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GST Annual filing waived off for taxpayers below Rs 2 cr turnover

GST Annual filing waived off for taxpayers below Rs 2 cr turnover

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The GST Council, in its 37th meeting held at Goa provided relief to MSMEs by allowing them waiver to file GSTR 9 and GSTR-9A.

Announcing the relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19, a statement said waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods will be provided.

Additionally, filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have aggregate turnover up to Rs. 2 crore made optional for the said tax periods.

Abhishek Jain, Tax Partner, EY said, “The annual return compliance waiver till Rs 2 crore turnover would be quite an aid from an ease of compliance perspective for small businesses. To recall, an annual return requirement historically under the VAT regime as well was exempt for businesses with a specified threshold and hence this proposal may be aligned to the pre GST regime. Also, smaller businesses were looking for this relief because they had not maintained quite a lot of details which were required to be reported in the annual return; essentially owing to the suspension of GSTR-2.”

A Committee of Officers to be constituted to examine the simplification of Forms for Annual Return and reconciliation statement.

“The Council’s decision to make annual return (GSTR-9 and GSTR-9A) and audit report (GSTR-9C) optional for taxpayers with turnover up to Rs 2 crore, would certainly ease the compliance burden of small taxpayers. Further, assurance on further simplification of annual compliances should result in reduction of compliance costs, as undertaking multiple reconciliations was proving to be complex and time consuming.” said Harpreet Singh, Partner, KPMG India.

There is also an extension of last date for filing of appeals against orders of Appellate Authority before the GST Appellate Tribunal as the Appellate Tribunals are yet not functional.

In order to nudge taxpayers to timely file their statement of outward supplies, imposition of restrictions on availment of input tax credit by the recipients in cases where details of outward supplies are not furnished by the suppliers in the statement under section 37 of the CGST Act, 2017.

In another significant announcement, the new return system which was to be introduced from October 2019, will now be introduced from April, 2020. The statement said this is in order to give ample opportunity to taxpayers as well as the system to adapt and accordingly specifying the due date for furnishing of return in FORM GSTR-3B and details of outward supplies in FORM GSTR-1 for the period October, 2019 – March, 2020.

Source: Economic-Times

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GST House
GST: Homebuyers To Pay 12% GST On Balance Due If Completion Certificate Issued By March 31

GST: Homebuyers To Pay 12% GST On Balance Due If Completion Certificate Issued By March 31

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Homebuyers will have to pay 12 percent Goods and Services Tax on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the Central Board of Indirect Taxes and Customs has said.

Builders who have received a completion certificate for an ongoing project before April 1, 2019, will have to charge 12 percent GST from buyers on the balance amount due towards the purchase of the flat.

Issuing the second set of FAQs for real estate sector, the CBIC said that builders will not be able to adjust the accumulated credits in ongoing projects in case they opt for lower new GST rate of 5 percent for normal and 1 percent for affordable housing.

The first set of FAQs for real estate sector was issued last week to clarify doubts with regard to migration of real estate developers to new GST rates for the sector which has come into force from April 1, 2019.

The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real estate players to shift to 5 percent GST rate for residential units and 1 percent for affordable housing without the benefit of the input tax credit from April 1, 2019.

For the ongoing projects, builders have been given the option to either continue in 12 per cent Goods and Services Tax slab with ITC (8 percent for affordable housing), or opt for 5 percent GST rate (1 percent for affordable housing) without ITC and communicate to their respective jurisdictional officers the same by May 20.

To a query on what shall be the rate of GST applicable on projects in respect of which occupation certificate has been issued prior to April 1 but the balance demands are pending, the FAQ said: “Time of supply of the service by way of construction of apartments in such projects falls prior to April 1, 2019, and accordingly the rates as existed prior to April 1, 2019, would apply to such balance demands.”

AMRG & Associates Partner Rajat Mohan said, “This clarification has tightened the grip on taxpayers who intended to take benefit of lower taxes rates with the aid of deferred invoicing.”

On whether accumulated ITC can be adjusted against new tax liability of 5 percent and 1 percent, the FAQ said: “No. GST on services of construction of an apartment by a promoter at the rate of 1 percent/ 5 percent is to be discharged in cash only. ITC, if any, may be used for discharging any other supply of service.”

“Developers opting for new tax regime for ongoing projects now has another reason to refrain from new scheme,” Mohan said.

The CBIC further clarified that exempted goods procured by a builder under the new tax regime would not be counted within the 80 percent limit set for procurement from registered dealers.

“This could entail an additional tax of 18 percent on value of exempt supplies, credit of which would not be available to developers,” Mohan added.

