CBDT have released schema for Revised Form 3CD schema on 7th September 2018 to resolve the problems being faced in columns 9A and 9b.
15.09.2018 is last date for payment of your second instalment of Advance Tax. Non/short payment will attract levy of interest.
Hon’ble Gujarat High Court dismissed a PIL challenging constitutional validity of section 47 of the Central Goods and Service Tax Act, 2017 which pertains to late fee for filing returns beyond the prescribed time limit. The PIL has been dismissed as not maintainable because it was not preferred by effected parties but by tax practitioners.
The government is looking at a proposal to reduce the current five-rate tax slab under Goods and Services Tax (GST) to two rates as 90 per cent of the taxes imposed come under the 18 per cent tax bracket, a revenue service officer said.
ICAI has issued Form for Application to Vote by Post by members if they have change in their address due to employment/ medical issue on 06-09-2018 to be submitted by 05.10.2018
For more details please click here - https://resource.cdn.icai.org/51675election2018-41358.pdf
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# IT: 15 SEP 2018 (SATUDAY) is the Due date for deposit of tax advance tax installment for the September Quarter.
# GST: CBIT&C extends the time limit for making the declaration in Form GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the period from July, 2017 to June, 2018 till the 30 SEP 2018 - NN40/2018-CT, dt.04.09.18.
# MCA has issued much awaited Circular w.r.t Relaxation of additional fees and extension of last date of filing of Form BEN-2 under the provisions of the Sec-90 of the CA,2013.
# RBI has notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Reg., 2018 which shall come into force with effect from the 1st Sep 2018.
# GST: CENVAT Credit - Whether CSR can be considered as input service and be included within the definition of “activities relating to business”? - Held Yes - Essel Propack Ltd. Vs. CCGST (2018 (9) TMI 247 - CESTAT Mum).
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GST Evasion: Two Traders, Chartered Accountant Arrested in Thane [Press Release]
Read more at: http://www.taxscan.in/gst-evasion-chartered-accountant-arrested-thane/28102/
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GST Refunds - Latest Circular
Government has issued Circular No. 59/33/2018 on Sept 04,2018 for clarifying certain issues pertaining to refund of GST to exporters.
It states:
1. It has been emphasised strongly that no officer shall force for production of ITC invoices for verification of any claim and a copy of GSTR 2A shall be sufficient.
2. It has also been clarified that where a jurisdictional officer (for eg. state GST officer) issues a refund order and sends the same to the central GST officer for disbursing CGST and IGST amounts and if such CGST officer finds certain errors in the said order still he is not entitled to withhold the disbursal of refund.
3. It has also been clarified that where a deficiency memo has been issued against a refund application then a fresh application must be made and the officer cannot move on to issue SCN and adjudicate the matter if such fresh application is not made.
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Filing of TRAN-1 re-opened till 31st March 2019 for Taxpayers who couldn’t file due to Glitches in GST Portal [Read Notification]
Read more at: http://www.taxscan.in/filing-tran-1-re-opened-31st-march-2019-taxpayers-file-glitches-gst-portal/28107/
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Ministry of Finance
Extension of Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases
Posted On: 10 SEP 2018 6:30PM by PIB Delhi
It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR-1, a one-time scheme to waive off late fee payable for delayed furnishing of FORM GSTR-1 for the period from July, 2017 to September, 2018 till 31.10.2018 has been launched.
In this regard, the due date for furnishing FORM GSTR-1 for the period from July, 2017 to September, 2018 has been extended till 31st October, 2018 for all registered persons having aggregate turnover above Rs 1.5 crores including the registered persons in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry). For taxpayers having aggregate turnover up to Rs 1.5 crores, the due date for furnishing FORM GSTR-1 for the quarters from July, 2017 to September, 2018 has been extended till 31st October, 2018. Notification Nos. 43 and 44/2018 – Central Tax dated 10th September, 2018 have been issued in this regard. For registered persons having aggregate turnover up to Rs 1.5 crores in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry), the due date for furnishing FORM GSTR-1 for the quarter July, 2018 to September, 2018 would continue to remain as 15th November, 2018 as notified vide notification No. 38/2018-Central Tax dated 24th August, 2018.
Further, for those taxpayers who will now be migrating to GST as per the procedure specified in notification No. 31/2018-Central Tax, dated 06.08.2018, the last date for furnishing the details of outward supplies of goods or services or both in FORM GSTR-1 and for filing the return in FORM GSTR-3B for the months of July, 2017 to November, 2018 has been extended till 31.12.2018. Notification Nos. 45, 46 and 47/2018 – Central Tax dated 10th September, 2018 have thus been issued for extension of dates for filing FORM GSTR-3B.
It is hereby clarified that as per the provisions of section 16 (4) of the Central Goods and Services Tax Act, 2017, the registered person shall not be entitled to take input tax credit in respect of any invoice after the due date of furnishing of the return for the month of September following the end of financial year to which such invoice pertains; or furnishing of the relevant annual return, whichever is earlier. The taxpayers are thus, advised to furnish their returns on time to ensure that input tax credit does not become time barred.
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DSM/RM/KA
(Release ID: 1545562) Visitor Counter : 5189
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The Central Board of Indirect Taxes and Customs (“CBIC”) has issued a Notification No. 43/2018, 44/2018, 45/2018, 46/2018, 47/2018 and 48/2018 – Central Tax Dated September 10, 2018. The gist of the relevant notifications are explained as hereunder:
1. For the Taxpayer having Aggregate Turnover of up to Rs. 1.5 Crore Rupees in the preceding financial year or the current financial year-
(Notification No- 43/2018).
A. July - September, 2017 - October 31, 2018.
B.October - December, 2017 - October 31, 2018.
C. January - March, 2018 - October 31, 2018.
D.April - June, 2018 - October 31, 2018.
E.July - September, 2018 - October 31, 2018.
F.October - December, 2018 - January 31, 2019.
G.January - March, 2019 - April 30, 2019.
2. For the Taxpayer having Aggregate Turnover of more than Rs. 1.5 Crore Rupees in the preceding financial year or the current financial year, for the months from July 2017 to September 2018 till October 31, 2018 and for the months from October 2018 to March 2019 till the eleventh day of the succeeding month.
(Notification No- 44/2018).
3. Taxpayers who will now be migrating to GST as per the procedure specified in notification No. 31/2018-Central Tax, dated 06.08.2018, the last date for furnishing the details of outward supplies of goods or services or both in FORM GSTR-1 and for filing the return in FORM GSTR-3B for the months of July 2017 to November 2018 has been extended till 31.12.2018. Notification Nos. 45, 46 and 47/2018 – Central Tax dated 10th September 2018 have thus been issued for extension of dates for filing FORM GSTR-3B.
4. GST TRAN-1 date extended till 31.03.2019.
(Notification No- 48/2018)
