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Wednesday, 20 February 2019

Recent Changes In GST Portal

Wednesday, February 20, 2019 0

Recent Changes In GST Portal

1. Monthly Refund applications by Quarterly GSTR-1 filers

There was restriction for applying refund on quarterly basis for quarterly GSTR 1 filers.
This restriction has been removed now. 

Change - The tax payer can now file refund application on monthly basis, if GSTR 1 for the quarter is filed

2. Auto approval of Appeals filed by Taxpayer or Tax Department

Application for appeal has to be submitted by the Appellant (Tax payer or Tax Department) to the First Appellate Authority. The Appellant also needs to submit certified copies within 7 days from the date of application or within the time limit allowed. The Appellate Authority may either admit the appeal by issuing the final acknowledgement or reject the application.

Change - If Appellate Authority fails to issue final acknowledgement to the appellant within the stipulated time, then a system generated final acknowledgement will be issued to the appellant with a remark “subject to validation of certified copies”

3. List of Preferred Banks list while making Payment 

When a taxpayer will make payment of GST using a bank, it will be updated in the Preferred Banks list for that taxpayer.

Up to 6 Preferred Banks will be shown to a taxpayer while making e-Payment on GST Portal.

When a Taxpayer already having 6 banks in its preferred bank’s list, makes a payment with 7th bank, then that 7th bank will be added in the preferred banks and the least used bank will be removed from the list. 

The taxpayer can delete any of the preferred banks at any point in time.


4. Release of API related to Assessment and adjudication

Following API released
  1. Assessment of non-filers of Returns
  2. Summary Assessment
  3. Rectification of mistake

5. Removal of validation of 2% in Form GSTR-7

At the time of filing of Form GSTR-7, generally it is being checked automatically whether total amount deducted is 2% of the taxable value or not.

Change – Now this auto checking has been removed. TDS Deductor will be free to report any value under CGST, SGST or IGST columns.. Same is implemented in offline utility also.

6. Population of data from EWB system into Form GSTR-1  

At the time of generating E-way bill for outward supply, taxpayers enter the details of outward supplies such as invoice number, date, quantity, value, Tax, HSN code and Consignee GSTIN etc.

Change – Taxpayers can now easily import these details of outward supply invoices, as indicated in the eway bill, at the time of preparation of Form GSTR-1, by clicking the “import EWB Data” button, on the GST portal

On the GST portal, the “Import EWB Data” button has been added in the following titles of the Form GSTR-1 page
  1. 4A, 4B, 4C, 6B, 6C – B2B invoices
  2. A, 5B – B2C (Large) invoices
  3. 12 – HSN wise summary of outward supplies
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Tuesday, 19 February 2019

PAN-AADHAAR LINKAGE MANDATORY

Tuesday, February 19, 2019 0

PAN-AADHAAR LINKAGE MANDATORY 

Pan-Aadhaar linkage mandatory for filing income tax returns from AY 2019- 20: Union of India & others vs. Shreya Sen & others (SC)

CASE NO.-34292/2018 DATE -4.02.2019

Fact of the case

  1. Shreya Sen, a taxpayer is the assessee in the present case who submitted I.T Reurn for the assessment year 2018-19 without linking Aadhaar & PAN No.
  2. The revenue department appealed to the high court regarding the aforesaid problem.
  3. The High Court had permitted the respondents, Shreya Sen to file the Income Tax Return for the Assessment Year 2018-19 without linkage of their Aadhar and PAN numbers and it was also directed that the Income Tax Department would not insist on production of their number of Aadhar enrollment.
  4. The revenue department again appealed to the Supreme Court against the order passed by High Court.
PAN-AADHAAR LINKAGE MANDATORY
Pan-Aadhaar Linkage Mandatory

