Ofcourse, registration is Free! 

 

Greetings!

  GSTR 3B Return – Last Date Extended till August 25,2017 

A press note has been issued that the GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017. 

It has been specified that for those tax payers, who do not want to avail of transitional credit in TRAN-1 this month, the date for return filing will be 25th August 2017.  And for those who want to fill up TRAN-1 this month, the last date for filing of returns will be 28th August 2017, as announced earlier.  

Click to view / download Press Note extending last date for filing of GSTR 3B to 25th August, 2017 

Click to view / download Clarification on Tax Payment, Filing of GSTR 3B Return and Transitional Credit for July, 2017 

 Filing of GSTR 3 B – Really taxing times

As we are all aware the due date for filing of the return in Form GSTR 3B for July 2017 is only 20th August, 2017 except for those opting to avail of transition credit by filing Form GSTR TRAN-1.

The due date of filing of return for those availing of transition credit is extended to 28th August, 2017 subject to filing of GSTR TRAN-1 before filing of GSTR 3B. However the tax payable net of transition credit is to be paid by 20th August, 2017.

It is expected that modified Form GSTR 3B with provision to report transition credit would be made available. It is possible that the transition credit availed in GSTR TRAN-1 may have to be filled in or would get auto populated in Form GSTR 3B based on GSTR TRAN-1 filed.

We understand that once submitted Form GSTR 3B cannot be amended or edited. Therefore, please take care to validate data before submitting the return.

For those who could have made mistakes, here is the tweet that “errors and omissions can be shown in the next month’s return”

Clarifications required on GSTR TRAN-1

It is not clear at this point of time if filing of Form GSTR TRAN-1 would be available more than once. i.e. whether Cenvat Credit carried forward can only be availed now and VAT Credit carried forward may be availed later and whether other tables like details of statutory forms received for which credit is being carried forward and Details of goods sent to job-worker and held in his stock on behalf of principal under section 141 and details required in other tables of GSTR TRAN-1 are to be filed now.

The concern is whether all applicable tables in Form GSTR TRAN-1 is required to be filled in at one go before filing GSTR 3B. This is required to be clarified by the authorities urgently.

For those opting to file Form GSTR TRAN-1 is advisable that details of all tables in GSTR TRAN-1 be kept ready before opting to avail of transition credit.

Click on the links hereunder to view /download the documents relevant to filing of Form GSTR 3B

Tutorial of GSTN on filing of Form GSTR 3B,

FAQs on filing of Form GSTR 3B, of GSTN

Filing of enrolment Form necessary to file GSTR 3B

Guidelines for filling in Form GSTR 3B and brief note on the constituent of the definitions of different kinds of “Supply” to be understood for correct reporting of the turnover of outward supplies and inward supplies, prepared by our team.

Date : August 18, 2017.

Due Date for filing of GST Return in Form GSTR-3B extended for those claiming transitional credit (Press Report)

The economic times has reported that the deadline for filing of GST Return, GSTR- 3B for July 2017, has been extended to August 28th from August 20th, 2017 only for taxpayers who file the return in form GSTR TRAN-1, to claim transitional credit. Form GSTR TRAN-1 is to be filed before filing of GSTR 3-B.

The due date for filing of GST Return GSTR- 3B for those not filing form GSTR TRAN-1 remains as 20th August, 2017.

Link to view the press release is

http://economictimes.indiatimes.com/articleshow/60104417.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Date : August 17, 2017.

 

Guidelines to fill in GST Return in Form GSTR-3B

While we are still grappling with interpretation of GST law and issues in classification of Goods and Services, it is time to file the Return for July 2017 by 20th August, 2017 We have made available a Guidance Note on details to be filled in Form GSTR 3B.

 

Click to view our Guidance Note on GSTR 3B.

Click to view tutorial on filing Form GSTR 3B and FAQs on GSTR 3B provided by www.gst.gov.in.

Date : August 16, 2017.

Transition Credit in GSTR-3B

Since there is no separate field / column in GST Return Form GSTR-3B for claiming of transition credit, there had been doubts on whether transitional credit can be claimed and adjusted against the tax payable for July, 2017 and August, 2017.

It now learnt that modalities for claiming of transitional credit in Form GSTR -3B would be notified and that GST Form TRAN-1 and GST Form TRAN-2 would be enabled for filing by 21st or 22nd August.

It is likely that the tax payers would be required to pay the tax due net of transitional credit by 20th August, 2017 and the period for filing of Form GSTR -3B for those availing transition credit would be extended by a week.

We shall update soon after the official notification is published.

Date : August 12, 2017.

