Indian GST & TAXES

GST meeting held on 22nd December 2019 many matters Discussed Is a January luck to the small and composition Dealsers ?????? After taking many Decisions on GST and Rates To be changed 18%to 12% In January 2019 GST meeting to be held on major Decisions will be taken on Next meeting Major Decisions will be taking on (MSME) small and medium scale Bussiness

TDS CONCEPT IN GST TDS under GST are introduced in order to regulate unorganized sectors in the market. We are providing all the information related to the procedure and criteria for TDS under GST. It may be noted that as per the notification issued by the government on 26th June 2017, the provisions of TDS has been put on hold and it will come into force from a date which will be communicated later. Deductor of TDS under GST (a) Department or establishment of the Central or State Government, or (b) Local authority, or (c) Governmental agencies, or (d) such persons or category of persons as may be notified, by the Central or a State Government on the recommendations of the Council. Rate of TDS under GST For intra-state supply, the deductor is required to deduct tax at the rate of 2% (CGST 1% + SGST 1%). And in the case of interstate supplies, 2% (IGST) from the payment made or credited to the supplier of taxable goods and/or services. Value of supply f

Procedure for Filing Revised TDS Return If you find any mistake in filling of the eTDS or want to make any modifications like changing the name, address, challan serial no., BSR code, challan tender date, etc, you can correct your form in simple steps. However, before going through the steps, there is something you should know: Update deductor details such as Name, Address of Deductor. This type of correction is known as C1 Update challan details such as challan serial no., BSR code, challan tender date, challan amounts etc. This type of correction is known as C2. Update/delete /add deductee details. This type of correction is known as C3. Add/delete salary detail records. This type of correction is known as C4. Update PAN of the deductee or employee in deductee/salary details. This type of correction is known as C5. Add a new challan and underlying deductees. This type of correction is known as C9. Cancel accepted statement. This type of correction is known as Y. Cancellati

The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing of GST Audit reports in forms GSTR-9, GSTR-A and GSTR-9C FORM GSTR-9 and FORM GSTR-9A have been notified vide notification No. 39/2018-Central Tax, dated 04.09.2018 while FORM GSTR-9C has been notified vide notification no. 49/2018-Central Tax, dated 13.09.2018 as part of the CGST Rules. The competent authority has decided to extend the due date for filing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till 31st March, 2019. The requisite FORMs shall be made available on the GST common portal shortly. Relevant order is being issued, the CBIC said last day.

What is GSTR 2A? GSTR 2A is a purchase-related tax return that is automatically generated for each business by the GST portal. When a seller files his GSTR-1, the information is captured in GSTR 2A.   It takes information of  goods and/or services which have been purchased in a given month  from the seller’s  GSTR-1 . You are required to verify (and amend) this return before filing in on GST Portal. GSTR 2A will be auto-populated from the following returns of the sellers/counterparty- Return Filed by GSTR 1 Regular registered seller GSTR-5 Non-resident GSTR 6 Input Service Distributor GSTR 7 Person liable to deduct TDS GSTR 8 Ecommerce How is GSTR 2A different from GSTR-2? GSTR 2A is an auto-generated read only document which is for information purpose only. GSTR-2 is an official return which must be filed and it will have the same information as GSTR-2A. But  GSTR-2  can be edited. How to file GSTR-2A? You don’t have to file GSTR-2A. GSTR-2A is a read

. Drawbacks/ Issues with GSTR 9 form and possible suggestions Formats of GSTR 9 released early this September had a lot of ambiguities. The issues were mostly based on the fact that the annual return form would not auto-populate the information which was already filed in the periodic returns. In order to make the filing of annual return simple for taxpayers, the GSTN updated the form and resolved most of the issues. These are some of the issues still persisting in the annual return form. Issues Suggestions/Solutions 1. HSN of inward supplies is required in the annual return GSTR 9 which was not needed while filing monthly GSTR 3B. This requirement of reporting HSN wise inward supplies should be done away with. However,  ClearTax GST  will fill in table 18 i.e. HSN codes of the inward supplies in the GSTR 9 automatically from the purchase register. 2. The difference in the annual return as per the books of accounts and GST data filed during the financial year. GSTR 9 should pro

4. What is the due date of GSTR-9? GSTR-9 due date is on or before 31st December of the subsequent financial year. For instance, for FY 2017-18, the due date for filing GSTR 9 is 31st December 2018.   5. What is the Penalty for the late filing of GSTR-9 form? Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated at a quarter percent of the taxpayer turnover in the state or union territory. Thus it is Rs 100 under CGST & 100 under SGST, the total penalty is Rs 200 per day of default. There is no late fee on IGST.

