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Advantages and Dis-advantages of GST

Implementation of Goods and Services Tax (GST) was one of the long awaited fiscal reform and due to various reasons it was only hanging around and could not circumvent the obstacles for substantially long period of time so much so that people started saying that the reform may not see a light of the day. However, all that is history now and we are lucky to witness the eventual implementation of this tax reform and today we stand at a timeline of 200...

Change in rate of tax for manufacturers under the composition scheme.  

The rate of tax applicable to the traders and manufacturers under the composition scheme was different whereby, the traders were paying @ of 1% and the manufacturers were paying @ of 2%, of the turnover in the State. Thereby, a composition taxable person was required to pay GST on the value of exempt supplies as well.    

However, in the 23rd GST Council meet held during Nov ’17, it was decided that a...

Due date extended further, for filing Form ITC-01 in respect of period from Jul ’17 to Nov  ‘17.    

The Form ITC-10 is required to be filed to claim the credit in special circumstances listed u/s 18(1) of the Act, with respect to eligible inputs in stock. The due date in this respect is under the law is within 30 days of being eligible to claim the credit.    

The said due date was extended to 31st Oct ’17 vide Notification 44/2017 CGST dated  

13.10.2017 and...

Due date extended further, for filing return in Form GSTR-5.  

GSTR-5 is the monthly return required to be filed by a registered non-resident taxable person. The due date for such return as per rule 63 of the CGST Rules, 2017 is 20th of the succeeding month or within 7 days after the last day of the validity period of registration, whichever is earlier.   

The due date in this respect was already extended once to 11th Dec ’17 vide notification 60/2017 CGST dated 15th Nov...