Various GST Updates

# *GST*: The government is planning to allow quarterly filing of returns instead of monthly, by a vast majority of businesses as nearly 60 Lac businesses account for only 5% of taxes and nearly 4 Lac business account for 95% of the taxes.

# *GST*: Small exporters has been exempted from giving bank guarantee - the facility of furnishing LUT, in place of a bond, for exporting goods or services or both shall be allowed to exporters.

# *GST*: CBEC has extended the period for intimation of details of stock held on the date preceding the date from which the option to pay tax u/s 10 of the CGST Act is exercised in FORM GST CMP-03 is extended till 31-OCT-2017 - Order No.04/2017-GST, dt.29.09.2017.

# *GST*: Deadline for selling unsold pre-GST stock with their revised MRP post implementation of GST along with their old MRPs extended to 31-DEC 2017.

# *GST*: CBEC notifies amendment in the CGST Rules 24, 118, 119, 120 & 120A and also amended Form GST REG-29 – Noti.No.36/2017-CT, dt.29.09.2017.

# *GST*: CBEC has exempted supply of services associated with transit cargo to Nepal and Bhutan – Noti.No.30/2017- CT (R), dt.29.09.2017..

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