Скачать или смотреть 27th GST Council Meeting held on 04th May, 2018

Download the pdf by clicking on the link below:

https://goo.gl/bfufAu



1.Returns: Composition dealers, Nil transactions – Quarterly; Others – one monthly return based on turnover.
2. Outward supplies:
Can be uploaded anytime during the month by the seller and will be visible to the buyer as well.
Invoice wise details are to be uploaded for B2B.
3. Inward Supplies:
not required to be uploaded
ITC will be automatically calculated based upon the invoices uploaded by sellers.
ITC will be available on self declaration basis like existing GSTR-3B
4. HSN: B2B – 4 digit

5. No automatic reversal of ITC: for non payment of tax by seller – exceptions – missing seller, closure of business etc.
6. Notices/orders: Online
7. Seller side control: Unloading of invoices for default in payment of tax
8. Stage 1: GSTR-1 and GSTR-3B shall continue, GSTR-2 and GSTR-3 suspended till 6 months
9. Stage 2:
Outward supplies – invoice wise data upload
Inward Supplies – ITC will be available on self declaration basis. Up to 6 months credit will be allowed provisionally. After 6 months credit will be restricted only to the invoices uploaded by sellers.
Disclaimer:
Update is meant for information purpose only and does not purport to be advice or opinion. It is prepared based on the understanding of the provisions as applicable as on date. The author is not responsible for any error or omission or for any action taken based on its contents. Please consult a Chartered Accountant before acting upon the above information.