FAQ – 18

In From GSTR – 9C, what is “Adjustments in turnover due to foreign exchange fluctuations” and in which cases do i need to fill it?

It has to be filled by all taxpayers who have outward supplies in foreign currency and where they issue a tax invoice as well as a commercial invoice. It can be in case of exporters or supplies to SEZ’s where they issue a tax invoice with payment of duty i.e as per the GST at the time of removal of goods and for the foreign customer, a commercial invoice is issued on a subsequent date. The different dates can some time result in different exchange rates being used. This could cause a difference reported in the financial statements and in the GST Returns, for this reason, it has to be mentioned in the Form GSTR – 9C.

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GST Tip – 370

As per Rule 96A of the CGST Rules,  the person who has executed the LUT / Bond has submit proof fo export within  fifteen days after the expiry of one year, or such further period as may be allowed by the Commissioner, from the date of issue of the invoice for export, if the payment of such services is not received by the exporter in convertible foreign exchange.

GST Tip – 355

On payment of the full bid amount by the successful bidder for at the auction of goods of the defaulted taxpayer, the proper officer shall transfer the possession of the said goods to the successful bidder and issue a certificate in FORM GST DRC-12.

GST Tip – 322

As per Rule 141 of the CGST Rules 2017, in case if the goods seized  are of perishable or hazardous in nature of the taxpayer, the said goods can be released, if the owner of the goods pays an amount equivalent to the market price of such goods or things or the amount of tax, interest, and penalty that is or may become payable. On submission of proof of payment, the concerned officer may order the release of the said goods through FORM GST INS-05.

Last Date for Payment of Gst and Filing of Return For July 2017 Extended By 5 Days

The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017.
Earlier the last date for payment of taxes and filing of GST Return in Form 3B for the month of July was kept as 20th of August 2017.  Since it is the first Return to be filed under GST, the tax payers and the tax practitioners have requested for few more days to file their Return.  Also there have been requests from States which are hit with floods to extend the last date for filing of GST Returns.  The State of Jammu & Kashmir has also requested for extension of time because of late passing of their GST Ordinance. Some technical glitches are also experienced by last minute return filers.
It has been specified that for those tax payers, who do not want to avail of transitional credit in TRANS1 this month, the date for return filing will be 25th August 2017.  And for those who want to fill up TRANS1 this month, the last date for filing of returns will be 28th August 2017, as announced earlier. In order not to face any last moment technological difficulty in submission of return, all tax payers are requested to kindly file their return well before 25th / 28th of August 2017 and not wait for the last date. Suitable notification is being issued shortly.
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DSM/SBS
(Release ID :170103)

GST Tip – 180

As per the CGST Act, The time of supply for interest, late fee or penalty for delayed payment of any consideration is the date on which the payment is received by the supplier but not on the date on which the suppliers raises the debit note.

GST Tip – 69

Tax Deducted at source is applicable under GST also. It is different from TDS under Income Tax Act. It is applicable on the supply of goods and services as notified by the Government through GST council. Whenever payment is being made to the supplier of goods or services, GST TDS will be recovered / deducted from the payment and then only balance amount is paid.