The much awaited notification for prescribing higher Turnover limit for GST Registration in Tamilnadu has been issued.
As per this notification, Any person who is engaged in exclusive supply of goods and whose aggregate turnover in a financial year does not exceed Rs. 40 lakhs, are exempt from taking Registration under GST.
The benefit of this notification can be availed if the following conditions are satisfied :-
1) You should exclusively deal in Supply of goods. This means if you are a service provider, the existing limit of Rs. 20 Lakhs continues. Works contractors are also not eligible for this benefit since they are service providers.
2) You should deal only within state. If you are doing a inter-state taxable suppply, you are not eligible
3) You should not be a person required to pay tax under Reverse Charge mechanism
4) Existing registered persons who opt to continue their registration will not be covered under this
5) If you are trading in Ice cream and other edible Ice, Pan Masala, Tobacco and manufactured tobacco substitutes.
The extract of the notification is attached herewith.
The CGST notification regarding the same is also attached herewith.
New GST Input Tax Credit (ITC) Set off procedure w.e.f. 01 st Feb 2019.
GST Set off rules changed w.e.f. 01st Feb 2019
The GST Amendment Act has been made applicable w.e.f. 1st Feb 2019. One of the important changes in the GST Amendments is that the manner of set off of Input Tax credit.
Before amendment, the GST was Set off as under :-
|Towards Payment of||First Setoff to||Then Setoff to|
As per the new rules as applicable from 1st Feb 2019, the following will be new set off procedure :-
|Towards Payment of||First Setoff to||Then Setoff to|
In the previous months if you have classified any Invoices as B2C invoice and uploaded the invoices and now if you want to reclassify the same as B2B Invoice with GSTIN details of your customers, the same was not possible till now.
THE GSTN has enabled the option now. You can reclassify your B2C invoices as B2B invoices with GSTIN of your customers as follows :-
As you are aware, as per Section 9(4) of the CGST Act, GST is payable under Reverse Charge basis in respect of inward supplies from unregistered suppliers. This was deferred by notification till 30th of September 2018 earlier. Now another notification has been issued to defer the same till 30th September 2019. In view of the above,no GST under reverse charge basis is payable in respect of inward supplies , as per section 9 (4) .
Kindly note that Reverse charge on Freight Payments (Goods Transport Agency) , Advocate fees, Sitting fees to Directors , which are covered under Section 9(3) are not exempted and GST on these payments shall continue to be paid under Reverse Charge.
The relevant notification is reproduced below :-
As per the latest Notification No 34/2018-Central Tax, the filing of Monthly Summary Return in GSTR 3B shall continue till the month of March 2019 and in view of the same, tax payment shall also be paid while filing the GSTR – 3B . The last date for filing the GSTR-3B is 20th of the succeeding month.
The relevant Notification is reproduced below :-
The CBIC has announced the due dates for filing GSTR-1 returns till the month of March 2019.
As per Notification No 33/2018-Central Tax, the due dates for filing GSTR-1 returns in respect of taxpayers with less than 1.50 crores turnover is as follows :-
|Sl No||Quarter for which details in For GSTR 1 are furnished||Time period for furnishing details in Form GSTR-1|
|1||Jul-September 2018||31st October 2018|
|2||October-December 2018||31st January 2019|
|3||January-March 2019||30th April 2019|
As per Notification No 32/2018-Central Tax , the due dates for filing GSTR-1 returns in respect of tax payers with more than 1.50 Crores turnover is as follows :-
|GSTR for the month of||Due date|
|July 2018||11th Aug 2018|
|Aug 2018||11th Sep 2018|
|Sep 2018||11th Oct 2018|
|Oct 2018||11th Nov 2018|
|Nov 2018||11th Dec 2018|
|Dec 2018||11th Jan 2019|
|Jan 2019||11th Feb 2019|
|Feb 2019||11th Mar 2019|
|Mar 2019||11th Apr 2019|
The following are the various statutory obligations for the month of July 2018
|Income-tax (TDS)||Due date for deposit of Tax deducted at Source (TDS) for the month of June 2018||7th Jul 2018|
|GST||Monthly GSTR 1 return of outward supplies for the month of Jun 2018 (For T/o above 1.5 crores)||10th July 2018|
|PF||Due date for monthly payment of Provident Fund for the month of June 2018||15th July 2018|
|ESI||Due date for monthly payment of ESI for the month of June 2018||15th Jul 2018|
|GST||Quarterly GSTR 4 return filing for the quarter Apr-Jun 2018 for Compounding dealers||18th July 2018|
|GST||Monthly GSTR 3B return filing for the month of June 2018||20th July 2018|
|GST||Quarterly GSTR 1 return of outward supplies for the quarter Apr- Jun 2018 (For T/o below 1.5 crores)||31st Jul 2018|
|Income-tax||Due date for filing Return of Income for the year 2017-18 in respect of Non Audit cases, Salaried employees and Business with Turnover less than 1 crore||31st July 2018|
|Income-tax (TDS)||Quarterly TDS return filing for the Quarter Apr-Jun 2018 (in respect of salary payment and Non salary Payments)||31st July 2018|
The following are the statutory obligations for the month of June 2018
|GST||GSTR 1 - Return filing for the month of May 2018||10th June 2018|
|GST||GSTR 3B - Return filing for the month of May 2018||20th June 2018|
|GST||GST Tran 2||30th June 2018|
|Income-tax||Due date for Deposit of Tax Deducted at Source (TDS) for the month of May 2018||7th June 2018|
|Income-tax||Download & Issue of TDS Certificates for the quarter ended 31st Mar 2018||15th June 2018|
|Income-tax||Advance tax 1st Instalment||15th June 2018|
|Income-tax||Linking of Aadhaar with PAN||30th June 2018|
|Registrar of Companies||Filing of Annual Returns & Balance sheet (After this due date, the penalty will be Rs. 100 per day of default)||30th June 2018|
|EPF||Monthly contribution for the month of May 2018||15th June 2018|
|ESI||Monthly contribution for the month of May 2018||15th June 2018|