GSTR-1 Due Date for the month of March-2019 extended

Extended the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of March, 2019 from 11.04.2019 to 13.04.2019

*FinTax*
📲 91 9892094003
📥 fintax.ca@gmail.com

Big relief to tax payers of GST

*Big relief to tax payers of GST*

CBIC has issued notification whereby order of setoff of ITC has been changed by revisiting its stand on utilisation of IGST credit. Rule 88A has been inserted in the CGST Rules to state that input tax credit on account of integrated tax (IGST) shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax (CGST) and State tax (SGST) or Union territory tax (UTGST), as the case may be, *in any order*.

As such, IGST credit shall now first be utilised to pay off IGST liability and the balance of IGST credit, if any, can be utilised to pay off SGST or CGST liability, in any order. It may be noted that the credit of SGST or CGST can be utilised only after exhausting the IGST credit.

*Notification No.16/2019 Central Tax dated 29-03-2019*

--
FinTax
Tax and Finance Consultant

+91 9664760174
+91 9892094003
Fintax.ca@consultant.com
Fintax.ca@gmail.com

#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.

* FinTax*
📲91 9892094003
📲91 8828960174
📥 fintax.ca@gmail.com

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

📲 91 9892094003
📲 91 8828960174
📥fintax.ca@gmail.com

#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.

*FinTax*
📲 91 9892094003
📲 91 8828960174
📥 fintax.ca@gmail.com

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

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

--
FinTax
Tax and Finance Consultant

+8828960174 || +9892094003

FinTax.ca@gmail.com
FinTax.ca@consultant.com

#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

* FinTax*
📲 91 9892094003
📲 91 8828960174
📥 fintax.ca@gmail.com