Category : GST
To effect the decisions taken in the 22nd meeting of GST Council dated 6th October 2017, the department has issued 14 notifications on 13th October 2017.
Below is the highlights of the recent GST amendments by virtue of notifications:
- Exemption from registration u/s 23(2) to persons making inter-state taxable supply of services whose turnover is below Rs. 20 Lakh (Rs. 10 Lakh in case of specified states) – Read Notification No. 10/2017 – Integrated Tax
- Exemption from registration to job-workers making inter-State supply of services to a registered person from the requirement of obtaining registration – Read Notification No. 07/2017 – Integrated Tax
- Extension of composition scheme to registered persons having turnover upto Rs. 1 Cr. – Read Notification 46/2017-Central Tax
- Quarterly payments and Return filing for registered persons having aggregate turnover less than Rs. 1.5 crores – Read Notification 40/2017-Central Tax
- Extension of time limit for submission of FORM GST ITC-01 for registered persons who have become eligible during the months of July, 2017, August, 2017 and September, 2017, to the effect that they are eligible to avail the input tax credit under sub-section (1) of section 18 of the said Act, till the 31st day of October, 2017 i.e. credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act. – Read Notification 44/2017-Central Tax