The GST Council on 21st meeting in Hyderabad, head by Finance Minister Arun Jaitley with state counterparts, stated clearly to start registration for liable persons for tax deduction at source(TDS) and tax collection at source(TCS) from 18th of September. To harbour industry trends, many key decisions regarding GST have been taken unanimously by the council in the conference.
According to GST Council’s directions, E-commerce operators are liable to collect the 1% of tax amount as TCS while supplying the goods and services and declared operators are required to collect TDS from the suppliers of goods and services while making transactions more than INR 2.5 lakh. The date from which TDS and TCS will be done is not decided yet and according to the sources, it will be notified soon.
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Previously, The decision to delay the date for the TDS and TCS was taken by the GST Council itself to make smooth rollout and hurdle-free implementation of GST. As the new indirect tax and industries needed time to adjust in the system.
To accommodate the industry requirements, GST Council decided to postpone the current date for filing TRAN-1 by October 31. Here TRAN-1 form will be filed by the taxpayers eligible to claim credit for the taxes they paid before GST implementation.
In addition, the Council has advised to opt for the composition scheme till September 30 and assured the registered persons shall start getting the benefits after September 30. An official said, “such registered person shall be permitted to avail of the benefit of the composition scheme with effect from October 1.” The last date to file taxes under composition scheme for July-September quarter is October 18 and the already registered under composition scheme need to file it before the due date.
Revenue secretary Hasmukh Adhia explicitly mentioned for the business having turnover more than Rs. 100 crore, to file the GSTR-1 return by October 3 and the other businesses are required to file it by October 10. Furthermore, to simplify the system, the GST Council has already told the businesses to file GSTR-3B for another four months until December. The due dates for filing GSTR-2 and GSTR-3 have already extended by the Union Minister to October 31 and November 10 respectively.
GSTN portal has uploaded more than 45 lakh GSTR-3B return forms, whopping 13 crore invoices and approx 17 lakh GSTR-1 return forms until 8th of the September. Due to some glitches and problems in loading the server, the last date of the return filing has been extended by the GST Council to accommodate the taxpayers.
