ca-aakash-guptaWe can see lot of benefits enumerated by Government on ACES portal, newspaper and media. Under simplification benefit, we can observe that  In present indirect tax Scenario we have to remember or see various indirect tax laws (mainly Excise , Service Tax, VAT and CST) for dates like due dates of payments of taxes, last date of filing returns, last date of revision of returns, due date of audit etc for escaping from various penalties provisions. In GST scenario this would be simplified to remember or see. Now I am going to describe hereunder important events, dates, periods and limitation under GST –

Important Events-

  1. The Constitution (122nd Amendment) Bill, 2014 was introduced in the Lok Sabha by Finance Minister Arun Jaitley on 19 December 2014 and passed by the Lok Sabha on 6 May 2015.
  2. In the Rajya Sabha, the bill was referred to a Select Committee on 14 May 2015. The Select Committee of the Rajya Sabha submitted its report on the bill on 22 July 2015. The bill was passed by the Rajya Sabha on 3 August 2016.
  3. The amended bill was passed by the Lok Sabha on 8 August 2016.
  4. The amended bill accorded assent by the President Pranab Mukherjee on 8 September 2016.
  5. GST Council has been constituted on 16 September 2016 by the president.
  6. The first meeting of the GST council was held on 22-23 September 2016.
  7. The Government is looking to implement the new tax regime from 1 April 2017.

Time period related to registration, cancellation and revocation of registration-

  1. Application within thirty days from the date on which person becomes liable to registration as per schedule III
  2. If application within time, the effective date of registration shall be date of his liability for registration.
  3. If application not within time, the effective date of registration shall be the date of grant of registration.
  4. If the information and the uploaded documents are found in order, the approval to the common portal within three common working days.
  1. In case no deficiency is communicated to the applicant within three common working days, the registration shall be deemed to have been granted [section 19(9) of MGL]
  1. The certificate of registration issued to a “casual taxable person” or a “non-resident taxable person” shall be valid for a period of ninety days from the effective date of registration. Extension by a further period not exceeding ninety days.
  2. In case some queries, the same shall be communicated to the applicant within 3 working days. The applicant will reply to the query within a period informed by the tax authorities (Normally this period would be seven days).
  3. On receipt of additional document or clarification, the relevant tax authority will respond within seven working days.
  4. Cancellation- Section 8 person (Compounding Dealer) – return not filed for three consecutive periods. Other than sec 8 person – return not filed for six months.
  5. Revocation application – within thirty days from the date of service of the cancellation order

Due dates for filing Various Return –

GSTR 1- Outward supplies made by taxpayer-10th of the succeeding month

GSTR 2- Inward supplies made by taxpayer –15th of the succeeding month

GSTR 3- Monthly Return made by taxpayer- 20th of the succeeding month

GSTR4-Quarterly returns for compounding Taxpayer-18th of next month from end of quarter

GSTR 5 Periodic Return by Non-Resident Taxpayer- 20th of the succeeding month

GSTR 6 Return for Input Service Distributor (ISD)- 13th of the succeeding month

GSTR 7 Return for Tax Deducted at Source-10th of the succeeding month

GSTR 8 Annual Return- By 31st December of next FY

Rectification – shall be allowed before filing of the monthly return for the month of September following the end of the financial year to which such details pertain (i.e. 20th /  18th October of succeeding Year), or filing of the relevant annual return, whichever is earlier.

Due Date of deposit of Tax and TDS and due date of issue certificate of TDS-

  • Due date of payment same as due date of returns as
  • Normal taxpayer- 20th of the succeeding month
  • Compounding Taxpayer-18thof next month from end of quarter
  • TDS within ten days after the end of the month
  • TDS certificate shall be issued to the deductee within five days of crediting the amount so deducted

Dates related to Refund of taxes

  • Application for refund before the expiry of two years from the relevant date. Relevant date means in the case of refund of unutilized input tax credit, the end of the financial year in which such claim for refund arises. There are various relevant dates provide for various refund under MGT.
  • Provided that the limitation of two years shall not apply where such tax or interest or the amount referred to above has been paid under protest
  • The proper officer shall issue the order for refund within ninety days from the date of receipt of application.
  • Interest on delayed refunds If not refunded within three months

Time of Supply of Goods & Services

♥ Time of Supply of goods in case of Forward Charge –

earliest of the following dates, namely-

a) (i) Date of removal of goods, if the goods are required to be removed; or

(ii) Date of availability of goods to recipient, where the goods are not required to be removed.

b) The date on which the supplier issues the invoice with respect to supply; or

c) The date on which the supplier receives the payment with respect to supply ; or

d) The date on which the recipient shows the receipt of goods in his books of accounts.

♥  Time of Supply of goods in case of Reverse Charge:

earliest of the following dates, namely—

(a) the date of the receipt of goods, or

(b) the date on which the payment is made, or

(c) the date of receipt of invoice, or

(d) the date of debit in the books of accounts.

♥ Time of Supply of Services in case of forward charge:

(i)  In cases where Invoice is issued in prescribed time

Earliest of:

(a) the date of issue of invoice; or

(b) the date of receipt of payment; or

(ii) In cases where Invoice is not issued in prescribed time

Earliest of:

(a) the date of completion of the provision of service; or

(b) the date of receipt of payment, ; or

(iii) the date on which the recipient shows the receipt of services in his books of account, in a case where the provisions of clause (i) or (ii) do not apply.

♥  Time of Supply of services in case of Reverse Charge:

earliest of the following dates, namely—

(a) the date of the receipt of services, or

(b) the date on which the payment is made, or

(c) the date of receipt of invoice, or

(d) the date of debit in the books of accounts.

Time Limitation for Input tax credit-

  • The credit on pre-registration stock would not be admissible if the registration has not been obtained within a period of 30 days from the date on which he becomes liable to registration and if obtained within due dates, he cannot avail ITC after the expiry of one year from the date of issue of tax invoice relating to such supply.
  • ITC cannot be taken beyond the month of September of the following FY to which invoice pertains or date of filing of annual return, whichever is earlier.
  • In case of mismatch between the inward and outward details, the supplier would be required to rectify the mis-match within a period of two months and if the mis-match continues, the ITC would have to be reversed by the recipient.
  • The principal is eligible to avail the input tax credit on inputs sent to job worker for job work in terms of Section 16A(2) of the MGL if inputs sent for job work has to be received back by the principal within 180 days and Capital good within two years.

Time period related to retention of books of accounts

  • Sixty months from the last date of filing of Annual Return for the year pertaining to such accounts and records:
  • Provided that a taxable person, who is a party to an appeal or revision etc, shall retain the books of account pertaining to the subject matter of such appeal or revision etc for a period of one year after final disposal of such appeal or revision or proceeding, or for the period specified above, whichever is later.

Time periods related to Audit

  Section 42 (4) Audit by a chartered accountant or a cost accountant

  • In case turnover exceeds the prescribed limit before the thirty first day of December following the end of Financial Year.

  Section 49 Audit by tax authorities

  • Audit by the [Commissioner of CGST/Commissioner of SGST] or any officer authorised by him
  • Completion within a period of three months from the date of commencement of audit
  • Extension by a further period not exceeding six months by the Commissioner.

Section 50 Special audit

  • Where the value has not been correctly declared or the credit availed is not within the normal limits, any officer not below the rank of [Deputy/Assistant Commissioner] find in the stage of scrutiny, enquiry, investigation may with the prior approval of the [Commissioner],
  • The chartered accountant or cost accountant shall, within the period of ninety days, submit a report
  • Extension by the proper officer, on an application by the taxable person or the chartered accountant or cost accountant for sufficient reason for another ninety days.

Time period related to Assessment-

  • Provisional Assessment– The proper officer shall, within a period not exceeding six months from the date of the communication of the order issued under sub-section (1) of Section 44A i.e. provisional assessment, pass the final assessment. Extension by the Joint/Additional Commissioner for a further period not exceeding six months and by the Commissioner for such further period as he may deem fit.
  • Scrutiny-If during scrutiny under section 45(4), no satisfactory explanation is furnished within a period of thirty days , the proper officer may initiate appropriate action including those under section 49, 50 or section 60, or proceed to determine the tax and other dues under sub-section (6) of section 51 A or under subsection (6) of section 51 B.
  • Assessment of non-filers of returns– Where a registered taxable person fails to furnish the return required even after the service of a notice, the proper officer may, after allowing a period of fifteen days from the date of service of the notice, proceed to assess the tax liability of the said person to the best of his judgement. Where the taxable person furnishes a valid return within thirty days of the service of the assessment order, the said assessment order shall be deemed to have been withdrawn.
  • Assessment of unregistered persons- Where a taxable person fails to obtain registration even though liable to do so, the proper officer may proceed to assess the tax liability of such taxable person to the best of his judgement and issue an assessment order within a period of five years from the due date for filing of the annual return for the year to which the tax not paid relates.
  • Summary assessment in certain special cases- The proper officer may, on any evidence, with the previous permission of [Additional/Joint Commissioner], proceed to assess the tax liability of such person to protect the interest of revenue and issue an assessment order, if any delay in doing so will adversely affect the interest of revenue. On any application made within thirty days from the date of receipt of order passed on his own motion, if the Additional/Joint Commissioner considers that such order is erroneous, he may withdraw such order.

Time periods related to demand and recovery-

♥ Sec 51A Determination of tax where no fraud, willful-misstatement or suppression of facts involved;

Within 3 years from the due date or the actual date, whichever is earlier, for filing of Annual Return for the year to which such short paid tax or input tax credit or erroneous refund relates.

♥  Sec 51B Determination of tax where fraud, willful-misstatement or suppression of facts involved

Within 5 years from the due date or the actual date, whichever is earlier, for filing of Annual Return for the year to which such short paid tax or input tax credit or erroneous refund relates.

Time period related to Appeals

♥  Section 79 Appeals to First Appellate Authority –

Within three months from the date on which the decision or order sought to be appealed against is communicated

If sufficient cause is shown for delay, allow it to be presented within a further period of one month.

♥  Section 82 Appeals to the Appellate Tribunal-

Within three months from the date on which the order sought to be appealed against is communicated

Submission of a memorandum of cross-objections within forty-five days of the receipt of the notice

Admission of appeal and memorandum of cross objection after the expiry of the period, if it is satisfied that there was sufficient cause.

♥  Section 87 Appeal to the High Court

Within one hundred and eighty days from the date on which the order appealed against is received

Admission after the expiry of the period, if it is satisfied that there was sufficient cause for not filing the same within that period.

(In case of any query, please contact me at 9058533797 or email at akgupta487@gmail.com)

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