Due to so many monthly GST Returns to be filed in the month of August & September, 2017; The Central Board of Direct Taxes *(CBDT)* today has extended the due date of filing of *all* ITRs various Audits Reports under Income Tax Act from 30-September-2017 to *October-31-2017*
*Source*: CBDT Order u/s 119 issued dt August-31-2017
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*Key Points regarding GST Compiled From FAQs*-
1. *Hotels can charge* CGST+SGST only, they cannot charge IGST.
2. If any *Bills related to july month* has not been taken in GSTR-3B than the same can be taken in Next Month Return
3. Person who has taken *Composition Scheme* want to go to Normal Scheme can do so by filling CMP(04)
4. *GST charged by Banks* on bank charges can be claimed as ITC on the basis of statement itself. No separate Invoice is required.
5. *Import of services* is under RCM and to be shown in table 3 in GSTR-3B, Import of Goods is not under RCM and IGST is required to be Paid after filing BOE and this to be shown in table 4 in GSTR-3B
6. *Royalty Paid to Author* of books is covered under RCM and therefore Publisher required to pay GST under RCM on payment of Royalty
7. If a person have *both Domestic and Export sale* than the Whole ITC can be adjusted for payment of Liability on Domestic Sales because export is zero rated Supply
8. *Free samples given* are not subject to GST but ITC on Input used has to be reversed
9. *Transferring Capital Goods to another state* for Construction Purpose and after completing the work taking back. In this case IGST will be charged and ITC if it can be taken in destination State
10. *Goods sold on High Sea Sale* Basis outside India not required to be reported in GSTR-3B
11. IGST can be used for payment of IGST, CGST and SGST in this order only
12. CGST can be used for payment of CGST and IGST in that order only
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So by Tomorrow the main return filling era will start. The first and foremost task is to file GSTR 1. I would like to share few important points that needs to be kept in mind in this GST beginning:
*1.* Be careful and check all the details to file GSTR 1. Dual check the GSTIN, taxable amount and respective tax amount.
*2.* No RCM related liability needs to be mentioned in GSTR 1. It only needs to be mentioned in GSTR 2.
*3.* HSN wise summary needs to be mentioned in both GSTR 1 and GSTR 2 for outward and inward supply respectively irrespective of turnover currently.
*4.* Schedule III activities need not to be mentioned in any return.
*5.* In normal months of the GSTR 1 is not filed by 10th then you cannot file it till 15. So be ready for minimum penalty of 1000 in such cases. Mostly this will be the case for 5th September deadline also.
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: DRP is Empowered to Enhance the Variations proposed in the Draft Order: ITAT Delhi [Read Order]
Read more at: http://www.taxscan.in/drp-empowered-enhance-variations-proposed-draft-order-itat-delhi-read-order/10663/
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# *GST*: The Union Cabinet approves promulgation of the Goods and Services Tax (Compensation to States) Ordinance, 2017. The approval would allow to increase the maximum rate at which the Compensation Cess can be levied from 15% to 25% on Mid-Size and Luxury Motors Cars.
# *GST*: CBEC has further amended CGST Rules, 2017 so far as to notify E-way Rules by replacing existing Rule-138 and incorporating New Rules 138A, 138B, 138C & 138A - Notification No.27 /2017-Central Tax, dt.30.08.2017.
# *GST*: CBEC might allow revised returns for input credit for pre-GST stocks for the person who has filed TRAN-1 by 28 AUG 2017 being the last date of filing of GSTR-3B. The revenue department is consulting the law committee on the matter.
# *ITA, 1885*: The Central Govt. has notified the rules to prevent the tampering of Mobile Device Equipment Identification Number which may be called as the prevention of tampering of the Mobile Device Equipment Identification Number, Rules, 2017.
# *IT*: CIT (A) set aside the re-assessment on ground which was not existed as the AO has considered that ground and given effect to - CIT(A) direct to reconsider the case afresh on merit – ACIT Vs Glenmark Pharmaceuticals Ltd. & VV (2017 (8) TMI 1255 - ITAT Mumbai)
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A petitioner can claim rights and raise dispute only after becoming a member of the company and cannot be held responsible for the affairs of the company prior to his becoming a member. P Ram Bhoopal and Others vs. Pragnya Riverbridge Developers Ltd. and Others. [2017] 139 CLA 255 (NCLT)
IBC :
Moratorium order protects the assets of Corporate financial debtor effective from the date of order till the completion of the corporate insolvency resolution process. The assets of the corporate debtor must not be liquidated until the corporate insolvency resolution process is completed. Indus Finance Ltd. vs. Quantum Ltd. [2017] 139 CLA 236 (NCLT)
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Started using offline GSTR-1 utility?
