Corporate and Professional Updates on 23rd January 2019

Direct Tax Updates:

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  • The Department of Income Tax made a list of Individuals who made Out High value transaction in financial year 2017-18 but did not file income tax returns. The Department is analyzing the list carried out to identify non-filers about whom specific information was available in the database of the department.
  • The information may include statement of financial transactions, tax deduction at source, tax collection at source, foreign remittance, Export and Import. The Non-filers Monitoring System aims to identify and keep a watch on people who enter into high-value transactions and have potential tax liabilities but have not filed their tax returns Data analysis has identified some non-filers who have made high-value transactions in financial year 2017-18 but have still not filed income tax return for assessment year 2018-19. The department has enabled e-verification for taxpayers to decrease the cost of compliance by responding online.
  • The Taxpayers Can Access information relating Their cases from the portal of compliance which is accessible through the e-filling portal of the income tax Department. A Stable Accountholder needs to submit the response on the compliance portal and obtain a proof of it. All the Non Fillers are requested to file Their Income tax Return and assess their tax liability for AY2018-19 or submit online response within 21 days. Explaining if the matter Find Satisfactory Would Be Closed online. In Case of No Return File Or no Response is received initiation of proceedings under the Income-tax Act, 1961 will be considered.

Case Laws of Income Tax:

Bombay High Court in case of  Suresh Kishna Bhagat Vs. Pr. CIT-2 Thane

Payment of 3rd installment as per the Income Declaration Scheme, 2016 (IDS) been delayed – These are strong indications that the legislature does not envisage any extension of time for payment of tax under the Scheme. No directions contrary to such legislation scheme can be granted.

Punjab and Haryana High Court in case of M/S Glaxo Smithkline Consumer Healthcare Limited vs. ACIT

Treatment of unutilised MODVAT credit, balance as at the end of the year as payment of excise duty – Deduction u/s 43B – Excise duty paid in advance in the Personal Ledger Account (PLA) – Benefit of deduction allowed

ITAT Delhi in case of Cliff Scaffoldings Pvt. Ltd. Vs. ITO,Ward-3 (2), New Delhi

Denial of exemption claimed u/s 10AA – sale made by one SEZ unit to another SEZ unit – there is a provison in another enactment (SEZ Act) which contains non obstante clause then that would override the provision of the Income Tax Act – Benefit of exemption allowed.

ITAT Amritsar in case of M/S Ram Lal Bhasin Public School Vs. The CIT (Exemptions), Chandigarh

Exemption u/s 10(23C) – assessee is a school of “Sanatam Dharma Paracharak Sabha” – when the assessee was running a school for educational purposes and not for earning profit, then it was entitled to the exemption u/s 10(23C)(vi)

Indirect Tax Updates:

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  • The biggest tax reform since India’s independence is still in a fluid state of continuous change as businesses, especially the small ones, struggle to cope with the rigors of a technology-driven and transparent tax system that has cast its net far and wide to bring at least 3.4 million new indirect taxpayers. Some of the concessions to small businesses announced earlier this month by federal indirect tax body, the GST Council, ahead of parliamentary polls due by April-May, raise fears about sacrificing some of the basic design advantages of GST over the previous regime simplicity and uniformity.

GST Registration:

On The Last Meeting of GST Council Held On 10th January 2019 decided to let states choose between two possible criteria i.e. 20Lakh & 40Lakh annual sales for businesses to get GST registration as it could not arrive at a consensus on doubling the current threshold level.

Having two state-specific turnover threshold limits can shake the foundations of GST. One can only hope that local businesses will put pressure on those states that refuse to raise the threshold, to eventually raise it to 40 lakh and bring it at par with the other states.

Return of the CESS:

The State is working towards the process of taking a call on the threshold that suits their local economy Kerala, which is recovering from the worst floods in a century that submerged large parts of the state last year, will opt to retain 20 lakh annual sales threshold for GST registration, while Delhi, Jammu and Kashmir, and Assam have opted for 40 lakh Even in most advanced countries, it took twothree years for GST to stabilize. India is far more diverse.

When there are different legal provisions in different states, uniformity takes a hit which is a step backwards This could also encourage some units to move to other states for staying out of tax net, the kind of distortions India tried to address with the tax reform.

Reform Goals Achieved:

GST has helped in adding 3.4 million new indirect taxpayers, according to Economic Survey of FY18 and has helped in formalizing the economy. It has also improved transparency in the tax system and reduced the tax incidence on a host of products and services.

This, despite the fact that the administration is not on a tax enforcement drive. The number of items in the highest slab of 28% has also been brought down. The Council is now working on using data from radio frequency identification tags attached to vehicles to verify whether e-way bills or electronic permits issued for goods shipment are misused. The idea is to collect data passively to check tax evasion and boost revenue receipts. GST could see further changes with the opposition Congress party making it an election issue, arguing a revamp is needed.

