Today a meeting of GST council concluded. Below are the major changes expected in GST compliance and law.
GST Returns
For tax payers having turnover below 1.5 crore need to file return quarterly instead of monthly GST returns.
GST Payments
However payments needs to be made on monthly basis though return will be filed quarterly.
GST composition scheme
Turnover limit increased to 1 crore instead of 75 lakhs.
GST Rates
For few items falling under rates 28% and 18%, tax rate may be changed.
GST RCM
RCM provisions deferred till March 31, 2018.
Waiting for press conference. Today finance ministry may come up with major relief for tax payers.
Hope it bring positive relief to small tax payers.
The most interesting thing to see will be how input credit will be allowed based on return flows.
If quarterly return is allowed to small tax payers, how their buyers who are filing monthly return will get input credit?
Will it be again on self assessment basis?
Government should not come with quarterly return as per me.
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