Arjuna (Fictional Character): Krishna, GST Department has recently on 13th Sept, 2018 made some amendments in GST law and on same day, Ganesha arrived. What would you say about this?

Krishna(Fictional Character): Arjuna, everywhere the hustle and bustle of Income Tax Audit is being seen. In amidst of it Lord Ganesha has arrived with GST Audit Report. Also, on 13th Sept, 2018 the GST Department has issued some notifications for amending the GST law.

Arjuna: Krishna, which notifications have been issued by the GST Department and what changes are made through them?

Krishna: Arjuna, the taxpayers who took provisional Id at the time of registration and were unable to migrate in GST were given an option to get registered till 31st August, 2018. Now As per Notification no 46 and 47/2018 (Central Tax), such taxpayers are required to file Form GSTR 3B from  July 2017 to November 2018 upto 31st December, 2018.

Also, as per Notification no 48/2018 of CGST Act the specific taxpayer who were unable file their GST TRAN-1 and TRAN-2 due to technical error can file it till 31st March, 2019. This is good move.

Arjuna: Krishna, Is there any notification relating GST Audit Report ?

Krishna: Arjuna, Yes, By Notification no 49/2018 (Central Tax), the government has issued GST Audit Report. GST Audit Report arrived with Lord Ganesha. The key features of the GST Audit Report are as follows:

  1. The taxpayer whose aggregate turnover in a financial year exceeds Rs. 2 Crore in the financial year would have to undergo GST Audit.
  2. The due date for filing GST Audit Report is 31st December, 2018.
  3. The taxpayers would have to file the Annual return in Form GSTR-9 before Audit Report.
  4. Taxpayer would have to file audit report in Form GSTR-9C.
  5. The report has been divided in 5 parts. Also the instructions relating to how to file each row are given along with that.
  6. The taxpayers also have to provide reconciliation statement.
  7. Mainly, GST Audit Report would be based upon the Annual Return.
  8. Audit report form is not yet available on the GST portal.
  9. CA and CMA would be allowed to do the GST Audit of the taxpayers.
  10. Rate wise details to be provided in the Audit report which are not required to be provided in the Annual return.

Arjuna: Krishna, What are the further notifications issued?

Krishna: Arjuna, The government has further enforced the provisions of TDS and TCS.  According to Notification no 50/2018 (Central Tax),   and 51/2018 (Central Tax), the provisions of TDS and TCS would be respectively applicable from 1st October, 2018 to the specified taxpayers like Government Authorities, etc as per Sec. 51 and 52 of CGST Act.

Arjuna: Krishna, What lesson the taxpayer should take from this?

Krishna: Arjuna, Lord of Knowledge Ganesha has marked his presence everywhere. Lord has further bought changes in law. All should be acknowledged with new provisions. Vighnaharta has removed our ”vighnas” in GST by issuing all the forms like Annual Return, Audit Report, etc. but now only one vighna relating to technical errors we are facing. Lord Ganesha should bless us by removing vighna along with the extension in due date for Income tax audit which is now 30th Sept, 2018.

Read about section 80E deductions for interest on education loan here

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1. Vice-Chairmen of WIRC of ICAI for the year 2015-2021. 2. Youngest Chairman of Aurangabad Branch of WIRC of ICAI in 2002. 3. Author of Popular Tax articles series based on Krishna and Arjuna conversation i.e “KARNITI” published in Lokmat on every Monday. Till date 335+ weekly articles ha View Full Profile

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