Souce : www.economictimes.indiatimes.com
Halting two months of decline, the GST collections gathered momentum in December, rising to Rs 86,703 crore.
“Total revenue Collections under GST for the month of December 2017 (received in December 2017/January up to January 24, 2018) has been Rs 86,703 crores till January 24 2018,” the Finance Ministry said in a tweet.
Total collections under the Goods and Services Tax (GST) in November had slipped for the second straight month to Rs 80,808 crore, from over Rs 83,000 crore in October. In September, it was over Rs 92,150 crore
The ministry further said that one crore taxpayers have been registered under GST till January 24, of which 17.11 lakh are composition dealers who are required to file returns every quarter.
As many as 56.30 lakh GSTR 3B returns have been filed for December, it said.
For the composition dealers, for the July-September quarter, the last date of filing GSTR 4 Return was December 24, it said. A total of 8.10 lakh returns were filed by them amounting to Rs 335.86 crore.
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1. New rates to be applicable from 15.11.2017 prospectively after notification.
2. 178 items shifted from 28% slab to lower slabs leaving apart sin goods and cess applicable goods.
3. Restaurants to have no ITC. Rate of tax shall be 5%. Restaurants in star hotels-18% with ITC. Other hotels -5% without ITC.
4. Outdoor catering -18% with ITC.
5. Gstr-3b to continue till 31.03.2018.
6. Nil returns to become very easy.
7. Only filing of GSTR-1 in current year for all taxpayers. Below 1.5 crore- 31st dec for July to sept, Qtr3- 15.02.2018, Qtr4- 30.04.18
8. Other taxpayers file GSTR 1 for July-oct by 31st dec 2017 then from November by 10th of next month – only GSTR 1.
9. Gstr-1 to be matched with GSTR-3B.
10. Penalty on late filing, nil return- Rs. 20 per day. Others- Rs. 50 per day.
11. Composition: July-sept- ITC-05 by 31.12.2017 and GSTR-04 by 24.12.2017
12. TRAN-01 to be filed by 31.12.2017.
13. Composition rate of 1% for manufacturers.
14. Composition scheme for services up to Rs. 5 Lakhs in addition to supply of goods.
15. Composition limit to be increased to Rs. 1.5 crores only upon amendment of law.
16. 1% composition only on taxable and not exempt goods. Dealer dealing in exempted goods allowed to opt for composition.
Gst Council update:-
1. Composition scheme limit increased to Rs 2 crores.
2. Manufacturers to be charged at 1% under composition.
3. Only 50% items to be covered under 28%.
4. Inter-state supply allowed for composition scheme.
5. No ITC for composition dealers.
6. All restaurants (other than five star) to be charged at 5% without ITC.
*Subject to final press release*