Summary of the GST Council meeting of November 10, 2017

Composition scheme expanded

The threshold for Composition scheme to be increased to Rs. 1.5 Crores. Uniform tax rate of 1% applicable for both traders and manufacturers. Composition suppliers allowed services upto Rs. 5 lakh per annum for eligibility. Exempted supply not to be taxed at 1%.

Returns Filing of Form GSTR 2 and GSTR 3 have been suspended for the current financial year. Only GSTR 1 is to be filed as per the below schedule.

·         For suppliers having turnover below 1.5 crores,

·         For the period of July to Sept - 31st Dec 2017

·         For the period of Oct to Dec - 15th Feb 2018

·         For the period of Jan - Mar - 30th Apr 2018

·         For suppliers having turnover more than 1.5 crores,

·         For the period of Jul to Oct - 31st Dec 2017

·         For the month of Nov - 10th Jan 2018

·         For the month of Dec - 10th Feb 2018

·         For the month of Jan - 10th Mar 2018

·         For the month of Feb - 10th Apr 2018

·         For the month of Mar - 10th May 2018

Filing of return in Form 3B to be continued till March. For small taxpayers, return to be simplified. It is not clear whether small suppliers will have to file monthly or quarterly (as proposed in the last meeting). A committee to simplify details of GSTR 2 and GSTR 3 will be setup.

TRAN-1 date extended

The due date of TRAN-1 has been extended to December 31, 2017.

Penalties reduced

Rate of penalty for delay in filing of returns will be reduced from Rs. 200 per day to Rs. 20 per day for suppliers with nil returns. For others, penalty to be reduced to Rs. 50 per day.

GSTR-4 extended

Due date for return of suppliers covered in composition scheme in Form GSTR-4 has been extended to 24th December 2017.

Changes in Rates

1. 5% Tax on all Restaurants other than 5-Star without ITC

2. Rates reduced for 178 items from 28% to 18% effective Nov 15, 2017.

-          Washing Machines

-          Air Conditioners

-          Make up

-          Sanitary Items

-          Marble/flooring

-          Toiletries

3. Rates reduced from 28% to 12%

 - Wet grinders

 - Armoured fighting vehicles

4. Rates reduced from 18% to 12% for 13 items, from 5% to 0% for 6 items, from 12% to 5% - 8 items.

For more information please visit the Letsfiling

Grow your capital value through registration of the public limited company

Each person is curious about to establish their own business to raising their fund value easily. This is the main reason that they should have to engage in the different technologies to achieve the most suitable result.  The business growth of any destination cannot be easily possible if you engage in the restricted option to grow their result.  If you are not dreaming a great and work according to your norms, then consideration of the limited company is easy.  

With the adoption of this consideration, you will able to do the specific set of the programs. When you have to extend your work limit, public limited company registration wins your choice for obtaining the best result. In this concept, an individual gets the privilege to share their funds to concerned person. So, there should not come any difficulty to raise their fund value.   But, you should not have the accurate knowledge for the noble company name. If you are feeling difficulty to seek out this name, then you would have to make the deep research and analysis on the internet database. You will find the name of the various companies, but all are not offering the same level service for the registration aspect.

 Therefore, it is requested that you ought to take the most ideal company for partnership form registration. Taking the brief investigation of the various companies, it is found that letsfilling suits to be good to cater the requirement of every person.  Our main objective is to provide legal authentication to everyone. So, the foundation of that work cannot be proving to null and void.

 We are providing limited liability Partnership registration through applying the right strategy. For getting the registration of all service, any person should not have to pay more. To know more information, you have to browse our web portal.

Get the finance stability with ESI/ EPF registration

Each age group does not hold the same endurance power to accomplish some work in the brilliant manner.  As soon as we are reaching toward the last extreme of the life, we do not have the same stamina to accomplish work on the better manner. Therefore, government of India makes some mandatory amendment to get social and finance security.  During currency earning period, a number of people have to deduct some money from their regular income and deposit in the government account.

