Annual Aggregate Turnover Computation Methodology

For Normal Taxpayers who have filed all GSTR-3Bs:

Turnover reported in GSTR-3B Column 2 of Table 3.1 { (a),(b),(c) & (e)} during the Financial Year 2020-21 have been taken into consideration (in case all the returns have been filed for the same).

1. Outwardtaxable supplies(other than zerorated, nil rated and exempted).
2. Outwardtaxable supplies(zero rated).
3. Other outward supplies (nil rated, exempted).
4. Non-GST outward supplies.

For Normal Taxpayers who have not filed all GSTR-3Bs:

The following formula is used for extrapolation of turnover:

(Sum of taxable value) X (*No.of GSTR-3B liable to be filed)/(No. of GSTR-3B filed)

*Categorisation of taxpayers to derive the number of GSTR-3B liable to be filed

I. GSTINs who are active as on date and were NOT IN composition during FY 2020-21,number of GSTR-3B liable to be filed have been arrived at as follows:

1. If the taxpayer is migrated, then No.of GSTR-3B liable to be filed is 12
2. If the taxpayer is new and registered on or before 31^st March,2021, the No.of GSTR-3Bs liable to be filed shall be derived on the basis of GSTIN approval/grant date i.e. if approval/grant date is on or before April, 2020, then 12, else based on month of approval/grant of GSTIN (e.g. If the month of grant of GSTIN is May 2020, then number of GSTR-3B liable to be filed is 11,if it is June 2020, then it is 10 and so on).

II. GSTINs who are cancelled as on date and were NOT IN composition during 2020-21, number of GSTR-3B liable to be filed have been arrived at as follows:

1. GSTINs registered on or before 31^st March 2021.
2. Months between cancellation date and approval/grant date of GSTIN decides the number of GSTR-3B liable to be filed.
3. If cancellation date is beyond March 2021, then month between March 2021 and approval/grant Month of GSTIN is derived.
4. If approval/Grant of GSTIN month is before April 2020, then month between cancellation date and April 2020 is derived.

III. GSTINs who are active as on date and were in composition BUT WITHDRAWN during 2020-21,number of GSTR-3B liable to be filed have been arrived at as follows:

1. GSTINs registered on or before 31^st March 2021.
2. Months between Withdrawal date and 31^st March 2021 is defined as number of GSTR-3B liable to file.

IV. GSTINs who are cancelled as on date and were in composition BUT WITHDRAWN during 2020-21, number of GSTR-3B liable to be filed have been arrived at as follows:

1. GSTINs registered on or before 31^st March 2021.
2. Months between Withdrawal date and 31^st March 2021 and cancellation date decides the number of GSTR-3B liable to be filed.
3. If cancellation date is beyond March 2021, then month between March 2021 and Withdrawal Month of GSTIN is derived.

For Composition Taxpayers opted-in throughout the FY: Since the Annual Aggregate Turnover limit for opting in as Composition Taxpayer is up to Rs. 1.5 crore, and will use the following extrapolation formula:

(Sum of taxable value) X (*No. of CMP-08 liable to be filed)/ (No. of CMP-08 filed)

New Functionalities made available for Taxpayers on GST Portal in June, 2021

User experience is the key and keeping in this in mind, new features have been added to the GST portal constantly and some of the new Functionalities were made available for Taxpayers on GST Portal in June, 2021. They are

1. Moving the records saved in IFF, to later months of same Quarter, by taxpayers under QRMP Scheme

There can be cases where the QRMP Taxpayers have entered the data in the IFF but not submitted. In such cases the records which are saved and not submitted/filed can be moved from one period to another period as well as moved from various periods of the Quarter to GSTR – 1 while filing the return.

• Taxpayers can now MOVE the records saved in their IFF of first month of a quarter (if the time for filing it has expired) to IFF of second month of the quarter.
• Taxpayers can also MOVE the records saved in IFF of first month & second month of the quarter (if the time for filing it has expired) to their quarterly Form GSTR-1 (of the same quarter). Please note that the records can be moved only within a quarter.
• While preparing IFF/GSTR-1 (of later months of same quarter) online, in case of saved records, taxpayers will get a pop-up prompting them to either MOVE the records by selecting YES or delete them by selecting NO.

