Showing posts with label GST (Goods and services tax) – India – Tally Solutions. Show all posts

Wednesday, October 24, 2018

Key features of new GST monthly returns - GST NEWS

Gst News GST (Goods and services tax) – India – Tally Solutions , GST NEWS

Key features of new GST monthly returns - GST NEWS

In the 28th GST Council meeting, the GST Council approved the new GST monthly returns. These had also been placed in the public domain for feedback from businesses, CAs and industry bodies. A major change in the new GST returns is the simplified monthly return to be filed by persons whose turnover is more than Rs. 5 Crores. Let us understand the key features of the new monthly GST returns.

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Applicability of new GST monthly returns

All regular taxpayers whose turnover is more than Rs. 5 Crores must file the monthly GST return. Even persons having turnover up to Rs. 5 Crores can opt to file the monthly return, instead of the quarterly return.

Due date of new GST monthly returns

The due date for filing the new GST monthly returns will be 20th of the next month.

Advantage of filing new GST monthly returns versus quarterly returns

Taxpayers filing the GST monthly returns will have the capability to report missing and pending invoices, which a person filing quarterly returns will not be able to. The feature of missing invoices gives recipients the power to report invoices which suppliers have missed uploading. Pending invoices are invoices which have been uploaded by the supplier but for which any of the following three situations exist:

The supply has not been received by the recipient
The recipient is of the view that the invoices requires amendment
The recipient is not able to decide whether to take input tax credit on the invoice for the time being

These are two important capabilities that a business filing quarterly returns will not have. Hence, even businesses having turnover upto Rs. 5 Crores must evaluate their suppliers and ensure that they choose monthly returns in case they would like the facility to report missing or pending invoices.

Profile based return

Since most taxpayers have limited types of supplies and limited types of inputs, the fields shown in the GST return will be based on the profile of the taxpayer. To understand the profile of the taxpayer, a questionnaire will be used. Fields such as exports, supplies to SEZ, etc. will be shown only if the taxpayer makes such supplies.

New return filing process

The entire process of return filing will be simplified for all taxpayers. You can learn more about the new return filing process in our blog ‘New GST return filing process- A quick guide’.

Facility to file ‘Amendment return’

Taxpayers can now file amendment returns to rectify wrong entries made in returns filed. Two amendment returns can be filed for each tax period. However, if the difference in tax liability shown in the amendment return is more than 10%, a higher late fee will be due.

File Nil GST monthly return by SMS

Persons who have no purchases, no output tax liability and no input tax credit in any quarter can file one nil return for the entire quarter. Facility to file the nil return by simply sending an SMS will be made available.

Hence, the new GST monthly returns will be simpler for taxpayers, with all the above facilities being made available. In addition, the new return filing process will also make taxpayers’ lives easier. A key benefit for persons filing monthly returns is the feature of reporting missing and pending invoices. In our next article, we will understand the key features of the new GST quarterly returns.

source:- tallysolutions

Form GSTR-9 – Annual Return in GST - GST NEWS

Gst News GST (Goods and services tax) – India – Tally Solutions , GST NEWS

Form GSTR-9 – Annual Return in GST - GST NEWS

It’s been more than 15 months since the introduction of GST and by now, most of the businesses registered under GST are quite familiar in filing GST returns i.e. GSTR-1 which needs to be filed either quarterly or monthly and GSTR-3B on a monthly basis. Now, it’s time for businesses to file yet another return ‘Annual GST return in GSTR-9 Form’.

On 4th September 2018, the new GSTR-9 format for filing annual return was notified by CBIC which details the information to be furnished. In this blog, we will understand the following:

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What is GSTR-9 Form?

Form GSTR-9 is an annual return to be filed by the businesses registered under GST. In Form GSTR-9, you need to declare the consolidated details of outward supplies, inward supplies, GST payable and ITC claimed for the previous financial year. For the previous financial year 2017-2018, you need to furnish the consolidated details of supplies made or received from July, 2017 to March 2018.

All you need to do here is to consolidate the details which you have already furnished through GSTR-3B and GSTR-1 either on a monthly or quarterly basis and declare it in the prescribed format of GSTR-9.

Who Should File GSTR-9 Form?

The annual return in GSTR-9 form needs to be filed by all the businesses who have obtained regular GST registration. In other words, the annual return in form GSTR-9 is not required to be filed by the businesses registered under Composition scheme, Input Service Distributor, casual taxable person, non-resident taxable and e-commerce operator.

Different Types of GST Annual returns

The following are the different type of annual GST returns applicable to the businesses.

Type of Business	GST Annual Return Form
Regular Registered Business	GSTR-9 Form
Business opted for Composition scheme	GSTR-9A Form
E-commerce Operator	GSTR-9B Form

Currently, only Form GSTR-9 format has been notified by the CBIC and other formats are yet to be notified. Over and above the annual return form GSTR-9, the business who have obtained regular GST registration and if the aggregate turnover during a financial year exceeds 2 crore rupees, they are required to submit audited annual accounts and a reconciliation statement by filing GSTR-9C.

Form GSTR-9 Due Date

As prescribed in the GST Act, all the annual returns should be filed on or before the 31st of December following the end of such fiscal year. Thus, the GSTR-9 form for July’17 to March’18 is 31st December, 2018, unless it is extended through a notification. Currently, the provision for filing of GSTR 9 form in GST portal is yet to be made available.

