- GST amendment act,2018 came into force with effect from 01-Feb-2019.
- GST must be paid under reverse charge basis in respect of security services received from any person other than “body corporate”.
- Upper limit of turnover for opting for composition scheme has been raised from Rs. 1 crore to Rs. 1.5 crore.
- Composition dealers can supply services (other than restaurant services), for a value not exceeding 10% of turnover in the preceding financial year, or Rs. 5 lakhs, whichever is higher.
- No reverse charge for services received from unregistered persons, excluding services such as GTA, sponsorship, legal services and such services as specified in notification no.13/2017 – Central tax(rate) dated. 28-June-2017.
- Mechanism for utilisation of credit has been provided by inserting new sections 49A and 49B. It specifies that initially credit of IGST shall be completely utilized and afterwards CGST and SGST should be utilized against outward tax liability.
- Tax paid (WPAY) for supplies made to SEZ units are excluded for the purpose of refunds. Therefore, in case supplies are made to SEZ units with payment of tax then refund shall not be allowed.Relief for small taxpayers: GST composition scheme window open till Mar 31
- The late fee has been waived off in respect of GSTR-1, 3B & 4 for the tax period ranging from Jul-2017 to Sep-2018 if return/statement is filed from 22-Dec-18 to 31-Mar-19.
