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Goel Singhal & Associates, 203/60 Upper Storey, Sadar Bazaar, Muzaffarnagar (2026)

05/09/2017

*Due dates extended*

*July*
GSTR-1- 10th September
GSTR-2- 25th September
GSTR-3- 30th September

*August*
GSTR-1- 5th October
GSTR-2- 10th October
GSTR-3- 15th October

07/07/2017

📒 Composition Scheme Under GST
⛳ A registered person, whose aggregate turnover in the preceding FY doesn’t exceed Rs. 75 Lakhs may opt for Composition Scheme and pay tax.
⛳ It would be applicable for all transactions under the same PAN-India bases.
⛳ Composition taxable person shall not be eligible for any Input tax credit.
⛳ CTP shall not collect any tax on supply.
⛳ CTP will issue Bill of Supply instead of Tax Invoice.
⛳ CTP is liable to pay tax on receipts of goods or services from un-registered person.
⛳ CTP is liable to pay tax on receipts of services under RCM.
⛳ No ITC allowed for taxed paid under reverse charge.

⛳ Persons not eligible:
🌴 Effecting inter-state outward supplies.
🌴 Making supply of exempted goods.
🌴 Engaged in supply of any other service except food/restaurant services.
🌴 Making any supply of goods through an e-commerce operator.
🌴 Manufacturer of notified goods.

⛳ The Registered person paying tax under composition scheme is required to pay tax on quarterly basis and also required to file a quarterly return in Form GSTR-4 by the 18th of the month following the end of the quarter.

⛳ The option availed by a registered person shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds fifty lakh rupees.

⛳ Person Registered Before GST Regime (Opt for Composition)
🌴 Having Prov. ID shall file an intimation in FORM GST CMP-01 within 30 days from AD.
🌴 Required to file detail of stock from all suppliers (including unregistered) AND Input credit in Return as on 30 June 2017 in FORM TRAN-1.
🌴 Further, detail of stock from all suppliers (including unregistered) AND Inward supply as on 30 June 2017 in FORM GST CMP-03 within 60 days of opting for composition.

⛳ Person Registered Under GST Regime (Opt for Composition)
🌴 Any Person who are not registered under the existing law and applies for registration under GST regime with an option to pay under composition in Form GST REG-01.
🌴 Further, registered taxable person files an intimation to pay tax under composition in FORM GST CMP-02 prior to commencement of FY.
🌴 Further, furnish the statement in Form GST ITC-03 within 60 days (Regular to Composition) of commencement of FY.

⛳ Condition & restriction to Opt for Composition
🌴 Cannot be a Casual Taxable Person or a Non-resident taxable person.
🌴 Goods in stock on transition date must not have been purchased in the course of inter-State trade or commerce or imported from a place outside India or received from his branch situated outside the State or from his agent or principal outside the State.
🌴 If goods held in stock on AD purchased from an unregistered supplier or any notified goods or services or both, then pay tax under RCM.
🌴 Not engage in the manufacture of notified goods during the preceding FY.
🌴 On every notice or signboard mandatory to mention the words “Composition Taxable Person”.
🌴 On top of Bill of Supply mandatory to mention the words “Composition Taxable Person, not eligible to collect tax on supplies”.

⛳ Validity of composition levy (Opt Out from Composition)
🌴 If CTP ceases to satisfy any condition or suo-motu, require to furnish FORM GST CMP-04 within 7 days of occurrence of such event then, shall liable to issue Tax Invoice.
🌴 Proper officer may issue SCN in FORM GST CMP-05 & the recipient gives his reply in FORM GST CMP-06 within 15 days, thereafter the proper officer issue an order in FORM GST CMP-07 within 30 days.
🌴 Further, furnish the statement in FORM GST ITC-01 for the ITC CLAIM within 30 days.

⛳ Rate of Tax
S. No. Category of Registered Person Rate of tax
CGST SGST
1. Manufacturers or other than manufacturers notified by the govt. (ice-cream, to***co, pan masala) 1% 1%= 2%
2. Suppliers of food & any human consumption article or drink except alcohol. 2.5% 2.5%= 5%
3. Any other Supplier eligible to opt CS 0.5% 0.5%= 1%

06/07/2017

these points on ....

