Dec 152017
 

As per the provisions of the GST Act, for claiming the deemed credit of tax in respect of Stocks held by the GST tax payers as on 30th June 2017, filing of Tran – 1 is mandatory.

After filing the Tran  – 1, the tax credit in respect of Stocks for which duty paid invoices were available , was given immediately and the tax credit in respect of goods for which duty paid invoices were not available has to be claimed by filing Form Tran – 2.

The Tran -2 filing has to be done on a monthly basis providing the details of the sale of stocks on a monthly basis for the months from Jul 2017 to Dec 2017.

The said filing of Tran – 2 was not enabled in the GST portal till now. From today, the filing of Tran-2 has been enabled.

In view of the above, the deemed credit in respect of stocks without duty paid invoices can be claimed now by filing Tran – 2 in the GST portal.

For filing the Tran – 2 in GST  portal ,

Login to www.gst.gov.in

Go to Service Tab-> Returns -> Transition Forms -> Select the Tran 2 Tab

Source :- www.gst.gov.in

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Dec 082017
 

As per Section 139 AA of the Income-tax Act,1961 , all the taxpayers are mandatorily required to link their PAN with their Aadhaar Numbers. The earlier due date was 31st August 2017, which was extended to 31st December 2017.

In view of the representations received and also on account of the difficulties faced by the taxpayers, the time limit for linking of PAN and Aadhaar has been further extended upto 31st March 2018.

The relevant press release of the CBDT dtd 08th December is reproduced below :-

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Ministry of Finance08-December, 2017 12:21 IST

CBDT extends date till 31.3.18 for linking of Aadhaar with PAN

Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced by some of the taxpayers in the process, the date for linking of Aadhaar with PAN was initially extended till 31st August, 2017 which was further extended upto 31st December, 2017.

It has come to notice that some of the taxpayers have not yet completed the linking of PAN with Aadhaar. Therefore, to facilitate the process of linking, it has been decided to further extend the time for linking of Aadhaar with PAN till 31.03.2018.

*****
DSM/SBS
(Release ID :174189)

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Dec 022017
 

The GST regime has brought many new concepts for making payment of appropriate GST dues. In the initial stages, it was confusing for most of the taxpayers to identify the correct head for the payment and in many instances, the taxes were remitted to inappropriate heads. For Example, the amount to be filled in SGST would have been filled in either CGST , IGST, Cess, Fees etc., This will be noticed by most of the tax payers only at the time of carrying out the set off of taxes, wherein they will notice that the amount was paid in inappropriate head.

The amount thus paid will lie in the Cash ledger of the taxpayers. The refund mechanism for the same was not operational in the GST portal till date. Now the GST portal has enabled those refund claims. Now you can file a refund application in the portal.

Follow the procedure as mentioned below to claim the refund of the excess amount lying in the Cash Ledger , in wrong accounts.

Step 1                                   :-             Visit the GST portal – www.gst.gov.in

Step 2                                   :-             Go to Services Tab

Step 3                                   :-             Select Refund option

Step 4                                   :-             Select the “Application for Refund” from the sub menu

Step 5                                   :-             Select “Refund of Excess in Electronic Cash Ledger” from the

available options

Step 6                                   :-             Now the portal will display the “Balance available in Cash ledger”

under various heads

Step 7                                   :-             Now in the box below “Refund claimed (in INR)” , fill the relevant

head for which you want the refund

Step 8                                   :-             Select the Account number to which the refund to be credited.

Please note that the bank account number will be automatically

filled based on your Profile.

Step 9                                   :-             Save & Submit the form using either Digital Signature or OTP.

