FAQs ON 22nd MEETING OF GST COUNCIL

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FAQs ON LAST MEETING OF GST COUNCIL. Recommendations made by the GST Council in its 22nd Meeting held on October 6th 2017 under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley in the national capital. FAQs on 22nd Meeting of GST Council are as follows :

FAQs on 22nd Meeting of GST Council

 Q.1 From when can a person with turnover below Rs. 1.5 crores start filing quarterly returns?

Ans. Such a person can start filing GS’I’R-1,2 and 3 on a quarterly basis starting from the quarter October to December, 2017. He shall have to file monthly GS’I’R-1, 2 and 3 for the months of July, August and September.

 Q.2 If my turnover is less than Rs. 1.5 crore, do I need to file GSTR-3B on a monthly basis?

Ans. Every registered person, irrespective of turnover, needs to file GSTR-3B for the months of July to December, by the 20th day of the succeeding month.

  1. 3 If my turnover is less than Rs. 1.5 crore, do I need to file GSTR-1, 2 and 3 on a monthly basis for the months of July, August and September?

Ans. Every registered person, irrespective of turnover, needs to file GSTR-1, 2 and 3 for the months of July, August and September. From October onwards, only taxpayers with turnover greater than Rs. 1.5 crore need to file monthly GSTR-1, 2 and 3.

 Q.4 If I am required to file monthly returns then how will I claim ITC on purchases made from a person filing quarterly returns?

Ans. In such a case, you shall avail monthly ITC on self-declaration basis. You will have to enter the details of the invoices of purchases from a quarterly filer in your monthly GSTR-2. These details will be reconciled with the GSTR-1 filed by your supplier at the end of the quarter.FAQs ON 22nd MEETING

 Q.5 I have finished filing GSTR-1 for July. Can I start uploading invoices for August and September?

Ans. Yes, you can start uploading invoices for supplies made during August and September. The due dates for filing GSTR-1, 2 and 3 for these months will be notified in due course.

 Q.6 Till when can I avail the option of composition under the increased threshold?

Ans. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018. The option once exercised shall become operational from the first day of the month immediately succeding the month in which the option to avail the composition scheme is exercised.

 Q.7 How will I file returns if I avail the option of composition in the middle of a quarter?

Ans. New entrants to this scheme shall have to file return in Form GSTR-4 only for that portion of the quarter from when the scheme becomes operational and shall file return as a normal taxpayer for the preceding tax period.

Q.8. Am I eligible for composition if I am also providing a service which is exempted under GST?

Ans. Yes, persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.

Q.9 is it correct that anyone who is receiving interest on a bank deposit is ineligible for availing the composition scheme?

Ans. No, persons who are otherwise eligible for the composition scheme, and are receiving interest on a bank deposit shall be eligible for the composition scheme.

Q.10. My aggregate turnover is less than Rs. 20 lacs but I made some inter-state supply of services. Do I need to register under GST?

Ans. No, if your aggregate turnover is less than Rs. 20 lacs, you do not need to register just because you are making inter-state supply of goods.

That’s all for FAQs on 22nd Meeting of GST Council. Keep Sharing.

1 COMMENT

  1. Dearsir, In JULY 2017 MONTH RETURN GSTR3B,WRONGLY ENTERED IN REVERSAL SECTION.kINDLY RECTIFY THE MISTAKE.

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