Decision of the Case

The Supreme Court observed the following:-
  1. The High Court passed the order the when the aforesaid matter was pending consideration in the Supreme Court.
  2. Thereafter the Supreme Court passed the order to linkage PAN with Aadhaar mandatory.
  3. The respondents had already submitted I.T Return without linking Aadhaar as per direction of High Court and the assessment has also been completed. So it need not be implemented for the assessment year 2018-19.
  4. As per section 139AA inserted in the financial act 2017 to the Income Tax Act mandating quoting of Aadhaar or enrollment of ID of Aadhaar application form for filling of I.T Return.
  5. Two judges Bench of Supreme Court upheld the constitutional validity of the said provision & reversed the order of High Court allowing the tax payer to file I. T return without linking PAN with Aadhaar

pan Aadhar link online    Link Aadhaar

https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/LinkAadhaarHome.html


Source:- Tax Bulletin 34 of ICMAI



Section 139AA of Income Tax Act' 1961

Quoting of Aadhaar number.—
(1) Every person who is eligible to obtain Aadhaar number shall, on or after the 1st day of July, 2017, quote Aadhaar number—
          (i) in the application form for allotment of permanent account number;
          (ii) in the return of income:
Provided that where the person does not possess the Aadhaar Number, the Enrolment ID of Aadhaar application form issued to him at the time of enrolment shall be quoted in the application for permanent account number or, as the case may be, in the return of income furnished by him.

(2) Every person who has been allotted permanent account number as on the 1st day of July, 2017, and who is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be notified by the Central Government in the Official Gazette:

Provided that in case of failure to intimate the Aadhaar number, the permanent account number allotted to the person shall be deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number.

(3) The provisions of this section shall not apply to such person or class or classes of persons or any State or part of any State, as may be notified by the Central Government in this behalf, in the Official Gazette.

Explanation.—For the purposes of this section, the expressions—
        (i)"Aadhaar number", "Enrolment" and "resident" shall have the same meanings respectively assigned to them in clauses (a), (m) and (v) of section 2 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 (18 of 2016);
         (ii)"Enrolment ID" means a 28 digit Enrolment Identification Number issued to a resident at the time of enrolment.'.

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Friday, 15 February 2019

GST Audit

Friday, February 15, 2019

Type of GST Audit

GST Audit
GST Audit 


Types of Audit :-

1) Mandatory Audit :-
2) Audit by Tax Authorities :-
3) Special Audit :-

1) Mandatory Audit :-

In terms of Section 35(5) " Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub section (2) of section 44 and such other documents in such form and manner as may be prescribed".

In terms of Rule 80(3) of the CGST Rules “every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of the audited annual accounts and a reconciliation statement, duly certified, in GSTR 9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner”.

2) Audit by Tax Authorities :-

Conduct of Audit :-
As per section 65 read with Rule 101 of CGST Rules, 2017 , commissioner or any officer authorised by him may conduct audit of any registered person for a financial year or multiples thereof.

Prior Notice :-
The registered person shall be informed by way of a notice not less than 15 working days prior to the conduct of audit in such manner as may be prescribed.

Time period for concluding audit :-
The audit shall be completed within a period of 3 months from the date of commencement of the audit.

However in case where commissioner is satisfied that audit can not be completed within 3 months then he may for the reasons to be recorded in writing, extend the period by a further period not exceeding 6 months.

" Commencement of audit " shall mean -
the date on which the records and other documents, called by the tax authorities are made available by the registered person, or the actual institution of audit at the place of business, whichever is later.

3) Special Audit :-

Conduct of Audit :-
As per section 66, any officer not below the rank of Assistant Commissioner with the prior approval of the Commissioner direct such registered person by a communication in writing to get his records including books of accounts examined.

Audit can be ordered if such officer at any stage of scrutiny, inquiry, investigation or any other proceedings before him having regard to the nature and complexity of the case and the interest of revenue, is of the opinion that the registered person has -

(i)  not correctly declared the value, or
(ii) availed credit which is not within the normal limits.

Audit to be conducted by a conducted by a Chartered Accountant or a Cost Accountant as may be nominated by the Commissioner.

Time period of Audit :-
The Chartered Accountant or a Cost Accountant so nominated shall within the period of 90 days submit a report of such audit signed and certified by him to the said Assistant Commissioner mentioning therein such other particulars as may be specified.

However the Assistant Commissioner may on an application made to him in this behalf by the registered person or the Chartered Accountant or a Cost Accountant for any material and sufficient reason, extend the said period by a further period of 90 days.

Accounts to be audited even already audited :-
The provisions of this section shall have effect notwithstanding that the accounts of the registered person have been audited under any other provisions of this act or any other law for the time being in force.