1. What is GSTR-9 annual return? GSTR 9 form is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGSTand IGST. It consolidates the information furnished in the monthly/quarterly returns during the year. 2. Who should file GSTR 9 annual return? All the registered taxable persons under GST must file GSTR 9 form. However, the following persons are  not  required to file GSTR 9 Casual Taxable Person Input service distributors Non-resident taxable persons Persons paying TDS  under section 51 of GST Act 3. What are different types of return under GSTR-9 form? There are 4 types of return under GSTR 9 : GSTR 9:  GSTR 9 should be filed by the  regular taxpayers  filing GSTR 1, GSTR 2, GSTR 3. GSTR 9A:  GSTR 9A should be filed by the persons registered under  compos

GSTR 3B Return filing Date Extended October 21, 2018 2:51 pm| By : Tax Scan Team The Central Government today extended the due date for filing return GSTR 3B for the month of September to 25th October. “In view of the said apprehensions and with a view to giving some more time to the trade and industry, the last date for furnishing form GSTR 3B for the month of September 2018 is being extended up to 25th October 2018,” a statement issued by the Government said. The Notification in this regard will be issued shortly, it said. Earlier, in order to remove doubts, the Government had clarified that as per the law, last date for availing ITC in relation to the period from July 2017 to March 2018 is the last date for the filing of return in the FORM GSTR-3B for the month of September 2018. The extension of the said due date also implies that the last date for availing of ITC for the period July 2017 to March 2018 also get extended up to 25th October. 2018. It may also be noted that the Gove

ICAI Important Announcement DT 28TH SEP 18 *Internal Auditor not to undertake Goods and Service Tax (GST) Audit simultaneously * We have received enquiries from the members at large and other stakeholders as to whether an internal auditor of an entity can also undertake GST Audit of the same entity as required under the Central Goods and Service Act, 2017. The Council of the Institute, while considering the issue at its 378th Meeting held on 26th and 27th September, 2018, noted its earlier decision taken at its 281st Meeting held from 3rd to 5th October, 2008, that internal auditor of an assesee, whether working with the organization or independently practising Chartered Accountant being an individual chartered accountant or a firm of chartered accountants, cannot be appointed as his Tax auditor (under the Income Tax Act, 1961). Upon consideration, the Council has decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal audit

TDS, TCS for GST kick-in from October 1: Deduction, registration, compliance, challenges – All you need to know TDS, TCS for GST kick-in from October 1: Deduction, registration, compliance, challenges – All you need to know The GST law requires TDS to be deducted by certain specified Government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs. 2,50,000. By: September 27, 2018 8:08 PM NEXT The sudden but delayed implementation of TDS provisions from 1 st October 2018 has presented certain challenges amongst the industry. By Badri Narayanan & Shweta Walecha After the GST regime gained momentum, the government decided to introduce TDS and TCS provisions. The GST law requires TDS to be deducted by certain specified government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs 2,50,000. The recipient of supply i.e. the TDS Deductor is obligated to deduct 2% (1% CGST + 1% SGST) from the payment made or credited for taxable goo

Tax audit and ITR due date extended to 15th October CBDT extends due date for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s 234A of IT Act will remain

Compliances under GST to be done before 30th Sept GST has completed its first financial year (July 17 - Mar 18) and are certain critical issues to be considered by the taxpayers on or before 30 September 2018. Certain critical areas requiring urgent attention is captured below: Outward supply: In terms of Section 34(2) of CGST Act 2017, the Company is entitled to adjust the output liability in respect of credit note(s) issued for the outward supply of goods or services or both pertaining to the period of July to Mar 2018 till the end of 30 September 2018, beyond which the adjustment of output liability will not be allowed. Further, please note invoice(s)/debit note(s) which are not declared in the respective month’s returns will attract interest at the rate of 18% Inward supply: In terms of Section 16(4) of CGST Act, 2017, the Company is entitled to claim ITC in respect of invoice(s) or debit note(s) for supply of goods or services or both after the due date of furnishing of the retur

