- For non special category states and the state of J&K limit enhanced to 1 crore.
- For special category states excluding J&K limit enhanced from 50 lacsto 75 lacs
Older limits were notified in NN8/2017 dated 27-07-2017
In GSTR-4 for Compositon dealers no information required to be provided for Inward supplies from registered persons , than supplies attracting RCM [NN 45/2017 dated 13-10-2017 Para 2(viii)]
The above exemption is available only for quarter ending 30-09-2017 and quarter ending 31-10-2017
Consolidated Monthly tax Invoice can be issued by Banking Companies including NBFC and Insurance Companies [Rule 54(2) amended as per Para 2(iii) of NN 45/2017 dated 13-10-2017]
Invoice cum bill of supply for sale to unregistered person for taxable as well as exempted supplies can be issued by per New Rule 46A inserted by NN 45/2017 dated 13-10-2017 Para 2(ii)
However if supply of taxable as well as exempted goods and/or services is made to registered person then Rule 46A is not applicable. Hence whether Invoice sum bill of supply can be issued in such cases is still in enigma.
Interim period GSTR-4 for opting composition scheme in the mid of quarter [Proviso to Rule 62(1) inserted by NN 45/2017 dated 13-10-2017 Para 2(iv)
- Where effective date of compositon scheme is not the Ist month of quarter
- GSTR-4 is required to filed for remaining period of the quarter for which composition scheme is effective
And GSTR-1,2,3,3B shall be filed for prior months during which composition scheme was not applicable.
Mid year Any time Availment of Composition Scheme opened till 31-03-2018 vide Notification 45/2017 dtd 13-10-2017 vide Para 2(i)
The above availment of Composition Scheme is available from Ist day of the each month immediately succeeding the month in which intimation of opting for Composition Scheme is filed in GST CMP-02. This amendment has been brought by substituting Rule 3(3A).
Further the above, option is available to :
- Persons who have been granted provisional registration for migration from existing law u/R 24 OR
- Persons who have been granted final certificate of registration GST REG-06 under Rule 10(1)
In old Rule 3(3A) inserted by Notification 34/2017 dated 15-09-2017, the option was available to :
- a) Persons who have been granted provisional registration for migration from existing law u/R 24 OR
- b) Persons who have applied for registration u/R 8(1) by declaring his Permanent Account Number, mobile number, e-mail address, State or Union territory in Part A of Form GST REG-01
Further in old Rule 3(3A) the mid year option was available only till 30-09-2017.
Hence now composition scheme can be availed by
Migrated Persons granted provisional registration u/R 24 could apply in
- GST CMP-01 till 21-07-2017 which was later extended to 16-08-2017 [Rule 3(1)]. Stock details in GST CMP-03 is required to filed in such cases as per R.3(4) in 60 days (extended to 90 days) from date of exercise of option. Even if CMP-01 is filed after appointed day i.e. 22-06-2017, still only bill of supply to be issued.
- Making fresh application of Registration in Part A of GST REG-01by declaring his Permanent Account Number, mobile number, e-mail address, State or Union territory [R.3(2)].
- Making of option before commencement of financial year[ R.3(3)]. Stock Detail in GST ITC-03 is required to be filed in such cases with in 60 days from the commencement of financial year i.e. till 31May.
- In the middle of the year till 31-03-2018 only effective from Ist day of month following the month of option [R.3(3A)] . Stock detail in GST CMP-03 to be filed in 90 days from day on which persons starts payment of tax in composition scheme.
After furnishing GST ITC-03, TRAN-01 is not permitted to be furnished.
Hence GST CMP-02 is applicable both for Rule 3(3) and Rule 3(3A) for which suitable amendment has been made in Form GST CMP-03 by Para 2(v) of NN 45/2017 dated 13-10-2017
Avail ment of ITC for pre registration period by filing GST ITC -01 extended till 31-10-2017 by Notification 44/2017 dated 13-10-2017
As per section 18(1), credit of inputs can be availed for pre transition period in following cases :
- Compulsory registration is applied with in 30 days from being liable
- Voluntary registration
- Exempted goods become taxable. Also entitled to credit for capital goods
- Swithcing from Composition to Normal Scheme. Also entitled to credit for capital goods
However the availment of credit is subject to filing GST ITC-01 providing the detail of inputs and capital with in 30 days from above transitions. However since GST-ITC-01 is not still available on the portal, the date for filing ITC-01 has been extended to 31-10-2017
Filing of GSTR-6 by Input service distributors for the month of July, Aug and September 2017 has been extended to 15-11-2017 by Notification 43/2017 dated 13-10-2017
For above persons , date for July 2017 return was extended till 08-09-2017 and return for Aug 2017 was extended till 23-09-2017 by Notification 26/2017 dated 28-08-2017
Filing of GSTR-5A by Non resident taxable person for online information and data base access or retrival services provided to non taxable online recipient has been extended to 20-11-2017 for the month of July, Aug and Sep 2017 by Notification 42/2017 dated 13-10-2017
For above service providers. earlier the date for July 2017 was extended till 15-09-2017 by Notification 25/2017 dated 28-08-2017.
Time limit for filing of GSTR-4 by Composition dealers for quarter ending 30-09-2017 extended to 15-11-2017 by Notification 41/2017 dated 13-10-2017
However no exemption has been provided for payment of tax. Hence tax is required to be paid till 18-10-2017 as per section 39(2)