Clarification on GST Rate of Tax

In an FAQs on GST rate of Tax, the Central Board of Excise and Customs (CBEC) has clarified GST rates on the following products

 

 

S. No.

Description of goods

HSN

Rate of Tax

1.

Mahua Flower

1212

5%

2.

Sal  Leaves for making plates

0604

NIL

3.

Sabai Grass

1401

5%

4.

Hand Made Branded Biri

• All Biris attract 28% GST.

• In addition handmade biris attract NCCD of Re. 1 per thousand. Machine made biris attract NCCD of Re. 2 per thousand.

5.

Sugarcane

1212

NIL

6.

Will 5% GST on raw cotton be paid directly by factories on reverse charge basis and who will pay it?

Where the supply of raw cotton is by an agriculturist [as defined under section 2(7) of the Central Goods and Service Tax Act, 2017] to a registered person, GST will have to be paid by such registered person on reverse charge basis.

7.

Electric Accumulators

8507

28%

8.

Sterilization pouches

3005

12%

9.

Jute Yarn, Jute Twine, Jute Bag and Jute Cloth

5307

5%

5607

12%

6305

5% / 12%

5310

5%

10.

Rail Wagons 10

8606

5%

 
S. No.

Description of goods

HSN

Rate of Tax

11.

Raw and Processed Wood

4403

18%

12.

Khakhara ( Trational Food)

2106 90

12%

13.

Is NCCD leviable on tobacco products from 1st July, 2017?
What will be the method of valuation for levy of NCCD?

• NCCD shall continue to be levied on tobacco and tobacco products at the rates as applicable prior to 1st July, 2017.

• Since NCCD is a duty of excise, the valuation for the purpose of charging NCCD shall be as per the Central Excise Law read with the Valuation Rules under Central Excise Law.

14.

Rosted Grams

2106 90

12%

15.

Chilli Soaked in Butter Millk with Salt

0711

5%

16.

Bangles

Plastic Bangles - 3926

Plastic Bangles - NIL

Glass Bangles - 7018

Glass Bangles - NIL

Metal Bangles - 7117 19 10

Metal Bangles - 3%

17.

Man Made Fish Net

Chapter 54 or 55

18%

5607

12%

18.

Soft Drink

2202 10

28% GST & 12% Compensation Cess

19.

Mutton Leg

0204

12%

20.

Coffee

2101

28%

21.

Sausages

1601

12%

Click to view / download CBEC FAQs on GST rate of Tax

CBEC Flier on Aggregate Turnover and Margin Scheme

CBEC has issued a note explaining the meaning of Aggregate Turnover and Manner of computation of Taxable Value in case taxable supply is provided by a person dealing in buying and selling of second hand goods

Click to view / download CBEC Flier on Aggregate Turnover and Margin Scheme

Date : August 7, 2017.

GST Council – Meeting on August 5, 2017

The Union Finance Minister briefed the press after the meeting of the GST Council on August 5,2017.

Here are the highlights of the press briefing

  Technology driven E-way Bills system will be implemented across the Country. There will be no check posts. E-way bills not applicable to exempted goods and for movement of goods within10 km of a city.

 

  Anti-profiteering was discussed at length and the consensus is that the provision would be used as a deterrent. The States and Centre would constitute steering committee.

The Finance Minister appealed to Trade and Industry to pass on the tax benefits of GST. He also mentioned that constitution of Anti Profiteering Authority is not immediate.

  GST Rate of Tax of few tractor components exclusively used for tractors reduced to 18%

  GST on Job work relating to textiles reduced from 12% to 5%

  Next GST Council meeting is scheduled on September 9,2017 at Hyderabad

We shall be updating the details soon after the relevant notifications are issued.

Click to view / download Decisions taken on Services at 20th GST Council Meeting on 5 August, 2017

Date : August 5, 2017.

 

IGST – High Sea Sale Taxable only once

There had been lack of clarity on whether IGST would apply to the two legs of transaction in an High Sea Sale – the first leg being the sale by the importer to the Buyer and the second leg being the clearance from Customs of the imported goods when IGST is liable to be paid.

 

The CBEC has in Circular No. 33 /2017-Cus, dated the 1st August, 2017 clarified as follows:

“GST council has deliberated the levy of Integrated Goods and Services Tax on high sea sales in the case of imported goods. The council has decided that IGST on high sea sale (s)transactions of imported goods, whether one or multiple, shall be levied and collected only at the time of importation i.e. when the import declarations are filed before the Customs authorities for the customs clearance purposes for the first time. Further, value addition accruing in each such high sea sale shall form part of the value on which IGST is collected at the time of clearance.”

