Indian Accounting Standard (Ind AS) 16, Property, Plant and Equipment prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. This Educational Material contains summary of Ind AS 16 discussing the key requirements of the Standard and the Frequently Asked Questions (FAQs) covering the issues, which are expected to be encountered frequently while implementing this Standard.
Relevant link to download the Educational Material: http://resource.cdn.icai.org/46263indas36370.pdf
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The first return of GST is here and is due for filing is 20th of August, 2017. Most of the registered persons still haven’t filed the Return GSTR-3B.
Here are some points you need to remember for filing the first GST Return GSTR-3B.
1) It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if you have not carried on any business in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily.
2) GSTR-3B is the provisional return for the month of July’2017. Therefore all dealers who are required to file monthly returns under the GST Regime are required to file GSTR-3B.
Composition dealers are required to file quarterly returns therefore dealers who have opted for composition scheme are not required to file GSTR-3B.
3) GSTR-3B is not the final return for the month of July’2017 this is only a provisional return. GSTR-1, GSTR-2, GSTR-3 for July’2017 are still required to be filed.
4) GSTR-3B cannot be revised. Any revision in the figures for July’2017 has to be done through GSTR-1, 2 and 3 to be filed later on.
5) Any taxes due for July’2017 have to be paid before filing GSTR-3B.
6) If there is any change in the figures at the time of filing forms GSTR-1,2 & 3 and if there is excess tax payable then the same will have to be paid with interest before filing GSTR-3 due in September.
7) If your input credits are more than your output in GSTR-3B then you need not pay any taxes before filing this return. However, it is to be noted that no refund can be claimed in form GSTR-3B and excess credit will be credited to the ITC Ledger.
8) A very important point to remember about filing GSTR-3B is that the transitional credits available from the previous VAT/Service Tax/Excise regimes will not be available for credit and use in GSTR-3B. Any such credits have to be shown by filing form TRAN-1 and will be available for use only after filing TRAN-1.
9) GSTR-3B is a simplified return where only total figures of purchases, sales input tax credits and payments are to be entered. Individual entries for each sale invoice are not to be entered in this return.
10) GSTR-3B is to be filed from the period from which the registration is taken by the supplier. Therefore, if you have taken registration in the month of August’2017 the option for filing GSTR-3B for July’2017 will not be available and the no GSTR-3B is to be filed for July’2017.
11) GSTR-3B is to be filed through online mode on the GST Portal gst.gov.in
12) Following details are to be shown in the return GSTR-3B.
a) GSTIN number of Registered Person
b) Legal name of Registered Person
c1) Summary of Outward Supply & Inward Supply under Reverse Charge
c2) Bifurcation of Inter-state outward supplies as follows:
a) To unregistered Person
b) To Composite taxable Person
c) To UIN Holders
d) Summary of eligible ITC available and the ITC to be reversed and ITC which is ineligible bifurcated into IGST, CGST & SGST/UTSGT and Cess
e) Summary of Exempted, Nil rated and Non GST inward supplies
e1) Interest and late fees payable
f) Details of payment of tax, which includes Category wise tax payable, ITC availed , TDS credit and Tax paid in cash along with interest and late fees (Though it is not applicable for initial 2 return)
g) Summary of tax category wise TDS/TCS credit
13) Remember the order for set-off eligible ITC. ITC of IGST, CGST and SGST must be set-off from themselves (intra-head) first before being set-off inter-head. Remember that GST and SGST cannot be set-off against each other.
14) Any amounts to be paid on reverse charges have also be shown and paid in GSTR-3B also. Please remember that amount payable under reverse charges will not be available to be paid by utilising input credit. Amount payable on reverse charges will have to paid by cash.
15) GSTR-3B can be submitted through digital signatures or Electronic verification code except for Companies where it has to be filed by digital signatures.
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*FAQs on GSTR-3B*
*Q-1. Why am I supposed to fill GSTR-3B.?*
A- GSTR-3B has to be filed in lieu of GSTR3 when notified. Here it has been notified as of now that GTSR3B has to be filed for the month of July and August. GSTR3B has to be most probably filed in those cases where GSTR3 cannot be filed.
*Q-2. In the previous answer it is mentioned GSTR-3B has to be filed where GSTR3 cannot be filed, what does that mean?*
A- In month of July and August GSTR1 and GSTR2 are not to be filed and thus GSTR3 will not be formed because it is the auto-populated form and thus GSTR-3B comes into scenario.
*Q-3. In what manner data has to be provided in GSTR3B?*
A- Data in GSTR-3B has to be provided in a consolidated manner i.e. the consolidated amount in respect of information aksed has to be furnished. Invoice wise information has not to be furnished. So, taxpayer will be required to consolidate their sales and purchase data for the month for the purpose of filing GSTR-3B.
*Q-4. Is GSTR-3B the only return which has to be filed for the month of July and August?*
A- No, GSTR1, GSTR2 and GSTR3 for the month of July and August has to be filed in september. GSTR3B is the consolidated return form being filed for temporary purpose and proper returns has to be filed for both the months.
*Q-5. There is no field for credit note, debit note, advances received etc. then how the data regarding that has to be filled?*
A- In GSTR-3B data has to be filed as net amount i.e. Value of Taxable Supplies = Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices.