RBI Updates:

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  • The central bank is of the opinion that the OIS market needs to be developed in line with the developed countries as it provides an interest rate hedging tool to overseas investors. If FPIs participate in large numbers, liquidity would increase.
  • The Investors on Us basis, who need to be compliant with stringent US Securities and Exchange Commission norms, look for operational ease whenever they come to any emerging market. The RBI on Monday met about 40 FPIs for the first time in about five years to gauge overseas investment interest in domestic fixed-income and debt securities.

Key Due dates:

  • Challan-Cum Statement in respect of TDS under Section 194IB for the month of December 2018 is 30thJanuary 2019.
  • Challan-cum statement in respect of TDS under section 194IA for the month of December 2018 is 30thJanuary 2019.
  • TDS return for Purchase of Property For the month of December 2018 is 30thJanuary 2019.

Quote of the Day:

The purpose of a profession is to fulfill the personal wishes of a prospect.

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 decision do consult your professional /tax advisor for their 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. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

GST 32nd Council Meeting on 10th January 2019

GST Council Meeting Updates:

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  • The council has allowed the state of Kerala to impose a cess of up to 1 percent on intrastate sales for two years, says Finance Minister Arun Jaitley.
  • The Goods and Services Tax (GST) Council on Thursday i.e. January 10 doled out a few benefits to medium and small-scale enterprises (MSMEs).
  • A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says Finance Minister Arun Jaitley.
  • The states will have the discretion to opt up or opt down the exemption limit. They will have to inform the Secretariat within a week if they wish changes in their exemption limit.
  • Finance Minister Arun Jaitley said that the threshold limit has been doubled to Rs 40 lakh from Rs 20 lakh. The exemption limit for small states has also been increased to Rs 20 lakh from Rs 10 lakh.
  • The services sector will now be eligible for benefits under the composition scheme, which was not available to service sector and previously applicable to manufacturers and traders only.
  • As per the decision of 32nd gst council meeting The composition rate for services sector has been fixed at 6 per cent.
  • The exemption limit fixed in 32nd gst council meeting for the composition scheme i.e. 50 lakh for the service sector.
  • The finance minister further announced that the limit of the composition scheme has been hiked to Rs 1.5 crore which is 1 crore earlier for availing under the composition scheme.
  • Those who opted and fall under the composition scheme to avail it will have to pay tax quarterly where has to filed a single return once during a year.
  • Bank account details are not required for GST Registration now. Bank account detail was one of the mandatory requirement for getting GST Registration. As a result, businesses requiring GST registration, were required to wait till their bank account gets opened.so that it was causing delay in GST registration.
  • Now it is required after first login because normally a bank account cannot be opened before commencement.

Key Due Dates:

  • E-Payment of PF for the month of December is 15th January 2019.
  • TDS Return for December Quarter for all the buyers is 31st December 2019.

Quote Of The Day:

“A professional headshot in front of a bookshelf says you’re an intellectual. A professional headshot peeking though a bookshelf says you’re probably under a restraining order.”

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 decision do consult your professional tax advisor for their 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. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com or call at 09811322785/4- 9555555480

RBI Updates on 8th January 2019

RBI Updates:

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  • After a great run in building a liquor business of Vijay Mallya is became the poster boy of India in 21st century. If Banks are blamed partly for the magnitude of the losses in Kingfishers Airlines Default But which remains is present on the doorstep of RBI.
  • It Increased the Corporate Debt Restructuring scheme to the services sector too as it attempted to save an airline that was about to run aground instead of flying. Instead of presenting the noble intentions, it was his fate that during the Extension of that restructuring provision might be justified in the absence in the Law of Bankruptcy, its still Reflecting the regulatory weakness which remains itself to be attracted in the direction of vested intrest Desire.
  • It leads some inflating up to ‘Kingfisher Airlines’ Debt and Default. Depositors Money Got Waste and vanished in the air and this fallout was also worse for the bankers also and Also have to Face the jail either they deserve and are responsible of the doing or not. As the Jet Airways, the second biggest domestic carrier, has Defaulted. A few years ago, No one knows about its default. Before some years Its default was not even public. Transparency has increased and the regulator has learnt from mistakes to plug the gaps that borrowers gamed at will. At least on paper, ‘this time is different. The company is now Focusing on the bankruptcy law.
  • The governor of RBI shaktikanta Das said this on Monday dealing with issues of liquidity was one of the central bank’s biggest priorities. However, any infusion would be strictly based on the need to ensure that it was not seen as “easy money” by the markets. This Happened when Das meets the representative of NBFCs in Mumbai.
  • RBI constantly monitoring on the situation and will take step whenever a liquidity deficit is Noticed. The RBI will not like a situation where liquidity becomes a kind of loose money. Sometime excess liquidity has adverse consequences.

