Vice President of GST Network Shri Shashi Bhushan Singh conducted a webinar to clarify certain issues related to filing of GSTR-3B GST as under:
(1) Transitional Input Tax Credit of Excise, Service Tax, VAT etc. cannot be claimed in GSTR-3B. He said that "The legal provisions don’t allow claiming transitional credit through Form GSTR-3B, they have to claim through Transition Forms".
(2) He further explained that any revision in GSTR-3B must be routed through Forms GSTR-1, GSTR-2 and GSTR-3.
(3) Refund (if allowable as per section 54 of CGST Act, 2017) CANNOT be claimed under Form GSTR-3B, excess ITC can be carried forward to subsequent months for setting off liability.
(4) Where there are no inward or outward supplies during July & August, ‘Nil’ return must be filed.
(5) Composition scheme dealers shall file Form GSTR-4 in the month of October, while e-commerce operators supplying own goods & services will require to file Form GSTR-3B, but in other cases, they will deduct TCS and file Form GSTR-8 which is yet to be notified .
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Travel agents providing online ticketing and other services will be liable to deduct 1 per cent tax at source under the GST regime as they have been classified as e-commerce operators, the CBEC said today.
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Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to collect 1 per cent of the net value of taxable supplies made through it. The amount so collected is called tax collected at source or TCS but this provision has been kept in abeyance for the time being.
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Online travel agents have been classified as e-commerce operators (ECO) and so they have to deduct TCS.
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The Central Board of Excise and Customs (CBEC), in a fresh set of frequently asked questions (FAQs), said the TCS requirement would not apply to someone selling own products through a website. Only applicable GST for the goods would be levied in that case.
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Electronic commerce or e-commerce means supply of goods or services, including digital products, over electronic network and an e-commerce operator is a person who owns operates or manages the electronic platform for e-commerce, it said.
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"Online travel agents providing services through digital or electronic platform will fall under the category of ECO (e- commerce operator) liable to deduct TCS under Section 52 of the CGST Act, 2017," the CBEC said.
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CBEC also clarified that the benefit of threshold exemption is not available to an e-commerce operator or a supplier on the e-commerce platform. Businesses with turnover up to Rs 20 lakh are otherwise exempt from GST.
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According to the Central GST (CGST) Act, e-commerce companies have to deduct 1 per cent TCS while making payment to suppliers under the GST regime.
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The CBEC said that every e-commerce operator is liable to collect taxes on behalf of supplier and the tax has to be collected during the month in which the amount of collected from the recipient.
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Besides, the tax amount collected by the operator will have to be paid to the government within 10 days after the end of the month in which the amount was collected.
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Besides, the CGST Act empowers tax officials to seek information on supply or stock details from e-commerce operators.
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"Any officer not below the rank of Deputy Commissioner may issue a notice to the electronic commerce operator to furnish such details within a period of 15 working days from the date of service of such notice," the CBEC said.
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It further clarified that suppliers selling their own products through a website hosted by him will also fall under the definition of an e-commerce operator, but there they need not deduct TCS.
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"In cases where someone is selling their own products through a website, there is no requirement to collect tax at source... These transactions will be liable to GST at the prevailing rates," the CBEC said.
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Besides, every e-commerce operator will be required to furnish an electronic statement within 10 days of the next month giving details of outward supplies of goods or services, including supplies returned through it and the amount collected as TCS during the month.
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These details would be matched with the corresponding details of outward supplies furnished by the supplier and in case of discrepancy the tax department will communicate the same to both the persons
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Manufacture of Encryption Software Eligible for Deduction u/s 80-1B: Himachal HC [Read Judgment]
Read more at: http://www.taxscan.in/manufacture-encryption-software-eligible-deduction-us-80-1b-himachal-hc/10068/
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Sponsorship Service on Sports Events are Equal to Advertisement/ Sales Promotion of Goods: CESTAT allows Cenvat Credit [Read Order]
Read more at: http://www.taxscan.in/sponsorship-service-sports-events-equal-advertisement-sales-promotion-goods-cestat-allows-cenvat-credit/10073/
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# *GST*: CBEC has issued 4 Notifications under CGST on 8 AUG 2017 extending the due dates of filing of various GST returns in Form-GSTR-1 (Noti.No.18/2017), GSTR-2 (Noti.No.19/2017), GSTR-3 (Noti.No.20/2017) & GSTR-3B (Noti.No.21/2017) for the m/o JUL & AUG, 2017.
# *GST*: Extended due date (Calendar) of filing Returns for the m/o *July 2017* is:
• GSTR-3B: 20 Aug, 2017
• GSTR-1: 01 - 05 Sep, 2017
• GSTR-2: 06 -10 Sep, 2017
• GSTR-3: 11 - 15 Sep, 2017
# *GST*: Extended due date (Calendar) of filing Returns for the month of *August 2017* is:
• GSTR-1: 16 - 20 Sep, 2017
• GSTR-3B: 20 Sep, 2017
• GSTR-2: 21 - 25 Sep, 2017
• GSTR-3: 26 - 30 Sep, 2017
# *GSTN* has activated the option on GST portal to seek cancellation of registrations. Taxpayers who have not filled Part B of their enrollment application, and would like to seek cancellation of registration, may do so now on GST Portal.