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Tuesday, 5 February 2019

Important Due date Compliance Calendar for February 2019

Tuesday, February 05, 2019

Important Due date Compliance Calendar for February 2019

Important Due date Compliance Calendar for February 2019

Income tax Act, 1961
07-02-2019
  • Due date for deposit of tax deducted /collected at source for the month of  January 2019.
  • All sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.
  • Form or Challan : Form 24G

GST Act
10-02-2019
  • Due date for filing GSTR-7 (to be filed by the persons who is required to deduct TDS under GST for the for the month of  January 2019.
  • Due date for filing GSTR-8 (to be filed by the by the e-commerce operators required to deduct TDS under GST for the for the month of  January 2019.

GST Act
11-02-2019
  • Due date for filing GSTR-1 for the month of  January 2019. 
  • Applicable for those taxpayers whose annual aggregate turnover above Rs. 1.50/- Crore or who opted to file monthly Return only. Notification No. 44/2018 – Central Tax.

GST Act
13-02-2019
  • Due date for filing GSTR-6 (to be filed by the Input Service Distributor for for the month of January 2019.

Income tax Act, 1961
14-02-2019
  • Due date for issue of TDS Certificate for tax deducted under section 194-IA (TDS on Immovable property) in the month of December 2018.
  • Form or Challan : Form 26QB
  • Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in the month of December 2018.
  • Form or Challan : Form 26QC

Income tax Act, 1961
15 -02-2019
  • Due date for furnishing of Form 24G by an office of the Government where TDS for the month of January 2019 has been paid without the production of a challan.
  • Form or Challan : Form 24G
  • Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for quarter ending December 31, 2018
  • Form or Challan : Form 26Q

EPF
15-02-2019
  • PF Payment for the month of January 2019.

ESIC
15-02-2019
  • ESIC Payment for the month of January 2019.
GST Act
20-02-2019
  • Due date for filing GSTR-5 & 5A (to be filed by the Non-Resident taxable person & OIDAR for the month of January 2019.
  • GSTR-3B for the month of January 2019. Pay due Tax till this date.
  • RFD-10:- Eighteen months after end of the quarter for which refund is to be claimed

MSME Development Act 2006
21-02-2019 

EPF
25-02-2019
  • PF Return filling for the month of January 2019 (including pension & Insurance scheme forms)


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Note:- All dates are may be subject to change as per respective notification 
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Friday, 1 February 2019

Checklist for GST Audit

Friday, February 01, 2019 0

Checklist for GST Audit in word format

Every registered person having turnover of more than Rs. 2 Crore has to file the reconciliation statement along with certificate by an Auditor as prescribed in Form GSTR 9C.

For proper execution of work a detailed checklist should be devised which clearly states the various details to be checked, manner of checking and the extent of checking. This ensures that important issues are not overlooked.

Link to download Checklist for GST Audit In Word Format:-
Server 1:- Click here
Server 2:- Click here
Server 3:- Click here
Server 4:- Click here
Server 5:- Click here
Server 6:- Click here
Server 7:- Click here
Server 8:- Click here


(Reference :- Technical Guide on Annual Return & GST Audit issued by The Institute of Chartered Accountants of India )
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Thursday, 31 January 2019

Analysis of Micro, Small & Medium Enterprises (MSME)

Thursday, January 31, 2019

Analysis of Micro, Small & Medium Enterprises (MSME)


Contains 

  1. Enterprise
  2. Medium Enterprise
  3. Micro Enterprise
  4. Small Enterprise
  5. Classification of Enterprises

Enterprise as per clause (e) of section 2 of MSME Act 2006

“enterprise” means an industrial undertaking or a business concern or any other establishment, by whatever name called, engaged in the manufacture or production of goods, in any manner, pertaining to any industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 (55 of 1951) or engaged in providing or rendering of any service or services;

Medium Enterprise as per clause (g) of of section 2 of MSME Act 2006

"medium enterprise” means an enterprise classified as such under sub-clause (iii) of clause (a) or sub-clause (iii) of clause (b) of sub-section (1) of section 7

Micro Enterprises as per clause (h) of section 2 of MSME Act 2006

“micro enterprise” means an enterprise classified as such under sub-clause (i) of clause (a) or sub-clause (i) of clause (b) of sub-section (1) of section 7;

Small Enterprises as per clause (h) of section 2 of MSME Act 2006

“small enterprise” means an enterprise classified as such under sub-clause (ii) of clause (a) or sub-clause (ii) of clause (b) of sub-section (1) of section 7

