1. Exemption limit for GST Registration in States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim, and Uttarakhandh raised to Rs. 20 Lakhs.
2. Turnover Limit raised up to Rs. 1.5 Crs for Tax Prayers who want to Opt for Composition Scheme.
3. Supply of Service up to Rs. 5 Lakh or 10% of Turnover (whichever is higher) in the preceding Financial Year (other than. Restaurant Services) allowed to Composition Scheme Dealers.
4. Reverse Charge Mechanism will be applicable to notified Registered Persons on Purchase of Goods from Unregistered Suppliers.
5. Mandatory Registration for those E- Commerce Operators who are liable to Collect TCS.
6. Multiple Registration will be allowed on Same PAN within Same State or Union Territory in respect of Multiple Business Place.
7. Taxpayers will not required to file GST Returs during the Process of Cancellation, as Registration will remain temporary Suspended while Cancellation of Registration.
8. Following Transactions will not be treated as Supply : -
1. Supply of Goods in High Sea Sales.
2. Supply of Goods from Non - Taxable Territory to Non - Taxable Territory without entering in to India.
3. Supply of Wharehoused Goods before Clearance for Home Consumption.
9. Consolidated Debit/Credit Note can be issued to a party in respect of Multiple Invoices issued to that party.
10. Supply of Services outside India even in Indian Rupees shall be treated as Export if RBI permits.
11. ITC will be available in respect of the following:-
1. Motor Vehicles for Transportation of Persons having seating capacity of 13 or More (including driver), vessels and aircrafts.
2. ITC on General Insurance, Repair and Maintenance of Motor Vehicles, Vessels and Aircraft on which credit available.
3. Goods or Service provided by employer to employees which are obligatory in nature under any law.
4. In Respect of Activities or Transactions covered under Schedule III (except few).
12. Commissioner may extend the time limit for Return of Inputs sent on Job work up to period of 1Year and time limit for Return of Capital sent on Job work up to 2 Years.
13. Place of supply shall be outside India, where job work or any treatment or process has been done on goods temporarily imported into India and then exported out of India without putting them to any other use in India except the uses which were necessary for the purpose of such job work or treatment or process.
14. Recovery of taxes, interest, fine, penalty etc. can be made from distinct persons, even if such distinct persons are present in different State/Union territories.
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2. Turnover Limit raised up to Rs. 1.5 Crs for Tax Prayers who want to Opt for Composition Scheme.
3. Supply of Service up to Rs. 5 Lakh or 10% of Turnover (whichever is higher) in the preceding Financial Year (other than. Restaurant Services) allowed to Composition Scheme Dealers.
4. Reverse Charge Mechanism will be applicable to notified Registered Persons on Purchase of Goods from Unregistered Suppliers.
5. Mandatory Registration for those E- Commerce Operators who are liable to Collect TCS.
6. Multiple Registration will be allowed on Same PAN within Same State or Union Territory in respect of Multiple Business Place.
7. Taxpayers will not required to file GST Returs during the Process of Cancellation, as Registration will remain temporary Suspended while Cancellation of Registration.
8. Following Transactions will not be treated as Supply : -
1. Supply of Goods in High Sea Sales.
2. Supply of Goods from Non - Taxable Territory to Non - Taxable Territory without entering in to India.
3. Supply of Wharehoused Goods before Clearance for Home Consumption.
9. Consolidated Debit/Credit Note can be issued to a party in respect of Multiple Invoices issued to that party.
10. Supply of Services outside India even in Indian Rupees shall be treated as Export if RBI permits.
11. ITC will be available in respect of the following:-
1. Motor Vehicles for Transportation of Persons having seating capacity of 13 or More (including driver), vessels and aircrafts.
2. ITC on General Insurance, Repair and Maintenance of Motor Vehicles, Vessels and Aircraft on which credit available.
3. Goods or Service provided by employer to employees which are obligatory in nature under any law.
4. In Respect of Activities or Transactions covered under Schedule III (except few).
12. Commissioner may extend the time limit for Return of Inputs sent on Job work up to period of 1Year and time limit for Return of Capital sent on Job work up to 2 Years.
13. Place of supply shall be outside India, where job work or any treatment or process has been done on goods temporarily imported into India and then exported out of India without putting them to any other use in India except the uses which were necessary for the purpose of such job work or treatment or process.
14. Recovery of taxes, interest, fine, penalty etc. can be made from distinct persons, even if such distinct persons are present in different State/Union territories.
OFFHAND
ReplyDeleteIt is common knowledge that within the short span of less than 2-3 years of the coming into force of the two important legislations impacting the interests of the 'stakeholders', - the GST Code and the RERA, there have been numerous changes announced of quite a material / drastic nature. In respect of such changes made from time to time, separate effective date (of each such amend of the law has been prescribed. For the legal implications of anyone of such changes what would, however, require to be made a conscious note of, and kept in mind, is that depending upon the significance thereof, the concept of so called ‘effective date’ might have to be differently understood for application, implementation and enforcement.
For a sample, one such recent change is the revised /reduced GST Rate of 5 % to ‘’ under- construction contracts “ (i.e. “ONGOING PROJECTS”). For FEED –input supplied, attention is invited to the Posts in Social Media , in the form of comments.
Refer> https://www.facebook.com/swaminathanv3/posts/2072937372782538
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