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|
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|
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 :
|Month||GSTR 1 due date||GSTR 3B due date|
|Apr 2018||31st May 2018||20th May 2018|
|May 2018||10th June 2018||20th June 2018|
|June 2018||10th Jul 2018||20th 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 :
|Quarter||GSTR 1 due date|
|April-June 2018||31st July 2018|
For all registered persons, the due date for filing GSTR 3B is as follows :-
|Month||GSTR 3B due date|
|April 2018||20th May 2018|
|May 2018||20th June 2018|
|June 2018||20th July 2018|
The relevant notifications are reproduced below
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
The following are the statutory obligations for the month of April 2018
|GST||GSTR 1 (For Feb 18) filing for taxpayers with more than 1.5 Crores Turnover||10-04-2018|
|ESI||ESI Payment for the month of March 2018||15-04-2018|
|PF||PF Payment for the month of March 2018||15-04-2018|
|GST||GSTR 4 (For assessee's opted for Compounding Scheme) - Jan-Mar 2018||18-04-2018|
|GST||GSTR 3B Return filing for the month of March 2018||20-04-2018|
|GST||GSTR 1(Jan-Mar 2017) filing for Taxpayers with Less than 1.5 Crores turnover||30-04-2018|
|Income-tax||Deposit of TDS deducted during the month of March 2018||30-04-2018|
|Income-tax||Filing of Form 61 containing particulars of Form 60 during the period 1st Oct to 31st March 2018||30-04-2018|
|Income-tax||Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2018.||30-04-2018|
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.