Classification of Enterprises as per section 7 of MSME Act 2006

(1) Notwithstanding anything contained in section 11B of the Industries (Development and Regulation) Act, 1951 (65 of 1951),the Central Government may, for the purposes of this Act, by notification and having regard to the provisions of sub-sections (4) and (5), classify any class or classes of enterprises, whether proprietorship, Hindu undivided family, association of persons, co-operative society, partnership firm, company or undertaking, by whatever name called,—

  • (a) in the case of the enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951),as—
             (i) a micro enterprise, where the investment in plant and machinery does not exceed twenty-five lakh rupees; 
            (ii) a small enterprise, where the investment in plant and machinery is more than twenty-five lakh rupees but                  does not exceed five crore rupees; or 
           (iii) a medium enterprise, where the investment in plant and machinery is more than five crore rupees but does                 not exceed ten crore rupees;
  • (b) in the case of the enterprises engaged in providing or rendering of services, as—
                (i) a micro enterprise, where the investment in equipment does not exceed ten lakh rupees;
                (ii) a small enterprise, where the investment in equipment is more than ten lakh rupees but
                does not exceed two crore rupees; or
                (iii) a medium enterprise, where the investment in equipment is more than two crore rupees
                but does not exceed five crore rupees

Explanation 1.—For the removal of doubts, it is hereby clarified that in calculating the investment in
plant and machinery, the cost of pollution control, research and development, industrial safety devices
and such other items as may be specified, by notification, shall be excluded.

Explanation 2.—It is clarified that the provisions of section 29B of the Industries (Development and
Regulation) Act, 1951 (65 of 1951), shall be applicable to the enterprises specified in sub-clauses (i) and
(ii) of clause (a) of sub-section (1) of this section.

(2) The Central Government shall, by notification, constitute an Advisory Committee consisting of
the following members, namely:—
  • (a) the Secretary to the Government of India in the Ministry or Department of the Central
  • Government having administrative control of the small and medium enterprises who shall be the
  • Chairperson, ex officio;
  • (b) not more than five officers of the Central Government possessing necessary expertise in
  • matters relating to micro, small and medium enterprises, members, ex officio;
  • (c) not more than three representatives of the State Governments, members, ex officio; and
  • (d) one representative each of the associations of micro, small and medium enterprises, members, ex officio.
(3) The Member-Secretary of the Board shall also be the ex officio Member-Secretary of the Advisory Committee.

(4) The Central Government shall, prior to classifying any class or classes of enterprises under
sub-section (1), obtain the recommendations of the Advisory Committee.

(5) The Advisory Committee shall examine the matters referred to it by the Board in connection with
any subject referred to in section 5 and furnish its recommendations to the Board.

(6) The Central Government may seek the advice of the Advisory Committee on any of the matters
specified in section 9, 10, 11, 12 or 14 of Chapter IV.

(7) The State Government may seek advice of the Advisory Committee on any of the matters
specified in the rules made under section 30

(8) The Advisory Committee shall, after considering the following matters, communicate its
recommendations or advice to the Central Government or, as the case may be, State Government or the Board, namely:—
  • (a) the level of employment in a class or classes of enterprises;
  • (b) the level of investments in plant and machinery or equipment in a class or classes of enterprises;
  • (c) the need of higher investment in plant and machinery or equipment for technological up-gradation, employment generation and enhanced competitiveness of the class or classes of enterprises;
  • (d) the possibility of promoting and diffusing entrepreneurship in micro, small or medium enterprises; and
  • (e) the international standards for classification of small and medium enterprises.
(9) Notwithstanding anything contained in section 11B of the Industries (Development and
Regulation) Act, 1951 (65 of 1951) and clause (h) of section 2 of the Khadi and Village Industries
Commission Act, 1956 (61 of 1956),the Central Government may, while classifying any class or classes of enterprises under sub-section (1), vary, from time to time, the criterion of investment and also consider criteria or standards in respect of employment or turnover of the enterprises and include in such classification the micro or tiny enterprises or the village enterprises, as part of small enterprises.