2. Auto population of GSTR-3B liability, for taxpayers under QRMP Scheme, from their IFF and GSTR 1

The tax liability in the case of QRMP taxpayer, it will be auto populated from IFF filed during the months to GSTR – 3B. This will ensure that there are not data entry errors and correct liability gets reported.

3. Filing for refund of accumulated ITC by taxpayers making exempt/ nil-rated supplies, by selecting an option of not having an LUT number in the refund application

Exports are Zero rated supplies under GST and the exporters have an option to invoice with payment of taxes or without payment of taxes. In cases where the invoice is issued without payment of taxes, the taxpayer has to file a refund application separately to claim the accumulated input tax credit in the electronic credit ledger.

To claim refund, in the Form RFD – 01, the taxpayer has to enter the Letter of Under Taking Number currently. From this month onwards the taxpayers now an option to select any one of the following

• I have a valid LUT number.
• I don’t have a valid LUT number, since I am making only exempt/ nil rated supplies

The above mentioned are the new features added for the taxpayers on the GST portal to provide better user experience. Since auto population is machine driven, it is recommended to cross check the values auto populated before filing for the accuracy. In case of any differences, the values can be over written and correct values should be entered.

All about E-waybills, Refunds and Anti-Profiteering provisions in GST

About The Event

India-gst.in is coming up with a series of sessions on latest changes in GST and as part of it, the first session is being held in Hyderabad on 7th March 2018. Eminent speakers are being invited to address the sessions. 

It will be useful to executives, professionals and key decision makers in the organization as the topics covered are of primary importance under GST like E-waybills, Refunds and Anti-profiteering provisions in GST.

Session – 1  E-waybill by MR. ROHIT KUMAR SINGH, Indirect Tax Consultant

E-waybills for an interstate movement of goods above Rs 50,000 under GST using the central portal. Topics to be covered are

• Introduction of e-Way Bill
• Why is e-Way bill required
• When should e-Way Bill be issued?
• Cases when e-Way bill is Not Required
• Who should Generate an e-Way bill
• States that have Notified e-Way Bill
• Processes involved in generation of web-based e-Way Bill
• Practical demo of E Way Bill generation – Thru excel tool
• Validity of e-Way Bill
• Documents required to generate e-Way Bill
• Enabling the various modes of the e-Way Bill generation
• Physical check on e-Way bill

— Lunch Break —

Session II – Refunds by CMA Bhogavallli Mallikarjuna Gupta, Founder India-gst.in

• Refunds – Law and documentation
• Refund on excess balance in electronic credit ledger
• Refund on export of goods and services with payment of IGST
• Refund on export of goods and services without payment of IGST
• Refund on deemed exports
• Refund on supplies to SEZ – with/without payment of duties

Session III – Anti Profiteering by CMA Bhogavallli Mallikarjuna Gupta, Founder India-gst.in

• Anti-Profiteering Meaning
• Rules
• Documents to be verified

The venue will be announced shortly as our logistics partners are working on it to provide the best experience.

About Speakers

 

Mr. Rohit Kumar Singh

Head GST Suvidha Provider – Karvy Data Management Services Limited

Co-authored a book on Company Law Matters

Speaker – ASSOCHAM, FTAPCCI, Industry associations, T-HUB, 91 Springboards, ICAI, ICMAI, Calcutta Management Association, etc.

Faculty for Indirect tax for ICAI and GST Certificate course for ICMAI

CMA Bhogavalli Mallikarguna Gupta
Advisor, Speaker, and Author on Indian GST
Founder and Chief Editor of http://www.india-gst.in
Director – Business Advisory Services, Procode Softech Pvt Ltd
Resource Person – ICAI Taxation
Special Invitee – GST and Customs Committee at FTAPCCI
National Advisory and Governing Body member at MSME World

GST Tip – 325

As per Section 16 of the IGST Act, Zero Rated supplies means the supply of goods or services or both to SEZ Units or SEZ Developers or Exports.

GST Tip 290

In Section 3.1 of GSTR – 3B, details of the outwards supplies along with the inwards supplies on which reverse charge is applicable has to be shown. It should be shown in summary format for the above supplies with the taxable value for each category along with the tax amounts. Outward supplies for Zero Rated, Nil Rated and exempted supplies have to be shown separately in the same section.

 

 

GST Tip – 175

Input tax credit with respect to a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances have an option to claim only 50% of the GST taxes paid as Input Tax Credit. Alternatively, they can avail input tax credit to the extent excluding the services used for exempted and zero rated supplies.