KEY TAKEAWAYS OF GSTR 4 ANNUAL COMPOSITION SCHEME DEALERS 

KEY TAKEAWAYS OF GSTR 4 ANNUAL COMPOSITION SCHEME DEALERS 

www.carajput.com;GST; GSTR-4 due date

www.carajput.com; GST; GSTR-4 due date

  1. What exactly is Form GSTR 4 Annual Return:-Annual GSTR 4 Annual Return for each Financial Year will be submitted by all Composition Taxpayers (w.e.f 01 April 2019). For those taxpayers who have opted for GST Composition Scheme in the new indirect tax regime, the GSTR-4 form is an annual return. Under the GST composition scheme, taxpayers will be required to file one return for each fiscal year only. The taxpayers will also be required to file CMP-08 for the payment in each qtr of the year. The expected date for each CMP-08 filing is the 18th of every succeeding quarter
  2. Who is supposed to file Form GSTR-4 Annual Return: All Composition Dealers who have preferred composition scheme for some time, must file GSTR 4 on a yearly basis from 01.04.2019 on. Both registration composite taxpayers are required to file a tax return. A taxpayer who opts for a Composition Scheme is required to file GSTR-4, except for –Non-resident taxable citizen
    Taxpayers who are eligible to collect TCS
    Distributors of Input Operation
    Taxpayers liable to deduct TDS
    Composing taxable citizen
    OIDAR Suppliers (Online Information and Database Access or Retrieval)
  3. May Nil GSTR 4 Annual report filed: you can register the report of Zero for the financial year if you have:
  • NOT made any outward supply
  • NOT received any goods/services
  • Have NO other liability to report
  • Have filed all Form CMP-08 as Nil
  1. Due date of filing GSTR 4 & GST CMP-08 Payment Form: It must be filed by 31/10/2020 for FY 2019-20 and the due date for GST CMP 08 Due Date for FY 2020-21
Quarterly Period  Timeline Dates
1st Quarter – April to June 2020 18th July 2020
2nd Quarter – July to September 2020 18th October 2020
3rd Quarter – October to December 2020 18th January 2021
4th Quarter – January to March 2021 18th April 2021

 

  • Required to file Form GSTR-4 Annual return: Click on Services-Return-Annual Return-Select FY 2019-20-Search-GSTR 4- File Return to login into your dashboard.
  • Process step to be taken care during the filling of GSTR 4:
  • www.carajput.com;GST GSTR4

    www.carajput.com; GST GSTR4

  • The File key is only activated if:
  • No additional cash is required for liabilities
  • You tapped on the checkbox for the declaration
  • You picked the approved signatory information from the drop-down list
  • The surplus balance paid by GST CMP-08, which is included in the derogatory declaration of responsibility, will also be added to liabilities if any.
  • If the available balance in the electronic cash ledger is less than the amount needed to cover the liabilities, you can directly generate the voucher by clicking on the Build CHALLAN button.
  • Taxes and late payments are drawn up automatically in Table-8, but interest is the feedback of the customer. Liabilities can only be discharged by an automated cash ledger.
  • The inward supply data (from Table 4B, 4C, and 4D for each tax rate) will be auto-drawn in Table-6 only after the Taxpayer has pressed the ‘Continue to register’ button. The balance before that is shown as ‘0’ (zero)
  • After entering outward supply information in Table-6 and pressing the “Proceed to register” button, RCM-based liability is auto-populated from the details provided in Table 4B, 4C, and 4D. Table-6 indicates then the gross tax obligation
  • The taxpayer has to enter the descriptions of the outward supplies in Table-6 (Row 12-16) of GSTR-4 manually.
  • Overview of self-assessed liability is auto-populated on the basis of filed Form CMP-08 in Table-5 of the GSTR-4 Annual Return & is uneditable.
  • The GST amount in Table-4 of GSTR-4 is basically auto calculation made on the input of the values fed in Taxable Value and tax rate fields. However, the GST amount is editable in the table. The CESS shall be paid by the taxpayer.
  • The cumulative revenue is expected to be entered over the last year and if there is no sale or revenue in the last year of the company or if it is not registered, it could be zero.
  • The annual GSTR 4 return submission will be triggered after the taxpayer has completed the filing of all quarters of the CMP-08 for that fiscal year.