While deciding on lower GST rates for real estate sector, the Council had said that at least 80 percent of the inputs should be procured from registered dealer.

The CBIC has also clarified that developer and not the land owner will have the right to decide whether to opt for new GST rates or stick to old rates for ongoing projects.

EY Tax Partner Abhishek Jain said: “Clarifications on some technical ambiguities like non-applicability of new rates for projects completed before April, 2019, valuation of TDR, etc should help resolve some involved issues for this sector.”

#GSTSoftware #EwaybillSoftware #GSTReconciliationSoftware

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Source: Bloomberg Quint.
E-Way Bill Solution: Comparison between Govt Portal vs XaTTaX

E-Way Bill Solution: Comparison between Govt Portal vs XaTTaX

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Indians are blown away by GST implementation, with the complexities it brings along. Even though the government is providing the universally accessible E-WAY BILL portal for suppliers and transporters, it is not specific to one particular organization/company and needs customizations.

E-Way Bill Solution: Comparison between Govt Portal vs XaTTaX

Sailotech provides a simple and systematic one-stop solution software XaTTaX, accessible to specific organizational requirements. We enable faster data transfer but securing the same with requested/restricted access.

Sailotech presents you with a multi-layered GST filing & E-Way Bill – XaTTaX software that eases GST, which not only provides the most advanced features but is also much faster and user-friendly.

Difference Between Govt. E-Way Bill Portal & XaTTaX GST Software

Govt Portal XaTTaX GST Software
Duplicate Records Detailed Check Over Records and avoid duplication
Multiple Logins Integration of multiple logins
Data Loss Probability Security and Data Privacy
No Validation of JSON file JSON file Validation
 Reports Unavailable Reports of E way bills Generated
Time is taken to generate E Way Bill Generate E way bill while generating an invoice directly
Single bill printing and uploading of E-way bills Bulk printing, upload & fetch data of E-way bills
More – Ewaybillgst.gov.in More Info – http://www.xattax.in/ewaybill.html

List of all States Where Intrastate E-way Bill is Applicable:

Andhra Pradesh Arunachal Pradesh Assam
Bihar Chhattisgarh Gujarat
Haryana Himachal Pradesh Jharkhand
Karnataka Kerala Madhya Pradesh
Maharashtra Meghalaya Nagaland
Puducherry Rajasthan Telangana
Tripura Uttar Pradesh Uttarakhand

List of Union Territories Where Intrastate E-way Bill is Applicable:

  • Andaman & Nicobar
  • Chandigarh
  • Dadar & Nagar Haveli
  • Daman & Diu
  • Lakshadweep

Read More: All you need to know about EWay Bill System

Two more states, five Union Territories to roll out intra-state e-way bill

Two more states, five Union Territories to roll out intra-state e-way bill

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The central government on Thursday said that two more states — Maharashtra and Manipur — along with five Union Territories will roll out the intra-state e-way bill from Friday. The Union Territories are Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep.

According to a Finance Ministry statement, with the latest addition, the total number of states and UTs implementing e-way bills for intra-state movement of goods will rise to 27.

E-way bill press release Read More: All you need to know about EWay Bill System

As on May 23, the system has been implemented in Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Meghalaya, Nagaland, Rajasthan, Sikkim, Telangana, Tripura, Uttarakhand, Uttar Pradesh, and Puducherry.

“E-way bills are getting generated successfully and till May 23, more than 5.3 crore e-way bills were successfully generated, including more than 1.6 crore e-way bills for intra-state movement of goods,” the statement said.

Under the Goods and Services Tax regime, an e-way bill needs to be generated and carried for movement of all goods valued at over Rs 50,000.

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Source: TOI
E-Way Bill mandatory in Union Territories from 25th May

E-Way Bill mandatory in Union Territories from 25th May

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The Central Government today notified that supplies within the Union territories would require E-Way Bill from 25th May 2018.GST E-way Bill

The notification issued today rescinded the earlier notification as per which, irrespective of the value of the consignment, no Eway bill shall be required to be generated where the movement of goods commences and terminates within the Union Territories.

Read More: All you need to know about EWay Bill System

In March, the Government notified that the supplies made within the territory of Chandigarh, Dadra and Nagar Haveli, Daman and Diu and Lakshadweep do not require E-Way Bill.

Under GST rules, ferrying goods worth more than Rs 50,000 within or outside a state will require securing an electronic-way or e-way bill through prior online registration of the consignment. In the 26th meeting, the GST Council has recommended the introduction of the E-Way Bill for inter-State movement of goods across the country from 01st April 2018. For intra-State movement of goods, Eway bill system will be introduced w.e.f. a date to be announced in a phased manner but not later than 01st June 2018.

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