Indore: Registration of GST can be suspended for non-compliances or any irregularity instead of its cancellation. This will help GSTIN holder to regularise and get GST registration restored without interrupting their business. Similarly, limit for composition has increased from existing Rs 1 crore to Rs 1.50 crore.
These are few major changes to be implemented from February 1 and they were highlighted by the GST experts in the Joint Study Circle Meeting of Tax Practitioners Association (TPA) and Indore Branch of ICAI here on Friday. The meeting was organised to discuss and highlight CGST/GST (Amendment) Act, 2018, where GST ex[pert and chartered accountant Purushottam Motlani and CA Umesh Goyal were speakers and CA Sunil Jain was moderator. TPA secretary (SGST) CA JP Saraf conducted the programme, which was attended by over 100 chartered accountants and tax practitioners. Major changes are as follow-
Input Tax Credit (ITC) on motor vehicles used for carrying goods and passengers (over 13 numbers) will be available to GST registered person along with GST paid on repair, maintenances, insurance. Passenger vehicle with capacity of less than 13 will also be allowed ITC if used for transportation of passengers as business.
Composition dealers cannot undertake services up to 10% of their turnover or Rs 5 lakh, whichever is higher. Earlier composition allowed only for supply of Goods and Restaurant service only. After detention of goods/vehicle due to irregularity in e-way bill. For confiscation, the time limit of 7 days has been enhanced to 14 days.
Debit/credit notes can be issued on consolidated basis by linking various issued invoices to the same dealer. Extension of period for goods sent without charging tax on job work beyond 1 year will be permissible with approval of jurisdictional commissioner. Appeal in large cases where 10% of disputed demand is required to be paid is now capped at Rs 50 crore. Electronic commerce operator who is required to collect tax at source under Section 52 of GST Act, whereas earlier every electronic commerce operator was required registration under GST.
