Changes in GST (Goods & Service Tax)

Annual aggregate turnover for availing composition scheme increased to 1 Cr. (Special category states-75Lacs except J&K and UK)
Composition scheme can be availed till 31.03.2018 by both- migrated and new tax payers.
Persons providing exempt services but otherwise eligible for Composition Scheme can now avail the benefit.
Relief from getting registered, if turnover less than 20 Lacs and dealer involved in inter-state taxable supplies.
Quarterly returns (GSTR-1,2&3) from third quarter (Oct-Dec 2017) if turnover up to 1.5 Cr with quarterly payment of taxes from Quarter 4.
GSTR-3B to be filed monthly till Dec 2017.
Reverse Charge Mechanism on supply from unregistered dealer, suspended till 31.03.2018.
No GST to be paid on advances received if turnover up to 1 Cr.
Services by GTA to unregistered – Exempted from GST.
Registration and operationalization of TDS/TCS provisions postponed till 31.03.2018.
E-way bill system to be introduced from 01.01.2018 and to be rolled out nation wide from 01.04.2018.
Due date for filing GSTR-4 & GSTR 6 extended till 15.11.2017.
Invoicing rules are being modified.
GST rates reduced significantly on Goods as well as Services.
Refund procedure for exporters to be expedited.
Electronic wallet (e-Wallet) will be set up by April, 2018 for refunds
to exporters.
Exporters will get a notional advance amount in their e-Wallets and it will be later offset with tax refunds.

Goods Transport Agency (GTA)

“Goods Transport Agency” – any person providing service of transport of goods by road and issuing consignment note.
“Consignment Note” – a document, issued by a GTA against the receipt of goods to be transported in a goods carriage, containing prescribed details.
To qualify as services of GTA, issuance of consignment note is must.
Only services provided by a GTA are taxable under GST. Services of transportation of goods by a person other than GTA are exempt.
The service of transportation of goods by road continue to be exempt even under the GST regime.

Taxability Under GST

For specified recipient, GST to be paid under Reverse Charge Mechanism.
For non-specified recipients, GTA can opt for collecting and paying taxes :
▪ @ 12% (6% CGST + 6% SGST) with availment of ITC
▪ @ 5% (2.5% CGST + 2.5% SGST) without claiming ITC.
No GST payable on inputs for hiring transport to provide output service.
Services from GTA to unregistered, exempted from GST.