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GSTN releases offline tool of new GST return for trial run

GSTN releases offline tool of new GST return for trial run

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Goods and Services Tax Network (GSTN) on July 30 released trial version of offline tools of GST forms related to supply of goods and services. The offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2), GSTN, which is the IT backbone of the indirect tax regime, said in a statement.

These two forms would be part of the proposed GST Return filing system under which a taxpayer would have to file FORM GST RET-1 (Normal) or FORM GST RET-2 (Sahaj) or FORM GST RET-3 (Sugam) on either monthly or quarterly basis.

GSTN provides offline tools that can be downloaded for filing GST returns.

All the outward supplies will be detailed in GST ANX-1 while GST ANX-2 will contain details of inward supplies auto-populated mainly from the suppliers’ GST ANX-1.

It will also contain details auto-populated from Form GSTR-5 and Form GSTR-6.

“The taxpayer will be required to take action on details of inward supplies contained in Form GST ANX-2 by accepting or rejecting the entries. The taxpayer can also keep the invoice pending by marking the entry accordingly,” the release said.


Ease Your GST Filing & Invoice with XaTTaX GST Software

Source: Money-Control
Companies vanishing act on GST invites taxmen

Companies vanishing act on GST invites taxmen

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Taxmen may soon come knocking at the premises of companies that have registered for the goods and services tax (GST) and vanished, not having filed returns or paid their taxes.

The authorities are considering putting in place an extensive plan to hunt for these missing GST taxpayers, which includes visiting their premises.

There is a growing worry that many registered taxpayers have disappeared, a government official said. Besides, there are cases of fake invoices used to claim input tax credits.

The tax authorities will initially verify the premises of GST-registered companies and could expand the effort to include scrutiny if they find tax hasn’t been paid.

Karnataka has implemented the plan and more states are expected to follow as GST collections remain below Rs 1-lakh crore a month. GST revenue stood at Rs 97,637 crore in November, falling back after crossing Rs 1lakh crore in October.

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Tax administrators are also worried about a drop in filings of GSTR-3B, a tax return form to be submitted by all those registered for GST every month. The form was introduced to lower the compliance burden.

According to a Karnataka government circular, the inspection of business premises of registered entities by the enforcement wings revealed non-compliance on the part of taxable people by not paying taxes that are legally due to the government or not filing returns.

“For effective tackling of the situation with regard to persistent non-filers, more cases are required to be visited to ensure timely payment of tax and filing of returns,” it said.

Officials are empowered under the GST law to visit registered premises to carry out scrutiny, verification, and checks required for safeguarding revenue interests .

Tax experts said compliance under GST hasn’t improved and the tax authorities are expected to resort to such measures.

“Percentage of compliance in terms of filing of returns has been a major concern for the government, particularly in light of recent cases of tax evasion and fake invoices that have surfaced. Over the last several months, compliance has not improved significantly,” said Pratik Jain, national leader, indirect taxes, at PwC.

From the industry standpoint, it only means that much greater rigour needs to be put in place to ensure that their vendors are GST-compliant, Jain said


XaTTaX – World Class Automated eSolution for Return filing and e-Waybill

Source: Economic Times. India
26th GST council meet: GSTR-3B may be extended till June, simplified return forms on cards

26th GST council meet: GSTR-3B may be extended till June, simplified return forms on cards

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26th GST council meet

The GST Council in its meeting on Saturday is likely to extend the deadline for filing of simplified sales return GSTR-3B by three months till June. The Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, is also expected to finalise a simplified return filing procedure for businesses registered under Goods and Services Tax (GST) regime. “The new return filing system, if agreed upon by the Council, would take about 3 months to be implemented. Till then GSTR-3B could continue,” an official told PTI.

The 26th GST Council meet is slated on March 10. Simplified sales return GSTR-3B was introduced in July, the month of GST roll out, to help businesses to file returns easily in the initial months of GST roll out. This was to be followed with filing of final returns — GSTR – 1, 2 and 3.

With businesses complaining of difficulty in invoice matching while filing final returns as well as complications in GSTN systems, the GST Council in November last year extended GSTR-3B filing requirement till end of March, 2018, and did away with filing of purchase return GSTR-2 and final return 3.

“GSTR-3B filing system has stabilised and businesses are comfortable. So, businesses can continue to pay taxes by filing 3B till the time new return filing system is put in place,” the official added. The last date for filing initial GSTR-3B returns for a month is the 20th of the subsequent month.

The GST Council had in January entrusted Bihar Deputy Chief Minister Sushil Kumar Modi led GoM to work out a simplified return filing process so that businesses can fill up only a single form to file returns under GST.

The group of ministers met last month to work out a simplified return form, but the meeting remained inconclusive.
In the GoM meet, the Centre and state officials presented their model for return simplification, while Nandan Nilekani also made his presentation. The idea is GST return form should be simplified, it should ideally be one return every month, Modi had said.