Though this circular clarifies on the incidence of levy of IGST, one aspect that requires further clarity is whether the sale by the importer to the Indian buyer would be an “exempt supply” warranting the reversal of proportionate input tax credit availed.

Click to view CBEC Circular No. 33 /2017-Cus, dated the 1st August, 2017

Date : August 3, 2017.

 

CGST Rules Amendment

Central Goods and Services Tax Rules, 2017, has been amended by Notification No. 17/2017 – Central Tax dated 27th July, 2017.

Brief details of the amendment is as follows:

Rule 24 - Migration of persons registered under the existing law

Sub rule (4) is amended extending to 30th September, 2017 the cancellation of migration of registration of dealers registered under earlier law, but not required to be registered under the GST Act. Dealer opting for cancellation of registration are required to submit in www.gst.gov.in FORM GST REG-29.

 

 

Rule 34 - Rate of exchange of currency, other than Indian rupees, for determination of value.-

This Rule is substituted requiring determination of value of imported / exported goods the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act.

The rate of exchange for import / export of services shall be the applicable rate of exchange determined as per the generally accepted accounting principles for the date of time of supply of such services in terms of section 13 of the Act.

Rule 46 - Tax invoice

The third proviso relating to endorsement in the tax invoice is amended to include supply to SEZ unit or SEZ Developer which is a zero rated supply.

The endorsement required to be specified in the tax invoice rating to zero rated supply should be one the following as applicable.

•  SUPPLY MEANT FOR EXPORT ON PAYMENT OF INTEGRATED TAX

•  SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS ON PAYMENT OF INTEGRATED TAX

•  SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX

•  SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX

Rule 61 - Form and manner of submission of monthly return

Sub rule (5) of Rule 61 relating to filling of return in GSTR-3B for July, 2017 and August 2017 ( and also where the time limit for filling of Form GSTR-1 and GSTR-2 is extended) is substituted deleting the reference to filing of return in Form GSTR – 3B as in lieu of Form GSTR – 3.

Sub rule (6) is inserted detailing the process / manner of filling of the regular monthly return in Form GSTR – 3 later within the extended time limit.

(a) Part A of the return in FORM GSTR-3 shall be electronically generated on the basis of information furnished through FORM GSTR-1, FORM GSTR-2 and based on other liabilities of preceding tax periods and PART B of the said return shall be electronically generated on the basis of the return in FORM GSTR-3B furnished in respect of the tax period;

(b) the registered person shall modify Part B of the return in FORM GSTR-3 based on the discrepancies, if any, between the return in FORM GSTR-3B and the return in FORM GSTR-3 and discharge his tax and other liabilities, if any;

(c) where the amount of input tax credit in FORM GSTR-3 exceeds the amount of input tax credit in terms of FORM GSTR-3B, the additional amount shall be credited to the electronic credit ledger of the registered person.”

Further, in Rule 83 relating to Provisions relating to a goods and services tax practitioner and Rule 89 relating to Application for refund of tax, interest, penalty, fees or any other amount, clerical / typographical error in reference to Section / Rule / Clause is corrected.

This notification also refers to amendment to sub rule (2) and (3) of Rule - 44. Manner of reversal of credit under special circumstances. However it is seen that the amended sub rule (2) and (3) of Rule 44 is same as earlier notified.

CGST Form Amendment

In FORM GST TRAN-1, Sl. No. 7, in Table (a), heading of column (2) and Form GST TRAN-2, Sl. No. 4 and 5, in the Table, heading of column (1) is corrected to read as “HSN as applicable”.The reference earlier was to HSN at 6 digit level.

Click to view / download Notification No. 17/2017 – Central Tax dated 27th July, 2017

GSTN Webinar: Payment Processes under GST

GSTN presented Webinar on payment process under GST on July 26, 2017. The gist of the understanding from the webinar on payment process under GST is

 

  All tax challans to be created after logging into one’s GST account

  Only 25 Banks are authorised to collect GST.

  Payment through Banks other than authorised Banks can be made through NEFT / RTGS only

  CPIN will be generated for each challan created irrespective of payment by any mode , namely, e-payment, Credit / Debit Cards, NEFT / RTGS and payment can be made within 15 days of creation of challan

  If payment is made through challan either at Bank or e payment mode a CIN number will be generated

  If payment is made through NEFT / RTGS one has to log in to their Bank Account and enter the UTR number in his profile.

  Only after the payment is reflected in the e-cash ledger one can pay for their output tax liability.

Click to view / download pdf file GSTN Webinar on Payment Processes under GST made available by Assocham

Click to view / download video of GSTN Webinar on Payment Processes under GST made available by mygov.in

Date : August 1, 2017