Checklist to be followed before filing GST Returns for the month of September 2018

One of the main features of Goods and Service Tax is the availability of the Input Tax Credit across the supply chain cycle. This statement provides very soothing sound to the trade and industry but it has certain conditions to be fulfilled to take advantage of this statement. As there is no matching for the time being as the Government has differed it, now it has become more critical to ensure that all the conditions
mentioned in the Act and Rules are fulfilled and for this, the filing of the GSTR – 3B return for the month of September 2018 is very vital.

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Extension of Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases

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 : 7993

43/2018-Central Tax ,dt. 10-09-2018

44/2018-Central Tax ,dt. 10-09-2018

45/2018-Central Tax ,dt. 10-09-2018

46/2018-Central Tax ,dt. 10-09-2018

47/2018-Central Tax ,dt. 10-09-2018

48/2018-Central Tax ,dt. 10-09-2018

 

 

GST TIP – 447

As per Circular No. 05/2018-Customs, Exporters have to file GSTR 3B with taxable value for
export and IGST paid against exports indicated in appropriate fields before filing of the
application for the refunds by the taxpayer under GST.

Recommendations made during the 26th meeting of the GST Council held in New Delhi Today

Recommendations made during the 26th meeting of the GST Council held in New Delhi Today

  1. Return filing System

The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized. A new model was discussed extensively and Group of Ministers on IT has been tasked to finalize the same.

 

II.        Reverse charge mechanism 

The liability to pay tax on reverse charge basishas been deferred till 30.06.2018. In the meantime, a Group of Ministers will look into the modalities of its implementation to ensure that no inconvenience is caused to the trade and industry.

 

III.       TDS/TCS

The provisions for deduction of tax at source (TDS) under section 51 of the CGST Act and collection of tax at source (TCS) under section 52 of the CGST Act shall remain suspended till 30.06.2018. In the meantime, the modalities of linking State and Central Governments accounting system with GSTN will be worked out so that seamless credit is available to the registered traders whose tax is deducted or collected at source.

 

IV.       Grievance Redressal Mechanism

GST implementation Committee (GIC) has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches.

 

DSM/RM/SS

(Release ID: 1523715) Visitor Counter : 1731

Changes in GSTR – 3B filing

Changes have been made to the GSTR – 3B, a set of question are being asked to the taxpayer to select “Yer” or “No” based on that the relevant tables in GSTR – 3B will be populated. This is applicable for the taxpayers filing returns online.

The following are the questions asked

 

Please answer the following questions to enable us to show relevant sections


Indicates Mandatory Fields

A. Do you want to file Nil return?

Note:Nil return can be filed by you if you have not made any outward supply (commonly known as sale) AND have NOT received (commonly known as purchase) any goods/services AND do not have any tax liability.
YesNO
B. Have you made any supply of goods/services (including nil rated, exempt and non-GST supplies) or received any supplies liable to reverse charge during this tax period? (Table 3.1) YesNO
C. Have you made any inter-state supplies to unregistered persons, composition taxable persons or UIN holders? (Table 3.2) YesNO
D. Do you have any claim/reversal of Input tax credit(ITC) on purchase of goods or receipt of services ? (Table 4) YesNO
E. Have you received any nil rated, exempt or non-GST supplies during this tax period? (Table 5) YesNO
F. Do you have any interest or late fee (including carry forward late-fee) liability? (Table 5.1) YesNO
G. Do you have any tax liability due to GST TRAN-1?(System-populated) (Table 6) YesNO

This is basically to ensure that the small time taxpayers do not get confused and make return filing simple. Also, the department wants to confirm from the taxpayers for the above questions and raise queries in future if required. Everyone one has to be careful while filing the returns.

The best suggest method is to have the Trail Balance ready on monthly and basis on that prepare the data for the GST returns, this will ensure that there will not be any mismatches between the GSTR – 3B data and the other monthly returns. This process will bring in a discipline to the taxpayers as well as to the professionals and assist in the filing of returns without any mistakes.