Note: Point to be considered while using offline Tool

  1. A few Important points to consider before filing GSTR 4:
  • Form GSTR 4 can be filed only if, all applicable quarterly statements in Form CMP 08 of that financial year, have been filed.
  • Form GSTR-4 Annual Return, once filed, can’t be revised
  • After successfully filing, ARN will be generated and intimated through email and SMS
  • Currently, only the online filing has been enabled on the portal. Shortly, an offline tool to file Form GSTR-4 Annual Return will also be made available.
  1. New updates in Form GSTR 4Current features of GSTR 4 Return Form
  • The GSTR 4 annual return due date has been extended again until 31 October 2020 for the year 2019-20 Read more
  • Let us understand how to create use offline techniques to plan Form GSTR 4 Annual Composition Taxpayer Return. The GST platform has created an offline excel tool for all tax-paying citizens to help them obtain their GSTR 4 annual return form
  • GSTR 4 Returns shall be filed on an annual basis for compounding taxable individuals. The last date of filing of the GSTR-4 (CMP-08) payment form is the 18th of the month following the section. GSTR 4 (CMP-08) returns may be filed on 18 April, 18 July, 18 October, and 18 January, and so on.
  • GSTR – 4 The form is submitted by all taxpayers enrolled under the composition scheme.
  • Business enterprises listed under the composition system would be expected to pay tax at fixed rates on a regular basis without the use of an input tax credit facility.
  • The taxpayer would be allowed to show the overall amount of products purchased over a given time and the tax collected at the composition rate
  1. Annual Return Form GST-4 Available on the GST Server.

    www.carajput.com;GST GSTR4

    www.carajput.com; GST GSTR4

Currently, the GSTN has agreed to encourage residents, assessors, and companies to file GSTR 4 on an annual basis. This has been achieved because of the community’s demand. The form is also available on the site, which further eased the assessment and the taxpayers in identifying and submitting the form as per their approval.

11. Recent Council GST Meeting with regard to for Composition Traders

  • GSTR 4 return is required to be submitted on a quarterly basis instead of on a quarterly basis with the tax paid on a quarterly basis.
  • The GST Council expanded the annual turnover cap to 1.50 Crores, effective from 1 April 2019.
  • GST threshold of 6% relevant to the Composition Scheme for service providers and sales of up to 50 lakh per year
  • Note: The aforementioned changes shall be taken following the official notification of the govt.

12. Does the GSTR 4 be revised?

After filing on the GSTN Site, GSTR-4 can not be updated.

13. Is there a penalty for the late filing of GSTR 4?

A delayed fee of Rs. 200 per day shall be charged if the GSTR-4 is not filed within the due date. The cumulative late fee can not, nevertheless, exceed Rs. 5,000.

14. The basic term normally used in GSTR 4

SAC – Services Accounting Code

B2C – From registered person to unregistered person

UQC – Unit Quantity Code

POS – Place of Supply of Goods and Services

GSTIN – Goods and Services Taxpayer Identification Number

UIN – Unique Identification Number

HSN – Harmonised System of Nomenclature

B2B – From one registered person to another registered person

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

GST: Late fee capped at Rs. 500/- for each GSTR-3B Return

GST: Late fee capped at Rs. 500/- for each GSTR-3B Return and waives off late fee on late GST return filing

www.carajput.com;GST No late Fees

www.carajput.com; GST No late Fees

For each GSTR-3B return, a late fee of Rs. 500/- is capped.

In the perspective of the GST taxpayers’ massive relief the government has chosen to limit, on the basis of the condition that such GSTR-3B reports are filed prior to 30 September 2020, a late maximum fee of Form GSTR-3B to Rs 50/- (only 500) by tax return for the tax period July 2017 to July 2020.

Notice was provided to include zero late fees if no tax liability exists; and if there is any tax liability, the GSTR-3B returns filed by 30 September 2020 will be subject to a maximum late fee of Rs. 500 for such returns.

Thanks to further flexibility in the deferred fee paid for tax periods between May 2020 and July 2020, numerous representations have been issued. In order to clean up past pendency of returns between July 2017 and January 2020, relief has been issued for February 2020 of April 2020 in addition to previously granted. In addition, the design and implementation of a standard late payment are easier on an automated common portal.

