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17 August, 2017

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Step By Step Guide for Filing GSTR 3B

GSTR-3B filling is under progress and the last date for GSTR-3B filling is 20 August2017. Please find below the step by step guide on how to file GST Return-3B.

Step by step guide on how to file GST Return-3B

  1. After login, select Return Dashboard
  2. Select Financial Year 2017-18 and Month July. Click Search and Select GSTR-3B
  3. Declare your liabilities and ITC claims in Section 3.1 and 4 respectively by clicking on the tiles and furnishing the required information.  Transitional ITC cannot be claimed in GSTR 3B. It can be claimed only through TRANS 1 and TRANS 2.
  4. Enter details of interest, if payable, in Section 5.1. Late fee will be computed by the system
  5. Click on Save GSTR-3B After you save the data, Submit button will get enabled. Please note that after submit, no modification is possible. Hence ensure that details are filled correctly before clicking on Submit button.
  6. On clicking Submit GSTR-3B button, System will post (debit) the self-assessed liabilities including system generated late fee in Liability Register and credit the claimed ITC into ITC ledger.
  7. After this the Payment of Tax tile will be enabled, please click it and declare your payment details to pay the taxes and offset the liability.
  8. Click CHECK BALANCE button to view the balance available for credit under Integrated TaxCentral TaxState Tax and Cess. (This includes transitional credit also, if TRAN-1 and 2 are submitted). This will enable you to check the balance before making the payment for the respective minor heads. The balance is also displayed when the mouse is hovered on the applicable data entry field in payment section.
  9. Please fill out the section that specifies how you wants to set-off your liabilities using a combination of Cash and ITC. 
    1. System checks if you have sufficient Cash/ITC balance.
    2. It also checks if the Reverse charge liabilities are set-off only through CASH.
    3. System also checks if all liabilities are set-off. Part payment is not allowed in GSTR-3B. Hence, ensure sufficient balance in Cash and ITC Ledger to Offset liability
    4. In case of ITC utilisations, the system checks the prioritization rules viz. IGST Credit has to be first utilised for paying IGST liability  and remaining for  CGST liability and thereafter SGST liability; SGST credit  has to be first used for paying SGST liability and then IGST liability; CGST Credit has to be first used for CGST liability and the remaining for IGST Liability; SGST credit cannot be used for paying CGST liability and CGST credit cannot be used for paying SGST liability
    5. Transition ITC, if  available in ITC ledger, can be used for payment of liabilities of GSTR 3B
  10. Click the OFFSET LIABILITY button to pay off the liabilities   
  11. Click on declaration statement
  12. Select Authorized Signatory filing the Form
  13. Click on File GSTR-3B button with DSC or EVC
  14. Message for successful filing will appear and Acknowledgement will get generated

For more information please visit https://tutorial.gst.gov.in/userguide/returns/index.htm#t=Create_and_Submit_GSTR3B.htm&rhsearch=3B&rhhlterm=3B&rhsyns=%20

 

Thanks

Source:- Sampark.gov 

16 August, 2017

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Impact of Finance Transformation on Your Corporate Earnings

Finance Transformation- Future of Finance

Finance Transformation is all about the finance department taking more strategic role in the management of the company.Though it is nowadays becoming one of the focus area inmost of the large corporations however small corporations arestill lagging behind as awareness, solutioning and its long term benefits are not that easily made available to these corporations. 

15 August, 2017

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Exports Under GST - Procedural Method of LUT/Bond (CT-1 Not Applicable under GST)

Detailed Procedure on Dealing with Exports under LUT/ Bond under GST Regime | CT-1 Discontinued under GST

Please refer to Notification No. 16/2017 – GST dated 7th July, 2017 and Circular No. 2/2/2017 – GST dated 5th July, 2017 and Circular No. 4/4/2017 – GST dated 7th July, 2017. A large number of communications have been received from the field formations and exporters citing variation in the interpretation of above referred notification and circulars.
2. Therefore, in exercise of powers conferred under section 168 (1) of the Central Goods and Services Tax Act, 2017, for the purpose of uniformity in the implementation of the Act, following issues are being clarified hereunder:

14 August, 2017

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Don't Worry - Transitional Input Tax Credit Will be Allowed in GST 3B

Transitional Input Tax Credit Will be Allowed in GST 3B 

In what may a big relief to all GST Fraternity, The Transitional Credit of Pre GST I.e Excise, Service Tax and VAT as on 30.6.2017 shall be eligible to be Claimed in GST 3B for July'17 itself as per recent tweet by Government of India. The Modality of how to claim the Same is yet to be notified.

