Sep 222018
 

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 :-

How to amend B2C invoices as B2B invoices of previous months.
Aug 112018
 

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 :-

Aug 112018
 

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 :-

Aug 102018
 

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 NoQuarter for which details in For GSTR 1 are furnishedTime period for furnishing details in Form GSTR-1
1Jul-September 201831st October 2018
2October-December 201831st January 2019
3January-March 201930th 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 ofDue date
July 201811th Aug 2018
Aug 201811th Sep 2018
Sep 201811th Oct 2018
Oct 201811th Nov 2018
Nov 201811th Dec 2018
Dec 201811th Jan 2019
Jan 201911th Feb 2019
Feb 201911th Mar 2019
Mar 201911th Apr 2019

Download (PDF, Unknown)

Download (PDF, Unknown)

May 162018
 

As per latest notification issued by the CBDT, there is a small change in the GSTR returns to be filed for the months of Apr 2018 to June 2018.

The Changes are Summarised below :-

For Registered Persons having aggregate turnover exceeding Rs. 1.50 Crores during the preceeding year, the Due dates are as follows :

MonthGSTR 1 due dateGSTR 3B due date
Apr 201831st May 201820th May 2018
May 201810th June 201820th June 2018
June 201810th Jul 201820th Jul 2018

Effectively, for Registered  persons having turnover above 1.50 crores, they have to file their GSTR 1 first and then file GSTR 3B along with payment of GST. This was the initial plan at the time of introduction of GST.

 

For Registered Persons having aggregate turnover less than Rs. 1.50 Crores during the preceeding year, the Due date for filing GSTR 1 is as follows :

QuarterGSTR 1 due date
April-June 201831st July 2018

For all registered persons, the due date for filing GSTR 3B is as follows :-

MonthGSTR 3B due date
April 201820th May 2018
May 201820th June 2018
June 201820th July 2018

 

The relevant notifications are reproduced below

 

Download (PDF, Unknown)

Download (PDF, Unknown)

Download (PDF, Unknown)

 

Apr 232018
 

The e way bill system was implemented for Inter-state supplies all over India and for Intra-state supplies in few of the states.

There were numerous queries with regard to e-way bill generation of Bill to – Ship to transactions. The Government has provided a clarification for the same and the same is reproduced below

Download (PDF, Unknown)

 

Mar 132018
 

The GST Council has made the following announcements as per the recommendations made during the 26th GST council meeting held on 10th March 2018:-

 

i) The e-way bill system will come into force with effect from 1st April 2018 in respect of INTER-STATE TRANSACTIONS (From one State to another State)

 

ii) In respect of Intra-state (Within state) transactions, the e way bill will be applicable in a phased manner, the dates of which will be announced soon. However, such date cannot be later than 1st June 2018. That means before 31st of May 2018, it will be made applicable to intra-state supplies in all states.

 

iii) For the purpose of eway bill generation, value of exempted goods need not be taken into account.

 

iv) Transporting of goods through public conveyance is also covered now. The responsibility to create the E way bill is on the consignor (or) the consignee.

 

v) Railways has been exempted from generation and carrying of e-way bill. But the condition for the same is that the recipient will not be able to take delivery of the goods from the railways unless he produces a eway bill for the same. But the railways is required to carry Invoice (or) Delivery Challan etc.,

 

vi) The time limit for acceptance/rejection of the consignment would be the validity period of the concerned e way bill or 72 hours whichever is earlier.

 

vii) In case of movement of goods for Job-work, the registered job-worker can create an E way bill now.

 

viii) Now the consignor can authorise the transporter, courier agency and e-commerce operator to fill/generate Part A of the E way bill on his behalf.

 

ix) Previously movement of goods from consignor to transporter was allowed upto 10 kms without filling Part B of the e way bill. Now the distance has been increased to 50 Kms. Now the goods can be sent to the transporter without filling Part B , upto 50 kms. In any case, Part A of the E way bill has to be filled and e way bill to be generated.

 

x) Extra validity period has been provided for Over Dimensional Cargo (ODC)

 

xi) Due to exceptional circumstances, if the goods are not transported within the stipulated time, the transporter can now extend the validity of the e way bill.

 

xii) Validity of one day will expire at midnight of the day immediately following the date of generation of e way bill

 

x) Once a conveyance is verified by any tax officer, the same cannot be verified in any other state or Union Territory , except in special cases.

 

xi) In case of movement of goods in respect of “Bill to – Ship to ” transactions, despatch details shall be captured in Part A of the E way bill.

Mar 022018
 

As you are aware, the GST is administered both by the State Governments & Central Governments. As per the decision taken in the GST Council, the Taxpayers will be allocated either to State Government (or) Central Government.

The Tamilnadu Government vide its Order No 1/2018 dtd 28/02/2018 has published the complete details of the allocation of GST taxpayers allocated to Centre and State Government (Tamilnadu)

The notification link is provided below. You can download the respective documents and search for your GSTN to know where your case has been allocated.

Click here for list of Taxpayers allocated to State Government (Tamilnadu) – (This document is 30 MB size maynot display correctly in mobiles, suggest to view in Desktop)

Click here for list of taxpayers allocated to Central Government

Source :- https://ctd.tn.gov.in

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

 

B S Sridhar & Co., Contact us @ 91-44-45540180 / 91-90804 33131. 

For Quick Response email :- sridharca@gmail.com

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