Flow chat summary as follows


Analysis of micro, small & medium enterprises (MSME)





Note:- all contains are directly coped from bare act 
for the full bare act click here

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Monday, 28 January 2019

Immovable Property Services under GST

Monday, January 28, 2019

Place of supply for Immovable Property Services under GST

There is no definition provide in CGST Act of Immovable Property. In general terms an immovable property is an immovable object, a property that cannot be moved without destroying or altering it. It is fixed to the earth, such as a piece of land or a house. Immovable property includes premises, property rights (for example, inheritable building right), houses, land and associated goods, and chattels if they are located on, or below, or have a fixed address.

GST is now applicable in place of service.

The type of GST to be charged will depend if the supply is intra-state or inter-state. This will be ascertained by determining the place of supply of the service.

Place of Supply for Services of Immovable Property

Generally Place of Supply will be the location of property

Supply of service   

Directly in relation to an immovable property. Including services provided by
  1. Architects
  2. Interior decorators, Surveyors
  3. Engineers
  4. Other experts or estate agents
  5. Service of grants of rights to use immovable property
  6. Carrying out/co-ordinate of construction work
Lodging accommodation in a hotel, inn, club, campsite etc. Includes house boat or any other vessel


Place of supply

Location at which the immovable property.
If immovable property is located outside India, then the place of supply shall be the location of the recipient


If the immovable property (or boat/vessel) is located in more than one State then all the states will be considered as place of supplies in proportion in value of services. The states will share GST in proportion to the value of services.

Input Tax Credit

Place of supply of services provided in relation to an immovable property is the location of the immovable property which means GST will be CGST and SGST.

CGST and SGST credit of one state cannot be used to set-off the liability of another state.



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Thursday, 24 January 2019

Amendment to invoices of FY 17-18 in GSTR-1 has started on GSTN Portal

Thursday, January 24, 2019

Amendment to invoices of FY 17-18 in GSTR-1 has started on GSTN Portal.

Finally GST department give a apportunity for amemd invoices of FY 2017-18 in GSTR -1 

Amendment to invoices of FY 17-18 in GSTR-1 has started on GSTN Portal


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Friday, 18 January 2019

Reversal of Input Tax Credit in case of Non-payment of Consideration

Friday, January 18, 2019

Reversal of Input Tax Credit in case of Non-payment of Consideration

Input Tax Credit reversal if payment is not made within 180 days

As per second proviso to Section 16, where a recipient fails to pay to the supplier of goods or services or both the consideration towards the value of supply along with tax payable thereon within a period of 180 days from the date of invoice then an amount equal to the input tax credit availed by the recipient shall be added to the output tax liability along with interest in such manner as may be prescribed.

Re-credit when payment is made subsequently :-
As and when the recipient shall be entitled to avail of the credit of input tax on payment made by him of the amount towards the value of supply of goods or services or both along with tax payable thereon.

In case of full payment - full credit would be allowed.
In case of part payment - proportionate credit would be allowed.

Exceptions :-

The above condition does not apply in the following situations :

(a) Supplies on which tax is payable under reverse charge.

(b) Deemed supplies without consideration i.e. value of supplies made without consideration as specified in Schedule I of the said act.
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Tuesday, 15 January 2019

Details to be mentioned in GSTR-4

Tuesday, January 15, 2019

Details to be mentioned in GSTR-4 Return by Composition Dealer 

GSTR-4 is a GST Return that has to be filed by a Composition Dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR-4. GSTR 4 has to be filed on a quarterly basis. The due date for filing GSTR 4 is 18th of the month after the end of the quarter.

