PAVAN Agarwal & Associates

24/02/2019

*GST COUNCIL MEETING Updates* - *24/02/2019*

GST on Real estate Revised

1. For affordable house in Metro up to 60 Sq Mt and costing less than 45 lacs - 1%

2. For affordable house in Non metro up to 90 sq Mt and costing less than 45 Lacs - 1%

3. For all other houses - 5%

*No ITC would be allowed*

*To be implemented from 1st April 2019.*

Regards

30/06/2018

Applicability of Reverse charge mechanism under GST is further extended until 30th Sept, 2018.

27/06/2018

Additional fee @ Rs.100/- per day after 30th June 2018 shall become payable in respect of the *annual filing forms* (MGT-7 (form for annual return), AoC-4 (Form for balance sheet and profit and loss account).

26/01/2018

Companies having authorised capital of up to Rs 10 lakh can soon be incorporated without paying any fee, according to the government.

11/11/2017

Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017
Return Filing :

a) The return filing process is to be further simplified in the following manner:
i. All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.

ii. For filing of details in FORM GSTR-1 till March 2018, taxpayers would be divided into two categories. Details of these two categories along with the last date of filing GSTR 1 are as follows:
(a) Taxpayers with annual aggregate turnover upto Rs. 1.5 crore need to file GSTR-1 on quarterly basis as per following frequency:
Period Dates
Jul- Sep 31st Dec 2017
Oct- Dec 15th Feb 2018
Jan- Mar 30th April 2018
(b) Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file GSTR-1 on monthly basis as per following frequency:
Period Dates
Jul- Oct 31st Dec 2017
Nov 10th Jan 2018
Dec 10th Feb 2018
Jan 10th Mar 2018
Feb 10th Apr 2018
Mar 10th May 2018
iii. The time period for filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 would be worked out by a Committee of Officers. However, filing of GSTR-1 will continue for the entire period without requiring filing of GSTR-2 & GSTR-3 for the previous month / period.
b) A large number of taxpayers were unable to file their return in FORM GSTR-3B within due date for the months of July, August and September, 2017. Late fee was waived in all such cases. It has been decided that where such late fee was paid, it will be re-credited to their Electronic Cash Ledger under “Tax” head instead of “Fee” head so as to enable them to use that amount for discharge of their future tax liabilities. The software changes for this would be made and thereafter this decision will be implemented.

c) For subsequent months, i.e. October 2017 onwards, the amount of late fee payable by a taxpayer whose tax liability for that month was ‘NIL’will be Rs. 20/- per day (Rs. 10/- per day each under CGST & SGST Acts) instead of Rs. 200/- per day (Rs. 100/- per day each under CGST & SGST Acts).
Extension of dates
d) Taking cognizance of the late availability or unavailability of some forms on the common portal, it has been decided that the due dates for furnishing the following forms shall be extended as under:
S. No. FORM and Details Original due date Revised due date
1 GST ITC-04 for the quarter July-September, 2017 25.10.2017 31.12.2017
2 GSTR-4 for the quarter July-September, 2017 18.10.2017 24.12.2017
3 GSTR-5 for July, 2017 20.08.2017 or 7 days from the last date of registration whichever is earlier 11.12.2017
4 GSTR-5A for July, 2017 20.08.2017 15.12.2017
5 GSTR-6 for July, 2017 13.08.2017 31.12.2017
6 TRAN-1 30.09.2017 31.12.2017 (One-time option of revision also to be given till this date)
Source : Taxguru.

10/07/2017

Whether Returns under CST in relation to the six months immediately preceding the appointed date also to be furnished in order to carry forward the un-availed CENVAT credit with respect to Service Tax and Central Excise into the GST regime?

Yes. The registered person has to furnish all the Returns required under the existing law for the period of six months immediately preceding the appointed day.

08/07/2017

Gst registration is mandatory for a Supplier who supply through an e-commerce operator irrespective of his turnover.

07/07/2017

23/06/2017

Service Tax Return for the period 1st April, 2017, to 30th June, 2017, to be submitted by 15th August, 2017.

Revised return for the above period to be submitted within 45 days from the date of submission of the original return.

Regards

28/05/2016

An illustrative table showing the applicability of Krishi Kalyan Cess is given as under:
S. No. Date of applicability of KKC Date of Invoice Date of Payment Received Applicability of KKC
1. 1st June, 2016 14thJune, 2016 30th May, 2016 No
2. 1st June, 2016 18thJune, 2016 30th May, 2016 Yes
3. 1st June, 2016 30th May, 2016 30th May, 2016 No
4. 1st June, 2016 3rdJune, 2016 3rdJune, 2016 Yes
5. 1st June, 2016 30th May, 2016 3rd June, 2016 Yes
This would imply that on all debtors as on May 31, 2016, assesses will be liable to pay KKC.

23/05/2016

Krishi Kalyan Cess is to be leived with effect from 1st June, 2016 on any or all the taxable services at the rate of 0.5% on the value of such taxable services. Credit of Krishi Kalyan Cess paid on input services shall be allowed to be used for payment of the proposed cess on the service provided by a service provider.

The effective rate of service tax is 15% with effect from 01.06.2016 and the bifurcation is as follows :

Service Tax 14%
Swachh Bharath Cess 0.5%
Krishi Kalyan Cess 0.5%
Total Tax rate 15%