The late fee for the return is only limited to Rs. 500/- if it is filed before 30 September 2020.

www.carajput.com;GSTR-4 Late Fees

www.carajput.com; GSTR-4 Late Fees

Summary of Important Due date of July and Aug 2020

 

www.carajput.com; Prosecution in GST

www.carajput.com; Prosecution in GST

Thanks

Rajput Jain & Associates

www.carajput.com

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

GST newest Notifications: summary of CBIC GST Extension Notifications dated 24 June 2020

GST latest Notifications: Analysis of CBIC Notifications on GST extensions dated 24 June 2020

www.carajput.com;GST 40th Council meeting

www.carajput.com; GST 40th Council meeting

Today, CBIC issued various notifications to implement the recommendations of the 40th GST Council meeting as follows: CBIC Notifications signed on 24.06.2020 regarding interest waiver and late fees. On 24 June 2020, the CBIC released multiple notifications of GST. The synopsis of those updates is here.

Notice No. 49/2020 – Central Tax: Implementing some aspects of the Finance Act, 2020

Notification No. 50/2020 – Central Tax: Notification of GST rates for individuals taxable in composition under Rule 7 of the CGST Rules

GSTR-3B-Interest rate waiver: Notification No.51/2020-Central Tax 24.06.2020: To put certain provisions of the Finance Act into force, 2020.

Notification No. 52/2020 – Central Tax: GST waiver for taxpayers who’ve not filed GSTR-3B for tax dates between July 2017 and January 2020 shall be informed as stated earlier at the 40th meeting of the GST Council. In CGST Notification No. 52/2020 dated 24 June 2020, the CBIC notified that between 1 July 2020 and 30 September 2020, Zero GSTR-3B could be filed without a late fee for the above duration. Furthermore, it shall be limited to a maximum of Rs 250 per return per month per act for the remaining taxpayers.

A late fee exemption also moved the last GSTR-1 deadlines from March to June 2020 as of June 30th, 2020. The latest timelines for monthly filing without even a late fee charge will be from March to June 2020, 10th, 24th, 28th July 2020, and 5th August 2020 respectively. The last date for the GSTR-1 quarterly is 17th July and 3rd August 2020 for the quarters January-March 2020 and April-June 2020.

Big taxpayers have not been informed of further extensions for filing GSTR-3B from February to May 2020, with an annual turnover of more than Rs 5 Crore in the previous financial year. Furthermore, no interest should have been paid from the respective due dates of February to April 2020, i.e. 20th of the following month, for the first 15 days respectively. After that, interest at a 9 percent p.a. reduced rate. Any further delay in GST payments would have been imposed till 24 June 2020.

www.carajput.com;GST 40th Council meeting

www.carajput.com; GST 40th Council meeting

Initially, taxpayers with an aggregate annual turnover of up to Rs 5 crore in the last financial year have their due date staggered as 22nd # or 24th # of their next month, depending on the state / UT from which they run their main place of business. For the exception of May 2020, its due date staggered as July 12th # or 14th # # 2020. Furthermore, in the exception, August 2020 also comes with yesterday’s due date extended to 1st # or 3rd # # October 2020.

The CBIC has abolished the taxpayer bifurcation based on the annual sales up to Rs 1.5 crore or between Rs 1.5 crore and Rs 5 crore. Correctly, as per yesterday’s 40th meeting of the GST Council, the late fee and the interest waiver will continue until September 2020

GSTR-1-Late Fees / Penalty Waiver: Notification No.53/2020-Central Tax 24.06.2020: Conditional waiver of late fees for all GSTR 1 registered persons for months/quarters ending March to June 2020, if submitted by the time set.

www.carajput.com;GST 40th Council meeting

www.carajput.com; GST 40th Council meeting

GSTR-3B-Extension of the deadline for Aug 2020: Notification No.54/2020-Central Tax 24.06.2020: extension of the deadline for submission of GSTR 3B to 1/3 October 2020

 

www.carajput.com;GST Relief to small business

www.carajput.com; GST Relief to small business

Summary of Important Due date of July and Aug 2020

Thanks

Rajput Jain & Associates

www.carajput.com

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Latest Indirect Tax Update by the Council on Goods and Services Tax India

Current Indirect Tax Update by the Indian Goods and Services Tax Council

www.carajput.com; GST

www.carajput.com; GST

# CBIC has explained that an application for a refund may be submitted before 30.06.2020 as the duration of two years is between 20.03.2020 and 29.06.2020.

