#GST Updates# GST Compliances for the month of March'19 and April'19.

Following are the compliance to be done this March'19 and April'19

1. Last date to file ITC-04 for reporting of Job Work details is 31st March’2019 for the period July’17 to Dec’18.

2. File GSTR-1, GSTR-3B and GSTR-4 from July’17 to September’2018 without late fees by 31st March’2019.

3. Complete Reconciliation between GST Returns and Books of Accounts for F.Y. 2017-18.

4. Compare GSTR-3B vs GSTR-1 and GSTR3B vs GSTR-2A for all the months of F.Y. 2017-18.

5. Claim or adjust the ITC for any invoices of F.Y. 2017-18 before the due date of GSTR-3B of March’2019.

6. Carry out B2B amendments for the sales details belonging to F.Y 2017-18 declared in GSTR-1 up to due date of filling of .

7. Apply for Fresh LUT for the coming F.Y. 2019-20 on GST portal. Every LUT remains valid for one Financial year.

8. Opt for Quarterly GSTR-1 filling for the coming F.Y. 2019-20.

9. Apply for CMP-02 to opt for composition scheme for the F.Y. 2019-20 on GST portal.

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Conditions to Claim Composition Scheme for supply of Services under GST from 1st April 2019

1. Turnover in Previous Year (i.e. FY 2018-19) should be Rs. 50 lacs or below.

2. Not opted for composition under section 10(1) of CGST Act.

3. Not engaged in making any supply which is not leviable to tax under GST.

4. No Inter-State Supply.

5. Neither a Casual Person nor a Non-Resident Taxable Person.

6. Cannot make supply through E-Commerce who is required to collect TCS u/s 52

7. More than one registrations* taken on same PAN then all registered persons should pay tax @6%

8. No Tax shall be collected  from the recipient.

9. No ITC available.

10. ‘BILL OF SUPPLY’ shall be issued instead of Tax Invoice.

11. Following shall be mention at the top of bill of supply:
‘taxable person paying tax in terms of notification No. 2/2019-Central Tax (Rate) dated 07.03.2019, not eligible to collect tax on supplies’.

12. Paying tax under this notification then he is required to pay tax @6% on all types of supplies of goods or services or both notwithstanding any other notification issued under sub-section (1) of section 9 or under section 11 of said Act.

13. To pay "RCM" on inward supplies under sub-section (3) or sub-section (4) of section 9 of said Act at the applicable rates.

14. Value of supply of "exempt services" by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account for computing aggregate turnover in order to determine limit of 50Lakhs.

15. Not engaged in making supply of goods i.e. Ice-Cream, Pan Masala and Tobacco.

*This notification shall come into force on the 1stday of April, 2019.*

Download Notification:
👉https://bit.ly/2NSNukq

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#New GST Returns- Normal, Sahaj and Sugam

The proposed GST returns Normal, Sugam and Sahaj have been released by the CBIC. Assessees with a turnover of up to Rs. 5 crores will have an option to choose from any of the three returns to file the quarterly returns.

The returns will be available from 1st April 2019 and will become mandatory from July 2019 onwards.

*Normal GST Return or GST Return- 1*

The Normal return can be monthly or quarterly. Assessees opting for Normal Return or Form GST Return - 1 can declare all types of outward supplies, inward supplies and take credit on missing invoices.

*Sahaj Return or the GST Return-2*

Assessees opting for Sahaj Return or Form GST Return - 2 will be able to declare outward supply under B2C category and inward supplies attracting reverse charge only. However, they will not be able to take credit on missing invoices and will not be able to make any other type of inward or outward supplies.

*Sugam Return or the GST Return-3*

Sugam Return is a Quarterly Return. Assessees opting for Sugam Return or Form GST Return - 3 will be able to declare outward supply under both B2B and B2C category and inward supplies attracting reverse charge only. However, they will not be able to take credit on missing invoices or make any other type of inward or outward supplies.

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Very useful - FAQ on GST annual return and audit in tabular form

Very useful - FAQ on GST annual return and audit in tabular form

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#GST Updates#New GST Returns#GSTN Portal

New Simplified Returns under GST regime is now available on GSTN portal in PDF format. It is shown under Downloads Tab as Proposed Return Documents.

