| 1 | Services provided by GTA to unregistered persons has been exempted from tax. Since the transporter need not pay tax on these transactions, transporters should now have no difficulty in dealing with unregistered persons.
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| 2 | GSTR-4 for composition scheme dealer for quarter ending 30-09-2017 deferred from 18-10-2017 to 15-11-2017
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| 3 | Composition Scheme
a) Threshhold limit being raised to 1 crore for non special category states and state of J&K b) Threshhold limit being raised to 75 lacs for special category states except J&K c) Increased threshold exemption limit benefit can be availed by migrated as well as new registrants d) Option exercised for new threshold shall be operational from first month of the month succeeding the month in which option is exercised. e) GSTR-4 applicable to new registrants shall applicable from the day of composition scheme being operational for them. For period prior to that, return shall be filed like normal tax payer. f) Persons providing wholly exempt services like earning interest income shall be entitled to avail composition scheme. g) Also interest income and value of other exempt services shall not be taken into account to compute threshold limit for composition scheme
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| 4 | Interstate Taxable Supply of service exempted from registration for small service providers.
Persons providing inter state taxable supply of service but having their aggregate turnover below Rs. 20 lacs shall be entitled to exemption from compulsory registration and hence shall no longer be required to pay GST E.g. Chartered Accountant having receipts below Rs. 20 lacs shall not be required to pay GST even if he makes inter state taxable supply of services.
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| 5 | Returns reshuffled
a) GSTR-3B up to December 2017 to be filed by all taxpayer whether turnover is above or below Rs. 1.5 cr. b) Monthly GSTR-1,2,3, for July, August and September separately to be filed by all taxpayers whether turnover is above or below Rs. 1.5 cr. c) Business having turnover up to 1.5 crore shall file GSTR-1,2,3 quarterly only starting from quarter for October to December d) Business having turnover up to 1.5 crore shall pay tax quarterly only starting from quarter for October to December
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| 6 | Reverse Charge:
Deferred Reverse Charge Mechanism for supplies received by registered person from unregistered person has been suspended till 31-03-2018. However reverse charge mechanism for supply of specified goods and services like GTA, legal services, import of service shall continue.
Expanded Sale by way of auction etc. of used vehicles, seized and confiscated goods, scrap etc by Central Government, State Government, Union Territory or a local authority, to any person, to be subjected to GST under reverse charge under section 9 (3) of the CGST Act |
| TDS and TCS provisions deferred till 31-03-2018
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| 8 | E-Way bill to be implemented from 01-01-2018 in phased manner and shall be nationwide rolled out w.e.f. 01-04-2018
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| 9 | Taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods but shall pay tax at the time of supply of goods only.
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| 10 | IGST on imports of bonafide gifts up to CIF value of Rs. 5000 imported through post or air has been exempted
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