GST Return Filing & Tax PaymentNo. of comments:9 A.Ghosh, Kolkata, 67143 On 14-Nov-2017
As per directives received from AMFI, I have taken GST registration in July although my turnover is far below the threshhold limit of Rs 20 lacs. I have filed my GST returns and have paid taxes for the months of August and September 2017, that is, for the brokerage of July and August 2017 received by me in the months of August and September 2017 respectively.
With the changes in GST rules with effect from October 2017 eliminating the need for service providers earning less than Rs 20 lacs from registering for GST I seek kind clarification on the following matters:
1) Whether I have to get my GST registration cancelled. If yes, kindly let me know the procedure for the same.
2) Whether I have to file my GST returns and pay taxes for the month of October 2017, that is, file returns for the brokerage of September 2017 received by me in the month of October 2017.
3) If the answer to point no 2 above is yes, kindly let me know how long I have to keep paying GST and filing returns inspite of GST Council's clear announcement that service providers earning less than Rs 20 lakhs would not be required to register for GST even if they have inter-state supply.
It appears that IFAs like me who had followed AMFI’s directive and registered for GST inspite of their earnings being less than 20 lacs are being punished as they have to keep on filing returns and paying taxes while IFAs who had ignored AMFIs directive for GST registration are being rewarded as they are not only getting their full commission but are also neither required to pay GST nor file returns.