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CBIC - Notification issued on 15/01/2019

Seeks to amend notification No. 48/2017 to amend the meaning of Advance Authorisation.

Click to view / download Notification

CBIC - Central Excise Circular issued on 10/01/2019

Review of progress of implementation of Scheme of Budgetary Support to eligible industrial units located in States of Jammu and Kashmir, Uttarakhand, Himachal Pradesh, and North East including Sikkim-Clarifications.

Click to view / download Central Excise Circular

Date : 17/01/2019

 

CBIC - Customs Notification issued on 10/01/2019

Seeks to remove pre-import condition and include specified deemed export supplies for exemption from integrated tax and Compensation cess for materials imported against Advance Authorizations and Advance Authorizations for Annual Requirement

Click to view / download Customs Notification

Date : 14/01/2019

GST Council Meeting - January 10, 2019

The GST Council has in the meeting held on January 10, 2019 increased the threshold for registration, enhanced turnover limit for composition and recommended composition scheme for service providers.

Here are the highlights.

  Service providers and those rendering mixed supplies of goods and services with a turnover up to Rs. 50 lakh can opt for composition scheme. The composition rate for service providers shall be 6%.

  For currently registered composition dealers, the threshold has been increased from Rs. 1 Crore to Rs. 1.5 Crore, with effect from April 1, 2019.

  Taxable persons opting for composition scheme to file one annual return. However tax is to be paid quarterly.

  Effective April 1, 2019, the threshold exemption is enhanced to annual turnover of Rs. 40 lakh from Rs.20 lakhs. In special category States where the present threshold is the annual turnover of Rs. 10 lakhs is enhanced to Rs. 20 lakhs.

The threshold applies only to taxable persons who do not effect inter-state supply. The States will have the discretion to opt up or opt down the exemption limit. They will have to inform the Secretariat within a week if they wish changes in their exemption limit.

  State of Kerala allowed to impose maximum 1 per cent cess on intra-state supply of Goods and Services for a period of upto 2 years.

  The GST Council has formed two Group of Ministers to study GST on real estate and uniformity of taxation on lottery and other issues arising out of lottery

Click to view / download Press Release

Image Courtesy : Zeebusiness
Date : 10/01/2019

CBIC - Circular issued on 02/01/2019

Central Goods and Services Tax (Amendment) Act, 2018- Clarification regarding section 140(1) of the CGST Act, 2017-reg.

Click to view / download Circular

Date : 03/01/2019

CBIC - Circular issued on 01/01/2019

S.No.

Circular No.

Date

Subject

1.

82/01/2019-GST

01/01/2019

Applicability of GST on various programmes conducted by the Indian Institutes of Managements (IIMs).

2.

83/02/2019-GST

01/01/2019

Applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC).

3.

84/03/2019-GST

01/01/2019

Clarification on issue of classification of service of printing of pictures covered under 998386.

4.

85/03/2019-GST

01/01/2019

Clarification on GST rate applicable on supply of food and beverage services by educational institution.

5.

86/04/2019-GST

01/01/2019

GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company.

Click to view / download Circular

Date : 02/01/2019

CBIC - Central Tax (Rate) Notification issued on 31/12/2018

 

S.No.

Notification No.

Date

Subject

1.

24/2018-Central Tax (Rate)

31/12/2018

Seeks to further amend notification No. 1/2017-Central Tax (Rate) dated 28.06.2017 to change GST rates on goods as per recommendations of the GST Council in its 31st meeting.

2.

25/2018-Central Tax (Rate)

31/12/2018

Seeks to further amend notification No. 2/2017-Central Tax (Rate) dated 28.06.2017 to exempt GST on goods as per recommendations of the GST Council in its 31st meeting.

3.

26/2018-Central Tax (Rate)

31/12/2018

seeks to exempt central tax on supply of gold by nominated agencies to registered persons.

4.

27/2018-Central Tax (Rate)

31/12/2018

Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

5.

28/2018-Central Tax (Rate)

31/12/2018

Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

6.

29/2018-Central Tax (Rate)

31/12/2018

Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

7.

30/2018-Central Tax (Rate)

31/12/2018

Seeks to insert explanation in an item in notification No. 11/2017 – Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017.

