Recommendations of the 42nd GST Council Meeting

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs

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Composition scheme under GST for Goods

What is Composition scheme under CGST Act, 2017 for selling or manufacturing Goods (Other than Service provider)? Under CGST Act, 2017 Composition scheme assesses can pay the GST on conational rate. The scheme has some pros and cons which are discussed below: The scheme is Optional: This scheme is optional to the taxable person. This scheme is available only for certain eligible taxable persons. Who can avail the option? I.e. Eligibility? [Section 10(1)] A registered person, whose aggregate turnover in the preceding financial year did not exceed *₹ 1 crore, can be eligible to opt for payment of tax under…

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Step by step guide to file GST Audit Report Form GSTR 9C

Following is step by step guide to file GST Audit report Form GSTR 9C Complete filing of all pending returns - GSTR 1 and GTSR 3B from July 2017 to March 2018. File Annual Return in Form GSTR 9 - Annual Return in Form GSTR 9 for is to be filed before filing GST Audit Report in Form GSTR 9C Keep the figures for Annual Return handy - Audit report requires details of annual return to be provided in GSTR 9C, Copy of Profit & Loss (or Income and Expenditure Statement) and Balance Sheet - Scan the reports in PDF…

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Analysis of 6 % Composition Scheme for Service Providers w.e.f. 01/04/2019

Good News Service provider can now opt for Composition Scheme from 01/04/2019 vide notification No. 2/2019 – Central Tax (Rate) dated 07/03/2019. Earlier they are kept out of ambit of composition scheme u/s 10(1) of CGST Act. Here is the Crux of the notification: A registered person for first supplies of goods or services or both up to an aggregate turnover of fifty lakh rupees made  starting from 1st day of April in financial year. Analysis: Lets understand it with Example: An Unregistered person made supply of 20 Lakhs till 10th August, andCompleted 50 Lakhs on 14th Feb,made further supply…

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Optional 6% GST Composition Scheme for Service Providers w.e.f. 1st April 2019

[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) Notification No. 2/2019-Central Tax (Rate) New Delhi, the 7 th March, 2019 G.S.R......(E).- In exercise of the powers conferred by sub-section (1) of section 9, subsection (1) of section 11, sub-section (1) of section 16 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (herein after referred to as the “said Act”), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary in the public interest…

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FAQs of GSTR-9C Offline Utility

1. What is Form GSTR-9C?Form GSTR-9C is a reconciliation statement, duly verified and signed by Chartered Accountant/ Cost Accountant, and required to be furnished along with filing of annual return in Form GSTR-9 by the taxpayer whose turnover is above Rs.2 Crores during a financial year.2. Who needs to file Form GSTR-9C?Every taxpayer is supposed to file GSTR-9C and required to get his accounts audited by Chartered/Cost Accountant when turnover during a financial year exceeds the prescribed limit, along with filing of his/her annual return in Form GSTR-9.This requirement is not applicable to Central Government or a State Government or…

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March 2019 Form GSTR-1 Due Date Extended.

Central Government has extended March 2019 GSTR-1 filing Due date to 13th April 2019Below is the Official announcement [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification No. 17/2019 – Central TaxNew Delhi, the 10th April, 2019G.S.R.....(E).– In exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby makes the following amendments…

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Reverse Charge Mechanism (RCM) under GST

Under Reverse Charge Mechanism (RCM) the recipient of the goods and/or services is liable to pay GST instead of the supplier of the goods and/or services. Updates6th Aug 2018: Reverse Charge Mechanism (in case of supplies made by unregistered persons to registered persons) deferred till 30th Sept 2019. Earlier, this provision was applicable from 1st Oct 2018.What is Reverse Charge?When is Reverse Charge Applicable?Time of Supply under Reverse ChargeWhat is Self-Invoicing?Frequently Asked Questions(FAQ) 1. What is Reverse Charge? Usually, the supplier of goods or services pays the tax on supply of goods/services. Under Reverse Charge (RCM), the receiver is liable…

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GSTN issues advisory to start new Invoice series from 1st April 2019

The Goods and Service Tax Network (“GSTN”) has issued an advisory dated April 04, 2019 which state that all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters – hyphen or dash and slash symbolized as “-” and “/” respectively, and any combination thereof, unique for a financial year.This rule implies that with the start of new financial year 2019-20 (w.e.f. April 01, 2019), a new invoice…

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