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19 September, 2017

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States Lazy in Issuing GST Notification Will Create Unwanted Chaos

States Lazy in Issuing GST Notification Will Create Unwanted Chaos

GSTN portal doesn’t seem to be accepting any line item in which the CGST and SGST tax rates/ amounts differ, since the information pertaining to each transaction is captured as a single line item (it might have been possible, if, the CGST and SGST were captured as different line items). As such, if we create rules which have 6% CGST and 9% SGST, we may not be able to file the returns in the GSTN portal.

Now where can the Rates be different. See below :- 

17 September, 2017

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More Than 1 Crore Transitional Credit Will Face Tight Scrutiny

More Than 1 Crore Transitional Credit Will Face Tight Scrutiny 
Transitional credit claims worth a whopping Rs 65,000 crore received from traders under GST have stumped the government and the tax authorities are now preparing to check the veracity of claims of over Rs 1 crore.
The Central Board of Excise and Customs (CBEC) has asked its officials to verify all transitional credit claims for more than Rs 1 crore as it does not rule out ineligible claims "due to mistake or confusion".
If the entire Rs 65,000 crore transitional credit claims are found genuine, it could burn a deep hole into the anticipated revenue collections under GST. Apart from transitional credit, government would also receive claims for input tax credit, the figure of which is not yet known. Finance Minister Arun Jaitley had said that the government had collected Rs 95,000 crore as GST for July with 64 per cent compliance.

16 September, 2017

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Due Date of GSTR-3B Appears to Come Very Quickly Every Month

Due Date of GSTR-3B Comes Very Quickly Every Month

For Tax Professionals & Industry it is time again to deposit GST and File GSTR-3B for Month of August'17. 

In our View, since GSTR-3B does not help identify state wise revenue nor it links GSTN Credit to Registered Customer it is a Compliance which can be made filable without late fees till december. 

Note that while filing GSTR-3B, statewise revenue bifurcation is to be filed only in case of Unregistered Dealer Outward Supplies.

Meanwhile the tax payers can continue to pay GST every month as per timelines prescribed, delay in which always attracts Interest/ Penalties. 

Below is the Table for Due Dates.

12 September, 2017

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5% VAT in the UAE / DUBAI w.e.f 1st January, 2018 - All the Details Here

5% VAT in the UAE / DUBAI w.e.f 1st January, 2018

The new taxation regime will be rolled out on January 1, 2018.

Value Added Tax (VAT) is set to make its debut in the six-nation GCC block in 2018.
Image result for VAT“The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has stated that the UAE will implement VAT at the rate of 5% on 1 January 2018.
The minister was speaking in Dubai on 24 February after a joint press conference with Christine Lagarde, Managing Director of the International Monetary Fund (IMF). VAT is expected to be introduced at a rate of 5% with some limited exceptions including basic food items, healthcare and education. The UAE are planning to implement on 1 January 2018 - other GCC countries may do so at the same time or by 1 January 2019 at the latest.”

11 September, 2017

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60K Crores Claimed as Transtional Input Credit Till Date - Significant Dent to July's 95K Crores GST Collections

60K Crores Claimed as Transtional Input Credit Till Date - Significant Dent to July's 95K Crores GST Collections 

Significant refunds claimed by entities for the pre-GST (goods and services tax) stock has left the government startled.
 
For the close to Rs 95,000 crore of revenue collected for July so far, around Rs 60,000 crore has been claimed as input tax credit for taxes paid for the period before July 1, according to state official sources.
 
The input tax credit for the transitional period has been claimed through the TRAN 1 form. Companies had a 90-day period from July 1 to claim credit for the excise duty already paid on inputs.
 
“We are still evaluating the number of input tax credit claims. It seems to be too large. It is not adding up,” Revenue Secretary Hasmukh Adhia had said at the Business Standard GST Roundtable on Wednesday.
 
The GST Council had allowed companies to claim 100 per cent input tax credit by uploading excise payment invoices for the period before July 1. In case of unavailability of invoices, the Council had allowed 40 per cent input tax credit.
 