CBIC - Central Tax Notification issued on 31/12/2018

S.No.

Notification No.

Date

Subject

1.

67/2018-Central Tax

31/12/2018

Seeks to extend the time period specified in notification No. 31/2018-CT dated 06.08.2018 for availing the special procedure for completing migration of taxpayers who received provisional IDs but could not complete the migration process.

2.

68/2018-Central Tax

31/12/2018

Seeks to extend the time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers.

3.

69/2018-Central Tax

31/12/2018

Seeks to extend the time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers.

4.

70/2018-Central Tax

31/12/2018

Seeks to extend the time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers.

5.

71/2018-Central Tax

31/12/2018

Seeks to extend the time limit for furnishing the details of outward supplies in FORM GSTR-1 for the newly migrated taxpayers.

6.

72/2018-Central Tax

31/12/2018

Seeks to extend the time limit for furnishing the details of outward supplies in FORM GSTR-1 for the newly migrated taxpayers.

7.

73/2018-Central Tax

31/12/2018

Seeks to exempt supplies made by Government Departments and PSUs to other Government Departments and vice-versa from TDS.

8.

74/2018-Central Tax

31/12/2018

Fourteenth amendment to the CGST Rules, 2017.

9.

75/2018-Central Tax

31/12/2018

Seeks to fully waive the amount of late fees leviable on account of delayed furnishing of FORM GSTR-1 for the period July, 2017 to September, 2018 in specified cases.

10.

76/2018-Central Tax

31/12/2018

Seeks to specify the late fee payable for delayed filing of FORM GSTR-3B and fully waive the amount of late fees leviable on account of delayed furnishing of FORM GSTR-3B for the period July, 2017 to September, 2018 in specified cases.

11.

77/2018-Central Tax

31/12/2018

Seeks to fully waive the amount of late fees leviable on account of delayed furnishing of FORM GSTR-4 for the period July, 2017 to September, 2018.

12.

78/2018-Central Tax

31/12/2018

Seeks to extend the due date for furnishing FORM ITC-04 for the period from July, 2017 to December, 2018 till 31.03.2019.

13.

79/2018-Central Tax

31/12/2018

Seeks to amend notification No. 2/2017 - Central Taxes dated 19.06.2017.

CBIC - Integrated Tax (Rate) Notification issued on 31/12/2018

S.No.

Notification No.

Date

Subject

1.

25/2018-Integrated Tax (Rate)

31/12/2018

Seeks to further amend notification No. 1/2017-Integrated Tax (Rate) dated 28.06.2017 to change GST rates on goods as per recommendations of the GST Council in its 31st meeting.

2.

26/2018-Integrated Tax (Rate)

31/12/2018

Seeks to further amend notification No. 2/2017-Integrated Tax (Rate) dated 28.06.2017 to exempt GST on goods as per recommendations of the GST Council in its 31st meeting.

3.

27/2018-Integrated Tax (Rate)

31/12/2018

seeks to exempt integrated tax on supply of gold by nominated agencies to registered persons.

4.

28/2018-Integrated Tax (Rate)

31/12/2018

Seeks to amend notification No. 8/2017- Integrated Tax (Rate) so as to notify IGST rates of various services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

5.

29/2018-Integrated Tax (Rate)

31/12/2018

Seeks to amend notification No. 9/2017- Integrated Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

6.

30/2018-Integrated Tax (Rate)

31/12/2018

Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

7.

31/2018-Integrated Tax (Rate)

31/12/2018

seeks to insert explanation in an item in notification No. 8/2017 – Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017.

CBIC - Integrated Tax Notification issued on 31/12/2018

S.No.

Notification No.

Date

Subject

1.

04/2018-Integrated Tax

31/12/2018

Seeks to amend the IGST Rules, 2017 so as to notify the rules for determination of place of supply in case of inter-State supply under sections 10(2), 12(3), 12(7), 12(11) and 13(7) of the IGST Act, 2017.

CBIC - Union Territory tax (Rate) Notification issued on 31/12/2018

S.No.

Notification No.

Date

Subject

1.