About 8 crore GST returns have been filed so far on GST Network portal since implementation of GST on July 1. In absence of anti-evasion measures and invoice matching, the GST collections have declined since July.

As per official data available, in January 57.78 lakh GSTR-3B returns were filed, which fetched Rs 86,318 crore revenue to the exchequer.

Also Read: 26th GST Council meeting likely on March 10; focus on simplification of return filing process

For December 56.30 lakh GSTR-3B were filed which fetched Rs 86,703 crore revenue to the exchequer, while in November 53.06 lakh returns were filed with total revenue of Rs 80,808 crore. Collections topped Rs 95,000 crore in the initial month of July.

XaTTaX: Cloud and On-Premises Based GST Filing Software For India

Source: Zee Business
Govt records highest GST filing in October, Punjab tops the list in compliance

Govt records highest GST filing in October, Punjab tops the list in compliance

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All eyes are on GST as Centre plans better social pension

The Goods and Services Tax (GST) Council’s efforts to sort out the sundry issues plaguing taxpayers during the initial rollout and the steady reduction in tax rates seems to be paying off in terms of compliance and tax collections. As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for October, the highest monthly return filing within due date since the new tax was introduced on July 1, according to a GST Network statement. That’s around 56% of the registered taxpayers. Punjab saw over 73% taxpayers filing GSTR-3B returns, the highest among all the states.

In fact, there has been a steady increase in the number of taxpayers filing the initial sales return. Over 39 lakh returns were filed within due date for September compared to 28.46 lakh for August. This can be attributed to two major factors. “One is greater awareness and the fact that GSTR-3B is a simpler form. The second is that the GSTN portal has been performing much better, especially [for] GSTR-3B and GSTR-1,” said Pratik Jain, leader, indirect tax, PwC India in a quote to The Hindu. Incidentally, GST registrations overall has crossed 11 crore from around 60 lakh in late August.

Of course, given the typical Indian mindset of dithering till the last minute, November 20-the last date for filing the summary returns for the previous month without interest-saw over 14.7 lakh taxpayers log into the GST Network portal; a new record for maximum returns filed in a single day.

“But the gap between eligible taxpayers and those filing returns by the deadline has continued to hover around 30 lakh, which would be a concern for the government,” said Abhishek Jain, tax partner, EY to The Financial Express. Nonetheless, the numbers should fan the government’s confidence that GST will widen the tax base and yield higher revenue than ever before.

 


GST Ready Invoicing Software – Generate GST Compliant Invoice

Source :  Business Today in
Items In 28% GST Rate Slab Needs To Be Pruned, Says Hasmukh Adhia

Items In 28% GST Rate Slab Needs To Be Pruned, Says Hasmukh Adhia

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GST:Hansmukh

The number of goods in the highest 28 per cent GST slab would be brought down and a committee of officers will calculate the revenue impact before going in for further reduction in tax rates, Revenue Secretary Hasmukh Adhia said today.

“It is required, the fitment of rates which has happened is mainly based on excise and VAT,” he said when asked if the GST Council is considering pruning of the number of items in 28 per cent tax bracket.

Goods and Services Tax (GST), rolled out from July 1, has subsumed over two dozen taxes and has transformed India into a single market for seamless flow of goods and services. All goods and services have been fitted in the four-tier GST rate structure of 5, 12, 18 and 28 per cent.

Adhia said while fitting the goods and services in various tax bracket, the GST Council has taken into consideration only the excise duty and VAT rate applicable on those items prior to GST.

“There are industries where 95 per cent of production used to take place in MSME and all of them used to avail excise duty exemption. So that means the excise rate we have taken for that item is only theoretical in nature and actually we have done a substantial increase in the rate of that item.

“That way it is being pointed out that it is a theoretical rate which has been derived, there is a need for rationalisation. Instead of doing a piecemeal reduction here and there, we do need to look at the entire rate of 28 per cent,” Adhia said at a GST Townhall organised by CNBC TV18.

There is definitely a scope for rationalisation of rates but it will happen only after the fitment committee does a detailed calculations of its revenue impact.

“The fitment committee will have to look at how much revenue we got from this items from excise and VAT earlier before we agree to any further wholesale reduction of rates. If we find that revenue reduction is too much, we may have to do that in stages,” he said.

Adhia also said that in the last 30-40 days glitches faced by GST Network software has reduced and there would be no leniency shown on businesses for delayed filing of returns.

Asked if the government is planning to waive penalty for delayed filing of GST returns, Adhia said “it cannot be a consideration because the moment we say we will not take any penalty till March, the compliance rate will come down further. How can we say that file return whenever you want till March.”

Read: Government grappling to pinpoint reasons for low GST compliance

He said that any waiver, if at all is to be given, will be post facto. “It can’t be immediate. It is now absolutely essential that we bring discipline in businesses (for timely filing of returns)”.

