As we all are aware that GST Act has already
been implemented and now, the new financial year 2018-19 has started so it is important
to share the few important topics, which every dealer will deal on day to day
basis while conducting his business.
GSTR-1
(Details of Outward Supplies of Goods or Services)
In Goods & Services Tax Act, 2017, for
the Month of February 2018, March 2018, April 2018, May 2018 and June 2018
where turnover in preceding financial year is above Rs.1.5 crores, due Dates
for Monthly Filing of FORM GSTR-1 are as follows:
Month
Due date
Feb 2018 10 April’18
March 2018 10 May’18
April 2018 31 May’18
May 2018 10 June’18
June 2018 10 July’18
·
In case,
the turnover in preceding financial year is below Rs. 1.5 crores, Due Dates for
Quarterly Filing of FORM GSTR-1 for the Quarter of January 2018 to March 2018
and April 2018 to June 2018 are as follows:
Month Due date
Jan – March 2018 30 April’18
April-June
2018 31 July’18
GSTR-3B (Return in lieu of GSTR-3,
when the time limit for GSTR-1 and GSTR-2 is extended)
·
For the
Month of March 2018, April 2018, May 2018 and June 2018, due dates for Filing
of Form GSTR-3B are as follow:
Month Due date
March 2018 20 April’18
April 2018 20May’18
May 2018 20 June’18
June
2018 20 July’18
GSTR
2A [Details of auto-drafted supplies (Form GSTR-1, GSTR-5, GSTR-6, GSTR-7)]
·
Purchases
are auto-calculated on the GST portal in the form GSTR 2A. Under GST, as
reflected in GSTR-2A, all the taxable persons shall check the purchases which
are made before 31st March 2018 with account books.
“Due date for furnishing the statement
in FORM GST TRAN-2 extended till 30.06.2018” Earlier the date was
31.03.2018.
5. HSN Code to be
mentioned in the Invoice as per scale of turnover
Taxpayers should calculate their turnover for
financial year 2017-18, before issuing their first invoice in financial year
2018-19. Following parameters are to be followed:
1.
Taxpayers
whose Aggregate turnover is more than Rs. 1.5 crores but upto Rs. 5 crores
shall use 2-digit code
2.
The
taxpayers whose Aggregate turnover is more than Rs. 5 crores shall use 4-digit
code.
3.
The taxpayers
whose Aggregate turnover is upto Rs. 1.5 crores are not required to mention HSN
Code in their invoices.
1. If payment is not
made to supplier within 180 days, then the ITC is to be reversed:
·
As per
the Central Goods & Services Tax Act and its rules, if receiver does not
make the full payment of amount along with tax within 180 days from
the date of invoice after issuance
of tax invoice by a supplier then the credit with regard to the invoice shall be
reversed along with interest
@ 18% p.a. from the date of availment till the date of reversal.
·
The credit can be re-availed in case the
payment (deferred) is made subsequently.
·
In order
to save himself from this situation, ageing analysis of the debtors and creditors shall be
conducted.
3. Gifts to employees:
3. Gifts to employees:
·
During a
financial year, if the value of gifts to the employee exceeds Rs.50,000/-, then
same shall be considered as a supply and will be liable to tax under GST.
L.U.T (Letter of Undertaking)
Exporters must ensure to obtain fresh LUT for
next year and same can be done by submitting online application on GST portal. Beside this, a person has to submit hard copy of the same to jurisdictional GST
authorities.
IMPORTANT GUIDELINES ON E- WAY BILL
As we all know that for interstate
transactions, E-way bill is compulsory from 01.04.2018 if the value exceeds Rs.
50,000/-. Some important guidelines on E-way bill are as under:
1.
E- Way
bill on intra state transactions not notified yet and will be notified by each
respective state government.
2.
E- way
bill to be generated if consignment value exceeds Rs 50,000 either it is a case
of supply or a case other than supply. A person dealing in nil rated or
exempted goods, jewellery, alcohol etc. are not covered by e way bill.
3.
If you
are transporting goods in non-motorized conveyance (Rickshaws etc) then no e
way bill is required.
4.
If a
principal sends goods for job worker to job worker in another state e way bill
has to be compulsorily generated irrespective of any value.
5.
Transporter
can also generate the Part A of e way bill (Basic details of invoice) after an
authorization from the registered person.
6.
If goods
are handed over to transporter then registered person has to update the details
of transporter in Part-B of e way bill and transporter will generate e way bill
after updating the vehicle number.
7.
Earlier
transporter had to generate consolidated e way bill if aggregate value of goods
carried in vehicle was more than 50,000. Now this provision is deferred.
8.
E way
bill can be cancelled within twenty four hours of its generation but it cannot
be cancelled if it is verified in transit.
9.
An e-way
bill shall be valid for a period of 1 day per 100 Kilometres. The first day
will expire on midnight of the day immediately after the day when e way bill is
generated. For example: If e way bill is generated on 1st April 2018 at 4:00
P.M then it will be valid till 2nd April midnight 12 in case distance is upto
100 Kilometres.
10.
Person
who is receiving the goods has to communicate his acceptance or rejection
within 72 hours of getting the details on his portal or till goods are
delivered whichever is earlier. So it is advised to regularly check your portal
to accept or reject the e way bill details made available to you.
11.
Transporter
is required to carry copy of e way bill and invoice /challan while transporting
the goods.
12.
Vehicle
number is required to be compulsorily mentioned for generating e way bill. In
case you are carrying goods, you have to mention vehicle details in Part-B. In
the case where transporter will transport your goods you have to enter his ID
and e way bill will be generated by him when he updates vehicle number in
Part-B of E-way bill. Transport Document Number will be mentioned if goods are
transported by railways.
13.
E-way
bill has to be compulsorily produced to get the goods delivered from railways
at the time of delivery.
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