Late fee waived for all tax-payers who could not file the GSTR-3B for the month of July 2017

The due date for filing FORM GSTR-3B for month of July 2017 was 25th August and as per section 47 of CGST Act,2017 and respective SGST Act of states a registered person on failure to furnish a return shall pay late fee of Rs. 100 for every day during which failure continues subject to maximum of Rs. 5000/-.

The Central Government vide Notification No.28/2017-Central Tax, dated. 01-09-2017 has waived off the late fee payable under section 47 for failure to furnish the Return FORM GSTR-3B by due date for the month of July.

Taxpayers who have committed errors in GSTR 3B will be able to put the correct details in GSTR 1-2-3. However, interest will be leviable from all taxpayers who have not discharged their complete Tax liability for July 2017 by 25-08-2017. Mere payment in cash ledger will not be considered as payment, settlement of the same is necessary.

GST Return filing date extended for July & August month

GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017 respectively.

GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of August to 5th, 10th and 15th October 2017 respectively.

Tommorrow is the due date for filing of GSTR 1 but due to high traffic on GST portal and error in filing of GST return, today has decided to extend the due date for filing all GST return for july and august month

Don’t wait for extented date and file your return today with swtmybiz.in

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Date for linking of Aadhar with PAN extended to 31st December

The government on Thursday extended by four months the deadline for linking PAN with Aadhaar till December 31.

The deadline for linking PAN with Aadhaar for taxpayers was to end on August 31.

The revenue department will notify December 31 as the due date for linkage.

Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and is eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities.

However, those categorised as non-resident Indians as per the Income Tax laws, people who are not citizens of India, those above 80 years of age and residents of the states of Assam, Meghalaya and Jammu and Kashmir had been exempt from the requirement.

The tax department had on July 31 stated that “unless a finding is made that Aadhaar is constitutionally not valid, tax return filers will need to link their PAN with Aadhaar by August 31, 2017.”

The total revenue of GST paid for the month of July, 2017 is Rs.92,283 crore .

                                      
                    GST Revenue Figures–July 2017
The Goods and Services Tax (GST) tax was introduced on 1st of July, 2017. The last date for payment of GST for the month of July 2017 was 25th August,2017. The last date for filing returns in cases, where the taxpayer wanted to avail transitional credit was 28th August, 2017 and, in all other cases, it was 25th August,2017.
2. If we exclude the taxpayers who have registered with the GSTN in August 2017 and the composition dealers, total number of tax payers who were required to file the returns for July 2017 is 59.57 lakhs , of which, as on 29th August, 2017 (10a.m ), 38.38 lakh returns have been filed, which is 64.42% of the total number of returns, which are to be filed for the month of July 2017.
3. The total revenue of GST paid under different heads for the month of July, 2017 is Rs. 92,283 crore. The total CGST revenue is Rs. 14,894 crore
, SGST revenue is Rs.22,722 crore, IGST revenue is Rs.47,469 crore
(of which IGST from imports is Rs.20,964 crore) and Cess is Rs.7,198 crore
(of which Rs.599 crore is Compensation Cess from imports).
4. It may be mentioned that IGST will be allocated between the CGST and the SGST to the extent that the same is used for payment of CGST/SGST. This exercise will be done based on the cross-utilisation report to be received from the GSTN. Exact revenue figures of the Central and the State Governments respectively will be known after this exercise is com
plete before the end of this month.
5. Out of total 72.33 lakh taxpayers, 58.53 lakh taxpayers have completely
migrated to the GSTN and 13.80 lakh taxpayers are yet to complete their
procedural formalities to migrate to the GSTN. The number of new taxpayers who have registered with the GSTN upto 29th August, 2017 (10
a.m) is 18.83 lakhs .

Extension of Time limit for filing details in FORM GSTR-5A for month of July

The Central Government vide Notification No.25/2017-Central Tax, dated. 28-08-2017 has extended the time limit for filing of details in form GSTR-5A (Form for submission of return by persons providing online information and database access or retrieval services from a place outside India to unregistered person in India) for the month of July 2017 up to 15th September 2017. Prior to this notification, the time limit for filing such details was on or before the twentieth day of the month succeeding the calendar month i.e 20th August,2017.

 

                                                  Government of India
                                                    Ministry of Finance
                                                 Department of Revenue
                                      Central Board of Excise and Customs
                                                            Notification No.25/2017–Central Tax
In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act,2017 (12 of 2017) and section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Commissioner,hereby extends the time limit for furnishing the return for the month of July, 2017,by a person supplying online information and database access or retrieval services from a place

outside India to a non-taxable online recipient referred to in section 14 of the Integrated Goods and Services Tax Act, 2017 and rule 64 of the Central Goods and Services Tax Rules,2017, till 15th day of September, 2017.
2. This notification shall come into force on the date of its publication in the Official Gazette.
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Extension of Time limit for filing ISD Return in FORM GSTR-6 for month of July & August

The Central Government vide Notification No.26/2017-Central Tax, dated. 28-08-2017 has extended the time limit for filing of details in form GSTR-6 (Form for submission of return by input service distributor) for the month of July 2017 up to 8th August 2017 and for the month of August up to 23rd September 2017. Prior to this notification, the time limit for filing such details was on or before the 13th day of the month succeeding such calendar month.

