32nd GST Council Meeting - 10 January 2019

32^nd GST Council meeting likely to be held on 10^th January 2018.

Agenda of meeting may include:

Ø Rationalisation of tax rates on residential properties,

Ø Raising the threshold limit for MSMEs from the current ₹ 20 lakh,

Ø Lowering GST on under-construction flats and houses to 5 per cent:

“One of the proposals before the Council is to lower the GST rate to 5 per cent for builders who purchase 80 per cent of inputs from registered dealers”

Ø Composition scheme for small suppliers,

Ø Threshold limit for compulsory GST registration from ₹20 lakh to anywhere between ₹50 lakh and ₹75 lakh.

GST Annual Return and Annual Audit due date extended till 31st March 2019

Vide press release dated 7th december 2018

Problems and their solutions related to GST Annual return (GSTR-9)

A brief view on GST Annual return - GSTR-9, GSTR-9A, GSTR-9B, GSTR-9C

Statutory Compliance Due Dates for the month of December 2018

Due Dates		Description	Who needs to do the compliance
7 December 2018	Income tax	Deposit TDS for the month of November 2018.	All non-government deductor responsible for TDS deduction.
10 December 2018	GST	GSTR 7 for the month of November 2018.	All authorities responsible for deducting tax at source.
		GSTR 8 for the month of November 2018.	All e-commerce operators responsible for collecting tax at source.
11 December 2018	GST	GSTR-1 for the month of November 2018.	All taxable persons whose turnover exceed Rs. 1.5 crores or opted to file monthly return.
13 December 2018	GST	GSTR-6 for the month of November 2018.	All input service distributers.
15 December 2018	Income tax	Due date of Third instalment of advance tax for the F.Y 2018-19.	All taxpayers liable to pay advance tax.
		Issue of TDS certificates for tax deducted under 194IA and 194IB for the month of November 2018.	All Deductors.
20 December 2018	GST	GSTR -5 for the month of November 2018.	All registered non-resident taxpayers.
		GSTR-5A for the month of November 2018.	All registered non-resident OIDAR Service providers.
		GSTR-3B for the month of November 2018.	All registered taxable person under GST.
30 December 2018	Income tax	Due date for furnishing challan-cum-statement for TDS made under 194IA and 194IB for the month of November 2018.	All Deductors.
31 December 2018	GST	GSTR-3B for the period of July 2017 to November 2018.	Extension due date of form-3B for all newly migrated taxpayers.
		GSTR-1 for the period of July 2017 to November 2018.	Extension due date of GSTR-1 for all newly migrated taxpayers.
		GSTR-9 Annual return for the period July 2017 to March 2018.	All regular registered persons under GST.
		GSTR-9A Annual return for the period July 2017 to March 2018.	All taxpayers who have opted composition scheme.
		GSTR-9B Annual return for the period July 2017 to March 2018.	Electronic commerce operator.
		GSTR-9C Annual return for the period July 2017 to March 2018.	All person who are required to get their accounts audited under section 35 of CGST Act.
	Company Law	Extended due date of filing of Forms MGT-7 (Annual return) and AOC-4 (Financial Statements).	All companies registered under company Act.

Delay in processing of refund of UIN’s entities due to not reporting information correctly in GSTR-11

In order to claim GST refund UIN’s entities have to file invoice level data in their FORM GSTR-11 on the common portal. It is observed by department that many UIN entities while filing invoice data not reporting their place of supply correctly.

Under GST, chargeability of CGST/SGST or IGST on tax invoice determines by place of supply.

Therefore it is advised by the department that place of supply reporting in GSTR-11, should be exactly matched the details mentioned in the invoice. Wrong reporting of data in GSTR-11 may lead to delay in processing/rejection of refund claims.

A Step-by-step Guide to TCS provisions under GST

TCS provisions under GST applicable from 1 October 2018. In this video we discuss basic provisions of TCS under GST. 1. If you are running e-commerce portal, then you must watch this video in order to know “how TCS under GST will impact you and what are the compliance you need to follow?” 2. If you are supplier on e-commerce portal, then you must watch this video in order to know the impact of TCS under GST and compliance need be follow by you.

Revised time limit for filing GST Returns (Notification No. 32/2018, 33/2018 & 34/2018)

The Central Government has issued 3 notifications 32/2018, 33/2018 & 34/2018- Central Tax on 10th August 2018 in order to decide the time limit for filing of GSTR-1 & GSTR-3B for the period July 2018 to March 2019.

Revised last date for filing of GSTR-1 is as follows:

a)        Taxpayer having turnover less than Rs. 1.5 crore need to file the GSTR-1 quarterly as follows:

July 18 - Sept 18 - 31st Oct 2018         

Oct 18 - Dec 18 -   31st Jan 2019

Jan 19 - March 19- 30th April 2019

b)        Taxpayer having turnover more than Rs. 1.5 crore need to file the monthly GSTR-1 as follows:

July 18 to March 19  -  11th of succeeding month.

GSTR-3B for the period July 18 to March 19 shall continue to be filed monthly by all the taxpayers by 20th of next month.

Also, every taxpayer has to discharge its liability by debiting the electronic cash ledger or credit ledger, as the case may be, for the said period by 20th of next month.