GST Updates:


# If a registered person wants to claim wants to take credit of ITC available under pre-GST regime, it is required to file Form TRAN-1.

# GST on Jewellery is payable @ 3% of the total transaction value, whether or not the making charges are shown separately in the invoice.

*The Central Government has issued Notifications on dated 22nd August 2017 notifying the following amendments:*

# ECO responsible for payment of GST on services provided by way of house-keeping such as plumbing, carpentering etc.

# Rate of GST on specific works contracts reduced from 18% to 12%.

# GTA operators granted an option to pay tax @ 12% and to avail input tax credit. Tax under reverse charge mechanism need not be paid by service recipient in this case.

# Limited Liability Partnership (LLPs) shall also be considered as partnership firm or firm under GST.

# Motor cab operators granted an option to pay tax @ 12% and to avail input tax credit.

# Rates for Job work in case of textile products including garments, printing of books, newspapers, periodicals, etc reduced from 18% to 5%.

# Certain services related to printing of books, newspapers, periodicals, etc where only content is supplied by the publisher and the physical inputs including paper used for printing belongs to the printer covered under supply of services and chargeable at 12%.

# Certain supplies provided by Fair Price Shops to Central or State Governments by way of sale under Public Distribution System (PDS) have been exempted.

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