Backdrop
With the implementation of GST, the tax payers has been continuously facing various hindrances, time and again Government is coming up with various amendments in the GST Rules and Rates Notification so as to provide proper clarifications and relief to the tax payers
With the various recent Notifications issued, the Government has provided various extensions in the time limit for filing of certain statutory forms.
Extension in time limit
The time limit for migration of existing tax payers registered under the pre-GST regime to GST regime has been further extended to 31st October, 2017 .
By the virtue of this Notification1 the confusion prevailing in relation to the filing of the TRAN 1 for Rule 118 which covers Sec 142(11)(c), Rule 119 covers Job works, Rule 120 covers goods sent on approval basis has been extended as per the time period specified in Rule 117 i.e. 31st October , 2017.
In case of the registered tax payers who are migrating to the GST regime and opting to pay tax under the composition scheme, requires to declare their details of stock held on the date immediately preceding the date from which the option to pay tax under composition scheme shall be exercised in FORM GST CMP 03 is extended till 31st October, 2017 .
New service inserted in the exemption list of supply of services
The Notification No. 12/2017- CGST Rate, 2017 dated 28th June, 2017 which lays down the supply of services which are exempt from levy of GST has been amended to include the supply of services associate with transit cargo to Nepal and Bhutan (landlocked countries) . Similar, Notification has been issued under the Integrated tax in order to exempt the supply of services associated with transit cargo to Nepal and Bhutan from inter- state supply of services.
Conclusion
Due to hardship faced by the tax payers under the GST Regime the Government has come up with the relief and relaxation by the virtue of these notifications. The time limit for migration of existing taxpayers, details of stock to be provided under composition scheme has been extended. The much awaited controversy which was faced by the tax payers in relation to the time limit for filing TRAN 1 in cases covering job work, goods sent on approval basis has also been put to end by the virtue of the above mentioned clarification. Thus by the virtue of these Notifications the main idea of the Government is to reduce the problems faced by the tax payers.
1 Notification No. 36/2017-CGST Rule,2017 dated 29th September,2017
2Order No 4/2017- GST dated 29th September,2017
3Notification No. 30/2017- CGST Rate,2017 dated 29th September, 2017
4 Notification No. 31/2017-IGST Rate, 2017 dated 29th September,2017
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Bhaskar Thakkar
Chief Executive officer
BT Associates, India
thakkar@btassociate.com
Twenty years of experience in tax practice. Specialist in structuring & planning and tax optimization under indirect tax. Lead eastern India indirect tax practice of Ernst & Young in past.
