Jan 042018
 

As per proviso to Section 16 (2) of the CGST Act, where the recipient fails to pay the supplier of goods or services or both, the amount due towards the value of supply along with tax payable there on, within a period of 180 days from the date of issue of invoice by the supplier,

– an amount equal to the Input Tax Credit (ITC) availed by the recipient shall be added to his output tax liability, along with interest there on.

This aspect shall be taken care while filing GST returns for the month of December as the Invoices issued before 4th July 2017 should have been cleared by now.

Hence before filing your GST returns for the month of December 2017, you have to thoroughly go through your bill wise outstanding details of your supplier’s accounts.

If any invoice as above is still outstanding, while calculating the Eligible Input Tax Credit for the month of Dec 2017 , you have to reverse the Input tax credit in respect of the invoices that are outstanding for 180 days or more.

Apart from the above, Interest @ 18% p.a. has to be paid on such input tax credit reversed from the date of availing the ITC till the date of reversal.

Also note that the ITC is reversible even though the payment is made partly.

Jan 042018
 

Step by Step guide for filing Form GST TRAN 2 form
Prequisite:TRAN 2 can be filed only if TRAN-1 and GSTR 3B of the relevant tax period is filed.

Step1.Navigate to the TRAN 2 page of the desired tax period after logging in , Select the < Financial Year> and < Month>

Step2.Table 4 of TRAN 2 would be enabled if records were declared in Table-7(a) (7B) of TRAN 1 and Table 5 would be enabled if records were declared in Table-7(d) of TRAN 1.

Step3.Enter details of opening stock in Table 4 and Table 5 as declared in TRAN 1. Please ensure that all the HSN/goods are declared in TRAN 2, in the opening balance in the month of July, 2017, irrespective of the fact that these have been sold or not in the first i.e. July, 2017 tax period.

Step4.Declare the details of sold goods from such stock in the first tax period and the Central/State and integrated tax paid on those goods and compute the ITC allowed and state this value in the applicable tables. ITC allowed should be less than or equal to (=) 60% of Central Tax or 30% of Integrated Tax.

Step5.While filing Tran 2 of subsequent tax periods, the tax payer has to only declare the details of goods supplied/sold and the tax paid and ITC allowed. The opening stock gets auto-populated from the earlier tax period closing stock. And the closing sock is auto computed from the opening stock and the supplied quantity in the tax period.

Step6.Save after entering each record in tables of TRAN 2.

Step7.After entering all the records click “Preview” to download the pdf with draft summary values of TRAN 2. Verify the correctness of the entered data. If satisfied click “Submit” to freeze your declaration. Please verify thoroughly before submitting.

Step8.Download the summary of your submitted TRAN 2 for your record by clicking on “Preview” again.

Step9.Click on file with DSC or EVC and select the authorized signatory to file TRAN 2 for the tax period.

Step10.After successful filing the message and email with the ARN number will be sent to the taxpayer.

Step11.The claimed ITC of central and state tax would be reflected in the ITC ledger of the taxpayer after filing of TRAN 2. It has to be noted that the ledger entries get posted after filing of TRAN 2 and not “Submit” (as is/was the case in TRAN 1).

Source :- www.gst.gov.in

 

Jan 022018
 

The following are the Statutory obligations for the month of January 2018.

ActComplianceDue Date
GSTGSTR 3B Return filing for the month of December 201720-01-2018
GSTGSTR 1(Jul-Sep) filing for Taxpayers with Less than 1.5 Crores turnover10-01-2018
GSTGSTR 1 (For Jul,Aug ,Sep,Oct & Nov 17) filing for taxpayers with more than 1.5 Crores Turnover10-01-2018
GSTGSTR 4 (For assessee's opted for Compounding Scheme) - Oct-Dec 201718-01-2018
Income-taxDeposit of TDS deducted during the month of December 201707-01-2018
Income-taxFiling of ETDS Return in Form 24Q & 26Q for (Oct-Dec 2017) Quarter 331-01-2018
ESIESI Payment for the month of December 201715-01-2018
PFPF Payment for the month of December 201715-01-2018
Dec 292017
 

The Central Government vide its Notification No 74/2017 Central Tax) dtd 29th Dec 2017 has notified the effective date from which the e-way bill will come into force. As per the notification, the e way bill will come into force from 1st Feb 2018

The relevant notification is provided below

Download (PDF, Unknown)

Dec 292017
 

The Central Government vide its Notification No 73/2017 Central Tax) dtd 29th Dec 2017 has waived the late fees partially, in respect of Filing of GSTR 4 belatedly. The complete details are as under :-

                                                                Late fees

For NIL Returns                                 Rs. 10 Per day (CGST)

For Other returns                            Rs. 25 per day (CGST)

The relevant notification is provided below

Download (PDF, Unknown)

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

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”

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

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.

 

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)

 

 

Contact us @ 91-44-45540180 / 91-91505 75680. 

For Quick Response email :- sridharca@gmail.com

LinkedIn Auto Publish Powered By : XYZScripts.com

Subscribe to our Email alerts for getting regular updates on GST, Income-tax, Corporate Law, Tax Planning, ,Investments, RBI Guidelines, VAT Laws , etc.,

Enter your email address: Delivered by FeedBurner 
Call Us Now
Directions