GST TAXATION SYSTEM CHANGES EFFECTED FROM 15 NOVEMBER 2017: BEST GST SOFTWARE

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Here is the list of GST taxation system latest changes that effected from 15 November:

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LIST OF PRODUCTS/GOODS HAVE REVISED GST RATES:

  • Guar meal, Khandsari sugar, Dried or frozen vegetables, Uranium ore concentrate, Hop cones, Unworked coconut shells have 5% GST but revises GST is NIL.
  • Desiccated coconut, Idli Dosa Batter, Coir products, Fly ash bricks, Worn clothes or rags, Fishing hooks, Leather or chamois after tanning or crusting, Nets of textile material have GST rate 12% and now revised rate is 5% only.
  • Potato flour, Chutney powder, Sulphur recovered as by-product in refining of crude oil, Specified parts of aircraft, Scientific and technical apparatus, Computer software and accessories have GST 18% now revised to 5% only.
  • Condensed milk, Diabetic foods, Refined sugar, Medicinal grade oxygen, Printing, writing and drawing inks, Pasta, Curry paste, Mayonnaise and salad dressings, Mixed seasoning, Parts of agricultural & sewing machinery, Bamboo and cane furniture, Frames and mountings for spectacles, Hand bags and shopping bags of cotton and jute have GST 18% now revised to 12% only.
  • Wet grinders, Tanks and other armoured fighting vehicles have GST 28% now revised to 12%.
  • Restaurants (both AC and non-Ac), Chewing gum, Chocolates, Preparation of facial make-up, Preparations for oral hygiene, Toothpaste, Shaving and after-shave items, Shampoo, Deodorants, Detergents, Granite and marble, Handmade furniture, Electric switches, Watches, Sanitary ware, Cases, Cutlery, Refrigerators, Flavoured drinks, Water heaters, Fire extinguishers, Printers, Automatic goods vending machine, Transmission shafts and cranks, Fork-lift trucks, Self-propelled bulldozers, Batteries, Static converters, Vacuum cleaners, Cameras and projectors, Microscopes, Musical instruments have GST 28% now revised to only 18%.

BUSINESS GST PERCENTAGE CHANGES:


  • For all manufacturers and traders gst comes at 1% only.
  • All composition schemes limit to 1.5 crore only.

GST RETURN FILLING EXTENSIONS:

  1. GSTR-5(For Non Residents) : The changes in dates is as follows, old date- before 20th august 2017 now revised date be-15 th December 2017.
  2. GSTR-4(For composition dealers):The old date be 18 oct 2017 and now the new date is 24 December 2017.
  3. GSTR-6(For input service distributors): old date is 13 august 2017 and new date is 31 December 2017.
  4. TRAN-1: Old date is 30 sept 2017 and new is 31 December 2017.
TAXPAYERS RELIEF DETAILS ARE HERE:
  • Delay in filling late fees 200 per day now it is reduced in 20 per day.
  • Manual filling for "advanced ruling" is to be introduced.
  • Export services from Nepal and Bhutan now exempted from GST.
  • Those have turnover less than 1 crore should file invoices every month and those have more than 1 crore should file invoices every quarter.

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