Composition scheme limit has been increased to 1.5 crores

Composition scheme limit has been increased to 1.5 crores

As an alleviation measure to lakh of independent company, the GST chamber has chosen to build the point of confinement of structure plot from the current 1 crore to 1.5 Crore. 

This advantage has been given in the midst of disarray between bunches of independent company who were confronting a great deal of issue in agreeing to the GST and consequently the administration has chosen to raise the cutoff of structure conspire. 

Other significant changes proposed by the GST board in their 23rd committee meeting: 

GST Rates sliced: GST rates for more than 177 things have been cut from 28% to 18%. 

GSTR 2 and GSTR 3 suspended: The documenting of GSTR 2 and GSTR 3 has been suspended for now till March 31 and the board of trustees will choose the due dates meanwhile. 

Late documenting charges cut: If any citizens neglects to record the GST return, at that point he should pay a punishment of Rs.20 every day (in the event of nil recording) and Rs.50 if there should be an occurrence of assessment documenting. 

Due date of trans 1 broadened: The due date of trans 1 has been additionally stretched out to 31 December, 2017 and due date for recording of GSTR - 4 for the quarter July – September, 2017 has been reached out to December, 24 2017.


Visit HireCA.com Now