# CBIC has clarified that an application for a letter of undertaking (LUT) for export without payment of tax may be filed for F.Y. until 30.06.2020. 2020–21.

# CBIC has explained that where taxes have been paid in respect of any supply which has been returned / canceled subsequently, the taxpayer may demand the refund in Form GST RFD-01 if there is no corresponding production liability for the adjustment of the Credit Note.

# Form GST PMT-09 is now available on the GST Site, and can be used to transfer cash balances from one tax head to another tax head.

# CBIC instructed FORM GST PMT-09 of the move of balances in Cash Ledger from one head (Tax / Interest / Fee, CGST / SGST / IGST) to another head (Tax / Interest / Fee, CGST / SGST / IGST). The form has been enabled on the GST Portal and can be filed as required.

# 30.06.2020 is the latest due date of GSTR-1 for the months of March, April and May, 20 and Q4 (2019-20) for all taxpayers irrespective of turnover.

# CBIC has instructed that a registered person will be able to file NIL returns in the form GSTR-3B via a sms service using a registered mobile number and must be checked by an OTP obtained on a registered mobile number.

# Established composition Taxable person to file CMP-08 for Q4 (2019-20) by 07.07.2020 instead of 18.04.2020 and file GSTR-4 for FY 2019-20 by 15.07.2020 instead of 30.04.2020.

# 05.05.2020 is the due date for filing GSTR-3B for taxpayers with a cumulative turnover of more than INR 5 crores for the month of March, 20. Note-filing GSTR-3B by the latter date will not grant you an extra expense burden on interest and late fees. However, you will file 9 percent interest and zero late fees over GSTR-3B before 24.06.2020.

# CBIC has notified that GSTR 3B has been verified by the Electronic Verification Code (EVC) during the period from 21.04.2020 to 30.06.2020.

# Budget 2020 revised Section 51 of the GST Act to eliminate the requirement that the tax deductor grants the “GST TDS Certificate.”

Note-To collects the deducted TDS, you need to sign in to the “GST Server” and go to the “Returns-TDS and TCS Credit Earned” page. The moment you submit such a return, the amount of TDS deducted will come in “Electronic Cash Ledger” and, interestingly, the same amount may also be deducted from RCM’s liability.

# Condition of ITC @ 110 percent of eligible ITC in 2A (if available) to be checked “cumulatively” for the months of Feb to Sep, 20 as per CBIC Notification.

THE DUE DATE TO FILE GSTR-3B: # Cautiously respond to the due dates of GSTR-3B relevant in your case for the coming months (as shown in the Master Updates above). When you are considering selecting a due date with a decreased interest (* *) above, choose the same option in these situations:

  • If your net tax obligation is “Nil,” no interest can be paid in that situation.
  • If you have to pay tax by some Interest Rate loan, more than 9 percent p.a.
  • February, 2020:
    • Nominated 04.04.2020 is the due date for filing GSTR-3B for taxpayers with Turnover > INR 5 crores. * *
    • Nominated 29.06.2020 is the due date for filing GSTR-3B for taxpayers with Turnover < = INR 5 crores but > INR 1.50 crores in the previous year.
    • Nominated 30.06.2020 is the due date of the GSTR-3B file for taxpayers with Turnover < = INR 1.50 crores in the previous year.
  • March, 2020:
    • Nominated 05.05.2020 is the due date to file GSTR-3B for taxpayers with Turnover > INR 5 crores.
    • Nominated 29.06.2020 is the due date to file GSTR-3B for taxpayers with Turnover < = INR 5 crores yet > INR 1.50 crores in the previous year.
    • Nominated 03.07.2020 is the due date of the GSTR-3B file for taxpayers with Turnover < = INR 1.50 crores in the previous year.
  • April, 2020:
    • nominated 04.06.2020 is the due date for filing GSTR-3B for taxpayers with Turnover > INR 5 crores.
    • Nominated 30.06.2020 is the due date for filing GSTR-3B for taxpayers with Turnover < = INR 5 crores yet > INR 1.50 crores in the previous year.
    • Nominated 06.07.2020 is the due date of the GSTR-3B file for taxpayers with Turnover < = INR 1.50 crores in the previous year.

Note : If not filed before the due date but filed before 24.06.2020, then decreased interest @ 9 per cent p.a. It would be available without any LATE FEES.