In fact, the limit on input tax credit was raised to 60 per cent from 40 per cent of the GST liability on items with tax rates above 18 per cent at the June 4 meeting.
  Besides, the entire 100 per cent input tax credit can be claimed on high-value items, priced above Rs 25,000, with a chassis number.

Source- BS

09 September, 2017

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Key Points In TRAN-1 Filing

Key takeaways from the Webinar on TRAN-1 organised by Goods and Services Tax Network today

1. *Revision of TRAN-1* form may be allowed in future, the matter is being contemplated by GST Council

2. *Transitional credit under existing laws* will be carried forward through two tables, 5(a) for Central taxes & 5(c) for States taxes

3. *No need to declare the details of C-Form, H Form & F- Form etc.* in table 5(c), if no VAT ITC is being carried forward.

4. *All the fields are not required* to be filed in TRAN-1, only applicable fields are to be filed

5. GSTN will accept only those invoices which are of the dates between *01st Jul 16 and 30th Jun 17* in the table 7

6. *The returns for the last 6 months* under the existing laws must be filed to file TRAN-1 return & declaration for the same should be made

7. In table 6(a) if *Capital goods* were imported, "NA" should be furnished in the Supplier's registration number field.

8. *CSV upload* facility for all table 6 & 7 will be made available soon where bulk data is to be uploaded.

9. In table 7 in the *"Unit"* field can be filed up to only 3 Alphabets.

10. Eligible duty in Table 7B will be filed as "0" where *duty paid Invoices are not available* and credit is being claimed under Proviso to Section 140(3) @40% & @60%.

11. Where person was having *centralised registration in the existing law*, he can distribute the Transitional credit to the multiple GSTIN with the same PAN number. Each GSTIN will be entered as separate line item.

12. For the credit relating to *goods held by agent*, the data of credit should be furnished by both agent & principal simultaneously in Table 10.

13. *If you have not entered your Service tax registration number or any other registration number while registering on the portal, the credit relatable to same can not be claimed. For claiming the credit first amendment to Non-Core fields should be made.*

14. *For goods & services received after appointed date* on which tax was charged under Old regime credit can be claimed u/s 140(5) through table 7(b) of TRAN-1.

31 August, 2017

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Govt. notifies E-Way Bill rules - A Quick Glance Summary

Govt. notifies E-Way Bill rules
 
The Central Government made 6th amendment in Central Goods and Services Tax Rules, 2017 (CGST Rules, 2017) to incorporate the left out provisions for e-way bill.
 
The Notification no. 27/2017-CT dated 30.08.2017 resulted into substitution of Rule 138 with new Rule 138 with further addition of new set of rules i.e. 138A to 138D. But, the date of the implementation of these rules has not been notified till date.
 

25 August, 2017

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GST FAQ's for Handicrafts Industry - CBEC

Question
Answer

Handicrafts Industry
1
How will imports be taxed under GST?
All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services.
2
How will exports be treated under GST?
All exports will be deemed as inter-State supplies. Exports of goods and services will be treated as zero rated supplies. The exporter has the option either to export under bond/Letter of Undertaking without payment of tax and claim refund of ITC or pay IGST by utilizing ITC or in cash at the time of export and claim refund of IGST paid.

22 August, 2017

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Haryana Tax Officials Might Soon Visit Your Premise !

Haryana Tax Officials Might Soon Visit Your Premise !

Haryana excise and taxation department has asked its officers to find out whether premises companies from the state have mentioned in goods and services tax network registration are authentic, a move that seems to be aimed at identifying shell companies operating in Haryana. 

Experts, however, warn that this could create problems for several genuine companies, mainly smaller ones, and may even prompt them to deregister from the GST network. 

19 August, 2017

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Due Date of Payment and GSTR 3B Extended to 25th August, 2017

Due Date of Payment and GSTR 3B Extended to 25th August, 2017