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Cabinet approves amendments to GST bill

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HIGHLIGHTS OF CABINET APPROVAL

1.  36 – 49 different returns in GST.

2.Turnover limit 50 lacs

3.ITC available only on Electronic data matches.GST

4.15 digit PAN  based GST no. will be allotted.

5.Penalty for return late filling Rs.100 per day and maximum Rs.5000.

6.Output,input and summary based returns submission.

7.Tax credit  available only  if sellers tax credit  shows online.

8.Liquors,petroleum products out of GST net.

9.Return filling limit 10,15,20 days after due dates  for different types of return.

10.Threshold  limit is 10 lacs and for NE  5 lacs.

11 J & K is also included in GST regime.

12.  Existing TIN will be migrated and issue Provisional GST numbers is valid for 6 months and on submission of documents within 6 months than final  GST  numbers will be allotted.

13.Tax audit figure and GST data has to be reconciled in AR.

14.Mismatch in data than data will be send to IT dept.

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