As per the new amendments in GST law, traders whose gross annual turnover does not exceed Rs 5 Crore can now file GST Return filing in three months. Previously, traders had to file mandatory monthly GST returns. In addition to this, the threshold for availing the benefits of Composition Scheme has now been increased to 1.5 crore rupees.
The new amendments were brought into effect at the approval of Governor Ram Naik. Given the absence of the state legislature’s session and the urgency of the subject, the amendments under the goods and services tax (amendment) Ordinance 2018 were approved by the Governor.
Goods and Services Tax (Amendment) Ordinance 2018
The ordinance comes as a major relief for the traders in the state. The relief in tax return filing and threshold limit for Composition scheme is part of the first amendment proposal in the Goods and Services Tax (Amendment) Ordinance 2018′. Reportedly, the amendment has been done to bring uniformity in the provisions of Central Goods and Services Tax (Amendment) Act 2018 and Foreign Exchange and Service Tax Act 2017. The ordinance file was sent to the Governor for approval on October 12.
The Benefits
- Restaurants will also be able to avail Composition Scheme under GST. This was not possible in the earlier SGST Act.
- Reverse Charge Mechanism will be applicable on purchase of only those goods and services from registered uses which are part of the Government notification.
- The threshold limit for registration against the purchase of goods from special category states (Jammu and Kashmir, Arunachal Pradesh, Assam, Himachal Pradesh, Meghalaya, and Sikkim) has been increased from 10 lakh to 20 lakh
- Provisions under section 2, 7, 12, 13, 16, 17 and 20 of the Act have been further clarified.
- The new ordinance comes as a welcome move from the state government. Especially, with the Festive Season has already kicked off, it is more than a surprise bonus for traders in the state.
Source: https://www.amarujala.com/lucknow/businessman-can-submit-gst-in-three-month