Type of New Simplified GST Returns:
RET-1 Monthly/Quarterly Return
RET-2 Sahaj Return
RET-3 Sugam Return

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#GST Update - Amedments effective from 1st April 2019

The GST Council in its 32nd meeting held on 10th Jan 2019, interalia, had took following decision which is made effective from 1st April, 2019 by way of relevant notification. 

1) Higher Exemption Threshold Limit for Supplier of Goods: Notification No. 10/2019 - Central Tax dated 07.03.2019 exempts person from obtaining registration and payment of tax who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Forty lakhs rupees. This benefit will not be applicable to a persons a) required to take compulsory registration, b) persons engaged in making supplies of goods such as ice cream and other edible ice, pan masala, tobacco and manufactured tobacco substitutes c) persons engaged in making intra state supplies in the State of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura and Uttarakhand. d) persons obtaining voluntary registration under Section 25(3).

2) GSTR 3B Return System further extended till June 2019: Notification No. 13/2019 Central Tax dated 07.03.2019 specifies that the return in FORM GSTR-3B of  for each of the months from April, 2019 to June, 2019, shall be furnished electronically through the common portal, on or before the twentieth day of the month succeeding such month.

3) GSTR 1 Return System further extended till June 2019 : Notification No. 12/2019 Central Tax dated 07.03.2019 extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 under the Central Goods and Services Tax Rules, 2017, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from April, 2019 to June, 2019 till the eleventh day of the month succeeding such month.

Further, notification No. 11/2019 Central Tax dated 07.03.2019 hereby notifies the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year shall furnish the details of outward supply of goods or services or both in FORM GSTR-1 effected during quarter April-June 2019 till 31st July, 2019

4) Increase in Turnover Limit for Existing Composition Scheme: As per notification no. 14/2019 Central Tax 07.03.2019 an eligible registered person whose aggregate turnover in the preceding financial year did not exceed Rs. 1.50 crore may opt to pay tax under composition levy. In case of states that is Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura and Uttarakhand the turnvoer limit is 75 lakhs for opting composition levy for eligible registered person. Further, the registered person shall not be eligible to opt for composition

levy under sub-section (1) of section 10 of the said Act if such person is a manufacturer of the goods that is ice cream and other edible ice, pan masala, tobacco and manufactured tobacco substitutes.

5) Composition Scheme for Services and Mix Supplies : Notification no. 2/2019 Central Tax (Rate) dated 07.03.2019 has made available composition scheme for suppliers of services (or Mix suppliers) with a rate of 6% (3% CGST and 3% SGST) having first supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year, by a registered person. This befit shall not be available to a persons engaged in making interstate outward supply.

For the purposes of this notification, the expression “first supplies of goods or services or both” shall, for the purposes of determining eligibility of a person to pay tax under this notification, include the supplies from the first day of April of a financial year to the date from which he becomes liable for registration under the said Act but for the purpose of determination of tax payable under this notification shall not include the supplies from the first day of April of a financial year to the date from which he becomes liable for registration under the Act.

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GST Circular and Notification issued at 7th March 2019

🌴 *Circular No. 92/2019* : Clarifying various doubts related to tax treatment and input tax credit for sales promotion related activities under GST.

🌴 *Notification No. 02/2019-Central Tax (Rate)*
To give composition scheme for supplier of services with a tax rate of 6% having annual turnover in preceding year upto Rs 50 lakhs.This notification shall come into force on the 1st day of April, 2019.

🌴 *Notification No. 10/2019-Central Tax*
To give exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs.

🌴 *Notification No. 11/2019-Central Tax*
Due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover upto Rs. 1.5 crores for the months of April to June 2019 is 31st July 2019.

🌴 *Notification No. 12/2019-Central Tax*
Due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores for the months of April, May and June, 2019 is 11th day of month succeeding such month.

🌴 *Notification No. 13/2019-Central Tax*
Due dates for furnishing of FORM GSTR-3B for the months of April, May and June, 2019 is 20th day of month succeeding such month.

