taxpayers who are eligible to take input tax credit basis on sub-section of section 18 of the CGST Act 2017, who have taken registration during the month of July, August and September 2017, the last date for filing of  FORM GST ITC-01 is extended up to 31st Oct 2017.

Advertisements

GST Tip – 366

As per Notification No. 48/2017-Central Tax  deemed exports concept is introduced in GST and the following are classified as deemed exports

  • Supply of goods by a registered person against Advance Authorisation
  • Supply of capital goods by a registered person against Export Promotion Capital Goods Authorisation
  • Supply of gold by a bank or Public Sector Undertaking specified in the notification No. 50/2017-Customs, dated the 30th June, 2017 (as amended) against Advance Authorisation

GST Tip – 364

As per Notification No. 46/2017- Central Tax dated 13th October, 2017, the limit for composition levy has increased from 75 Lacs to Rs 100 Lacs and in case of states with the special category it is been increased from Rs 50 Lacs to Rs 75 Lacs.

GST Tip – 363

As per Notification No.   45/2017 – Central Tax, details related to  Inward supplies received from a registered supplier (other than supplies attracting reverse charge) are not required to be reported in Section 4A of the GSTR – 4 for July 2017 to September 2017 and October 2017 to December,2017quarters.

GST Tip – 362

As per Notification No.   45/2017 – Central Tax in Sub-rule 2 of Rule 54 in case of documents issued by a bank or financial institution, the words “tax invoice” is replaced by a new term known as “consolidated tax invoice” as the statement is issued for a period.

 

GST Tip – 361

As per Notification No. 41/2017 – Central Tax dated 13th Oct 2017, the person registered taxpayer in GST under Composition Levy has to file GSTR – 4 for the period from 1st July 2017 to September 2017 has to file the return by 15th November 2017.