File your GSTR-1,Now with a per day penalty of Rs 50/-

Not able to file your GST Return – Don’t worry, contact us for total GST Return solution- file your GSTR-1 now with a per day penalty of Rs 50/-.

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. 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.

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.

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. 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. Any regular business must register for GST and file quarterly returns and  Yearly return under the GST regime.

GST RETURNS

If you have registered as a taxpayer, you must submit a GST return every month, every three months, or every year. These filings give the income tax division a detailed picture of all your business dealings. You need to keep in mind the deadlines for filing GST returns because of this.

The type of return will depend on the yearly business income. For monthly tax payments, the GSTR-1 deadline is April 11th.

If you have not been able file GSTR-1 for some problem or other please contact us for immediate solution. You can file your GSTR-1 now with a per day penalty of Rs 50/-.Our panel of Technical expert are able to resolve all the error in your return.

Due date for GSTR-1 for turnover uptoRs 1.5 cr

Period (Quarterly)Due dates

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

Due date for GSTR-1 for more than Rs 1.5 cr

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

GSTR-2  and GSTR-3 . GSTR-2 and  GSTR-3 have been putt off till Mach 2018 . GSTR-6 which is required to be filed monthly by ISD (Input Service Distributes) is open now the govtportal . Last date for GSTR-6 for July is also 31st December.

Others GSTR filing extensions

Return	Revised Due Date	Old Due Date
GSTR-5 (for Non Resident)	31st Jan	11th Dec
GSTR-5A(By person supplying OIDAR)	31st Jan	15th Dec
GSTR-4 (for Composition Dealers)	24th Dec	18th October
GSTR-6 (for Input Service Distributor)	31st Dec	13th August

All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March,

Details of inputs or capital goods sent and received back from the job worker need to be furnished by the taxpayers on a quarterly basis in Form GST ITC-04. For preparing and uploading of this statement, an excel offline tool has been made available on GST Portal. GST Council Recommends Extension ST ITC-04 (Details of goods/ capital goods sent to job worker and received back) for the quarter July  to Sept. Unto 31 Dec.

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

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 , the GST return penalty for not filing NIL GST return has been reduced to Rs.20 per day instead of Rs. 200 per day.

General GST Return Penalty

Don’t worry, we don’t want you to spend more time on compliance than on doing  your business. So, whether you wish to register for GST registration in Delhi or file a GST return in Delhi, Then you may engage a Chartered Accountant in Delhi from the list of highly qualified professionals at the top of the page at any time and be free of all compliance obligations.

GST Advisory related to changes in GSTR-5A :

• Goods and Services Tax Network Notification 51/2023 dated 29.09.2023 has introduced Table 5B in GSTR 5A w. e. f 01.10.2023. In this notification, Table 5B has been introduced to report supplies made to Registered Goods and Services Tax Network’s (Business-to-business supplies).
• This Goods and Services Tax Network Notification 51/2023 would be implemented shortly at Goods and Services Tax Network & till such time, Online Information Database Access and Retrieval services are advised to file the return in the existing GSTR 5A itself.

Email us on singh@carajput.com or vist on www.carajput.comfor guaranteed GSTR filing solution.

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