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]
                                              Government of India
                                                Ministry of Finance
                                             Department of Revenue
                                  Central Board of Excise and Customs
                                                            Notification No.26/2017–Central Tax
In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as “the said Act”), the Commissioner, hereby extends the time limit for furnishing the return
by an Input Service Distributor under sub-section (4) of section 39 of the said Act read with rule 65 of the Central Goods and Services Tax Rules, 2017,for the month as specified in column (2) of the Table below,till
the date as specified in the corresponding entry in column (3) of the said Table, namely:
                                                      Table
Serial Number                      Month                Last Date for filing of return
                                                                                                     in FORM GSTR-6
(1)                                            (2)                                       (3)
1.                                        July, 2017                       8th September
2.                                       August,2017                   23rd September
2. This notification shall come into force on the date of its publication in the Official Gazette.

GST collection reach to Rs 42,000 crore so far in first filing

NEW DELHI: As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.

A senior official said that about Rs 15,000 crore has come in as Integrated-GST, which is levied on inter-state movement of goods, and another Rs 5,000 crore by way of cess on demerit goods like cars and tobacco.

The remaining Rs 22,000 crore has come in as Central-GST and State-GST, which would be split equally between the Union and state government.

The remaining Rs 22,000 crore has come in as Central-GST and State-GST, which would be split equally between the Union and state government.

“Tax deposited till this morning was Rs 42,000 crore,” the official said.

So far, 10 lakh tax payers have filed returns and another 20 lakh have logged in and saved return forms.

So far, 10 lakh tax payers have filed returns and another 20 lakh have logged in and saved return forms.

“We are seeing good compliance and our estimation is that 90-95 per cent of the assesses will file returns and pay taxes,” he said.

Under the GST regime, which was implemented from July 1, businesses are expected to file the monthly tax return.

Tax for the first month is to be filed by an extended deadline of August 25. The deadline was extended as the tax return filing website snapped just a day before the due date ended on August 20.

Source:- Economics times

SERVICES UNDER REVERSE CHARGE AS APPROVED BY GST COUNCIL

The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%.

The list of services that will be under reverse charge as approved by the GST Council is given below. The information is being uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes.

The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.

 

Click here to read all rate applicable and service covered under the reverse charge.

Conditions and restrictions in respect of inputs and capital goods sent to the job worker

1) The inputs, semi-finished goods or capital goods shall be sent to the job worker under the cover of a challan issued by the principal, including where such goods are sent directly to a job-worker.
(2) The challan issued by the principal to the job worker shall contain the details specified in rule Invoice.10
(3) The details of challans in respect of goods dispatched to a job worker
or received from a job worker during a tax period shall be included in
FORM GSTR-1 furnished for that period.
(4) Where the inputs or capital goods are not returned to the principal
within the time stipulated in section 143, the challan issued under sub
– rule (1) shall be deemed to be an invoice for the purposes of the
Act.
Explanation.-For the purposes of this Chapter,-
(1) “capital goods” shall include “plant and machinery” as defined in the Explanation to section 17; (2) for determining the value of an exempt supply as referred to in sub-section (3) of section 17:-
(a) the value of land and building shall be taken as the same as adopted for the purpose of paying stamp duty; and
(b) the value of security shall be taken as one per cent. of the sale value of such security.
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Documentary requirements and conditions for claiming input tax credit

(1) The input tax credit shall be availed by a registered person, including
the Input Service Distributor, on the basis of any of the following documents, namely:
(a) an invoice issued by the supplier of goods or services or both in accordance with the provisions of section 31;
(b) an invoice issued in accordance with the provisions of clause (f) of sub-section (3) of section 31, subject to payment of tax;
(c) a debit note issued by a supplier in accordance with the provisions of
section 34;
(d) a bill of entry or any similar document prescribed under the Customs Act, 1962 or rules made thereunder for assessment of integrated tax on imports;
(e) an ISD invoice or ISD credit note or any document issued by an Input Service Distributor in accordance with the provisions of sub-rule (1) of rule invoice.7.
(2) Input tax credit shall be availed by a registered person only if all the
applicable particulars as prescribed in Chapter—-(Invoice Rules) are contained in the said document, and the relevant information, as contained in the said document, is furnished in FORM GSTR-2 by such person.
(3) No input tax credit shall be availed by a registered person in respect of any tax that has been paid in pursuance of any order where any demand has been confirmed on account of any fraud, willful misstatement or suppression of facts.
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