GST

UPDATED TOOL FOR GSTR-9 AND 9C WILL BE AVAILABLE BY 17th DEC : GSTN

GSTN has amended its alert message for GSTR-9 and 9C which was originally issued on 28.11.2019, is as under : “Government has made some changes in the forms of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) vide Notification No. 56/2019 dated 14.11.2019. These changes do not impact the current tools required for preparation and filing of …

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ELECTRONIC INVOICING UNDER GST : SUMMARY OF 5 NEW NOTIFICATIONS

Govt. has issued notifications 68/2019 to 72/2019 – Central Tax, Dated 13th December, 2019, which are related to E-Invoicing under GST.  Summary of all these notifications is as mentioned below – Notification No. & Date of issue Subject Summary Notification No. 72/2019-Central Tax ,dt. 13-12-2019 Seeks to notify the class of registered person required to issue …

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GST E-WAY BILL UNDER GST

BLOCKING OF E-WAY BILL FACILITY & VICE VERSA

Blocking of EWB generation facility : Blocking/unblocking of EWB generation facility has been implemented on EWB Portal from 2nd December, 2019. Meaning of blocking : The blocking of E Way Bill generation facility means disabling taxpayer from generating E Way Bill (EWB), in case of non-filing of 2 or more consecutive GSTR 3B Return on GST Portal. …

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EXCEL SHEET FOR CALCULATION OF ITC TO BE CLAIMED AS PER RULE 36(4) (i.e. GSTR-2A BASED ITC RULE)

Extract of Notification No. 49/2019 – CGST, Dated 9th Oct, 2019 Following new sub-rule (4) has been inserted in Rule 36 dealing with conditions for claiming input tax credit: “(4) Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded …

EXCEL SHEET FOR CALCULATION OF ITC TO BE CLAIMED AS PER RULE 36(4) (i.e. GSTR-2A BASED ITC RULE) Read More »

CLARIFICATION REGARDING OPTIONAL FILING OF GSTR-9

Circular No. 124/43/2019 – GST, Dated – 18.11.2019 (1.) Attention is invited to Notification No. 47/2019-Central Tax dated 9th October, 2019 providing for special procedure for those registered persons whose aggregate turnover in a financial year does not exceed two crore rupees and who have not furnished the annual return. (2.) Vide the said notification …

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NEWS OF GSTN SYSTEM NOT FUNCTIONING ON 19th & 20th OCT ARE INCORRECT : GSTN

GSTN statement on filing of GSTR-3B (October 2019) –  Dated 20th Nov. 2019 New Delhi : Certain complaints made yesterday on the social media regarding GSTN system not functioning are incorrect. GSTN assures that the GST Return filing system was working within expected limits. Had it not been so, how more than 11.52 lakh GSTR 3B (October) returns …

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AS THE EXTENDED DUE DATE FOR ANNUAL RETURN (F.Y. 2017-18) IS 31st DEC., YOU HAVE TO KNOW ALL ABOUT THIS

As you all might be aware about the notification issued by the CBIC regarding relaxation in filing of annual GST returns. So many of you might be having some questions in their mind. So I have tried answering some of these questions by way of FAQs. Q. What is GSTR-9 ? Ans. GSTR-9 is an …

AS THE EXTENDED DUE DATE FOR ANNUAL RETURN (F.Y. 2017-18) IS 31st DEC., YOU HAVE TO KNOW ALL ABOUT THIS Read More »

GUJARAT HC ISSUES NOTICE TO GST COUNCIL & GSTN FOR ‘20% ITC RULE IN GST’

The Central Board of Indirect Taxes & Customs (CBIC) tweaked the ITC norms by bringing in a new rule ‘36(4)’ in the Central Goods and Services Tax Rules, 2017 and it was notified on October 9. This section has been challenged in the High Court of Gujarat. After the first hearing, the Court issued notices …

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MAJOR CHANGES IN GSTR-9 AND 9C FOR EASE OF COMPLIANCE

Major Changes in GSTR-9 Suitable amendments for F.Y. 2018-19 wherever there is reference for F.Y. 2017-18 For F.Y. 2018-19, GSTR-2A as on 01.11.2019 will be auto populated. Other simplifications/relaxations for F.Y. 2017-18 & 2018-19 Table Particulars Relaxation 4B to 4E outward taxable supply Option to fill net of credit/debit notes & amendments 5D, 5E & …

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extened due date of income tax and gst

