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No GST on advance payment

The Government has given relaxation to all businesses from paying goods and services tax (GST) on advances received for supplying goods with effective from November 15, 2017. To give the effect, the Central Government has issued notification based on recommendation made by GST council in its 23rd Meeting in Guwahati. Earlier such relaxation was available only to small registered person whose aggregate turnover in the preceding financial year did not exceed one crore and fifty lakh. This move will increase the liquidity for businesses and reduce compliance burden on all registered person. However, services sector shall continue to face such obligation which is in line with erstwhile service tax laws and pay GST on advance payment. www.PSPLadvisors.com
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GST compliance made easy – Notification dated Nov 15, 2017

Significant Changes in GST compliance                           (23rd GST Council Meet and notification dated Nov 15, 2017) These Changes shall be effective prospectively from November 15, 2017 Relaxation in GST returns filing GSTR 1   S. No. Period Due Dates For registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year 1 Monthly July - October, 2017 31st December, 2017 2 Monthly November, 2017 10th January, 2018 3 Monthly December, 2017 10th February, 2018 4 Monthly January, 2018 10th March, 2018 5 Monthly February, 2018 10th April, 2018 6 Monthly March, 2018 10th May, 2018 The registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year 1 Quarterly July…
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GST Update: GST Council ease the pressure

The GST council has eased the compliance burden on the industry till March 2018. It has extended the simplified form GSTR 3B till March 2018 Consumers will be paying less for a wide range of items from shampoo to furniture from November 15 as the GST Eating at restaurants will cost less as the Council lowered the rate on them to 5 per cent, irrespective of turnover or whether they have air-conditioners or not. Also, the GST on 13 items, including pasta, curry, diabetic food, and condensed milk, was lowered from 18 per cent to 12 per cent; from 18 per cent to 5 per cent on six items such as puffed rice, chikki, chutney powder, and fly ash; from 12 per cent to 5 per cent on eight items such…
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