S C Gupta & Associates

04/01/2019

*GST Update*

1. Requirement of *bank account details has been removed at the time of GST Registration*. Now it is required after first login because normally a bank account cannot be opened before commencement of business. Bank account details can be added vide amendment of non-core field.

2. GSTR1 and GSTR3B *late Fee waived now on portal* from July, 17 to September, 18. Due date showing as 31/03/2019

3. *CBIC allow rectification of mistake in GST return for FY 2017-18 and also allow supplier to take ITC which was lapsed earlier for FY 2017-18*

✒As per section 16 of CGST ACT, ITC can not be claimed for FY 2017-18, after September 2018 month GST return.

✒further, as per section 37 of CGST ACT 2018, rectification in GST return for FY 2017-18 is not allowed after September 2018.

✒Due to above provision, there were difficulties faced by supplier who reconcile GSTR 2A and found missing entries and approached their suppliers but supplier couldn't do any modifications since time has already lapsed for rectification.

✒Further, while reconciling GSTR 2A, ITC which left out to be taken by supplier were identified, but again couldn't do anything since time limit to take ITC also lapsed.

📝Considering, above difficulty, council allowed time limit till 20.04.2019 that is till filing of march Month GST return.

20/12/2018

01/07/2017

Kuch Gyaan ki baatein :D

*GOODS AND SERVICES TAX (GST)*

👉 *Brief Information*

✍ It replaces Central Excise Duty/ Additional Duties of Excise/ Excise Duty under MTPA/ CVD/ SAD/ Service Tax/ Surcharge & Cesses/ VAT/ CST/ Purchase Tax/ Entertainment Tax/ Luxury Tax/ Entry Tax/ Taxes on Lottery.

✍ GST Council is the apex body created by Parliament for governance of this Act. It includes Finance Secretaries of Central as well as various State Governments.

✍ GST Rates- 0%, 5%, 12%, 18% & 28%.

✍ Old Sales Tax/ Manufacturing Tax/ Service Tax Registration Numbers will go and new PAN based Registration Number for GST is essential. Structure of this number is as under:
07AAAAA0000A1ZZ
Out of which first two digits are state code (in which Registration is taken)- '07' is for Delhi,
Next 10 digits (AAAAA0000A) are PAN number of the assessee
and last 3 digits are serial number.

✍ Incidence of GST is on following:
1. Supply of Goods or Services.
2. Agreed to Supply Goods or Services for Consideration (either in cash or in kind).
3. Destination based Tax will be charged (If source & destination are in same state, then it is Intrastate Transaction, if source & destination are in different states, then it is Interstate Transaction).
4. Branch Transfer/ Stock Transfer will also attract GST.
5. Now concept of Statutory Forms such as 'C' form/ 'F' form become outdated.

✍ GST Registration is mandatory, if Annual Turnover is Rs. 20 Lacs or more. However if you are engaged in Interstate transactions, Limit of Rs. 20 Lacs will not be applicable and you have to take Registration in all cases.

✍ Three types of GST are there:
1. Central Goods & Service Tax (CGST)
2. State Goods & Service Tax (SGST)
3. Integrated Goods & Service Tax (IGST)

✍ Rates under GST:
1. Rates of CGST & SGST shall be equal and will be 50% of the rates stipulated for those specific Goods or specific Services. e.g. if the goods under transaction attract 18%, then CGST for them is 9% and SGST for them is 9%.

2. In case of Local Invoice or Intrastate Invoice, CGST and SGST both need to be charged separately and to be mentioned in the Return accordingly.

3. Rates of IGST shall be equal to the sum of rate under CGST and rate under SGST. Thus in above example, rate under IGST is 18% (9 + 9).

4. In case of Central Invoice or Interstate Invoice, IGST need to be charged and to be mentioned in the Return accordingly.

5. Input Tax Credit shall be available for all these three taxes viz. CGST, SGST & IGST except in some cases.

6. Earlier, in spite of 'C' or 'H' or 'F' forms, 2% tax was a cost to the assessee. now since these forms are done away with, this 2% cost is avoided, since full set-off or ITC of IGST on all Interstate Transactions is allowed now.

7. GST will also be chargeable on Free Items or Samples given. Thus GST needs to be paid on all items being delivered to the customer.

✍ Composition Scheme:
1. It is available for all assessees dealing in goods having Annual Turnover