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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.
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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. |
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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.
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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
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S. No. |
Description of goods |
HSN |
Rate of Tax |
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1. |
Mahua Flower |
1212 |
5% |
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2. |
Sal Leaves for
making plates |
0604 |
NIL |
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3. |
Sabai Grass |
1401 |
5% |
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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. |
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5. |
Sugarcane |
1212 |
NIL |
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6. |
Will 5% GST on raw
cotton be paid directly by factories on
reverse charge basis and who will pay it?
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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. |
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7. |
Electric Accumulators |
8507 |
28% |
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8. |
Sterilization pouches
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3005 |
12% |
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9. |
Jute Yarn, Jute Twine,
Jute Bag and Jute Cloth |
5307 |
5% |
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5607 |
12% |
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6305 |
5% / 12% |
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5310 |
5% |
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10. |
Rail Wagons 10 |
8606 |
5% |
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S. No. |
Description of goods |
HSN |
Rate of Tax |
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11. |
Raw and Processed Wood |
4403 |
18% |
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12. |
Khakhara ( Trational Food) |
2106 90 |
12% |
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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. |
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14. |
Rosted Grams |
2106 90 |
12% |
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15. |
Chilli Soaked in Butter Millk with
Salt |
0711 |
5% |
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16. |
Bangles |
Plastic Bangles - 3926 |
Plastic Bangles - NIL |
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Glass Bangles - 7018 |
Glass Bangles - NIL |
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Metal Bangles - 7117 19 10 |
Metal Bangles - 3% |
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17. |
Man Made Fish Net |
Chapter 54 or 55 |
18% |
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5607 |
12% |
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18. |
Soft Drink |
2202 10 |
28% GST & 12% Compensation Cess |
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19. |
Mutton Leg |
0204 |
12% |
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20. |
Coffee |
2101 |
28% |
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21. |
Sausages |
1601 |
12% |
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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.
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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.
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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.
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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.
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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.
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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.
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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 amoun t
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
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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
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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
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