New system of filing returns under GST

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The State government has decided to amend the State Goods and Services Tax Act to provide new system of filing returns and availing input tax credit under the GST. It has been decided to provide option to tax payers to obtain multiple registrations for multiple places of business located within the same State. Separate registration would be provided for units in the special economic zones or developers.

Following the relaxations mooted by the GST Council during its recent meeting, the State government promulgated an Ordinance The Telangana Goods and Services Tax (Amendment) Ordinance 2019 on Wednesday. The Ordinance paves the way to insert provision for temporary suspension of registration while cancellation of the registration is under progress. It will allow enhancement of the limit of composition levy from ₹ 1 crore to ₹ 1.5 crore. In addition, composition tax payers would be allowed to to supply services (other than restaurant services) for value exceeding 10 % of the turnover in preceding financial year or ₹ 5 lakh whichever is higher.

In respect of the reverse charge, the government would be empowered to notify classes of registered persons to pay the tax on reverse charge basis in respect of receipt of supplies of certain specified categories of goods or services or both from unregistered suppliers. The Ordinance also paves the way to increase the period of detention or seizure of goods and conveyance in transit from seven days to fourteen days. Further, it caps the pre-deposit amount payable for filing of appeal at ₹ 25 crore.

Read more at:https://www.thehindu.com/news/national/telangana/new-system-of-filing-returns-under-gst/article26131963.ece

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