  • May, 2020:
    • The due date for filing GSTR-3B by taxpayers with Turnover > INR 5 crores is 27.06.2020.
    • 07.2020 is the due date for the filing of GSTR-3B by taxpayers with Turnover < = INR 5 Crores AND Notes with the “22nd day of next month” as the earlier due date.
    • Nominated 14.07.2020 is the due date for the filing of GSTR-3B by taxpayers with Turnover < = INR 5 Crores AND Notes with the “24th day of next month” as the earlier due date.

Applicable Annual Report and GST Audit

# GSTR-9 (Annual Report) is expected to be submitted only by taxpayers with gross turnover in excess of INR 2 crores in the financial year 2018-19.

# GSTR-9C (Audited Reco. Statement) is expected to be submitted by taxpayers with an annual turnover of more than INR 5 crores in the financial year 2018-19.

# GSTR-9A (Annual Return by Arrangement Taxable Person) is not necessary to be filed for F.Y in any case. Financial Year 2018-19, since “Optional” is the same thing.

# CBIC has issued a Notification to exempt foreign airline companies w.r.t. from filing GSTR-9C (Reconciliation Statement) where the company complies with the provisions of the Foreign Company Compliance Act and is only required to file ‘Receipt and Payment Account’ for each GSTIN by 30 September of each year.

# The due date of GSTR-9 (Annual Return) and GSTR-9C (Audited Reco Statement) for FY 2018-19 has been extended to 30.09.2020. Note: GSTR-9 is required to be filed only by taxpayers with an aggregate turnover of more than INR 2 crores in the 2018-19 fiscal year. However, GSTR-9C is expected to be submitted only by taxpayers with an annual turnover of more than INR 5 crores in the 2018-19 fiscal year.

# Technical Words of caution for GSTR-9/9C:

  • Appreciable Estimates for GSTR-9 are self-populated for GSTR-1 and GSTR-3B for REFERENCE purposes only.
  • Appropriate In the event that the supplies indicated in GSTR-1 and/or GSTR-3B vary from the real supplies for some reason, the estimates are to be revised “manually” in Part II (B2B, B2C etc) and the “price due” number is to be revised “manually” in Table 9 of GSTR-9.
  • After changing Section II and Table 9, you can see a “payable discrepancy” in Table 9 after modifying the sums “Paying by Cash + Charged by ITC.” This balance will be compensated by the taxpayer via DRC-03. In case of excess already paying, the refund may be requested via RFD-01.
  • If paid as above, there is no provision to include the same differential number in GSTR-9C in the table “Auditor Recommendation”.

Post by Rajput Jain & Associates

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Due Dates of GSTR-1 Has been Extension and other GST Updates

Due Dates of GSTR-1 Has been Extension and other GST Updates

www.carajput.com;GST LAW

www.carajput.com; GST LAW

GST RETURNS

Owing to the issues with GSTR online portal and much to the relief of tax payers, the due date for filing of FORM GSTR-1 has been extended vide Notification No. 71/2017-Central Tax and 72/2017-Central Tax dated 29th December 2017. The previously announced due date of 31st December 2017 has been extended to 10th January 2018. The relief has been provided to assessees with aggregate turnover upto 1.5 crore as well as those with aggregate turnover over 1.5 crore.

For assessees with aggregate turnover upto 1.5 crore, the period for which extension has been granted is July to September 2017. There is no modification in due dates for the quarter of October to December 2017 and January to March 2018. On similar lines, extension for assessees with aggregate turnover exceeding 1.5 crore is for the period July to October 2017 and no changes have been provided in due dates of subsequent months. Revised due dates for furnishing FORM GSTR-1 is summarized below-

EXTENSION OF GSTR-1 FILING DUE DATES

For Assessees with aggregate turnover up to 1.5 crores

  1. No. Months involved  Due Date for filing GSTR-1
  2. July – September 2017        10th January 2018
  3. October – November 2017 15th February 2018
  4. January – March 2018           30th April 2018

Last date for filing of Monthly return in FORM GSTR-1 for for July-September , 2017 for Registered persons having Aggregate turnover of up to 1.5 crore ,  has been extended to 10thJanuary, 2018 from earlier due date of 31st December, 2017 ( NotificationNo.71/2017 ).

