Latest Changes In GSTR-1 & GSTR-5 and other changes February 23, 2018
A. Added features in Form GSTR 1 and Form GSTR 5.
1. In GSTR-1 & GSTR5 on addition of records (Invoices/Debit Notes/Credit Notes, an option has been provided to taxpayer to select a lower tax rate for motor vehicle leasing businesses, as per Notification No 37/2017-Central Tax (Rate), dated 13-10-2017. i.e.65% of applicable GST TAX
2. Additional field in Table 6A of GSTR-1 to enter Cess paid on exports.
3. Tax payers can give details of supplies made to merchant exports @ 0.1%.
B. Taxpayers can search results of last 10 Returns Transaction Status on the GST Portal.
Before logging onto the GST Portal, taxpayers can search results of last 10 Returns Transaction Status. The Status which will be shown as:
- For Filed-Valid – Status to be shown as Filed
- For Valid But Not Filed Status to be shown as Not Filed
C. Taxpayers who opt to pay tax under Section 10 or where goods or services both supplied becomes wholly exempt, can declare ITC Reversal/ Payment of tax on inputs held in stock or in semi-finished goods or in finished goods and capital goods, in Form GST ITC 03 made available on GST Portal.