Following details required to file GSTR-4:-
  1. Inward Supplies attracting Reverse Charge ONLY and supplies from unregistered suppliers
  2. Outward supplies net turnover
  3. Debit / Credit Note in respect of above mention supplies. 
In this article we elaborate each section of GSTR-04 and the details to be provided in it.
Details to be mentioned in GSTR-4
1. Provide GSTIN: 
  • The taxpayer’s GSTIN will be auto-populated at the time of return filing.
2. Name of the Taxable Person: 
  • The taxpayer’s name will also be auto-populated at the time of logging into the common GST Portal.
3. Aggregate Turnover: 
  • In this section, the taxpayer has to furnish details of the previous year’s aggregate turnover, and the aggregate turnover for the period of April-June, 2017 (for the first GSTR-4 return).
Details to be mentioned in GSTR-4
4A. Registered Supplier (other than reverse charge) (B2B)
  • Furnish the details of inward supplies from a registered supplier whether inter-state or intra-state (ie within state) on which reverse charge is not applicable
4B. Registered supplier (attracting reverse charge) (B2B)
  • Furnish the details of inward supplies from a registered supplier whether inter-state or intra-state (ie within state) on which reverse charge is applicable.
  • Tax payable amount on inward supplies against reverse charge will be calculated based on these details.
  • Tax paid under this head will form part of cost of inward supplies.
  • No ITC availbe on tax paid under this head to composition dealer.
4C. Unregistered supplier (B2B UR)
  • Enter the details of inward supplies from an unregistered supplier whether interstate or intrastate.
  • No ITC is available on tax paid under reverse charge.
  • RCM on purchase from unregistered dealers has been put on hold from 13th Oct 2017. Hence RCM on purchase from unregistered dealers is still applicable up to 13th October 2017.
4D. Import of Services subject to reverse charge (IMPS)
  • Import of services on which tax is to be paid due to applicability of reverse charge.
  • Only IGST and Cess will be applicable and to be paid.
Details to be mentioned in GSTR-4

5A. Amendment of inward supplies [Information furnished in Table 4 of earlier returns]
If details furnished earlier were incorrect
  • Corrections may be made under this table for any incorrect details filled in any of the heads under Table – 4
  • GSTR-4 cannot be revised after filing on the GSTN Portal. Any mistake in the return can be revised in the next Quarter's return only. It means that, if a mistake is made in the GSTR-4 filed for the July-September quarter, the rectification for the same can be made only when filing the next quarter’s GSTR-4.
5B. Amendment of Debit Notes/ Credit Notes (for registered supplier) 
  • Credit / Debit Note against inward supplies from registered suppliers are to be mentioned here
  • Credit / Debit Note against supplies attracting reverse charge is to be mentioned here. Taxes under reverse charge will be payable net off original supplies and Credit / Debit Note.
  • Since mentioning original supplies other than reverse charge is not applicable for July – September and October – December Return Period of FY 2017-18 Credit / Debit Note against such supplies is also not required to be mentioned
5C. Amendment of Debit Notes/ Credit Notes (for unregistered supplier)

  • Credit / Debit Note against inward supplies from an unregistered supplier is to be mentioned here
Details to be mentioned in GSTR-4
6. Tax on outward supplies made (Net of advance and goods returned)
  • Enter the net turnover and select the applicable rate of tax, tax amount will be auto- computed.
  • Net Turnover = Value of taxable supplies (as reflected in original invoices) + advances received – goods returned +/- Debit Notes/ Credit Notes (as the case may be).
  • IGST and Cess is not applicable since a composition dealer is not eligible to make interstate supplies.
Details to be mentioned in GSTR-4



7.  Amendments to Outward Supply details furnished in returns for earlier tax periods in Table No. 6:
  • Any change to be made to details of sales provided in previous returns is required to be stated here along with original details.
  • This will be made available from October – December Return Period of FY 2017-18
Details to be mentioned in GSTR-4
8A. Advance Amount paid for reverse charge supplies in the tax period.
(Advance Amount paid against inward supplies which tax is to be paid under reverse charge.)
  • In case the invoices have already been received against these advance payment, such payments must be excluded.
8B. Advance amount on which tax was paid in earlier period but invoice has been received in the current period 

8II Amendments of information furnished in Table No. 8 (I) for an earlier quarter:
  • This will be made available from October – December Return Period of FY 2017-18
Details to be mentioned in GSTR-4
9. TDS Credit received: 
Any TDS deducted by the supplier while making payment to the composition dealer has to be entered in this table. GSTIN of the deductor, Gross Invoice value and the TDS amount should be mentioned here.
Details to be mentioned in GSTR-4
10. Tax payable and paid: 
Total tax liability and the tax paid have to be specified in this table. IGST, CGST, SGST/UTGST and Cess have to be separately mentioned here.

Details to be mentioned in GSTR-4
11. Interest, Late Fee payable and paid: 
Interest and late fees payable for late filing or late payment of GST have to be mentioned here. The interest or late fees payable and the payment actually made should also be stated in this table.



Details to be mentioned in GSTR-4
12. Refund claimed from Electronic cash ledger: 
Any refund of excess taxes paid can be claimed here. The refund has to be further segregated into tax, interest, penalty, fees, and others.