For assessees with aggregate turnover exceeding 1.5 crores

  1. No.  Months involved  Due Date for filing GSTR-1
  2. July – November 2017      10th January 2018
  3. December 2017          10th February 2018
  4. January 2018             10th March 2018
  5. February 2018           10th April 2018
  6. March 2018                10th May 2018

Last date for filing of Monthly return in FORM GSTR-1 for for July-October, 2017 for Registered persons having Aggregate turnover of more than Rs 1.5 crore , has been extended to 10th January, 2018 from earlier due date of 31st December, 2017 ( Notification No.72/2017 ).

OTHER GSTR FILLING EXTENSIONS

Return Due date               GSTR-5(for non-resident)

15-December-2017          GSTR-6(for input service distributor)

31-December-2017           ITC-04(for job worker ,for July-sept)

31-December-2017       GSTR-3B Return

GSTR-3B Return

GSTR-3B return will have to be filed by all taxpayers in addition to GSTR-1, GSTR-2 and GSTR-3 return.Earlier, GSTR-3B returns were to be filed for the month of July to December 2017.

IN 23rd council meeting, it has been announced that GSTR-3B return must be filed for all months from July 2017 to March 2018. The due date for GSTR-3B return will be the 20th of every month.

Late fees for GSTR-3B of July, Aug. and Sept waived. Any late fees paid for these months will be credited back in electronic cash ledger under Tax and can be utilized to make GST payments

Reduction of GST Return Penalty

In addition to the waiver of GST Return Penalty, the Government has also announced a reduction in GST return penalty for NIL GST returns. From October 2017, the GST return penalty for not filing NIL GST return has been reduced to Rs.20 per day instead of Rs. 200 per day.

GST on Advances Received

In 22nd GST Council, it has now been decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores will not be required to pay GST at the time of receipt of advances on account of supply of goods.

E-Way Bill

As per E-Way bill rules, any transportation of goods with a value of more than Rs.50, 000 would require an e-way bill. The GST council in earlier meeting in October had decided that E-way bill would be introduced in staggered manner from January 1 and subsequently nationwide from April1.

In the recent 24th GST council meeting was finally decided that the e-way bill is now introduced and will be applicable from 1st February 2018 across the nation. The nationwide e-way bill system will be ready to be rolled out on trail basis latest by 16 January 2018. Trade and transporters can start using thi system on voluntary basis from 16 January 2018.

GST REGISTRATION

Registration under GST was mandatory for entities undertaking inter-state supply of goods and/or services, irrespective of aggregate annual turnover.In the 22nd GST Council, it has been decided to exempt service providers from this condition. Hence, service providers will now be allowed to undertake inter-state sales of upto Rs.20 lakhs without obtaining GST registration.Further, this is exemption is also available for service providers supplying services through an e-commerce operator.

But person supply goods will still be required to obtain GST registration mandatorily (in case of inter -state supply)

GST COMPOSITION SCHEME

This scheme is intended for small businesses where compliance less.22nd GST Council has decided to increase the aggregate turnover to Rs.1 crore. (The aggregate turnover threshold for special category States, has also been   increased to Rs. 75 lacs from Rs. 50 lacs excepts J&K and Uttarakhand)

Person opting for composition scheme was restricted from providing any exempted/taxable service .but now a composite can provide exempted service also.

In 23rd GSTcouncil meeting the due date for enrolling under the increased threshold has been made available to both migrated and new taxpayers up to 31.03.2018.

The GST rate payable by GST Composition dealers has been harmonized for all taxpayers (traders or manufactures) at 1%. However, not change has been announced on the GST rate for composition scheme for restaurants.

GSTR 4 return must be filed by taxpayer registered under the GST composition scheme. GSTR4 is a quarterly return that was originally due on the 18th of month following respective quarter. But in 23 council meeting composition returns, GSTR-4 due date extended to 24 /December/2017 for July-September quarter

Reverse Charge Mechanism

Registered taxpayers were required to pay GST on reverse charge basis when they purchased from an unregistered person, the 22ndGST Council has decided to suspend the reverse charge mechanism till 31.03.2018. Now, registered taxpayers can purchase from unregistered persons without having to pay GST on reverse charge basis.

TDS and TCS Provisions Postponed

The Government has decided to postpone the TDS/TCS registration and operationalization to 31st March 2018.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)