After some time, you will get some additional higher that total sums submitted.  This sort of benefit can be possible in case you are engaged in the ESi/EPF registration. The full form of the ESI is known as the Employee’s state Insurance.  In fact, it is the self financing even though you have crossed your working stage and reach on the retirement stage.  

This scheme is executing under the Ministry of Labor and employment.  The advantage of this scheme is prevailed to only that user who has registered to the ESI/EPF website.  You should not have to move further and end your discovery on the prominent destination. This is referred as the letsfilling. We are helping various organizations to make the business document to prove its authority.  As you send the quotation to you, we are making the deserved contribution to stand out the business.  We are offering the facility of ROC compliance to grow your business in the better walk.

 As per business requirement, we are offering the facility of one person company registration to do their business in the excellent manner. To know more information, you have to browse our web portal.

Fill the normal credential detail to wrap the legal cover to private company

A number of people want to earn high revenue so that they can survive their life easily.  Even though having the sufficient experience and knowledge, they will not able to do work completely.  In order to get the high turnover and throughput, each business initiator should have to make some believe on the team work concept.  Any team member plans to take the mandatory step for attaining the concerning output in a comfortable manner.

For making your work more appealing, each concerned person should know the basic rule and regulation to interact with public limited company registration facility.  Nonetheless, there should be some pre-requisite formalities for setting your organization. It includes minimum capital value, 2 director board member, and minimum number of the concerned member in the particular organization. It also demands for specific number either it is a tin or a pin number.

While you are going for one person company registration, an individual should need to keep some point in their mind.  It is not easy to meet such company that will easily fulfill all requirements without coming into venture. You should have to take the association of the information gathering resources to pick out the most suitable company.  You should end your search at letsfiling.  Our veteran team will clearly suggest that which registration category is suitable for your business.

 In this dynamic world, we are emerged as the number one company to get imperative partnership firm registration facility and service. We are serving in the best manner to cater the demand of several. If you want to know more information, you can surf our website.

GST on Selling of space for advertisement in print media

Query has been raised regarding GST applicable on selling of space for advertisement in print media. Selling of space for advertisement in print media is liveable to GST @ 5%.If the advertisement agency works on principal to principal basis, that is, buys space from the newspaper and sells such space for advertisement to clients on its own account, that is, as a principal, it would be liable to pay GST @5% on the full amount charged by advertisement agency from the client.

 On the other hand, if the advertisement agency sells space for advertisement as an agent of the newspaper on commission basis, it would be liable to pay GST@ 18% on the sale commission it receives from the Newspaper. ITC of GST paid on such sale commission would be available to Newspaper.

 

 However, if the advertisement agency supplies any service other than selling of space for advertisement, such as designing or drafting the advertisement, and such supply is not a part of any composite supply, the same would be liable to tax @18%. If such supplies are part of any composite supply, the rate applicable for the principal supply shall apply.

Therefore, everything depends on the terms of the contract between the newspaper, advertisement agency and the client.

File your GST with these step by step: LetsFiling

These are the steps by which you can easily file your GST.

1. After login, select Services, then select Returns and click on Transition Forms. (Services >Returns > Transition Forms).

2. The tabs of transition forms TRAN 1/TRAN 2/TRAN 3 are visible in the top hand. By default tiles of Form TRAN-1 will be visible.

3. Select the option ‘Yes’ or ‘No’ for ‘Whether all the returns required under relevant earlier laws for the period of six months immediately preceding the appointed date have been furnished’. Relevant tables will be visible in Form GST TRAN I, depending upon the option selected.

4. Declare/ Fill in the required details in each tile and press “Save^– button at the bottom. The system will validate the entries and if there is any validation error, system will show status as processed with error. On clicking the edit button against that entry the nature of validation error can be seen on the top portion of screen.

