Indian GST & TAXES

. 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 s...

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 th...

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 th...

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 ...

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