GST Tip – 366

As per Notification No. 48/2017-Central Tax  deemed exports concept is introduced in GST and the following are classified as deemed exports

  • Supply of goods by a registered person against Advance Authorisation
  • Supply of capital goods by a registered person against Export Promotion Capital Goods Authorisation
  • Supply of gold by a bank or Public Sector Undertaking specified in the notification No. 50/2017-Customs, dated the 30th June, 2017 (as amended) against Advance Authorisation
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GST Revenue Figures – As on 25th September, 2017

The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29th August) was Rs. 92,283 crore. Out of the total GST collection of Rs. 92,283 crore, the total CGST revenue was Rs. 14,894 crore, SGST revenue was Rs.22,722 crore, IGST revenue was Rs.47,469 crore (of which IGST from imports was Rs.20,964 crore) and Compensation Cess was Rs.7,198 crore (of which Rs.599 crore is Compensation Cess from imports). Many assessees have been filing the returns for July 2017 belatedly and till 31st August, 2017 and the total GST paid for July is Rs. 94,063 crore.

  1. The last date for payment of GST as well as filing of GSTR 3B return for the month of August 2017 was 20th September, 2017. The total number of tax payers who were required to file monthly returns for August 2017 is 68.20 lakhs, of which, as on 25th September, 2017, 37.63 lakh GSTR 3B returns have been filed.
  2. The total revenue of GST paid under different heads (upto 25th September, 2017) is Rs. 90,669 crore. The total CGST revenue is Rs. 14,402 crore, SGST revenue is Rs. 21,067 crore, IGST revenue is Rs. 47,377 crore (of which IGST from imports in August 2017 is Rs. 23,180 crore) and Compensation Cess is Rs.7,823 crore (of which Rs. 547 crore is Compensation Cess from imports in August 2017).
  3. The above figures obviously do not include the GST to be paid by 10.24 lakh assessees who have opted for the composition scheme. Additionally, there are still a number of assessees who have not filed their return either for July or August, 2017. The increase in the above stated figures will be informed in due course.

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SBS
(Release ID :171142)

On Clarification regarding availability of Transitional Credit for GST

As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed.

Concerns have been raised about the form for claiming transitional input tax credit not being available on the GSTN website. This form will be available on the GSTN website from 21st August, 2017. In view of this, a small window of opportunity is being given to all the taxpayers. For those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3Bbefore the due date of 20th August, 2017. The taxpayers who want to avail the transitional input tax credit should also calculate their tax liability after estimating the amount of transitional credit as per Form TRANS I. They have to make full settlement of the liability after adjusting the transitional input tax credit before 20th August, 2017. However, in such cases, they will get time upto 28th August, 2017 to submit Form TRANS I and Form 3B. In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest @ 18% for the period between 21stAugust,2017 till the payment of such differential amount.

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DSM/SBS/AK

Cancellation of Registration Extended to 30th Sep 2017

To address the concerns of taxpayers arising from Transition to the GST regime, the Government decides to extend the time limit for filing intimation for Composition Levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017; The period of applying for Cancellation of Registration is being extended up to 30th September, 2017.

The Government is mindful of the concerns of tax payers, especially the small taxpayers, arising from transition to the GST regime from 1st of July, 2017.

With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the Composition scheme, it has been decided to extend the time limit for filing intimation for Composition levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017.

Similarly, the taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for Cancellation of Registration is being extended up to 30th September, 2017. Relevant notifications are being issued.

****DSM/SBS/AK
(Release ID :168858)

GST Tip 183

The tax rate for Cess under GST as part of the Goods and Services Tax (Compensation to States) Act, 2017, starts from 15% to 190% in case of sin goods on ad valorem basis and in the case of goods, it is on per ton basis like coal, peat etc at the rate of Rs 400 per ton.

GST Tip 182

Input tax credit for cess being levied under Goods and Services Tax (Compensation to States) Act, 2017,  is eligible only for the making the output tax liability of the Cess under the same act and not for payment of any other taxes output liability under GST.

GST Tip – 181

Under the Goods and Services Tax (Compensation to States) Act, 2017, Cess will be levied on all interstate and intra-state transactions on the supply of goods and service notified by the GST council from time to time. Cess is not applicable to be paid by persons who have opted for registration under composition scheme.