5. Declare the details of the amount of tax credit carried forward in the returns filed under relevant other laws and admissible as GST credits, by clicking on the tile 5(a),5(b), 5(c).

a. The Registration Numbers under earlier laws mentioned in the above table or in any other table of TRAN 1 need to be the same as declared by the taxpayer in their enrollment/registration form otherwise system will throw validation error.

b. If the taxpayer has failed to furnish any registration number of earlier laws, he may use the non-core registration amendment facility to declare it in the registration details and subsequently file TRAN 1.

6. Declare details of capitals goods for which credit has not been availed under relevant earlier laws and are admissible under GST by clicking on the tile 6(a), 6(b).

7. Declare details of the inputs held in stock by clicking on the the 7(a), 7(b), 7(d) and furnishing the required information to avail the credit of eligible taxes and duties paid under earlier laws and for which credit is allowable under GST regime.

8. Declare the details of tax paid under earlier laws and credit admissible on inputs (goods) and services received within 30 days (60 days in ease of extension) of appointed day in table 7(c).

9. Declare details of transfer distribution of Central Tax credit claimed in table 5(a) an account of CENVAT credit carried forward in last return for registered person having centralized registration under service tax by clicking on the tile 8.

a. In tile 8, you are allowed to enter only GSTIN of receivers that have same PAN as the taxpayer furnishing details in TRAN-1. The transferred central tax ITC will be posted to the ITC ledger of the recipients.

10. Declare details of goods sent to job-worker and held in his stork on behalf of principal (by both job-worker and the principal) by clicking on the tile 9(a) & 9(b).

11. Declaration of details (by both the agents and the principals) of goods held in stock by agents on behalf of the principal and its admissible lTC to agents by clicking on the tile 10(a) & 10(b).

12. Declare details of transition credit availed on transaction subject to both service tax and VAT, On which tax has been paid under earlier laws and are also taxable under GST. by clicking on the tile 11.

13. Declare details of goods sent on approval basis, six months prior to the appointed day by clicking on the tile 12.

14. Click on Submit button to freeze the TRAN-1.

 a. Please note that after submit, no modification is possible. Hence ensure that details are filed correctly before clicking on Submit button.

15. On successful Submit of TRAN-1, the transition credit claimed in the details provided would be posted to Electronic Credit ledger. However, it can he utilized only after filing of TRAN I by signing it.

16. Click on File button using DSC or EVC.

17. Message for successful filing will appear and Acknowledgement will be generated.

18. The ITC posted in Electronic Credit Ledger, post successful filing, can he used to offset liabilities GSTR3B (July 2017) or any other subsequent returns.

These source/contain is taken from https://taxguru.in/

For more information about the GST, GST Registration you can visit our website: https://letsfiling.com/

Provide legal identity to your business with the registration facility

In this highly competitive age, each person wants to free from the fierce attack of the recession.  This statement does not indicate that they would have to some cut off in their daily life expenditure.  In order to combat such difficulties, it is the dream of various customers to establish an own organization.  For giving the legal identity and liability, they should have to follow the concept of the private limited company.
Each novice person must get the Private limited company registration so that there should not possible to lock their firm immediately. The private limited company is growing day by day. For safeguarding your company, registration of your company from an authenticated name is always desired. Generally, startup of a private limited company does not demand massive crowd. It can be started from 2 to 200 members.  You should have to search out the leading company that takes the responsibility to nourish to make it a reliable trustworthy organization.
If you are feeling difficulty to discover such companies, then you would have to deeply research and analysis on the internet ocean. On doing so, you will come in the contact of so many companies. It will be difficult to search the most valuable company because each one is showcasing that they are providing the most suitable services as per customer’s request. Now, you would have to end your search at letsfilling. We are considered as the pioneer for limited liability company registration to maintain its liability for a long time interval. For taking this advantage, you do not need to do something extra.
It is likewise a partnership company and therefore, we are providing partnership firm registration facility.  This service is available to all business size. In order to know more information, you have to browse our web portal.