GSTR-9 & 9C MORE SIMPLIFIED AND DUE DATE EXTENDED

The Government has decided today (14.11.2019) to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to 31st December 2019 and for Financial Year 2018-19 to 31st March 2020. The Government has also decided to simplify these forms by making various fields of these …

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OUR REPRESENTATION TO HON’BLE FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR CLAIMING ITC FOR THE F.Y. 2018-19

Ref : TC/19-20/2                                                                                                                Date : 18th October, 2019 To, Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance, Govt. of India & Chairperson – GST Council ; 134, North Block, New Delhi – 110 001 The Office of GST Council Secretariat, 5th Floor, Tower II, Jeevan Bharat Building, Janpath Road ; Connaught Place, New Delhi …

OUR REPRESENTATION TO HON’BLE FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR CLAIMING ITC FOR THE F.Y. 2018-19 Read More »

GST WEEKLY UPDATE

DIFFERENT ASPECTS OF NOTIFICATION NO. 49/2019-CT, DATED 09.10.2019

APPLICABILITY The notification has been published in the official gazette on 09.10.2019 It is an alert for taxpayers who have chosen not to file GSTR-9 for F.Y. 2018-19. They have to claim the accurate provisional ITC in Sep, 2019 return. The CBIC could clarify on the applicable return period for this rule to clear the …

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ELECTRONIC INVOICING IN GST FROM 1st JANUARY, 2020

The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on a voluntary basis. Since there was no standard for e-invoice existing in the country, standard for the same has been finalized after consultation …

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ANALYSIS OF GST NOTIFICATIONS ISSUED BY THE CBIC ON 09th OCT, 2019

Further Changes Pursuant to The 37th GST Council Meeting in GST Law and Rules vide CBIC Central Tax notification No. 44 to 49/2019 dated 9th October 2019. Pursuant to the decisions taken at the 37th GST Council meeting, following changes have been made via issuance of notifications dated 09th October, 2019. A. DUE DATES FOR MAKING THE …

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A COMPLETE GUIDE TO INPUT TAX CREDIT (ITC) UNDER GST

What is Input Tax Credit (ITC) :ITC means deducting the tax paid on Inputs and Inputs Services from the tax payable on final output. What are the conditions for claiming ITC (Section-16) :There are flat twelve conditions for claiming input tax credit under GST law. All the twelve must necessarily be satisfied for claiming input …

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OUTCOME OF 37th GST COUNCIL MEETING HELD ON 20.09.2019

The GST Council, in its 37th meeting held at Goa, recommended the following : Relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under : Waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and Filing of FORM GSTR-9 for those taxpayers, …

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RACKET OF FAKE INVOICES WITHOUT ACTUAL SUPPLY OF GOODS BUSTED IN DELHI

CLICK HERE TO INSTALL OUR APP FOR IT, GST, MCA/ROC UPDATES CGST Delhi West and CGST Delhi North in a joint operation busted a racket of issuance of invoices without actual supply of goods. The taxpayer availed fraudulent Input Tax Credit for seeking IGST Refunds from Customs formations. Investigations revealed a novel modus operandi wherein …

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GENERAL PROVISIONS IN CASE OF DETERMINATION OF TAX (SECTION 75 OF CGST ACT)

Exclusion of stay period in case which is stayed by court or tribunal for purpose for caluclating time limit for passing order u/s 73 or 74 In case of notice issued u/s 74 for fraud cases but for such fraud cases could not be estabilshed then PO will proceed u/s 73 by deeming to be …

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SECTION 17 OF CGST ACT AMENDED IN ORDER TO FURTHER EXPAND THE ELIGIBILITY OF INPUT TAX CREDIT (ITC)

In this article, we will discuss the latest amendments in section 17 of CGST Act, 2017 (Apportionment of credit and blocked credit). Newly inserted explanation to Section 17(3) : ‘Explanation.—For the purposes of this sub-section, the expression ‘‘value of exempt supply’’ shall not include the value of activities or transactions specified in Schedule III, except …

SECTION 17 OF CGST ACT AMENDED IN ORDER TO FURTHER EXPAND THE ELIGIBILITY OF INPUT TAX CREDIT (ITC) Read More »

LAST CHANCE FOR AVAILING ITC AND RECTIFICATION OF ANY ERRORS/OMISSION IN DISCLOSURES MADE IN THE RETURNS RELATING TO F.Y. 2018-19