On submission, you will be allotted an ARN for the refund claim and the status of the same can be checked from the link “Track application Status”

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Nov 302017
 

The following are the statutory obligations for the month of December 2017

ActCompliance
Due Date
GST
GSTR 3B Return filing for the month of November 201720-12-2017
GST
GSTR 1(Jul-Sep) filing for Taxpayers with Less than 1.5 Crores turnover31-12-2017
GST
GSTR 1 (For Jul,Aug & Sep 17) filing for taxpayers with more than 1.5 Crores Turnover31-12-2017
GST
GSTR 4 (Jul-Sep 17) Return for compounding dealers24-12-2017
GST
Tran - 1 form for claiming the Transition Credit27-12-2017
Income-taxDeposit of TDS deducted during the month of November 2017
Click Here for Payment
07-12-2017
Income-taxAdvance Tax 3rd InstalmentClick here for payment 15-12-2017
TNVATSubmission of Form WW TNVAT Audit Report for the year 2016-1731-12-2017
ESIESI Payment for the month of November 201715-12-2017
PFPF Payment for the month of November 201715-12-2017

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Nov 272017
 

The Introduction of GST has reduced the compliance burden of the assessees who had registered with Excise/VAT/Service tax and the record maintenance requirement for these statutes were different. After introduction of GST, the requirement of maintenance of Accounts and records have been notified by the Act making it simpler for the tax payers to comply with the same. In this article we have tried to summarise the various requirements under GST with regard to Accounts and Records.

Who are required to maintain Accounts and records in GST?

As per Section 35 of the CGST Act, every registered person shall keep and maintain Accounts and records.

Where should the Accounts and records be maintained?

A true and correct account shall be maintained at the principal place of business, as mentioned in the certificate of registration.

What if there are more than one place in the Registration Certificate ?

In case, more than one place of business is mentioned in the Certificate of Registration, the accounts of each of the place of businesses shall be maintained at such places of business.

In what form the accounts be maintained?

The tax payer can maintain accounts and records either in Manual form or electronic form. However each volume of books of account maintained manually by the registered person shall be serially numbered

What are the accounts and records to be maintained ?

Every registered person shall maintain the following accounts and records :-

(a) accounts of stock in respect of goods received and supplied; and such account shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and balance of stock including raw materials, finished goods, scrap and wastage thereof

(b) a separate account of advances received, paid and adjustments made thereto

(c) an account containing the details of tax payable, tax collected and paid, input tax, input tax credit claimed together with a register of tax invoice, credit note, debit note, delivery challan issued or received during any tax period

(d) names and complete addresses of suppliers from whom goods or services chargeable to tax under the Act, have been received

(e) names and complete addresses of the persons to whom supplies have been made

(f) the complete addresses of the premises where the goods are stored including goods stored during transit along with the particulars of the stock stored therein

(g) monthly production accounts showing the quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof

(h) accounts showing the quantitative details of goods used in the provision of services, details of input services utilised and the services supplied

(i) separate accounts for works contract showing –

• the names and addresses of the persons on whose behalf the works contract is executed

• description, value and quantity (wherever applicable) of goods or services received for the execution of works contract

• description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract

• the details of payment received in respect of each works contract and

• the names and addresses of suppliers from whom he has received goods or services

CAN WE CORRECT THE ENTRIES IN THE ACCOUNTS AND RECORDS ?

Any entry in registers, accounts and documents shall not be erased, effaced or overwritten and all incorrect entries, other than those of clerical nature, shall be scored out under attestation and thereafter the correct entry shall be recorded

WHAT ABOUT CORRECTION OF ACCOUNTS AND RECORDS IN ELECTRONIC FORM?

where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained.

WHATS THE PERIOD FOR PRESERVATION OF ACCOUNTS ?

All accounts maintained together with all invoices, bills of supply, credit and debit notes, and delivery challans relating to stocks, deliveries, inward supply and outward supply shall be preserved for seventy two months (six years) from the due date of furnishing of annual return for the year pertaining to such accounts and records and shall be kept at every related place of business mentioned in the certificate of registration.

IS THERE ANY SPECIAL REQUIREMENT FOR ELECTRONIC MAINTENANCE OF ACCOUNTS ?

