Central Board of Excise and Customs on 21st December 2017 issued 4 notifications, 4 circulars and 1 order, whereby due date to file return in forms GSTR-05, GSTR-05A, CMP-03 & ITC-01 was again extended further to 31st January 2018. Some amendments were also made in Form GSTR-01, Form RFD-01 and Form RFD-01A regarding deemed exports and refund on account of inverted tax structure. Four circulars were issued to clarify the provisions regarding (a) treatment of supply by an artist in various States and supply of goods by artists from galleries, (b) maintenance of books of accounts relating to additional place of business by a principal or an auctioneer for the purpose of auction of tea, coffee, rubber etc. meant for supply through an auction, (c) manual filing and processing of refund claims on account of inverted duty structure, deemed exports and excess balance in electronic cash ledger and (d) manual filing of applications for Advance Ruling and appeals before Appellate Authority for Advance Ruling.
Do you agree that government must provide mandatory offline GST billing software to every registered person, which may work on any platform / device be it windows, IOS, Android etc. and may be used on any desktop, laptop, mobile, tab etc. with the facility to automatic upload of sales data to the government servers as and when the system is connected to internet. With this software, registered person will not be required to file GSTR-1 / GSTR-2 etc. and only transactions with un-registered persons will be required to be uploaded manually. All the tax calculations will be done automatically and Government shall send you these tax calculations with the link to make online payment of taxes.
As regards the recommendations made by the GST Council in its 23rd Meeting held on 10th November, 2017 at Guwahati, Ministry of Finance dated issued three press releases on 10-November-2017. It is proposed to issue notifications [giving effect to these recommendations of the Council] on 14th/15th November, 2017, to be effective from 00hrs on 15th of November, 2017.
As of now, by mistake if you pay CGST in place of IGST, then inter-head adjustment of these taxes are not allowed in GST returns, you will have to claim refund of this tax erroneously deposited under CGST head and again pay the correct tax under IGST head and only then you can file your GST return. Inter-head adjustment of CGST & IGST etc., is allowed only for input tax credit and not for tax paid in cash.
Government on Wednesday, vide notification no. 27/2017-Central Tax dated 30th August, 2017, issued the much delayed rules regarding Procedure and Information to be furnished before commencement of movement of goods and generation of e-way bill. So finally the benefit of not filing any way bills under GST as enjoyed by the registered person is soon going to end. Effective date of applicability of e-way bills shall be notified by the government through another notification, which is expected to come soon, so let’s understand the procedure and law related to generation and issue of E-way bills under GST.
Government extended due date of filing GST Return in Form 3B for the month of July those tax payers, for who do not want to avail of transitional credit in TRANS1 this month to 25th of August 2017.
Ministry of Finance recently issued a clarification regarding availability of credit on Transitional stock held as on the appointed date in FORM GSTR-3B, highlights of the clarification are as follows:
Why is everyone so worried about GST compliances in India? Goods and Services tax popularly known as GST worldwide was a dream of every Indian, but its implementation would be in such a haphazard manner was least expected by any one. More than 45 days have gone since it became effective in India, still most of the businessmen are unaware of the procedure, law, provisions and regulations related to GST as laid by the government.
Under Delhi VAT, all the registered dealers are required to file QUARTERLY returns with an obligation to pay tax on MONTHLY basis. Generally small and medium businessmen deposit their monthly tax on assumption basis and send their documents to their consultants on quarterly basis.
Government on 11-08-2017 vide Circular No. 5/5/2017 – GST, provided some clarifications on applicability of LUT’s/Bonds in case of exports of goods and services, major clarifications provided in this circular are as follows:
