Journey of filing GST Annual Return so far…

Journey of filing  GST Annual Return so far…………. Contributed by CS Payal Kataria Under GST, it’s not all about filing of monthly/quarterly returns, don’t forget to file GST Annual return As per provisions of section 44 of CGST Act 2017 Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year. Every registered person who is required to get his accounts audited in accordance with the provisions of sub-section (5) of section 35 shall furnish, electronically, the annual return under sub-section (1) along with a copy of the audited annual accounts and a reconciliation statement, reconciling the value of...
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Chartered Accountants must check ICAI clarification before accepting GST Audit Assignment?

Chartered Accountants must check ICAI clarification before accepting GST Audit Assignment Contributed by CS Payal Kataria Before accepting ST Audit Assignment, Chartered Accountant must read below mentioned clarification issued by ICAI. Under certain situations CA is not permitted to do GST Audit if providing certain specific services to the same client.  Below is list issued by ICAI to clarify as to whether Members doing the GST Audit are permitted to provide the below listed services: S. No. Nature of Service being provided by Chartered Accountant Whether members doing GST Audit are permitted/not Reference to Standard /Council decision 1 Accounting without uploading of returns Not permitted Guidance  Note  on  the  independence of Auditors states as under:- “Members  are  not  permitted  to  write the  books  of  account  of  their  auditee clients.” ...
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FAQs on Suo Moto Cancellation of GST Registration

FAQs on Suo Moto Cancellation of GST Registration Writer: CS Payal Kataria Question 1: Can I surrender by GST registration Suo moto? Ans: Yes Question 2: Which is the relevant section and Rule deal with cancellation of registration? Ans: Section 29(1) of CGST Act 2017 and Rule 20 of CGST Rules 2017 Question 3: What can be basic reasons and circumstances for surrender of registration? Ans: Following can be the reasons: • Discontinuance /Closure of business • Ceased to be liable to pay tax • Transfer of business on account of amalgamation, merger/demerger, sale, lease or otherwise disposed of etc. • Change in constitution of business leading to change in Permanent Account Number • Death of Sole Proprietor Question 4: Which Form is prescribed to be filed for surrender of Registration? Ans: File Form GST REG-16 available after log in at www.gst.gov.in Question 5: Is there any fee to be paid to Government for applying for surrender of registration? Ans: No Question 6: Any obligation after filing Cancellation of registration in form REG 16? Ans: File Final Return...
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GST TDS FAQ’s

Frequently Asked Questions on TDS under GST Writer: CS Payal Kataria Question 1: With effect from which date TDS under GST applicable? Ans: 1st October 2018 Question2: Which is the relevant section for TDS under GST? Ans: Section 51 of CGST Act 2017 Question 3: Which is the important notification issued for TDS under GST? Ans: Notification No 50/2018 Central Tax dated 13.09.2018 Question 4: Is there any threshold limit upto which TDS under GST not required to be deducted? Yes, there is no requirement to deduct tax where value of taxable supply under contract does not exceed Rs 2.5 lakh Question 5: If already registered under GST, even then to deduct tax under TDS provisions separate registration is required? Ans: Yes , applicable section is section 24(vi) Question 6: Which form is required to be filed for GST TDS registration? Ans: Form GST REG 07 Question 7: Who will be liable to deduct TDS? Ans: (a) a department or establishment of the Central Government or State Government; or (b) local authority; or (c)...
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Latest Changes/Enhancements in E Way Bill generation

Latest Changes/Enhancements in E Way Bill generation Writer: CS Payal Kataria E Way bill system is powerful tool to mitigate tax evasion. This system makes transparency in tax administration and business administration as well. From business point, E way bill system is effective tool/software which can track and record movement of goods from business premises to location of recipient, transporter, godown, branch etc. Data filled in EWB 01 can be auto populated in GSTR 1, which ultimately helps in avoidance of duplication of work. To make this tool more effective and to overcome shortcomings in existing system, certain enhancements were enforced and applicable w.e.f 1st Oct 2018. Now quoting of PIN will calculate correct distance and also determine validity of the E way bill. Following are the enhancements done in the E-Way Bill generation Form applicable w.e. f 01.10.2018: 1. Display of only relevant document types in “Document Type” drop down list based on the selected Transaction “Supply Type” and “Sub Type” by the...
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Yoga and Meditation keep our body stress free. Is it free from GST????

Yoga and Meditation keep our body stress free. Is it free from GST???? Writer: CS Payal Kataria Before the advent of GST, Charitable and religious organisations were not thinking their activities to be impacted by tax implication. But GST has made even religious organisations to think from tax perspective before undertaking any activity in their institutions and organisations. Sometimes they seek clarification with respect to ‘Parsad’, sometimes, income from sale of products such as booklets, magazines, DVD etc.. Very recently, Tax Research Unit of Department of Revenue has issued clarification vide Circular No. 66/40/2018-GST dated 26-09-2018 regarding GST on Residential programmes or camps meant for advancement of religion, spirituality or yoga by religious and charitable trusts. Below points are highlighted in this circular:  The services provided by entity registered under Section 12AA of the Income Tax Act, 1961 by way of advancement of religion, spirituality or yoga are exempt.  Fee or consideration charged in any other form from the participants for participating in a religious,...
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Applicability of TDS/TCS provisions of GST…… approaching… 1st Oct 2018

Applicability of TDS / TCS provisions of GST…… approaching… 1st Oct 2018 Writer: CS Payal Kataria Key points to remember:  Provisions of Section 51 & 52 of GST Act will be applicable from 1st Oct 2018  Relevant notifications in this matter are notification no. 50/2018 central tax and notification no. 51/2018 central tax dated 13th Sep 2018  E-commerce companies need to collect tax at source from Oct 1, 2018  E Commerce operators need to take registration in every state from where vendor will make supply  In case of foreign e-commerce platform, there will be no TCS liability if the seller is based outside India, in rest of cases even foreign e-commerce operators need to take registration in every state from where vendor will make supply  Notified entities have to deduct 1% state GST and 1% central GST on intra-state supplies of over 2.5 lakh. In the case of inter-state supplies of over 2.5 lakh, TDS will be 2% IGST  Every e-commerce operator not being an agent, shall collect an...
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Storing goods in godown of transporter? Read this….

E-way bill requirement in case storing goods in godown of transporter Writer: CS Payal Kataria Are you consignee/recipient tax payer and storing your goods temporarily in the godown of the transporter? Don’t forget to follow below mentioned points:  Declare transporter’s godown as additional place of business.  In this scenario, the transportation under the e-way bill shall be deemed to be concluded once the goods have reached the transporter’s godown (recipient taxpayer’ additional place of business). Hence, e-way bill validity in such cases will not be required to be extended.  Whenever the goods move from the transporter’s godown (i.e, recipient taxpayer’s additional place of business) to the recipient taxpayer’s any other place of business, a valid e-way bill shall be required, as per the extant State-specific e-way bill rules.  The recipient taxpayer shall also maintain accounts and records as required under rules 56 and 57 of the CGST Rules. Furthermore, as per rule 56 (7) of the CGST Rules, books of accounts in relation to goods...
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Relaxation for E-way Bill Minor mistakes

Relax!! For E way Bill minor mistakes relaxation from stringent Provisions of Section 129: Circular No 64/38/2018 Writer: CS Payal Kataria “To err is human” is well understood by government as evident from circular No 64/38/2018-GST dated 14th September 2018. Honest taxpayers with no mala fide intention, on account of certain clerical and minor mistakes and discrepancies in the details mentioned in E-way bill were facing stringent penalty imposed under section 129 of CGST Act 2017. Government took due consideration to this matter and modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances has been clarified by CBIC. In case a consignment of goods is accompanied with an invoice or any other specified document and also an e-way bill, proceedings under section 129 of the CGST Act may not be initiated, inter alia, in the following situations: a) Spelling mistakes in the name of the consignor or...
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GST Scheme to Waive-off Late fee payable in certain cases

GST Scheme to waive off late fee payable in certain cases Writer: CS Payal Kataria Hurry!! Don’t loose golden opportunity to file pending GST returns in certain cases.  Digital India initiative empowered government to analyse valuable data and information to take right decisions at right time. It has been observed by government that many tax payers have filed their GSTR-3B but not GSTR-1. To give opportunity to such taxpayers, notification no. 43 & 44/2018 Central Tax has been issued on 10th Sept 2018, to allow them to file their GSTR-1 without payment of late fee.  GSTR-1 returns for the period Jul 2017 - Sep 2018 (for tax payers having aggregate turnover of up to 1.5 crore and tax payers having aggregate turnover of 1.5 crore and above) can now be filed till 31st Oct 2018 Migration Cases as per notification no. 31/2018 Central Tax:  Numbers of tax payers were struggling to complete migration process. Vide notification no. 31/2018 Central Tax dated 6th Aug 2018, government has...
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