*Checklist for filing of GSTR 3B for the month of September 2018* *As per the provisions of Sub-section 4 of Section 16 of the CGST Act 2017, input tax credit can be claimed on the tax invoices or debit notes issued by the supplier in the previous financial year for supply of goods or services or both has to be claimed by 20th October 2018 i.e. before filing of the monthly return for the month of September 2018 basis of provisions of Section 39 of the CGST Act or filing of annual return as per provisions of Section 44 whichever is earlier. As GST is rolled out from 1st July 2017, the input tax credit on all in the inward supply of goods or services or both has to be claimed by 20th October as the due date for filing of September 2018 GSTR – 3B is that date based on the provisions notified wide Notification No. 34/2018 – Central Tax dated 10th August 2018.* *Basis of the above provisions it is clear that input tax credit can be claimed only for all the transaction from 1 st July 2018

*GST Practitioner Examination* Mode: Computer Based Exam.💻 Link for registration: https://nacin.onlineregistrationform.org/ *(The registration portal will be activated on 25th September, 2018 and will remain open up to 10th Oct 2018)* GST Practitioner Exam 2018: Date, syllabus, registration, form, fees, eligibility- All details here National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs). The examination for such GSTPs shall be conducted on 31.10.2018 from 1100 hrs to 1330 hrs If you want to become a certified GST practitioner, this may be your chance. National Academy of Customs will conduct exams for confirmation of enrollment of Goods and Services Tax Practitioners. It will be a Computer Based Exam. The Registration for this exam can be done by the eligible GSTPs on ' nacin.onlineregistrationform.org '. The registrations link

Finance Ministry has launched One-Time scheme to waive off late fee payable for delayed filing of Form GSTR-1. The Finance Ministry said in the press release that, “the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR-1, a one-time scheme to waive off late fee payable for the delayed furnishing of FORM GSTR-1 for the period from July 2017 to September 2018 till 31.10.2018 has been launched.

What happens if you miss ITR filing deadline An INCOME TAX RETURN is the tax form or forms used to file income tax with the Income Tax Department. The tax returns usually in a predefined worksheet format where the income figures used to calculate the tax liability are written into the documents themselves. The due date for filing of Income Tax Returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘due date' for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers. Central Board of Direct Taxes (CBDT) hereby further extends the 'Due Date' for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were liable to file their Income Tax Returns by 31st August, 2018. DUE DATE OF FILING INCOME TAX RETURN FOR FY 2017-1

*22.08.2018 Economic News* 👉The National Company Law Tribunal (NCLT) here is likely to deliver its judgment on August 27, on the application filed by the Interim Resolution Professional (IRP) of Lanco  Infratech Limited for the liquidation of the company. 👉With the banking sector being dented by a slew of frauds in recent months, the country’s top banks are increasingly depending on artificial intelligence (AI)-based solutions to improve their internal risk management operations. 👉In a relief to FPIs(foreign portfolio investors), markets regulator Sebi on Tuesday extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel. 👉The Securities and Exchange Board of India (Sebi) is considering doubling or even quadrupling the minimum ticket size for investment in portfolio management services (PMS) schemes. The regulator is worried about the current investment limit of Rs 2.5 m

FORM 3CD CHANGES DEFERRED TILL 31.03.19 FORM 3CD CHANGES    The CBDT has issued a Circular defers implementation of *Clause 30C and Clause 44 of the Revised Tax audit Report Form 3CD upto 31 March 2019*, earlier notified on 20 July 2018 to be applicable from 20 Aug. 2018 in view of representations from stakeholders, like ICAI, etc. Accordingly, this partial deferment of amendments will not affect other changes made in Form 3CD applicable from 20 Aug. 2018

GST Reverse Charge Mechanism (RCM) further Deferred/ Suspended till 30 Sept. 2019, notifies CBIC The CBIC has notified that the provisions relating to Reverse Charge Mechanism (RCM) under Section 9(4) of the CGST Act, 2017, Section 5(4) of the IGST Act, 2017 and Section 7(4) of the UTGST Act, 2017 have been further Deferred/ Suspended by Govt. for 1 year upto 30 Sept. 2019 from 30 Sept. 2018. Earlier, the CBEC/ CBIC had notified on 13 Oct. 2017/ 23 March 2018/ 29 June 2018 that implementation of these provisions has been deferred upto 31 March 2018/ 30 June 2018/ 30 Sept. 2018 respectively. It may be noted that the GST Council has recommended in it’s 28th Meeting held at New Delhi on 21st July 2018 to defer the Reverse Charge Mechanism (RCM) provisions for further one year upto 30 Sept. 2019. Also GST Council has recommended to restrict the scope of RCM provisions to supply of specified goods only. Further, it may be noted that there is no change on reverse charge provisions under S