Relief package for Small & Medium Enterprises (SMEs)
Posted on: 02/Nov/2017 8:59:37 AM
You can now opt for the Composition Scheme till 31st March, 2018 and avail its benefits from the first day of the this month.
Those with annual aggregate turnover upto Rs. 1 Crore can opt for Composition Scheme in which case the tax rates will be as follows
- Persons providing any exempted service (such as extending deposits on which interest is received) to be eligible for the Composition Scheme.
- Reverse Charge Mechanism under Section 9(4) of CGST Act and under Section 5(4) of IGST Act has been suspended till 31.03.2018.
- Service providers having turnover less than Rs. 20 Lakh have been exempted from registration even if they are providing inter -State taxable services.
- Services provided by GTA to unregistered persons to be exempted from GST.
- Registered persons having turnover up to Rs. 1.5 Crore will be required to file FORM GSTR-1, 2 and 3 and pay taxes only on quarterly basis. Quarterly filing and payment for such persons will commence from the quarter October to December, 2017. Registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis.
- Requirement to pay GST at the time of receipt of advances on account of sale of goods has been dispensed with for taxpayers having turnover up to Rs. 1.5 Crore. They will be required to pay GST only at the time of supply of goods.
- This limit is Rs. 75 Lakh for Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, Sikkim and Himachal Pradesh.
To know more visit www.cbec.gov.in, www.cbec-gst.gov.in