FAQ’s on financial sector:

Ques. Does Banks needs to record the details of ATMs as a place of business in the certificate of Registration?

Ans.   Banks are not required to provide all the details of ATMs during applying for the registration. In registration, ATMs on its on do not constitute a place of Business as per the CGST Act, 2017.

Ques. According to the RBI guidelines, third parties ATMs, Business Correspondents (BC), Customer Service Points (CSP) or third party warehouses can be used By the Banks. Does Banks required to include these third party places in their GST Registration?

Ans. No, Third party places are neither places of Business nor Fixed establishment from where Banks usually carry on their Business. These are Independent service provider to the banks which are subject to GST hence it’s not necessary to declare these places as the place of business by the banks.

Key Due Dates:

  • E-Payment of Pf for December is 15th January 2019.
  • Payment of TDS for purchase of property for December is 30th January 2019.
  • Quarterly Return for registered person for aggregate turnover 1.5 crore is 31st January 2019.

“Believe passionately in what you do, and never knowingly compromise your standards and values. Act like a true professional, aiming for true excellence, and the money will follow.”

 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 decision do consult your professional /tax advisor for their 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. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480

GST Registration on 8th December 2018

How to do GST registration for the branches and business verticals?

  • As per the CGST Act, in union territory it is necessary to be registered under GST for those suppliers who sell taxable goods and services.
  • There is a provision made for the GST registration Rules for getting GST registration for the branches.

GST Registration for Business vertical and Branches in the Different States:

  • The GST registration is mandatory in each state and union territory for the person who sells the taxable goods and services where the taxable goods and services are created.
  • For Example: If a cloth shop is open in the state of Haryana and Chennai then it is necessary to get registration no. in the state of Haryana and Chennai.

GSTIN Format:

  • In GSTIN No., the First 2 numbers in the GST registration number are connected to the state of registration. If the Business is running in any two states, then the 1st two number of the GSTIN would change, and the PAN would remain same in case more than 1 GST registration in a state then the firm code would also change
  • In the GSTIN format, the first 2 numbers in the GST registration number are connected to the state of the registration. Hence, If the business leverage in the 2 different states, then the 1st two numbers of the GSTIN would change, while the PAN of the organization would be the remain the same. Also, in the case of the more than 1 GST registrations in the state, then the firm code would also change.

GST Registration for Branches within a State:

In same state separate GST can also be obtained for the business having multiple business verticals. For the Different GST within a state following condition must be satisfied:

  • Have more than one business vertical. Business vertical means a distinguishable component of an enterprise that is engaged in the supply of individual goods or services or a group of related goods or services which are subject to risks and returns that are different from those of the other business verticals.
  • The business must not be registered to pay tax under the GST Composition Scheme.
  • All separately registered business verticals have to pay tax on supply of goods or services to another registered business vertical of the same business and have to issue a tax invoice for such supply.

Getting Registration for the Branches:

  • GST registration for the branches or different business verticals in the same state can be obtained in FORM GST REG- 01. The GST registration Is applied in the Form GST REG-01 by all the Business.
  • When the application for the GST registration submitted then it will send to an officer for the verification and it takes 7 days to finish the process and generate the GST certification. It is must show the principal place of the additional place.

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 decision do consult your professional /tax adviser for their 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. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Adviser Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480

DON’T WORRY, CONTACT US FOR TOTAL GST RETURN SOLUTION

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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 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 videNotification No. 71/2017-Central Tax and 72/2017-Central Tax dated 29thDecember 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-

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 2017           10th January 2018
  3. October – November 2017     15th February 2018
  4. January – March 2018           30th April 2018

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 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

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 2018 11th Dec 2017
GSTR-5A(By person supplying OIDAR) 31st Jan 2018 15th Dec 2017
GSTR-4 (for Composition Dealers) 24th Dec 2017 18th October 2017
GSTR-6 (for Input Service Distributor) 31st Dec 2017 13th August 2017

All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.

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 2017 to Sept. 2017 Unto 31 Dec. 2017. 

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.

Email us on info@carajput.com or vist on www.carajput.comfor guaranteed GSTR filing solution. List of services we offer and charges involved in it.
1. Return filing assistance for Return GSTR 3B – Rs. 3000/- for monthly.