🌴 *Notification No. 14/2019-Central Tax*
Extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores.

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#GST Update#GSTR9#Annual Return

Annual Return *GSTR-9 filing now enabled on the GST Portal*.

Due date for filing annual return for 2017 - 18 is June 30, 2019.
Once filed, can not be revised. Hence, start filing with pre-caution.

All the Registered Person required to file GSTR 9 except the following Persons.

1.Taxpayer opting for composition scheme as they have to file GSTR 9A.
2. Casual Taxable Person.
3. Input Service Distributor.
4. Non Resident Taxable Person.
5. Person Paying TDS under Section 51 of GST Act.

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*Due date calendar for the month of March 2019*

🌹7th Mar 2019- Income Tax TDS/TCS payment for the month of Feb’19
🌹10th Mar 2019- Monthly GST-TDS/TCS payment in form GSTR-7 for the month of Feb'19 under GST.
11th Mar 2019- GST Filing of returns by registered person with aggregate turnover more than 1.50 crores (GSTR-1) for Feb’ 2019.
🌹15th Mar 2019- Due date for fourth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,  
🌹20th Mar 2019 - GST monthly return for the month of Feb’2019 (GSTR-3B)  
 🌹15th Mar 2019- Due date for PF and ESIC payment.
25th Mar 2019- Due date for filing monthly return of PF
🌹30th Mar 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for Feb'19.
🌹31st Mar 2019 – PT payment for the month of Feb'19
🌹31st Mar 2019 – Due date for filing of GSTR 3B and 1 from July’17 to Sept18 without late fees
🌹31st Mar 2019 – Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July17 to Dec’18.
🌹31st Mar 2019 – Due date for Annual return under PT from April to Mar’19
🌹31st Mar 2019 – Last date for linking Aadhar with PAN.
(To check your liability, the detail based of Assessee' category is as below)
 
A) Corporate law:
➡  All Companies incorporated after 02/11/18 to file Form20A for certificate of commencement of business within 180days from Incorporation without this cerificate business can't be started.
➡  Companies who had supplied goods/ taken services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days in Form MSME- 1 but form not yet available.
➡  Filing of the particulars of the Company & its registered office by every company incorporated on or before the 31.12.2017 in Form INC 22A by 25/04/2019.
➡ All company where members is company / partnership firm/ trust/ other non natural person to form FORM BEN 1 within 30days of deployment of form, form not yet available.
➡  Every company other than Government company to file Form DPT – 3 for outstanding loan from directors, shareholders and relative . Due date of filing of Form is 21/04/2019 but form not yet available.

 B. Direct tax:
For firm, individual covered under tax audits and Companies
➡ TCS/TDS deducted in Feb’19 is due for payment on 07/03/2019
 ➡  Due date for challan cum statement for TDS deducted u/s 194IA and 194IB is 30/03/19
 ➡Due date for fourth and last / entire amount of advance tax for Assessee having presumptive basis income, installment of advance tax is 15/03/2019

C. Maharashtra Dealers:
➡  PT where annual liability above Rs. 50000 - payment due for salary of Feb'2019 – 31/03/2019
➡  Due date for Annual return whose laibility  is less than Rs.50000/- under PT from April to Mar’19 is 31/03/2019
 
D. PF and ESIC registered units
➡ Payment of PF due on 15/03/2019 and monthly return 25/03/2019 for the month of Feb'19
➡ Payment of ESIC due on 15/03/2019 for month of Feb'19
 
E. GST
➡  Monthly TDS payment in form GSTR-7 for the month of Feb'19 under GST is due on 10/03/19
➡GST Filing of returns by registered person with aggregate turnover is more than 1.50 crores. (GSTR-1) for Feb’ 2019 is 11/03/19
➡ GST monthly return for the month of Feb’2019 (GSTR-3B)  is due on 20/03/19.
➡  *Due date for filing of GSTR 3B and 1 from July’17 to Sept18 without late fees is 31/03/2019*
➡  *Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July17 to Dec’18.*

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