GST Council has made several recommendations related to GST Rate Reduction on Good and Services, Late Return Filing Fees Waiver, Extension of Due date of GST Return Filing, Simplification of Annual GST Return and to provide clarification related to GST on Various Services in its 31st GST Council Meeting held on 22nd December 2018. To give effect to these recommendations CBIC has issued 3 Orders, 6 CGST Circulars and 35 Notification related to CGST, UTGST and IGST. In total CBIC has issued 44 Notification / Circular / Order.
Tuesday, 1 January 2019
Sunday, 23 December 2018
IMPORTANT HIGHLIGHTS OF GST COUNCIL MEETING DATED 22-12-2018
1.
Facility of
Generating E-way bill will be restricted if tax payer failed to file the returns
for two consecutive tax periods
Taxpayers
who have not filed the returns for two consecutive tax periods shall be
restricted from generating e-way bills. This provision shall be made effective
once GSTN/NIC make available the required functionality.
2.
Late Fee
Late
fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM
GSTR-3B & FORM GSTR-4 for the months / quarters July, 2017 to September,
2018, are furnished after 22.12.2018 but on or before 31.03.2019.
3.
Due date for GST
ITC-04 extended till 31-03-2019
The
due date for submitting FORM GST ITC-04 for the period July 2017 to December
2018 shall be extended till 31.03.2019.
4.
Period for
filing Annual Return under GST extended
The
due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and
reconciliation statement in FORM GSTR-9C for the Financial Year 2017 — 2018
shall be further extended till 30.06.2019.
5.
ITC for the last
financial year against invoices can be availed upto 31-03-2019
ITC
in relation to invoices issued by the supplier during FY 2017-18 may be availed
by the recipient till the due date for furnishing of FORM GSTR-3B for the month
of March, 201 9, subject to specified conditions.
6.
Advance Ruling
In
case of conflict on advance ruling, then the decision of Centralized Authority
is binding.
7.
Due date for
furnishing GSTR-8 by E-commerce operators extended
The
due date for furnishing FORM GSTR-8 by e-commerce operators for the months of
October, November and December, 2018 shall be extended till 31.01.2019.
8.
Single Cash
Ledger for each tax head
There
would be a single cash ledger for each tax head. The modalities for
implementation would be finalised in consultation with GSTN and the Accounting
authorities.
9.
Refund
A
scheme of single authority for disbursement of the refund amount sanctioned by
either the Centre or the State tax authorities would be implemented on pilot
basis. The modalities for the same shall be finalized shortly.
10. Invoices
/ Documents can be uploaded through portal
All
the supporting documents/invoices in relation to a claim for refund in FORM GST
RFD-OIA shall be uploaded electronically on the common portal at the time of
filing of the refund application itself, thereby obviating the need for a
taxpayer to physically visit a tax office for submission of a refund
application. GSTN will enable this functionality on the common portal shortly.
11.
New return
filing system shall be introduced
The
new return filing system shall be introduced on a trial basis from 01.04.2019
and on mandatory basis from 01.07.2019.
The
following clarificatory changes,
inter-alia, shall be carried out in the formats/instructions according to which
the annual return / reconciliation statement is to be submitted by the
taxpayers:
· Amendment of headings
in the forms to specify that the return in FORM GSTR-9& FORM GSTR-9A would
be in respect of supplies etc. 'made during the year' and not 'as declared in
returns filed during the year';
· All returns in FORM
GSTR-I &FORM GSTR-3B have to be filed before filing of FORM GSTR-9 &
FORM GSTR-9C;
·
All returns in FORM
GSTR-4 have to be filed before filing of FORM GSTR-9A;
· HSN code may be
declared only for those inward supplies whose value independently accounts for
10% or more of the total value of inward supplies;
· Additional payments, if
any, required to be paid can be done through FORM GST DRC-03 only in cash;
·
ITC cannot be availed
through FORM GSTR-9 & FORM GSTR-9C;
· All invoices pertaining
to previous FY (irrespective of month in which such invoice is reported in FORM
GSTR-I) would be auto-populated in Table 8A of FORM GSTR-9;
· Value of "non-GST
supply" shall also include the value of "no supply" and may be
reported in Table SD, 5E and 5F of FORM GSTR-9;
· Verification by
taxpayer who is uploading reconciliation statement would be included in FORM
GSTR-9C.
The
following types of refunds shall also be made available through FORM GST
RFD-OIA:
·
Refund on account of
Assessment/Provisional Assessment/Appeal /Any Other Order;
·
Tax paid on an
intra-State supply which is subsequently held to be inter-State supply and
vice-versa;
·
Excess payment of Tax;
and
·
Any other refund.
In
case of applications for refund in FORM GST RFD-OIA (except those relating to
refund of excess balance in the cash ledger) which are generated on the common
portal before the roll out of the functionality described in point (10) above,
and which have not been submitted in the jurisdictional tax office within 60
days of the generation of ARN, the claimants shall be sent communications on their
registered email ids containing information on where to submit the said refund
applications. If the applications are not submitted within 15 days of the date
of the email, the said refund applications shall be summarily rejected, and the
debited amount, if any, shall be re-credited to the electronic credit ledger of
the claimant.
Clarifications
on refund matters
Clarifications
shall be issued on certain refund related matters like refund of ITC
accumulated on account of inverted duty structure, disbursal of refunds within
the stipulated time, time allowed for availment of ITC on invoices, refund of
accumulated ITC of compensation cess etc.
Changes
made by CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST
(Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 and
the corresponding changes in SGST Acts would be notified w.e.f. 01.02.2019.
The
requisite Notifications/Circulars for implementing the above recommendations of
the GST Council shall be issued shortly. (PIB)Sunday, 9 December 2018
Extension of the due date for filing of Annual GST returns to 31st March 2019
Government extends deadline for filing annual GST return by by three months
Extension of the due date for filing of returns in FORM GSTR-9, 9A and 9C for the part of the Financial Year July 2017 to March 2018 from 31st December 2018 to 31st March 2019.
Press Release in this regard is attached. Notification is awaited.
Thursday, 11 October 2018
No direct confiscation U/s 130 under the Goods & Services Tax Act, 2017
To download order dated 10th of October, 2018, passed by Hon'ble Punjab & Haryana High Court, in case of "M/s R.R. Enterprises, Ludhiana V/s State of Punjab and others", CWP No. 23203 of 2018,
Monday, 17 September 2018
Hon'ble High Court ordered to release interest accrued due to delay in refund
Hon'ble Punjab & Haryana High Court, Chandigarh in Civil Writ Petition (CWP) no. 18314 of 2018, titled as "M/s Sukhdev & Company V/s State of Punjab and others", ordered that the amount of interest due to the petitioner be paid to the firm within four weeks.
In the said case, Mr. M. P. Singh, Financial Commissioner, Taxation, Punjab presented in person in Court. He submitted that after the introduction of GST from July 1, 2017, the process of refund of any excess amount paid by the assessees is streamlined. He further submitted that about a sum of Rs.750 crores is to be refunded to the assessees under the Punjab Value Added Tax Act, 2005 (for short 'the VAT Act').
For detailed order Please CLICK HERE
In the said case, Mr. M. P. Singh, Financial Commissioner, Taxation, Punjab presented in person in Court. He submitted that after the introduction of GST from July 1, 2017, the process of refund of any excess amount paid by the assessees is streamlined. He further submitted that about a sum of Rs.750 crores is to be refunded to the assessees under the Punjab Value Added Tax Act, 2005 (for short 'the VAT Act').
For detailed order Please CLICK HERE
Sunday, 9 September 2018
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