24/2018-Union Territory Tax (Rate)

31/12/2018

Seeks to further amend notification No. 1/2017-Union Territory Tax (Rate) dated 28.06.2017 to change GST rates on goods as per recommendations of the GST Council in its 31st meeting.

2.

25/2018-Union Territory Tax (Rate)

31/12/2018

Seeks to further amend notification No. 2/2017-Union Territory Tax (Rate) dated 28.06.2017 to exempt GST on goods as per recommendations of the GST Council in its 31st meeting.

3.

26/2018-Union Territory Tax (Rate)

31/12/2018

Union Territory Tax (Rate)-seeks to exempt Union Territory tax on supply of gold by nominated agencies to registered persons.

4.

27/2018-Union Territory (Rate)

31/12/2018

Seeks to amend notification No. 11/2017- Union Territory Tax (Rate) so as to notify UTGST rates of various services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

5.

28/2018-Union Territory (Rate)

31/12/2018

Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

6.

29/2018-Union Territory (Rate)

31/12/2018

Seeks to amend notification No. 13/2017- Union Territory Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council in its 31st meeting held on 22.12.2018.

7.

30/2018-Union Territory (Rate)

31/12/2018

Seeks to insert explanation in an item in notification No. 11/2017 – Union Territory Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017.

Click to view / download Notification

CBIC - Circular & Order issued on 31/12/2018

S.No.

Circular No.

Date

Subject

1.

76/50/2018-GST

31/12/2018

Clarification on certain issues (sale by government departments to unregistered person; leviability of penalty under section 73(11) of the CGST Act; rate of tax in case of debit notes / credit notes issued under section 142(2) of the CGST Act; applicability of notification No. 50/2018-Central Tax; valuation methodology in case of TCS under Income Tax Act and definition of owner of goods) related to GST

2.

77/51/2018-GST

31/12/2018

Denial of composition option by tax authorities and effective date thereof.

3.

78/52/2018-GST

31/12/2018

Clarification on export of services under GST.

4.

79/53/2018-GST

31/12/2018

Clarification on refund related issues.

5.

80/54/2018-GST

31/12/2018

Clarification regarding GST rates & classification (goods).

6.

81/55/2018-GST

31/12/2018

seeks to clarify GST rate for Sprinkler and Drip irrigation System including laterals.

7.

Order No. 2/2018 - Central Tax

31/12/2018

Seeks to extend the due date for availing ITC on the invoices or debit notes relating to such invoices issued during the FY 2017-18.

8.

Order No. 3/2018 - Central Tax

31/12/2018

Seeks to amend Removal of Difficulty Order No. 1/2018 dated 11.12.2018 so as to extend the due date for furnishing of annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the FY 2017-2018 till 30.06.2019.

9.

Order No. 4/2018 - Central Tax

31/12/2018

Seeks to extend the due date for furnishing the statement in FORM GSTR-8 by e-commerce companies for the months of October to December, 2018 till 31.01.2019.

Click to view / download Circular & Order

Date : 01/01/2019

CBIC - Circular issued on 27/12/2018

Guidelines for processing of applications for financial assistance under the Central Sector Scheme named ‘Seva Bhoj Yojna’ of the Ministry of Culture – Reg.

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CBIC - Press Release issued on 26/12/2018

NACIN,Bengaluru: Swachhta & Sustainability in Thought, Words & Action.

Click to view / download Press Release

Date : 28/12/2018

 

GST Council Meeting  - December 22, 2018

The GST Council has in the meeting held on December 22, 2018 reduced / rationalized the rate of tax on certain goods and services and recommended certain changes in policy / procedures.

Here are the highlights.

I. GST rate reduction on goods

The GST Council approved revision of rates on several commodities.

Reduced to 18% from 28% :

  Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483.

  Monitors and TVs of upto screen size of 32 inches.

  Re-treaded or used pneumatic tyres of rubber;

  Power banks of lithium ion batteries. Lithium ion batteries are already at 18%. This will bring parity in GST rate of power bank and lithium ion battery.

  Digital cameras and video camera recorders.

  Video game consoles and other games and sports requisites falling under HS code 9504.

Reduced to 5% from 28% :

  Parts and accessories for the carriages for disabled persons.