Make sure to keep in mind following tips to ensure smooth and headache free filing. These are from my own experience in last 15 days of usage of GSTR-1 offline utility.
a. Heavy Data? Use CSV files instead of provided Excel file template. CSV files are fast and less prone to failure. Even data of more than 500 line items I will consider heavy. CSV file with approx. 13K line items will be imported in 3-4 minutes, whereas EXCEL file will most probably give you error even after 15 minutes of processing time
b. DATE. Make sure all dates are in dd-mmm-yyyy format only.
c. DECIMAL Values - Any value with more than 2 decimal will give you error at the time of upload of JSON file. Say for example, if you enter 1223345.123 instead of 1223345.12, even though data will be imported and even JSON file will be created, but GSTN system will not process such file giving "JSON structural error"
d. Consolidate your data, especially for invoices, where there are multiple line items in invoice for same rate.
Say for example, an invoice has 9 line items like this:
4 line items with 5% rate
3 line items with 12% rate
2 line items with 18% rate
Now if you try to punch in all 9 line items in excel/CSV template, only last line item of each rate will be picked by offline tool.
Solution: Use SUMIF/Pivots in excel and consolidate your line items of same rate within in invoice.
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Delhi HC admits Petition Challenging Double Taxation Effect of GST provisions on Inter-State Supply of Services [Read Petition]
Read more at: http://www.taxscan.in/delhi-hc-admits-petition-challenging-double-taxation-effect-gst-provisions-inter-state-supply-services/10624/
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Sponsoring Tours to Doctors is ‘Bribe’: ITAT disallows Pharmaceutical Company’s Claim for Expenditure [Read Order]
Read more at: http://www.taxscan.in/sponsoring-tours-doctors-bribe-itat-disallows-pharmaceutical-companys-claim-expenditure/10629/
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ICSI releases Secretarial Standards on Meetings of the Board of Directors & General Meetings
Read more at: http://www.taxscan.in/icsi-releases-secretarial-standards-meetings-board-directors-general-meetings/10635/
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Cabinet approves promulgation of the GST (Compensation to States) Ordinance, 2017
Read more at: http://www.taxscan.in/cabinet-approves-promulgation-gst-compensation-states-ordinance-2017/10641/
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: CBEC to Implement Electronic Sealing for Containers by Exporters under Self-Sealing Procedure from October [Read Circular]
Read more at: http://www.taxscan.in/cbec-implement-electronic-sealing-containers-exporters-self-sealing-procedure-october/10645/
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# *ICAI*: The Annual Membership and Certificate of Practice (CoP) fee for the year 2017-18 becomes due for payment on 1st April, 2017 and need to be paid on or before 30 SEP 2017. *No GST is payable for the year 2017-18*.
# *GST*: The Govt. collects Rs.92,283 Crores in GST for the m/o July so far against filing of appx 65% returns. The break-up is CGST: Rs.14,894 Crs, SGST: Rs.22,722 Crs, IGST: Rs.47,469 Crs (Incl. Imports IGST: Rs.20,964 crore) & Cess: Rs.7,198 Crs.
# *GST*: The Union Cabinet is meeting TODAY, may consider ordinance to increase the cess on mid-size, large cars and SUVs from present 15% to 25%.
# *CBEC* has issued the process for Electronic Sealing for Containers by exporters under self-sealing procedure approved by the Board. The exporters shall be responsible for procuring the seals at their own cost for use in self-sealing, the procedure shall come into effect from 1st Oct, 2017.
# *RBI* sends the second list of about 40 large corporate defaulters to be referred to the National Company Law Tribunal (NCLT) under the Insolvency & Bankruptcy Code (IBC).
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Government has notified the money laundering rules for the gems and jewellery sector with immediate effect. Now, any entity deals in precious metals, precious stones, or other high-value goods and has a turnover of Rs 2 crore or more in a financial year will be covered under the Prevention of Money Laundering Act, 2002 (PMLA, 2002).
Don't forget deadline for Aadhar PAN Linking is 31st August 2017. Without linking Aadhar with PAN , assessment will not be completed.
CBEC has notified that Due Dates for filing of GSTR-6, i.e. Return by an Input Service Distributor, for the months of July 2017 and August 2017, have been extended upto 8 Sept. 2017 and 23 Sept. 2017 respectively. Notification No 26/2017 dated 28 August 2017. The July return forms had to be filed till August 13.
No VAT credit in Table 5(c) of TRAN-1 for C, F forms etc. not received. Refund of same to be available under CST Act, on receipt of forms.
The government has extended the date for filing goods and services tax (GST) for those providing online information and database access or retrieval services from outside India to a non-taxable online entity. (GSTR5A) by September 15.
The 2017 FDI policy circular lists startups as a separate section and spells out provisions that allow them to raise foreign money from venture capital funds and other investors through instruments such as convertible notes.
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: Rules Relating to Arrest of Person during Investigation under Companies Act Notified [Read Notification]
Read more at: http://www.taxscan.in/rules-relating-arrest-person-investigation-companies-act-notified/10599/
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: Govt to mandate PAN for All Gold Transactions
Read more at: http://www.taxscan.in/govt-mandate-pan-gold-transactions/10615/