Most of us are busy in F.Y. 17-18 itself. However we may miss the bus for compliance for F.Y. 18-19 It would be important to note the following important due dates for the F.Y. 2018-19 :- (A) In terms of section 16(4) of the CGST Act, 2017, the due date for availing input tax credit …

LAST CHANCE FOR AVAILING ITC AND RECTIFICATION OF ANY ERRORS/OMISSION IN DISCLOSURES MADE IN THE RETURNS RELATING TO F.Y. 2018-19 Read More »

PROVISIONS OF CGST ACT, 2017 APPLICABLE TO E-COMMERCE OPERATOR AT A GLANCE

E-commerce Operator : E-commerce operator who is liable to collect only TCS, then registration is mandatory ; otherwise threshold limit is applicable. Eg : Titan selling own watches in his own website. He is qualified as a E-Commerce operator as per amended provisions. If he is not liable to collect TCS then registration u/s 24(x) …

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GUJARAT HC GRANTED INTERIM RELIEF IN WRIT CHALLENGING LATE FEE FOR DELAYED FILING OF GSTR-3B

Synopsis : The Hon’ble Gujarat High Court in the matter of AAP & Co. vs Union of India has grants interim relief in writ challenging imposition of late fees for late filing of GSTR-3B under Section 47 of the CGST Act. Facts : M/s AAP & Co. (‘the Petitioner’) filed writ petition before the Hon’ble …

GUJARAT HC GRANTED INTERIM RELIEF IN WRIT CHALLENGING LATE FEE FOR DELAYED FILING OF GSTR-3B Read More »

(CPE) Hours for CAs

ADDITIONAL FAQs ON UDIN ISSUED BY THE ICAI ON 02.09.2019

1. If UDIN could not be generated at the time of signing the Audit Reports Certificates, what steps should I follow? Ans : It is mandatory to generate UDIN while signing the Audit Reports/Certificates/Document. However, if any member is unable to generate UDIN as desired above, it has to be generated within 15 days of …

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GST WEEKLY UPDATE

LIST OF 4 GST NOTIFICATIONS ISSUED BY THE CBIC ON 31.08.2019

Notification 38/2019, Central Tax, Dated 31.08.2019 seeks to waive the liability to furnish the details in Form GST ITC-04 by a registered taxpayer for the period from July, 2017 to March, 2019. Provided that the said persons shall furnish the details of all the challans in respect of goods dispatched to a job worker in …

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“ANOTHER SIDE OF COIN” ON EXTENSION OF DUE DATE FOR ANNUAL RETURN

1st IMPLICATION : DEMAND AND RECOVERY (SECTION 73 AND 74 OF CGST ACT) : Proper officer can issue the order u/s 73 and 74 within 3/5 years of due date of annual return respectively. As the due date of annual return is extended to 30th Nov, 2019 for F.Y. 2017-18, so the department gets the …

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GST E-WAY BILL UNDER GST

NOTIFICATION 36/2019 – CENTRAL TAX, DATED 20.08.2019 TO BARRED THE APPLICABILITY OF RULE 138E

On 20.08.2019 The Ministry of Finance has issued a notification (36/2019), which barred the applicability of rule 138E till 21.11.2019 The words of notification as follows : G.S.R. ….(E)— In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the …

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HOW TO RESOLVE TECHNICAL GLITCHES WHILE UPLOADING GSTR-9C

Arjuna (Fictional Character) : Krishna, GST department has come out with statistics that only 1% of GST Audit Report for the financial year 2017-18 has been filed. As the due date for filing such Audit report is approaching which is 31st August, 2019. Even Government is worried for such statistics of uploading. So, what are …

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OUR REPRESENTATION TO FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR GSTR-9 AND 9C

On 18th Aug, 2019, we have represented Finance Minister and GST Council for extension of due date for GSTR-9 and 9C. We have mentioned relevant problems and issues which have necessitated the extension. The words of Representation are as under : Ref : TC/19-20/1 Date : 18th August, 2019 To, Smt. Nirmala Sitharaman Hon’ble Union …

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HOW TO DEAL WITH NEGATIVE FIGURE IN TABLE-8 OF GSTR-9

This post is about Table-8 of Form GSTR-9, which is attached below : Please see carefully Column 8(A) to 8(D) of this picture and focus on Column 8(D). In general case, you have to pay tax through DRC-03, which is amounting to “Negative figure in column 8(D) of above picture”. But there is a guide …

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