GST KEY UPDATE

Constitutional Validity

  1. Article 279A of the Constitution

Registration Limit

Compulsory Registration

  1. Suppliers of services
    1. Rs. 20 Lakh –  Any other State
    1. Rs. 10 Lakh – Manipur, Mizoram, Nagaland and Tripura
  2. Suppliers of goods
    1. Rs. 40 Lakh –  Any other State
  3. Rs. 20 Lakh – Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura and Uttarakhand

Exemption of Registration

Suppliers of services, having turnover up to Rs. 20 lakh,

  • making inter State supplies;
  • Making supplies through e-commerce platforms.

Mandatory Registration

          a) Those e-commerce operators who are required to collect tax at source.

Composition Scheme

Applicability: Small businessmen being

  • supplier of goods and supplier of restaurant services
  • From 1.4.19 – Supplier of Services having T/o of Preceeding F.yr. upto Rs. 50 Lakhs –
    •  Tax Rate 6% (3% CGST + 3% SGST)
    • Annual return
    • Quarterly payment of tax

Non Applicability

  1. Interstate supplies
  2. Specified category of manufactures

Registration

  1. Annual turnover up to Rs. 1.5 crore
  2. Rs. 75 lakhs in States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura and Uttarakhand)

Tax Rate: 1% to 5% on his turnover

Return  : Quarterly

Payment of tax : 18th of the month of succeeding quarter

Late fee for Return filing

From October 2017 onwards, the amount of late fee for late filing of

GSTR-3B payable by a registered person is as follows:

a. whose tax liability for that month was ‗NIL‘ will be Rs. 20/- per day

instead of Rs. 200/- per day;

b. whose tax liability for that month was not ‗NIL‘ will be Rs. 50/- per

day instead of Rs. 200/- per day

Real estate

GST Rate : 5% on Residential Property out of affordable segment

                 : 1% on affordable housing properties