Considering various pleas from the Trade & Industry regarding over burden of compliance under GST, Government on 06th October, 2017 took certain decisions to ease out the pressure of GST on small and medium businessmen. For last three months, every person attached with GST is struggling in complying with its provisions. Even the technology which is supposed to support the GST filing of dealers across India is not ready for all the procedures, consequently, many of the businessmen are reluctant to adopt this new law.
However, our Government is working on all such troublesome areas under GST to make it more easier and simpler for its better implementation. Lots of changes have been made in GST Law since 01st July, 17 and now for the first time the Government has list out the measures to reduce the compliance burden on the small or medium businessmen. Given below is the list of changes suggested in the GST council meeting:
1. Threshold Limit for Composition Scheme Dealers increased from INR 75 Lakhs to INR 1 Crore;
2. No GST under Reverse Charge Provisions for any purchases made from Unregistered Dealer till 31-03-2018;
3. Provisions pertaining to TDS / TCS have been deferred till 31-03-2018;
4. E-way Bill has been rolled out successfully in Karnataka and the same will be applied in other states by 31-03-2018;
5. Businesses having turnover of INR 1.5 Crores can pay GST & file GST returns for a Quarter instead of monthly;
6. Refund to Exporters for the month of July, 2017 shall begin from 10th October and for the month of August, 2017 from 18th October;
7. No GST on receipt of advance by a registered person who has turnover of upto INR 1.5 Crores;
8. Due date for filing Quarterly Return by Composition Scheme Dealer for Q-2 of FY – 2017-18 is extended to 15th Nov, 2017;
9. No GST registration is required for Inter State Supply of Service if aggregate turnover is below INR 20 Lakhs.
10. Services to be provided by Goods Transport Agency to Unregistered Person shall be exempted from GST;
11. Composition Scheme shall be valid even if a businessmen is providing any exempted service along with supply of taxable goods.
Apart from this, GST Rates on 27 goods and certain services like Job Work, Restaurant Service, Labour Contracts for Government Contracts etc. have been reduced significantly. All these changes will come into effect from the date it will be notified and all the transactions entered prior to such date will be governed with the existing provisions only.
We believed that with all these changes, compliance burden under GST will be relaxed and get simple so that all businessmen can follow it properly without any hurdle and benefit of GST is passed to all of us.