Glimpses of GST 26th Council Meeting

CA. H VIJAY SARATHI, B.com., ACA
Partner, S Hariharan & Associates
Chartered Accountants
 
Glimpses of GST Council meeting
 
Greetings to our clients.
 

 

1. Return filing deferred:

 
The present system of filing GSTR 3B and GSTR 1 is extended for three months till 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 finalise the same.
 

1. Tax exemptions for exporters extended:

 
Available tax exemptions on imported goods have been extended for a further six months beyond March 31. Now, exporters availing various export promotion schemes can continue to avail such exemptions on their imports upto October 1. By that time, e-wallet scheme is expected to be in place to continue the benefits in future.
 

1. E-Way Bill From April 1:

 
The electronic way or e-way bill for movement of goods between states will be implemented from April 1. However, for intra-state movement, the e-way bill would be rolled out in a phased manner starting April15, and will cover all the states by June 1.
 

1. Reverse charge mechanism deferred for purchases from unregistered dealers:

 
The liability to pay tax on reverse charge has been deferred till June 30. Meanwhile, a group of ministers will look into the modalities of its implementations to ensure that no inconvenience is caused to the trade and industry.
 

1. Deduction of TDS/TCS deferred:

 
The Provision for deduction of tax at source (TDS) under section 51 of the CGST Act and collection of tax at source under section 52 of the CGST Act shall remain suspended till June 30. 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.
 
 
 

1. For redressing grievances:

 
GST implementation committee has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches.
 
In the 23rd GST council meeting, it was decided that filing of GSTR-2 and GSTR-3 forms would stop and only the filing of GSTR-1 and GSTR-3B would continue.
 
According to the recommendation made by Nilekani, instead of supplying invoices to be uploaded, a module can be formed where supplying invoice details can be posted, and based on the invoice data fed by the supplier, the system by itself generates the return.
 

1. GSTR-3B Return: Due Dates for February And March

 
Due date of filing GSTR-3B return is 20^th of the next month. For instance, the 3B return for the month of March can be filed any time before April 20, and similarly, the 3B return for the month of February can be filed any time before March 20.
 

1. GSTR-1 Return: Due Dates for February And March

 
Taxpayers with an annual turnover that amounts to ₹1.5 crore or less are obligated to file their GSTR-1 returns quarterly. The due date for such taxpayers is 30^th of the month following the end of respective quarter. For the March (Jan 1 to March 31) quarter, for instance, the deadline would be 30^th of April.
 
Those with a turnover of ₹1.5 crore and above are meant to file monthly returns of GSTR-1. The deadline for monthly return is 10^th of the month that comes two months after the end of respective month. For instance, the GSTR-1 return for the month of January can be filed by March 10. Likewise, returns for the months of February and March can be filed by April 10 and May 10.
 
 
The author is an associate member of the Institute of Chartered Accountants of India and a practising Chartered Accountant based in Papanasam and can be reached at vijaysarathisha@gmail.com.
 

• : The contents of this document are solely for informational purpose. It does not constitute any professional advice or a formal recommendation. The author does not accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this document or for any actions taken in reliance thereon. No part of this document should be distributed or copied without express written permission of the author.

 
This document solely belongs to the author.
CA. H VIJAY SARATHI, B.com., ACA
Partner, S Hariharan & Associates
Chartered Accountants
 
Glimpses of GST Council meeting
 
Greetings to our clients.
   

1. Return filing deferred:

 
The present system of filing GSTR 3B and GSTR 1 is extended for three months till 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 finalise the same.
 

1. Tax exemptions for exporters extended:

 
Available tax exemptions on imported goods have been extended for a further six months beyond March 31. Now, exporters availing various export promotion schemes can continue to avail such exemptions on their imports upto October 1. By that time, e-wallet scheme is expected to be in place to continue the benefits in future.
 

1. E-Way Bill From April 1:

 
The electronic way or e-way bill for movement of goods between states will be implemented from April 1. However, for intra-state movement, the e-way bill would be rolled out in a phased manner starting April15, and will cover all the states by June 1.
 

1. Reverse charge mechanism deferred for purchases from unregistered dealers:

 
The liability to pay tax on reverse charge has been deferred till June 30. Meanwhile, a group of ministers will look into the modalities of its implementations to ensure that no inconvenience is caused to the trade and industry.
 

1. Deduction of TDS/TCS deferred:

 
The Provision for deduction of tax at source (TDS) under section 51 of the CGST Act and collection of tax at source under section 52 of the CGST Act shall remain suspended till June 30. 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.
 
 
 

1. For redressing grievances:

 
GST implementation committee has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches.
 
In the 23rd GST council meeting, it was decided that filing of GSTR-2 and GSTR-3 forms would stop and only the filing of GSTR-1 and GSTR-3B would continue.
 
According to the recommendation made by Nilekani, instead of supplying invoices to be uploaded, a module can be formed where supplying invoice details can be posted, and based on the invoice data fed by the supplier, the system by itself generates the return.
 

1. GSTR-3B Return: Due Dates for February And March

 
Due date of filing GSTR-3B return is 20^th of the next month. For instance, the 3B return for the month of March can be filed any time before April 20, and similarly, the 3B return for the month of February can be filed any time before March 20.
 

1. GSTR-1 Return: Due Dates for February And March

 
Taxpayers with an annual turnover that amounts to ₹1.5 crore or less are obligated to file their GSTR-1 returns quarterly. The due date for such taxpayers is 30^th of the month following the end of respective quarter. For the March (Jan 1 to March 31) quarter, for instance, the deadline would be 30^th of April.
 
Those with a turnover of ₹1.5 crore and above are meant to file monthly returns of GSTR-1. The deadline for monthly return is 10^th of the month that comes two months after the end of respective month. For instance, the GSTR-1 return for the month of January can be filed by March 10. Likewise, returns for the months of February and March can be filed by April 10 and May 10.
 
 
The author is an associate member of the Institute of Chartered Accountants of India and a practising Chartered Accountant based in Papanasam and can be reached at vijaysarathisha@gmail.com.
 

• : The contents of this document are solely for informational purpose. It does not constitute any professional advice or a formal recommendation. The author does not accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this document or for any actions taken in reliance thereon. No part of this document should be distributed or copied without express written permission of the author.

 
This document solely belongs to the author.