The following requirements have been prescribed for maintenance of records in electronic form.

• Proper electronic back-up of records

• Produce, on demand, the relevant records or documents, duly authenticated, in hard copy or in any electronically readable format

Click here to send your enquiries (or) use the form below to send your enquiries.

 

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Nov 252017
 

The rates of GST for goods are undergoing changes frequently by way of various notifications.

Hence there is a need for an updated list of GST Rate on goods as amended.

The below table summarises the updated GST rates for Goods as on 15th Nov 2017.

Source :- www.cbec.gov.in

Download (PDF, Unknown)

 

 

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Aug 052017
 

Under the newly introduced GST regime, the GST Assessee having turnover less than Rs. 75 Lakhs can opt for paying GST under Composition Scheme. There are confusions about whether to go for composition scheme or Regular ITC method in GST. The tool below will help you in taking a decision as to whether to opt for Composition scheme or regular scheme. All you need is only the GST rate of your product and the Profit margin on your products. This tool will give you the result – Whether to select Regular Scheme or Composition scheme.

Click here to download the excel tool.

Download (XLSX, Unknown)

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Jul 282017
 

The Central Government has notified Central GST (Fourth amendment) Rules 2017.

As per the above amendment, the following are the latest amendments in GST

  • Earlier, the last date for migration of the persons registered under existing law (VAT/Service Tax/Excise) was 30 days from the roll out of GST. This date has been extended upto 30th September 2017 as per this notification.
  • It further amends the rate of exchange (in case of foreign exchange) of curreny other than Indian Rupees, for determination of value

The relevant notification is produced below :

Download (PDF, Unknown)

 

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Movement of goods under GST

 GST  Comments Off on Movement of goods under GST
Jun 082017
 

Under the present VAT Regime, different states follow different rules and forms for movement of goods within the respective states and also for Inter state movement of goods. The compliance requirements under the present VAT regime has many restrictions and different procedural formalities to be completed for movement of goods.

The movement of goods under the GST regime is expected to be less cumbersome and assessee friendly. The  CBEC has released electronic way bill rules prescribing rules and regulations for movement of goods.

The various aspects of e-way bill under GST regime are discussed below.

What is an e-way bill?

E-way bill is an electronic document created for movement of goods

When is a e-way bill mandatory?

When there is a movement of goods of value more than Rs. 50000 by a registered person , e way bill is mandatory. The movement of goods may be for supply of goods, return of goods or for supply from a unregistered person

How to generate a e way bill?

The registered supplier or the recipient In case of supply from unregistered person, can generate e way bill electronically through GSTN portal in Form INS-01.

What is the validity of the e way bill?

The eway bill , once generated will be valid for 1,3,5,10 or 15 days from the date of generation of the same , depending on the distance the goods have to be transported.

Can a e way bill once generated be cancelled?

When an e way bill is generated , but the goods are either not being transported or  the details as furnished in the generated bill are different, the e way bill can be generated within a period of 24 hours of generation of the e way bill.

What is the validity of the e way bill?

The validity of the e way bill is based on the distance

Distance                                                              Validity period (days)

Less than 100 kms                                            1

100 km or more less than 300 kms            3

300 km or more less than 500 kms            5

500 km or more less than 1000 kms          10

1000 kms or more                                            15

The commissioner may extend the validity period of the e way bill for certain categories of goods as may be specified.

Time limit for acceptance of e way bill

Once the details of the e way bill generated shall be made available to the recipient, if registered , on the common portal, who shall communicate his acceptance or rejection of the consignment covered by the e way bill, within 72 hours of the details being made available to him on the common portal.

What happens if the recipient doesnt confirm the acceptance within 72 hours?

If the same is not accepted or rejected by the recipient within 72 hours, it is deemed to be accepted the details as uploaded through e-way bill.

Send your queries/feedback below.

Send your feedback/query/comments here

 

 

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