So, suppose if any invoice is issued and further in respect of that invoice other documents like credit note, debit note etc. are issued then the impact of those further issued documents has to be adjusted against the amount of invoice and net amount has to be uploaded.
*Q-6. There is amendment in any invoice, how will it be shown?*
A- As per instruction in regard to GSTR-3B any amendment in invoice issued has to be adjusted against the invoice amount and the net adjusted amount has to be shown and no amendment will be shown separately.
*Q-7. How can I file GSTR-3B?*
A- GSTR-3B can be filed by logging-on to GSTN common portal and now you can also file the same through ASP/GSP if you have availed that service for your organization.
*Q-8. If I missed due date , Whether the penalty of Rs.100/- per day or maximum upto Rs. 5000/- Are levy?*
A- Earlier there had been a press note for non levy of any penalty but this has not notified yet.
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Manufacturer of Food Items can claim ITC on Rent: Food Supplied in Non-AC Areas of A/C Restaurants Attracts 18% GST, says CBEC [Read FAQs]
Read more at: http://www.taxscan.in/manufacturer-food-items-can-claim-itc-rent-food-supplied-non-ac-areas-ac-restaurants-attracts-18-gst-says-cbec/10228/
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: BSE, NSE likely to begin audit of 100 suspected shell companies
http://www.ecoti.in/eWoPcb
via The Economic Times App(Download Now):
http://ecoti.in/etapps
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🍎 *REVERSE CHARGE UNDER GST – IMPORTANT POINTS AS PER FAQ ISSUED:*
👉 There are *two type of reverse charge scenarios* provided in the GST laws.
*First* is dependent on the nature of supply and / or nature of supplier. This scenario is covered by section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act.
*Second* scenario is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered.
👉 Any *amount payable under reverse charge shall be paid by debiting the electronic cash ledger*. In other words, reverse charge liability cannot be discharged by using input tax credit. However, after discharging reverse charge liability, credit of the same can be taken by the recipient, if he is otherwise eligible.
👉 As per section 31 of the CGST Act, 2017 read with Rule 46 of the CGST Rules, 2017, *every tax invoice has to mention whether the tax in respect of supply in the invoice is payable on reverse charge*. Similarly, this also needs to be mentioned in receipt voucher as well as refund voucher, if tax is payable on reverse charge.
👉 A person who is required to pay tax under reverse charge has to *compulsorily register under GST* and the threshold limit of ₹ 20 lakhs (₹ 10 lakhs for special category states except J & K) is not applicable to him.
👉 Invoice level information in respect of all supplies attracting reverse charge, rate wise, are to be furnished separately in the *table 4B of GSTR-1*.
👉 *Advance paid for reverse charge supplies is also leviable to GST*. The person making advance payment has to pay tax on reverse charge basis.
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Your ITR will be processed only after your AADHAAR is linked with PAN. Please link your AADHAAR with PAN by 31-8-2017 if not done already.
More than 9.3 crore PAN have been linked with Aadhaar. Of the total PAN-Aadhaar seeding, which is nearly 30% of about 30 crore PAN card holders, about three crore linkages were done in June and July.
The Supreme Court has ruled that a port trust can demand demurrage and other charges from the importer even if the entity was unable to clear goods for no fault or negligence on its part.
A uniform GST rate of 18 per cent will be charged on takeaways as well as food served from a non AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government said.
Legal experts say a stricter definition of ‘beneficial interest in a share’ under company law and strengthening of the monitoring mechanism of listed entities may help prevent abuse of shell companies.
The last date of online MEF 2017-18 is extended till 25th Aug, 2017 and submission of declaration till 30th Aug, 2017.
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Govt. of India Tweets
1. On a query put forth, clarifies that reimbursement to employees towards per diem, food, accommodation & travel is not subject to reverse charge taxation.
2. However, GTA will be taxed u/s 9(3) even if value is less than Rs. 5000 a day, in terms of Notification No. 13/2017-Central Tax (Rate);
3. Credit of tax paid under reverse charge mechanism will be available in same month.
4. Also says that interest received from a bank FDR will not form part of aggregate turnover to determine registration liability.
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# *GST*
A Welcome Circular No.5/5/2017-GST dated 11/08/2017 issued by CBEC - LUT/Bond would be accepted within three working days from date of submission of LUT/Bond along with complete documents by the exporters
Where the total foreign remittances received by all the registered person having the same PAN number, is more than 10% of total export turnover and 1 crore, in that case also Bond may be accepted without bank guarantee.
# *ICAI Announcements*
ICAI - 'ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17 - (05-08-2017) - http://www.icai.org/new_post.html?post_id=13737&c_id=219
# *ICAI Opportunity*
ICAI - Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations November / December 2017 - (10-08-2017) - http://resource.cdn.icai.org/46209exam36340.pdf
# *Due Date*
August 16, 2017: GST: Extended Time limit for filing intimation for Composition Scheme - (Form GST CMP-01) for Composition levy
August 17, 2017: DVAT: Extended Date of filing of DVAT Return in Form 16, 17 & 48 for Q1, 2017-18
August 20, 2017: Form GSTR-3B: A taxable person has to file the GSTR-3B for the invoices generated in July by Aug,20.
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Our Premier Institute ICAI has started Empanelment of Members to act as Observers at the Examination Centres for the CA Exams in
NOV / DEC 2017. Link at http://resource.cdn.icai.org/46209exam36340.pdf
Thanks For Reading ! 😊