Details to be mentioned in GSTR-4
13. Debit entries in cash ledger for tax/ interest payment [to be populated after payment of tax and submission of return]: 
All GST payments made in cash reflect here. The payments have to be further segregated into tax paid through cash, interest paid and late fees paid.


For Further information and reading:

Composition Scheme under GST 



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Saturday, 12 January 2019

Waiver of late fee for delay filing of GST returns

Saturday, January 12, 2019

Waiver of late fee for delay filing of GST returns by GST Council

 The Central Government waives the amount of late fee payable under section 47 of the CGST Act (for delay filling of returns) 

which was 25 Rupees or Rupees for Nil return

1). For the registered persons (Regular) who failed to furnish the details of outward supplies in FORM GSTR-1 for the months/quarters from July, 2017 to September, 2018 by the due date but furnishes the said details in FORM GSTR-1 between the period from 22nd December, 2018 to 31st March, 2019 wide Notification no 75/2018-Central Tax ,dt. 31-12-2018.

2). For the registered persons (Regular) who failed to furnish the return in FORM GSTR-3B for the months of July, 2017 to September, 2018 by the due date but furnishes the said return between the period from 22nd December, 2018 to 31st March, 2019 wide Notification no 76/2018-Central Tax ,dt. 31-12-2018.

3).  For the registered person ( composite dealers) who failed to furnish the return in FORM GSTR-4 for the quarters from July, 2017 to September, 2018 by the due date but furnishes the said return between the period from 22nd December, 2018 to 31st March, 2019 wide Notification no 77/2018-Central Tax ,dt. 31-12-2018.


4).  For the registered person who failed to furnish the return in FORM ITC-04 for the Period from July, 2017 to September, 2018 by the due date but furnishes the said return between the period from 22nd December, 2018 to 31st March, 2019 wide Notification no 77/2018-Central Tax ,dt. 31-12-2018.





Important Note: -

The taxpayers who have already paid their late fees will not get refund of such late fees; because the notification has clearly mentioned that waiver shall be for those persons who will file their returns between 22nd December, 2018 to 31st March 2019. for the above mention period. 

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Friday, 11 January 2019

GST Update - Decisions taken by GST Council in its 32 Meeting on 10.01.2019

Friday, January 11, 2019

GST Update - Decisions taken by GST Council in its 32 Meeting on 10.01.2019


The GST Council in its 32nd Meeting held in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others :-

1. Increase Exemption Threshold Limit for Supplier of Goods for registration:-

With effect from the 1st of April, 2019 there would be two threshold Limits for exemption from Registration and Payment of GST for the suppliers of Goods i.e. Rs 40 lakhs and Rs 20 lakhs. In other words the threshold limit for GST registration has been raised from Rs. 20 lakhs to Rs. 40 lakhs. The States now have the power to decide between Rs. 20 lakhs and Rs. 40 lakhs as the GST exemption limit for the supply of Goods, within a week’s time. The Threshold for Registration for Service Providers would continue to be Rs 20 lakhs and in case of Special Category States at Rs 10 lakhs.

2. Increase in Turnover Limit for the existing Composition Scheme


With effect from the 1st of April, 2019 the limit of Annual Turnover in the preceding financial year for availing Composition Scheme for Goods shall be increased from 1 crore to Rs 1.5 crore. The special category state would have to decide the composition limit in their respective states within one week whether to accept the new amendment or not.

3. Composition Scheme for Services

With effect from the 1st of April, 2019 A Composition Scheme shall be made available for Suppliers of Services (or Mixed Suppliers) with a Tax Rate of 6% (3% CGST +3% SGST) having an Annual Turnover in the preceding Financial Year up to Rs 50 lakhs. The said Scheme Shall is applicable to both Service Providers as well as Suppliers of Goods and Services, who are not eligible for the presently available Composition Scheme for Goods.

4. Compliance simplification under composition scheme

The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain Quarterly (along with a simple declaration).

5. Revenue mobilisation for natural calamities in the State of Kerala

The Cess shall be levied @ 1% on the intra state supply of goods and services within the state of Kerala for a period not exceeding 2 years.

6. Matters referred to Group of Ministers:

i.   A seven Member Group of Ministers shall be constituted to examine the proposal of giving a
     Composition Scheme to Boost the Residential Segment of the Real Estate Sector.
ii.   A Group of Ministers shall be constituted to examine the GST Rate Structure on Lotteries.

