Due to extension of various due dates under GST, due to which there are number of compliances falling in the month of October, 2017.
In this write-up, compliances under GST, Companies Act & Income Tax Act which are to be done in the month of October, 2017 are discussed.
Compliances Falling In The Month Of October, 2017
♦ TDS/ TCS Challan
♦ GSTR-1 (July)
♦ TCS (Return)
♦ ESI & PF
♦ ADT-1 (appointment)
♦ Quarterly Return (composite dealers)
♦ GSTR -3B (Sept)
♦ AOC-4 (AGM held on 30.09.2017)
♦ TDS Return
♦ GSTR-2 (July)
♦ IT audit returns of specified persons
Let’s have an overview of above mentioned compliances:
Due date for deposit of tax deducted /collected for the month of September, 2017 is 7th October, 2017.
FORM GSTR-1 is for outward supplier, which is to be filed for the month of July, 2017. Following details are required to be furnished in this Form:
- Taxable outward supplies made to registered persons (including UIN-holders)
- Taxable outward inter-State supplies to un-registered persons where the invoice value is more than Rs 2.5 lakh
- Zero-rated supplies and deemed exports
- Taxable supplies (net of debit & credit notes) to unregistered persons other than the supplies covered above (Taxable outward inter-State supplies to un-registered persons where the invoice value is more than Rs 2.5 lakh )
- Nil-rated, exempt and non-GST outward supplies
- Amendments to taxable outward supply details furnished in returns for earlier tax periods covered above (including current and amended debit notes, credit notes, and refund vouchers)
- Amendments to taxable outward supplies to unregistered persons furnished on returns for earlier tax periods:
- Consolidated Statement of Advances Received or adjusted in the current tax period, plus amendments from earlier tax periods
- HSN-wise summary of outward supplies
- Documents issued during the tax period
Section 52 of CGST Act, 2017 deals with TCS Return. You can find the same in detail in my previous articles. (https://taxguru.in/goods-and-service-tax/tcs-tax-collected-source-gst.html/)
ESI & PF
For PF & ESIC Payment, due date is 15th October, 2017.
In case the Auditor is appointed in Annual General Meeting held on September, 2017 the last to file ADT-1 is within 15 days of such appointment i.e. October 15, 2017.
For composite dealer, the last date to file quarterly return is October 15. As per Rule 62 of CGST Act, 2017 every registered person paying tax under section 10 shall, on the basis of
details contained in FORM GSTR-4A, and where required, after adding, correcting or
deleting the details, furnish the quarterly return in FORM GSTR-4 electronically through the
common portal, either directly or through a Facilitation Centre notified by the Commissioner
Form GSTR-3B is a summary return which contains the summary of total sales & Purchases during relevant month.
Under Companies Act, 2013, after 30 days of Annual General Meeting, annual return is required to be filed. The concerned form is AOC-4 which is available on MCA website.
Section 51 of CGST Act, 2017 deals with TDS. You can find further information on this in my previous write ups. (https://taxguru.in/goods-and-service-tax/14-faqs-tds-gst-applicable-18th-september-2017.html/)
Form GSTR-2 is for inward suppliers. This is to be filed for the month of July. Following information is required to be furnished in this form:
- Inward Supplies from Registered Taxable Person
- Inward supplies on which tax is to be paid on reverse charge
- Inputs/Capital goods received from Overseas or from SEZ units on a Bill of Entry
- Amendments to details of inward supplies furnished in returns for earlier tax periods covered above [including debit notes/credit notes issued and their subsequent amendments]
- Supplies received from composition taxable person and other exempt/Nil rated/Non-GST supplies received
- ISD credit received
- TDS and TCS Credit received
- Consolidated Statement of Advances paid/Advance adjusted on account of receipt of supply
- Input Tax Credit Reversal / Reclaim
- Addition and reduction of amount in output tax for mismatch and other reasons
- HSN summary of inward supplies
Due to extension for claiming transitional credit under GST, the last date is 31st October, 2017.
Income Tax audit
The Government in last month extended the date for Income tax audit, in addition to required details, A tax payer is also required to disclose his/her bank account number along with the IFSC code. However, dormant accounts which have been in use for the past three years or more need not to be mentioned.
You can find the same on my YOUTUBE CHANNEL @ CS EKTA MAHESHWARI, following is the link of the same:
Hope this information will help you in your Professional endeavors. For further assistance/query, feel free to write to us.
Author: C S Ekta Maheshwari is the Author of this article and is Company Secretary by profession. The Author can be reached at email@example.com
Disclaimer: The entire contents of this article is solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.. It doesn’t constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn’t accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information’s provided herein above.