Goods and Services Tax

Weekly update on latest Notifications/Circulars issued by the Government of India

Goods and Services Tax – GST – By: – Bimal jain – Dated:- 8-1-2018 Last Replied Date:- 5-2-2018 – Dear Professional Colleagues, Weekly update on latest Notifications/Circulars issued by the Government of India are as under: Time limit for filing GSTR-1 for small taxpayers on Quarterly basis i.e. Turnover upto ₹ 1.5 Cr in preceding F.Y. or in the current F.Y.has been extended vide Notification No. 71/2017 – Central Tax dated December 29, 2017. S. No. Quarter for which the details in FormGSTR-1 are furnished Time for furnishing the details in Form GSTR-1 July-September, 2017 January 10, 2018 October-December, 2017 February 15, 2018 January-March, 2018 April 30, 2018 Time limit for filing GSTR-1 for taxpayers on Monthly basis i.e. Turnover more than ₹ 1.5 Cr. in preceding F.Y. or in the current F.Y.has been extended vide Notification No. 72/2017 – Central Tax dated December 29, 2017. S. No. Month for which the details in Form GSTR-1 are furnished Time for furnishing the detai

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e w.e.f. February 1, 2018 in view of Notification No. 74/2017 – Central Tax dated December 29, 2017. Notification No. 75/2017 – Central Tax dated December 29, 2017. Following are the insertion made vide CGST (Fourteenth Amendment) Rules, 2017: S. No. Insertions in CGST Rules, 2017 Analysis/ effect of amendment 1. In Rule 17 after sub-rule (1),sub-rule 1A has been inserted: The Unique Identity Number (UIN) granted under sub-rule (1) to a person under Section 25(9)(a) shall be applicable to the territory of India. ; UIN granted to persons mentioned under Section 25(9)(a) i.e. any specialised agency of the United Nations Organisation,will be applicable to the territory of Indiawhile applicability of UIN granted to persons mentioned under Section 25(9)(b) has not been prescribed yet. 2. In Rule 19 after sub-rule (1), sub-rule 1A has been inserted: Notwithstanding anything contained in sub-rule (1), the particulars of application for registration shall not stand amended with effect from a d

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17-Central Tax dated 18th October 2017 or notification No.40/2017-Central Tax (Rate) dated 23rd October 2017 or notification No. 41/2017-Integrated Tax (Rate) dated 23rd October 2017. ; Refund of IGST paid on Services exported out of India will also be available under Rule 96 and for this purpose sub-rule (9) has been inserted in Rule 96. The person claiming refund of IGST under this rule – cannot receive supplies from supplier of Deemed exports ; and cannot receive supplies from a supplier who is paying CGST @ 0.05% on supply of goods to Merchant Exporter. Following are the substitutions made vide CGST (Fourteenth Amendment) Rules, 2017: S. No. Substitution in CGST Rules, 2017 Analysis/ effect of amendment In Rule 89, sub-rule (4)has been substituted and sub-rule 4A and sub-rule 4B has been inserted w.e.f. October 23, 2017: Substitution of Rule 89(4): Rule 89(4) provides the formula to calculate the refund amount in the case of zero rated supply of goods/ servicesmade without payment

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-rated supply of services is the aggregate of the payments received during the relevant period for zero-rated supply of services and zero-rated supply of services where supply has been completed for which payment had been received in advance in any period prior to the relevant period reduced by advances received for zero-rated supply of services for which the supply of services has not been completed during the relevant period; (E) Adjusted Total turnover means the turnover in a State or a Union territory, as defined under clause (112) of section 2, excluding – (a) the value of exempt supplies other than zero-rated supplies and (b) the turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both, if any, during the relevant period; (F) Relevant period means the period for which the claim has been filed. Insertion of sub-rule 4A and sub-rule 4B: Rule 4A – In the case of supplies received on which the supplier has availed the benefit of Notification No.

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under sub-rules (4A) or (4B) or both, should be excluded. For calculation of Adjusted Total turnover , turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both, if any, should be excluded. Effect of insertion of sub-rule 4A and sub-rule 4B: In the case of supplies received on which the supplier has availed the benefit of Deemed exports , refund of ITC, availed in respect of other inputs or input services used in making zero-rated supply of goods or services or both, shall be granted. In the case of supplies received on which the supplier is paying CGST @ 0.05% on supply of goods to Merchant Exporter, refund of ITC, availed in respect of inputs received from the said supplier for export of goods and the ITC availed in respect of other inputs or input services to the extent used in making such export of goods, shall be granted. In Rule 95, sub-rule (1) is substituted: The words prepared on the basis of the statement of the outward supplies furnished

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the following words: And the price of the supply covered under a single tax invoice exceeds five thousand rupees, excluding tax paid, if any . Refund is available to applicants even when invoice value, excluding tax paid, is upto ₹ 5000/-. Form GSTR-11, Statement of inward supplies by persons having UIN, has been substituted. Form GST-REG 10, an application for registration of persons supplying online information and data base access or retrieval ( OIDAR ) services from a place outside India to a person in India, other than a registered person, has been substituted. In Form GST REG-13, an application/ form for grant of UIN to UN Bodies/ Embassies /others, some changes have been made. Form GST-RFD 10, an application for Refund by any specialized agency of UN or any Multilateral Financial Institution and Organization, Consulate or Embassy of foreign countries, etc., has been substituted. In Form GST DRC-07, Summary of the order, table at serial no. 5 has been omitted. Instructions

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y was over reported in the month s / quarter s v GSTR-1 also, then such liability may be amended through amendments under Table 9 of Form GSTR-1. Wrong-reporting of Liabilities: Unreported liability may be added in the next month s return with interest, if applicable. Also, adjustment may be made in return of subsequent month(s) or refund may be claimed where adjustment is not feasible Such taxpayers will have to file for amendments by filling Table 9 of the subsequent month s / quarter s Form GSTR-1. Under-reporting of ITC: Input tax credit which was not reported may be availed while filing return for subsequent month(s). No action required in GSTR-1. Over-reporting of ITC: Pay (through cash) / Reverse such over reported input tax credit with interest in return of subsequent month (s). No action required in GSTR-1 Wrong-reporting of ITC: Pay (through cash) / Reverse any wrongly reported input tax credit in return of subsequent month(s). For under reported input tax credit, the same ma

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