Please follow the necessary steps for maintaining the healthy accounts hereafter:-

1. Make Rubber stamp of GSTIN.

2. Affix GSTIN stamp for all your invoices.

3. Take new bill book and start the beginning number from 1, 01 or 001.

4. If you have no printed bill book then you will print it to NEW GST MODEL BILL.

5. Give your GSTIN to all your suppliers.

6. Receive GSTIN from all your customers.

7. We will take ITC (Input Tax Credit) from business oriented expenses i.e., Telephone bill, Courier Bill, Stationery Bill, etc. Thus, hereafter you must receive the bills for all your business oriented expenses after mentioning your GSTIN.

8. You will place tax in bills for Local (Intra-State) as SGST – 9% and CGST – 9%. For outside state (Inter-State) as IGST-18%

9. Mostly online cash transactions are advisable and issue the DEBIT CARD for all your small expenses.

10. Tax must be paid for ADVANCE RECEIVED AMOUNT. Hence, don’t receive or paid any amount either without raising bills or collect bills.

11. No expenses have being written for more than Rs.10000/- in cash. If you receive more than 2 Lakhs from one person or company then that whole amount taken as PENALTY (Income Tax rule)

12. Please make bill wise closing stock as on 30.06.2017 for receiving ITC from our Sales Tax Department (Not for Service unit)

13. You have to pay tax for receiving bills from unregistered dealer. (Not for Service unit)

14. Please be ready of all Purchase, Sale, Expense Bills and Bank Statement on second day of each calendar month.

15. We must to file Sales transaction bills on or before 10th, and Purchase transaction bills on or before 15th and Final transaction ( Sales and Purchases) return on or before 20th of every month.

16. In GST portal, they have compliance rating method for GENUINE BUSSINESS MAN. Please follow the rules and get GENUINE BUSINESS MAN

State Codes in GST
01 – Jammu & Kashmir
02 – Himachal Pradesh
03 – Punjab
04 – Chandigarh
05 – Uttranchal
06 – Haryana
07 – Delhi
08 – Rajasthan
09 – Uttar Pradesh
10 – Bihar
11 – Sikkim
12 – Arunachal Pradesh
13 – Nagaland
14 – Manipur
15 – Mizoram
16 – Tripura
17 – Meghalaya
18 – Assam
19 – West Bengal
20 – Jharkhand
21 – Orissa
22 – Chhattisgarh
23 – Madhya Pradesh
24 – Gujarat
25 – Daman & Diu
26 – Dadra & Nagar Haveli
27 – Maharashtra
28 – Andhra Pradesh
29 – Karnataka
30 – Goa
31 – Lakshdweep
32 – Kerala
33 – Tamil Nadu
34 – Pondicherry
35 – Andaman & Nicobar Islands
36 - Telengana.

04/07/2017

GST makes directors of private limited companies liable for recovery of unpaid taxes, interest or penalties pertaining to supply of goods or services. GST Acts do not provide distinction between executiveor non-executive directors.

04/07/2017

Airlines have written to its corporate travellers to register their companies’ or employers’ GST number toclaim a tax credit. GST of 5% has been levied on economy-class airline tickets and 12% is charged on business class.

04/07/2017

With The Roll-Out of GST, Check Posts Get Abolished Across 22 States in India.

01/07/2017

No GST on Local supplies of second hand goods by unregistered person to registered who charges GST on further sale. Notification 10(CT) (Rate) dated 28.6.2017.

30/06/2017

GST UPDATES:

Interest on delayed payment of GST - 18% p.a. Interest on excess ITC claimed / excess reduction in output tax liability - 24% p.a.Interest on withheld refund - 6% p.a.Interest on delayed refund (beyond 60 days) - 6% p.a. Interest on delayed refund (arising from order of authority/ court) - 9% p.a. Notification No. 12/2017 – 28th June 2017.