As many as 55 lakh businesses had filed the initial GSTR-3B returns for July, the number was only 46 lakh who had filed final returns for the month.

Besides, 48 lakh businesses had filed initial GSTR-3B returns for August and till today morning 10 lakh businesses had filed 3B returns for September.

The government had earlier waived late fee for all taxpayers who could not file GSTR-3B for July within due date in view of glitches in GSTN portal.

With regard to bringing real estate within GST, Adhia said it would require that businesses can claim seamless credit of any taxes paid for a project.

“Now for that to happen, you will have to start taxing it from land itself. Land has to be part of GST. Now there are several issues connected with that. Issue of whether you want to put an extra GST on real estate while continuing with stamp duty. Stamp duty is a big source of income for state government,” he said.

Also Read: GST panel to meet MSME representatives in October end to ease tax rigour

Finance Minister Arun Jaitley had last week said real estate is a sector where maximum amount of tax evasion and cash generation takes place and the GST Council in its next meeting on November 10 will discuss bringing it within the fold of GST.

A 12 per cent GST is levied on construction of a complex, building, civil structure or intended for sale to a buyer, wholly or partly. However, land and other immovable property have been exempted from the GST.


XaTTaX: Cloud and On-Premises Based GST Filing Software For India

Source: ET

Know all about GSTR-3B Filing And How to Enrol For GST.

Know all about GSTR-3B Filing And How to Enrol For GST.

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Deadline is fast approaching! Grab this wonderful opportunity to file your GSTR 3B return for free and become GST compliant instantly.

Have you migrated to GST or Goods and Services Tax yet? As the deadline of August 20 approaches, businesses have few days left to file Form GSTR-3B. As per dates notified by the government, details relating to outward supplies for the month of July will have to be filed in Form GSTR-1 between September 1 and September 5. However, in the interim period, businesses have to file Form GSTR-3B, which will be a summary of self-assessed tax liabilities with consolidated details of outward supplies and input tax credit (ITC).

But how to fill the GST enrollment application and why is it important to do so?

Filing of enrollment application is necessary to avail various benefits under GST, the CBEC or Central Board of Excise and Customs has said.

The CBEC, under the purview of the revenue department, has come out with a step-by-step guide for filling the enrollment application through GST portal – gst.gov.in:

1. Visit the gst.gov.in website.

2. Login with your user ID and password created by you and complete the information related to your business details, promotor/partner, principal and additional place of business, authorized signatory, up to five major goods or services or both supplied and bank account details.

3. Complete and verify the information given in the verification tab and submit the application with Digital Signature Certificate (DSC) or Electronic Verification Code (EVC).

4. You will get an Application Reference Number (ARN) (also through email) on successful submission of the enrolment application.

Here are some other things to know about:

The GST enrolment form is available on the GST portal or GST Common portal – gst.gov.in.

Existing payers of levies such as central excise, service tax, state sales tax or VAT, entry tax and luxury tax are required to take up GST enrollment.

“If you do not want to remain registered in GST, after login you may apply for cancellation of your registration by clicking on the cancellation request,” the CBEC noted in a newspaper advertisement.

All taxpayers registered under existing laws – the laws related to various erstwhile taxes that have been subsumed under GST from July 1, 2017 – are required to migrate to GST by filing the enrollment form.

“Those taxpayers who have not completed the enrollment procedure on the Common Portal, are required to complete it immediately, otherwise various benefits under the GST regime will not be available to them,” the CBEC added.

GST Network chairman Navin Kumar had earlier urged companies to not leave filing of their first returns under GST to the eleventh hour. Millions of companies are still not ready to file their first returns under the new Goods and Services Tax (GST) ahead of an August 20 deadline, the top official had told news agency Reuters.

The GST Network or GSTN portal started the facility for filing of July returns using GSTR-3B from August 5.

The last date for filing the GSTR-3B for August 2017 is September 20.

Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal and over 15 lakh new assesses have registered on the platform.

Why enroll 

The Central Board of Excise and Customs has also pointed out a few advantages of submitting the enrollment application:

  • You will be legally recognized as a taxpayer
  • You will get pre-GST eligible input tax credits for utilization under GST
  • You will be able to avail input tax credit and pass on tax credit to registered buyers
  • You will be able to make payment of tax
  • You will be able to file Form GSTR-3B

It also mentioned disadvantages of non-submission:

  • You will not be able to file Form GSTR-3B and other returns
  • You will not be able to take and pass on input tax credit
  • You will not be able to make tax payment
  • You will not be eligible to take pre-GST transitional credits

To help you explore the power of XaTTaX, particularly the ease, comfort, and accuracy that you can derive by filing the crucial GSTR-3B Form within the dotted line, we are offering FREE access to this FORM. So, what are you waiting for?


Use XaTTaX to file GSTR 3B Returns for free

Source: NDTV