Gst 23rd council meeting updates

*Revision in Late fee*
1) For nil return from 200 Rs per day to Rs 20 per day 
2) For others , The late fees Has been revised from Rs 200 to Rs 50 Per day

*Revision in Timelines for filling return*

GSTR 2 & 3 is abolished till March 2018

For Asseses having Turnover upto Rs 1.5 Cr will file
1- GSTR 3B monthly
2- GSTR 1 - Quarterly

For assesses having Turnover more than 1.5 Cr will file 
GSTR 3B- Monthly filling by 20th of the following month.
GSTR 1- Monthly

*Revision in due dates*

GSTR 4 shall have to file there return 24th December 2017. Form for GSTR 4 is already available online

GSTR 5- 11th Dec 2017
Trans 1 - 31st December 2017

*Changes in Composition Scheme*

COMPOSITION dealer shall have uniform rate of 1% for manufacturer and traders.

Restaurant Services will have a flat rate of 5%

COMPOSITION SCHEME will cover services of up to Rs 5 Lakhs in addition to the goods.

Threshold limit for COMPOSITION SCHEME will increase to 2 Cr (Necessary ammendments will be made in act). Once the act is ammended, the threshold limit will be Rs 1.5 Cr

The aggregate turnover bwill only cover the taxabale supplies and not exempt supplies for the purpose of computing tax @ 1%/5%.

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