# *HGST* issues Guidelines / Instructions for detention/ inspection report u/s 68 & 129 of the HGST Act / CGST Act and Section 20 of the IGST Act 2017 - Memo No.1598/ST-6, dt.01.08.2017.
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An Order of Compulsory Purchase u/s 269-UD(1) of Income Tax Act cannot be Challenged before the HC directly: Madhya Pradesh HC [Read Order]
Read more at: http://www.taxscan.in/order-compulsory-purchase-us-269-ud1-income-tax-act-cannot-challenged-hc-directly-madhya-pradesh-hc/10054/
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: Activity of Publishing Newspapers and Periodicals cannot be treated as ‘Charitable Purpose’: Bombay HC [Read Judgment]
Read more at: http://www.taxscan.in/activity-publishing-newspapers-periodicals-cannot-treated-charitable-purpose-bombay-hc/10062/
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GST Gyan - Physician samples of Drugs and pharmaceuticals distributed free of cost, the ITC availed on the samples has to be reversed in view of section 17(5)(h) of CGST Act. No tax is payable on clearance of Physician samples distributed free of cost as the value of supply is Zero and no credit has been availed.
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Income-tax returns filed this fiscal year has risen nearly 25 per cent. the total number of ITRs filed till August 5 grew 24.7 per cent to 2.82 crore, as against 2.26 crore during the corresponding period of 2016-17.
Due dates of filing GST returns for the month of July and August, 2017 as per notification No. 18,19,20,21 dated 08/08/2017:
I)FORM GSTR - 1(Notification No.18)
July = 1to 5 September
August = 16 to 20 September
II)FORM GSTR - 2(Notification No.19)
July = 6 to 10 September
August = 21 to 25 September
III)FORM *GSTR-3*(Notification No. 20)
July = 11 to 15 September
August = 26 to 30 September
IV)FORM GSTR 3B(Notification No.21)
July = 20th August
August = 20th September
GST code for CAS:
• 998221 Auditing
• 998222 Accounting
• 998223 Payroll
• 998231 Corporate Tax consultancy
• 998232 Individual Taxation
• 998224 Other similar services
SEBI directed bourses to initiate action against 331 suspected shell companies that are listed and these scrips will not be available for trading this month.
UCO Bank invites online applications for empanelment of Concurrent Auditors. Last Date of submission of applications is August 18, 2017.
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➡1.Govt. extends time limit for filing of GST returns forms
➡2. Kerala HC allows filing of manual return without Aadhaar; admits writ on issue of PAN-Aadhaar linkage
➡3. Order on petition to de-register company can’t be recalled if petition is neither reserved nor pending: HC
HIGH COURT OF CALCUTTA
Credence Trexim (P.) Ltd., In re
➡4. Composite rental income from letting out building together with fixtures was taxable as income from other sources
Jay Metal Industries (P.) Ltd. v. Commissioner of Income-tax-V*
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#Economy:The Govt crackdown against 331 “suspected shell companies” has hit several investors, including mutual funds and small investors, who hold shares worth nearly Rs 9,000 crore in these companies. The Ministry of Corporate Affairs identified “shell companies” in consultation with the Serious Fraud Investigation Office and the I-tax dept. These companies have been placed in the so-called graded surveillance measure stage VI, where trading in the security is allowed only once a month with “surveillance deposit” of three times the trade value.The typical modus operandi has been to buy shares of shell firms, jack up the prices and sell shares after a year to claim LTCG exemption.
#In the last three years, the I-tax dept has identified over 1,155 shell companies which were used as conduits by over 22,000 beneficiaries. The amount involved in non-genuine transactions of such beneficiaries was over Rs 13,300 crore.The SFIO, too, has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates. Based on the SFIO report, the MCA has removed 162,618 companies from the ROC.The Govt decided to crack down on such sham transactions after the Special investigation teams on black money suggested a mechanism to detect shell companies and put in place checks and balances to curb stock market abuse.
#Finance:Axis Bank has reduced interest rate on savings bank accounts by 50 basis points to 3.5% for deposits up to Rs 50 lakh.The bank will continue to pay 4% interest on deposits of above Rs 50 lakh. The new interest rates will be effective from August 8.
#Around one million bank employees and officers will go on strike on August 22, following a call by the United Forum of Bank Unions, which consists of all the nine bank unions.The union is criticising the Govt's decision to privatise public sector banks, mergers and consolidation of banks, and write off corporate NPAs and demanding to declare willful default of bank loans as a criminal offence, implement recommendations of the parliamentary committee on the recovery of NPAs.
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