PBS Group

Summary of ITC in GST regime.

The concept of Input Service Distributor under GST is being emerged from Service tax law, which provides the supplier of goods or services or both to distribute common Input Tax Credit available to his other units located in different states having separate GSTIN on same PAN, since there is no concept of centralized registration in GST.

Regarding returns:-

For the time being, all the tax payers would be filing GSTR-3B monthly, until December’17 and also file GSTR -01, 02 and 03 for July, August and September 2017. Due dates for July’17 have already been declared and for August and September ’17 the due dates would soon be announced.To ease and smoothen the return filing process for the SMB segment, the businesses with an annual turnover of Rs. 1.5 crore would now be filing returns for only once a quarter via forms GSTR-01, 02 and 03 starting from the third quarter [October – December 2017] of this financial year. Though the due dates for this quarterly return filing are still to be announced.