Reduced to 12% from 18% :

  Cork roughly squared or debagged

  Articles of natural cork

  Agglomerated cork

Reduced to 5% from 18% :

  Marble Rubble.

Reduced to 5% from 12% :

  Natural cork

  Walking Stick

  Fly ash Blocks.

Reduced to Nil from 12% :

  Music Books

Reduced to Nil from 5% :

  Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container

  Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption.

GST on solar power generating plant and other renewable energy plants:

  70% of the gross value shall be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate.

Reduction in GST rates/exemptions on services:

  GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%.

  GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%.

  Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted.

  Air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the Government of India under bilateral arrangements shall attract the same rate of GST as applicable to similar flights in Economy class (i.e. 5% with ITC of input services).

II. Recommendations

(a) Policy / Procedures:

  A single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities.

  Single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis.

  The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.

  Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B &FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019.

  Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills.

  Changes made by CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 and the corresponding changes in SGST Acts would be notified w.e.f. 01.02.2019.

  The due date for the taxpayers who did not file the complete FORM GST REG-26 but received only a Provisional ID (PID) till 31.12.2017 for furnishing the requisite details to the jurisdictional nodal officer shall be extended till 31.01.2019. Also, the due date for furnishing FORM GSTR-3B and FORM GSTR-1 for the period July, 2017 to February, 2019/quarters July, 2017 to December, 2018 by such taxpayers shall be extended till 31.03.2019.

III. Due Date Extensions

(a) Returns:

S.No.

Form

Period

Extended Upto

1.

GSTR-9 / 9A / 9C

2017-18

30/06/2019

2.

GSTR - 8

Oct, Nov and Dec 2018

31/01/2019

3.

GST ITC 04

Jul 2017 to Dec 2018

31/03/2019

(b) Availment of ITC relating to FY 2017-18:

  ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March, 2019, subject to specified conditions.

IV. Form GSTR-9 and 9C Amendments / Clarifications

  Amendment of headings in the forms to specify that the return in FORM GSTR-9 &FORM GSTR-9A would be in respect of supplies etc. ‘made during the year’ and not ‘as declared in returns filed during the year’;

  All invoices pertaining to previous FY (irrespective of month in which such invoice is reported in FORM GSTR-1) would be auto-populated in Table 8A of FORM GSTR-9;

  Value of “non-GST supply” shall also include the value of “no supply” and may be reported in Table 5D, 5E and 5F of FORM GSTR-9;

  Verification by taxpayer who is uploading reconciliation statement would be included in FORM GSTR-9C.

  All returns in FORM GSTR-1&FORM GSTR-3B have to be filed before filing of FORM GSTR-9 & FORM GSTR-9C;

  All returns in FORM GSTR-4 have to be filed before filing of FORM GSTR-9A;

  HSN code may be declared only for those inward supplies whose value independently accounts for 10% or more of the total value of inward supplies;

  Additional payments, if any, required to be paid can be done through FORM GST DRC- 03 only in cash;

V. In principle approval for amendments in GST Acts

  Creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal With cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.

  Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.

Click to download / view the following press release

GST Council Meeting 22/12/2018 - Press Release on Goods Rate Changes / Clarification

GST Council Meeting 22/12/2018 - Press Release on Services Rate Changes / Clarification

GST Council Meeting 22/12/2018 - Press Release on Policy Recommendations

GST Council Meeting 22/12/2018 - Press Release on in Principle Approval to Amendments in GST Acts

GST Council Meeting 22/12/2018 - Press Release on Issues Referred to GOMS / Various Committees

GST Council Meeting 22/12/2018 - Press Release on Formation of GoM

Image Courtesy : NDTV
Date : 22/12/2018

GST - Due date for filing of GSTR 9, 9-A and 9C extended till 31st March 2019

The due date for filing of Annual Return in Form GSTR-9, 9-A (for Composition dealers) and audit report in Form GSTR-9C has been extended till 31/03/2019 vide press release dated 07/12/2018. The requisite FORMs shall be made available on the GST common portal shortly. Formal Notification / Orders is being issued.

Click to view / download Press Release

Date : 08/12/2018