Recently 23^rd GST council meeting has been held in which various decisions were declared. All the notifications were issued recently in this respect. Lets summarise this with the help of this update-

• Notification 66/2017 CT dated 15.11.2017 has been notified stating that all registered person other than person registered under composition scheme is not required to pay tax on advance received on supply of goods. The notification exempts all taxpayers from payment of tax on advances received in case of supply of goods. This notification has superseded the earlier notification no. 40/2017 CT dated 13.10.2017.

This mean that the composition scheme dealer has to pay the taxes on advaces. All other assessee need not to pay the tax on advances. We are failed to understand why this provision has been kept for composition scheme?

Secondly, this is applicable on supply of goods only and not supply of services. Hence, there is no need to pay the GST on advance received for supply of goods. But service providers will continue to pay GST on advance received.

Lastly, there is no limit for non-payment of GST on advance received. Earlier it was contended that the exemption is available to assessee of turnover of 1.5 crore. But this notification has clarified that it is applicable to all except those who has opted for composition scheme.

• Notification 65/2017 CT dated 15.11.2017 exempt suppliers of services through an e-commerce platform from obtaining compulsory registration. As a result, all service providers, whether supplying intra-State, inter-State or through ecommerce operator, will be exempt from obtaining GST registration, provided their aggregate turnover is below the twenty lacs. Earlier there was compulsory registration under such persons.
• Notification 64/2017 CT dated 15.11.2017 specifies that from October 2017 onwards, if the total amount of central tax payable is nil;says that there will be less liability the late fees will be paid as 10/- per day under CGST Act. The interpretation of this says that this less late fee will be payable if the liability of CGST is nil. If there is liability of IGST Act but no liability in CGST then also the less amount will be payable. Although it seems to be very absurd interpretation but notification reads like that only.

 In case there is tax to be paid then late fees is increased to 25/- per day. This late fees reduction is in respect of GSTR 3B. For the other returns, the normal late fee of 200/- per day will be payable.

• Due dates of many returns have been extended as follows vide notification-

• Notification 58/2017-Central Tax ,dt. 15-11-2017 prescribes the due date for filing of GSTR 1 for assesses having turnover above 1.5 crores. GSTR-1 to be filed on monthly basis

Time limit of filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 will be decided soon. Although the press conference by FM said that the GSTR-2 and GSTR-3 are deferred upto March 31, 2018 but the press release say that time limit will be decided soon.

Meanwhile GSTR-1 can be continue to be filed without compulsion of filing GSTR-2 and GSTR-3 of previous month.

• Notification 57/2017-Central Tax ,dt. 15-11-2017 prescribes the due date for filing of GSTR 1 for assesses having turnover upto 1.5 crores on quarterly basis. Due dates of FORM GSTR-1 are prescribed as follows:-

Time limit of filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 will be decided soon. Again there is dispute in press conference and press release.