2. Return filing assistance including invoice upload from xls up to 200 inv /month
(a) Rs. 5000/- (3 monthly pack)
(b) Rs. 18000/- (Annual Pack)
(c) Rs. 3000/- (Monthly Pack)
3. Return filing assistance including invoice upload from xls from 201 to 500 inv /month
(a) Rs. 8000/- (3 Monthly Pack)
(b) Rs. 25,000/- (Annual Pack)
(c) Rs. 5000/- (Monthly Pack)

 

4. Return filing assistance including invoice upload from xls from 501 + per month –
(a) Rs. 30,000/- (3 Monthly Pack)
(b) Rs. 50,000/- (Annual Pack)
(c) Rs. 10,000/- (Monthly Pack)

5.GSTR 4 – Rs15000/- (Yearly pack)
6.GSTR 6 – Rs. 15000/- (Yearly pack)
7.ITC-04 – Rs. 15000/- (Yearly pack)
8. One-time assistance- Rs.5,000/-

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

 

Registration Of GST Made Easier For Service Providers

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GST Registration for Service Providers

Registration of GST has been made easier for service providers by implementing modified rules in the 23rd GST Council Meeting.

  • Turn Over limit remains same for service providers as well

Service providers to register for GST must have a turnover of Rs.20 lakhs or more per annum in all states and Rs.10 lakhs in some special category states.

  • GST Registration for Inter-State Sales Service Provider

GST registration becomes mandatory for all businesses irrespective of annual turnover if the business involves the supply of goods from one state to another. Service providers, however, don’t require GST registration while doing inter or intra-state business with a turn over within Rs.20 lakhs or 10 lakhs in case of special category states. Business by service providers through the means of e-commerce platform are also exempted from GST registration requirement.

  • Mandatory GST Registration for specific service providers

Though service providers get a lot of exemption from GST registration yet certain specific types have been kept under the mandatory requirement of GST registration irrespective of the annual turnover. Under this category are the OIDAR Service Providers, E-Commerce Operators, Non-Resident Taxable person supplying services to Indian residents and Casual Taxable Person.

  • When to do the GST Registration

A service provider with a service tax registration will have to change the same over to GST registration. In case of a new business, the GST registration must be obtained within 30 days of starting the business. GST registration must be done within 5 days of commencing the business in case of a casual taxable person or non-resident taxable person.

  • Providing GST invoice for Services

In the event of GST registration being not done a supply bill can be issued in which GST will not be mentioned. Without GST registration you are not entitled to collect the tax from customers as well. A tax invoice must be provided for services within 30 days of providing the services when a GST registration has been done already. The invoice must contain certain details which will mention the services provided, invoice date, the GSTIN of the customer, the invoice date and number, SAC code, applicable GST rate and also the applicable GST.

  • GST Registration process for Service Providers who are required to obtain the same

The procedure is quite simple and hassle-free. The steps are given as under –

  1. Log into your service tax account and a provisional ID and password will be given to you to register for GST.
  2. You will be given two choices on the GST portal and you have to select the “New User Login”
  3. You have to log in with the ID and password given
  4. You will be directed to a page where you have to fill in your email id and mobile number.
  5. OTPs will be sent to your number and email. Using these you can create your username and password accordingly.
  6. You will also be required to set the security questions.
  7. Your GST registration enrolment will be complete.

Got any queries? Write to us in the comments.

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

HOW TO REGISTER FOR GST

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GST Registration Made Easier

GST or General Sales Tax takes care of all intermediate taxes like service tax, sales tax, excise duty and so on into a composite whole tax so that paying taxes at each level can be avoided. GST registration is mandatory for all whose annual sales are more than 20 lakhs. GST registration takes short time from 2-6 working days. The application can be done online also in which a digital signature has to be given.

Online GST Registration

To make an application for GST, you will need Form GST REG 01 which you can access from any GST facilitation center or a GST common portal.

  • You will be required to provide your pan number, email address, mobile number and state of registration.
  • The online GST registration process is easy and hassles free.
  • You just need the required documents and apply accordingly.
  • Your pan number will be validated on the Common Portal which contains the database with all relevant information with the Central Board of Direct Taxes.
  • Once the validation is complete, an OTP or One Time Password and a temporary reference number will be sent to your mobile or the email you have provided.
  • Using this you have to complete the Part B of FORM GST REG 01 and also the application and documents which must be signed.
  • The completed application can be submitted online on the GST Common Platform or GST Facilitation center.

GST Registration Application Processing is Done by Government

All the required documents, information and the completed application submitted for GST registration will be forwarded for verification by the concerned officer. On being verified, the officer will grant the GST registration within 3 working days. In case of any discrepancy, you will be notified and asked to clarify within a stipulated time through a given procedure. The clarification must be submitted within 7 days of receipt of the intimation through FORM GST REG 04.

Non Submission of Clarification Will Lead To Rejection of Application

Automatic GST registration will be initiated in case the concerned officer fails to take action within 3 working days of submission of the application or within 7 working days of providing with the clarification.

GST Registration Certificate

On approval of the application, the GST registration will be granted along with a certificate which will display the name of the business or service, the location of the same, type of entity, the validity period and a GSTIN or Goods and Service Tax Identification Number.

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

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

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

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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.

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