7. Free Accounting and Billing Software :

Free Accounting and Billing Software shall be provided to Small Taxpayers by GSTN

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Saturday, 5 January 2019

Important Due date Compliance Calendar for January 2019

Saturday, January 05, 2019

Important Due date Compliance Calendar for January 2019

Income Tax Act, 1961
07.01.2019
Due date for deposit of tax deducted/collected for the month of November, 2018. (TDS & TCS)

Income Tax Act, 1961
14.01.2019
Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of November, 2018

Income Tax Act, 1961
14.01.2019
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of November, 2018

Income Tax Act, 1961
15.01.2019
Due date for furnishing of Form 24G by an office of the Government where TCS for the month of December, 2018 has been paid without the production of a challan

Income Tax Act, 1961
15.01.2019
Quarterly statement of TCS deposited for the quarter ending December 31, 2018

Income Tax Act, 1961
15.01.2019
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending December, 2018

Income Tax Act, 1961
15.01.2019
Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2018

EPF
15.01.2019
EPF Payment for December 2018

ESIC
15.01.2019
ESIC Payment for December 2018

Factories Act, 1948
15.01.2019
Yearly Return Ending 31St Dec, 2018

Factories Act, 1948
15.01.2019
Half Yearly Return Ending 31St Dec, 2018

GST, Act, 2017
20.01.2019
Simple GSTR 3B return for the month of December, 2018

Income Tax Act, 1961
30.01.2019
Quarterly TCS certificate in respect of tax collected for the quarter ending December 31, 2018

Income Tax Act, 1961
30.01.2019
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of December, 2018

Income Tax Act, 1961
30.01.2019
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2018

Contract Labour (R & A) Act
30.01.2019
Half Yearly Return By The Contractor Ending 31St Dec

Income Tax Act, 1961
31.01.2019
Quarterly statement of TDS deposited for the quarter ending December 31, 2018

Income Tax Act, 1961
31.01.2019
Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2018

Income Tax Act, 1961
31.01.2019
Intimation under section 286(1) in Form No. 3CEAC, by a resident constituent entity of an international group whose parent is non-resident

GST, Act, 2017
31.01.2019
GSTR 1 in case of taxpayers (regular taxpayer) with turnover upto Rs 1.5 crores in previous FY or Current Financial year. (October - December, 2018 Quarter)

GST, Act, 2017
31.01.2019
Return by e-commerce operators for the months of October, November and December, 2018
GSTR-8

GST, Act, 2017
31.01.2019
Form GSTR-7 for the month of October 2018 for all taxpayers
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Wednesday, 2 January 2019

GST Update New Services included in reversed charged (RCM) wef 01st Jan 2019)

Wednesday, January 02, 2019

GST Update New Services included in reversed charged (RCM) wef 01st Jan 2019)

In GST Law two type of category of reverse charge scenarios provided.

The first category is defined under section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act. The First category is dependent on the nature of supply /supplier.

The Second category is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered here. Reverse Charge Mechanism in this category is deferred to 30th Sept 2019. ( Latest update as on 6th Aug 2018)




The following new services are enter in first category ( as perNotification No. 29/2018- Central Tax (Rate) dated 31st December, 2018 :

Sl. No.
Category of Supply of Services
Supplier of service
Recipient of Service
(1)
(2)
(3)
(4)
12.
Services provided by business facilitator (BF) to a banking company
Business facilitator (BF)
A banking company, located in the taxable territory
13.
Services provided by an agent of business correspondent (BC) to business correspondent (BC).
An agent of business correspondent (BC)
A business correspondent, located in the taxable territory.
14
Security services (services provided by way of supply of security personnel) provided to a registered person:

Provided that nothing contained in this entry shall apply to, -

(i)(a)a Department or Establishment of the Central Government or     State Government or Union territory; or

(b) local authority; or

(c) Governmental agencies; which   has taken registration under the
Central Goods and Services Tax
Act, 2017 (12 of 2017) only for 
the purpose of deducting tax
under section 51 of the said Act 
and not for making a taxable            supply of goods or services; or

(ii) a registered person paying tax under section 10 of the said Act.
Any person other than a body corporate
A registered person, located in the taxable territory.”;









Link to download official notification :-

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