30/06/2017

Central Government appoints the 1st day of July, 2017, as the date on which the provisions of the CGST- 2017 shall come into force i.e. Sections 6 to 9, 11 to 21, 31 to 41, 42 except the proviso to sub-section (9) of section 42, 43 except the proviso to sub-section (9) of section 43, 44 to 50, 53 to 138, 140 to 145, 147 to 163, 165 to 174.

29/06/2017

*Requirement for mentioning HSN codes in Tax Invoice:*Annual Turnover in preceding FY up to 1.5 crores - *HSNcode not required to be mentioned.*Annual TO in preceding FY greater than 1.5 crores upto 5 crores - *2 digits of HSN code.*required to be mentioned.Annual TO in preceding FY greater than 5 crores - *4 digits of HSN code.* required to be mentioned.

29/06/2017

Technical Issues Faced in GST portal and its possible solutions:

*Issue 1: Provisional Id is awaited*
Advisory: Assesse needs to send a request to [email protected] to reactivate the cancelled Provisional ID and mention CE/ST registration number, provisional ID, PAN number, legal name as on PAN, trade name of assessee, state. DG Systems will compile the list and send to GSTN for reactivation. The Provisional IDs would be distributed among assesses only after being provided by GSTN to DG Systems, CBEC.

*Issue 2: RC cancelled*
Advisory: Assessee needs to send a request to [email protected] to reactivate the cancelled Provisional ID and mention the old Provisional ID issued earlier.

*Issue 3: Centralised registrations: Provisional ID has not been issued for all the states*
Advisory: PID will be issued to all addresses mentioned in Registration Certificate of CE or ST. If all the premises are not mentioned in the ST2/RC, then RC needs to be amended to include all these premises. Assessee need to apply for fresh GST registration on www.gst.gov.in after appointed date for those states which addresses are not added in RC of CE or ST. Same goes for new premises that would be set up anywhere else.

*Issue 4: Unable to submit enrolment form with Digital Signature*
Advisory: Assessee needs to complete the form and save it on www.gst.gov.in. ARN number of saved forms will be emailed to them after 15th June 2017 subject to validation of information supplied on GST common portal.

*Issue 5: Provisional Id issued against wrong state / Assessee amended the state after the issuance of provisional Id*
Advisory: Assessee needs to write to [email protected] mentioning the state for which PID is required and mention CE/ST registration number, provisional ID, PAN number, legal name as on PAN, trade name of assessee, state. DG Systems will compile the list and send to GSTN for reactivation.

*Issue 6: Provisional Id issued against a different registration number (e.g. PID issued against AAAAA1234MST001 which is not in use instead of AAAAA1234MST002 which is used by assesse)*
Advisory: Assessee needs to check his jurisdiction for the registration number against which the PID is issued on www.easiestcbec.gov.in -> assesssee code based search. Then apply to the concerned Range Superintendent to reset the password for
the registration. Then access the old registration number and obtain the PID and password. The Assessee then has to mention all his registered premises as additional premises in the enrolment form.
The Provisional IDs and passwords are also circulated to all Chief Commissioners Offices for further dissemination.

*Issue 7: Provisional Id activated by assesse but not completed migration by filling up enrolment form.*
Advisory: Assessee needs to complete the enrolment by completely filling up enrolment form and save it on www.gst.gov.in. ARN number of saved forms will be emailed to them after 15th June 2017 subject to validation of information supplied on GST common portal.

*Issue 8: ‘No record found’ when searched by RC/ ST2 number on www.gst.gov.in under link “check registration status”*
Advisory: Search using PAN instead of registration number. Still, if the result is not found, please write to [email protected] with all details such as registration number, PAN number, legal name as on PAN, business name, state for generation of PID.

*Issue 9: Provisional Id is already mapped against a different user.*
Advisory: Complaints needs to be registered with GSTN help desk on 0124-4688999 or [email protected]

Goel Singhal & Associates

05/09/2017

07/07/2017

06/07/2017

04/07/2017

04/07/2017

04/07/2017

01/07/2017

30/06/2017

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29/06/2017

29/06/2017

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