Penalty for Late filing of GSTR-9 form

Failure to furnish the annual return in GSTR-9 form will attract penalty. A late fee will be levied if GSTR-9 is not filed with the due date. Late fees for failure to furnish GSTR-9 is 200 Rs per day (CGST 100 Rs + SGST 100 Rs). However, the maximum amount of penalty cannot exceed 0.25% of the total turnover of the taxpayer.

source:- tallysolutions
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How to File GST Sahaj Return

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GST (Goods and services tax) - India - Tally Solutions
How to File GST Sahaj Return

Form GST Sahaj is a quarterly GST return to be filed by 20th of the subsequent quarter. The businesses whose turnover in the previous financial year is up to 5 Crores and engaged in making outward supplies only to B2C i.e. end consumers or unregistered...

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Simplified GST Returns – New GST Return Forms

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GST (Goods and services tax) - India - Tally Solutions
Simplified GST Returns – New GST Return Forms

In order to simplify the GST return filing process, the GST council meeting held on 21st July, 2018 has approved the new GST returns. Different new GST return forms have been introduced considering the diversity of businesses operating in the country. In another way, you...

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ITC on Goods in Transit - GSTNEWS

Gst News GST (Goods and services tax) – India – Tally Solutions , GST NEWS

ITC on Goods in Transit

In a business world, it is quite natural to have a situation where the date of supply of goods by the supplier and the date of receipt of goods are in two different months. Let’s say, the supplier has billed and dispatched the goods on March, 2018 but you have received the goods on 3rd April, 2018. In general, this situation is known as goods in transit. In this article, we will understand all about ITC on goods in transit.

How to handle goods in transit in GST

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While the reasons are many for good in transit situation but what makes the situation a little difficult is the treatment of GST on goods in transit.
You must be wondering WHY? How it is different compared to the situation of goods billed and received on two dates but belongs to same month?

To answer, we need to understand the conditions prescribed in GST Law to claim ITC.

The following are conditions which the registered businesses need to fulfil to claim ITC.

You should have the Tax Invoice/Debit or Credit Note issued by a registered person.
The goods/services should have been received.
You should have filed GST Returns for the related month
The tax charged has been paid to the government by the supplier, either in cash or through utilization of ITC

If you closely look at the first 2 conditions, it clearly states that you should have a tax invoice and more importantly the goods in question should have actually received by you. To be more clear on GST on goods in transit, let us discuss this considering the example used above.

The supplier has billed and dispatched the goods on March, 2018 but you have received the goods on 3rd April, 2018

In the above case, you will become eligible to claim ITC only in the month of August 2017. This is because, only when the invoice and the goods are received, will you be allowed to claim ITC. This is the current provision to claim ITC on goods in transit under GST.

Proposed changes – ITC on goods in transit under GST

With the proposed simplified GST Returns, the provision to claim ITC on goods in transit is simplified. The new proposal allows ITC claim on the date of invoice even if goods are in transit if the following conditions are met:

Your supplier uploads the tax invoice to GST portal (outward supplies annexure) by 10th of the subsequent month.
You should receive such goods before 20th of the subsequent month.

Let us understand this change of ITC on goods in transit under GST with some examples.

Scenario-1

Date of Invoice	Date of Invoice Upload by the Supplier	Date of Receipt of Goods by the Recipient
30th April,2019	8th May,2019	15th May,2019

In the above case, you will be eligible to avail the ITC in the Month of April, 2019 to be filed by 20th May, 2019. This is because, the invoice is uploaded by the supplier before 10th May, 2018 and the goods are received before 20th May, 2019 which is before the due date to file returns for the month of April, 2018.

Scenario-2

Date of Invoice	Date of Invoice Upload by the Supplier	Date of Receipt of Goods by the Recipient
30th April,2019	8th May,2019	25th May,2019

In the above case, you will not be eligible to avail the ITC in the Month of April, 2019 to be filed by 20th May, 2019. This is because, the goods are not received before 20th May, 2019 which is the due date to file returns for the month of April, 2018. You will be eligible to claim the ITC in the month of May, 2019 to be filed by 20th June, 2019.

Scenario-3

Date of Invoice	Date of Invoice Upload by the Supplier	Date of Receipt of Goods by the Recipient
30th April,2019	15th May,2019	9th May,2019

In the above case, you will not be eligible to avail the ITC in the Month of April, 2019 to be filed by 20th May, 2019. This is because, the invoice is uploaded by the supplier after the 10th of May, 2018. You will be eligible to claim the ITC in the month of May, 2019 to be filed by 20th June, 2019.

Conclusion

The simplification proposed on claiming ITC on goods in transit under GST will help the businesses in having an additional ITC claim on all those goods which are in transit but received before the due date of filing GST returns. It also helps in reducing the number of pending invoice compared to the existing provision of claiming ITC on goods in transit under GST.

source:- tallysolutions
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Wednesday, October 24, 2018

Applicability of new GST monthly returns

Due date of new GST monthly returns

Advantage of filing new GST monthly returns versus quarterly returns

Profile based return

New return filing process

Facility to file ‘Amendment return’

File Nil GST monthly return by SMS

Tuesday, October 23, 2018

What is GSTR-9 Form?

Who Should File GSTR-9 Form?

Different Types of GST Annual returns

Form GSTR-9 Due Date

Penalty for Late filing of GSTR-9 form

Wednesday, October 17, 2018

Tuesday, October 16, 2018

Wednesday, September 26, 2018

How to handle goods in transit in GST

Proposed changes – ITC on goods in transit under GST

Scenario-1

Scenario-2

Scenario-3

Conclusion

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