Below is the Screenshot of Tweet. You can Verify the same by visiting Tweet Handle of Government on India on GST i.e GST@GoI.  

13 August, 2017

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Eway Bill under GST Procedure of Andhra Pradesh - One Worth Exploring

EWAY BILL PROCEDURES FOR ANDHRA PRADESH - ONE WORTH EXPLORING

Whereas, Section 68 of the Andhra Pradesh Goods and Services Tax Act, 2017 (Act No. 16 of 2017) provides that the Government may require the person in charge of a conveyance carrying any consignment of goods of value exceeding such amount as may be specified to carry with him such documents and such devices as may be prescribed;

And, whereas, rule 138 of the Andhra Pradesh Goods and Services Tax Rules, 2017, stipulates that till such time as an 'e-way bill system' is developed and approved by the Council, the Government may, by notification, specify the documents that the person in charge of a conveyance carrying any consignment of goods shall carry while the goods are in movement or in transit storage;

12 August, 2017

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Transporting Without GST on Delivery Challans - Know When, How & Procedures under GST

Transporting Without GST on Delivery Challans - Know When, How & Procedures under GST

When Can A Delivery Challan by Issued

a) supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known,

(b) transportation of goods for job work,

(c) transportation of goods for reasons other than by way of supply, or

(d) such other supplies as may be notified by the Board,

the consigner may issue a delivery challan, serially numbered not exceeding sixteen characters, in one or multiple series, in lieu of invoice at the time of removal of goods for transportation

11 August, 2017

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Insert This Clause In Your Vendor Contracts to be Safer In GST

Indemnity Clause in Vendors/ Suppliers Contract A Must in GST

By CA Ankit Gulgulia (Jain)

Under the Provisions of Section 16 of CGST Act, 2017, 

No registered person shall be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless,––

(a) he is in possession of a tax invoice or debit note issued by a supplier registered under this Act, or such other tax paying documents as may be prescribed;

(b) he has received the goods or services or both.

(c) subject to the provisions of section 41, the tax charged in respect of such supply has been actually paid to the Government, either in cash or through utilisation of input tax credit admissible in respect of the said supply; and

(d) he has furnished the return under section 39

10 August, 2017

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Employee Reimbursements of Food, Travel and Accommodation Not Liable to GST

Employee Reimbursements of Food, Travel and Accommodation Not Liable to GST Under Reverse Charge

Employee Reimbursements like Per Diem, Accommodation, Food, Conveyance and Travel Claim shall not be liable to GST under Reverse Charge as Tweeted by Official Twitter Handle of Government of India.

Below is the Extract of Tweet for our readers ... Whether Tweets are as good as Circulars only time can Tell !

09 August, 2017

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Your Income Tax Refunds Can Be First Adjusted Against Demands of Subsequent Years

Your Income Tax Refunds Can Be First Adjusted Against Demands of Subsequent Years 

Hon'ble Supreme Court in Northern Coal Fields Ltd. Versus Assistant Commissioner of Income Tax & Others 2017 (8) TMI 43 has upheld the Hon'ble MADHYA PRADESH HIGH COURT Judgement that wherein held Section 245 of the Act infact permits the Revenue to set off any demand from the amount to be refunded but the only condition is of intimation in writing to such person against whom action is proposed to be taken.

08 August, 2017

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GST Payment / Returns For July'17 - Details & List of Banks You Can Pay GST From

GST Payment Due Dates for Both General & Composition Scheme Taxpayers
Type of TaxpayerGST Payment Due Dates
General20th Day of the Next Month
Composition18th Day of the Next Month of Quarter