Due Dates for uploading GST Returns

Due Dates for uploading GST Returns

gst-return
(For Regular Dealer)
GSTR 1 : 10th of Next Month
GSTR 2 : 15th of Next Month
GSTR 3. : 20th of Next Month

GSTR 4. : 18th of Next Quarter (Composite Dealers)

GSTR 5 : 20th of Next Month (For Non Resident)

GSTR 6 : 13th of Next Month (Input Service Distributors)

GSTR 7. : 10th of Next Month (For TDS Returns)

GSTR 8. : 10th of Month (E-Commerce Operators)

GSTR 9. : 31st December of Next F.Y (Annual Returns)

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Regards
ACA SOURAV BAGARIA

Key take-outs from the 17th Meeting of GST Council held on 18th July

Key take-outs from the 17th Meeting of GST Council held on 18th July

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1. GST Council categorically decided to implement GST from 1st July. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July

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2. Relaxation in Return filing time-line for first 2 months:

A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September

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3. GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter

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4. Reduced tax rate for hotels with tariff between 5000-7500:

Reduced tax rate of 18% will apply on the hotels with tariff between Rs. 5000 to Rs. 7500. Restaurants in these hotels will also be taxable at 18%.

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5. Tax rate on Lotteries

State-run lotteries will be taxed at 12%

Private lotteries will be taxed at 18

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6. Negative List of Composition Scheme

Only 3 products have been added in negative list of Composition Scheme, which means for following 3 products composition scheme will not be available.

• Ice cream

• Pan masala

• Tobacco

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7. E-way bill will be deferred and will be implemented later on once the rules for same will finalized. Till that time, an alternate e-way bill will be introduced to allow the state with their current system.

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8. IGST rate of 5% on Ship with full ITC will be applicable.

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9. GST Council also approved anti-profiteering rule.

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10. New Registration in GST will be commenced from 25th June.

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Regards

ACA SOURAV BAGARIA

Reverse Charge Under GST

Reverse Charge Under GST

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reverse-charge-under-gst

Reverse Charge has always been a mystery box and with the rise of GST, reverse charge will become a major discussion point and will need time for all the stakeholders to gain comfort on it.

For those who are new to the concept of Reverse Charge a small flashback for them, Reverse Charge is a important concept in service tax under which the liability to pay service tax is shifted from service provider to service receiver,

Usually in Service Contracts Service tax need to be collected by service provider from service receiver and have to deposit it with revenue authorities,

But under Reverse charge cases tax have to be deposited by service receiver directly to the revenue authorities, although service receiver depositing tax under Reverse Charge can claim Input of the tax paid by them.

Another big impact of reverse charge on business entities is the form cash flow management, as the tax to be paid by service receiver under Reverse Charge cannot be deposit by using Tax credit, it need to be deposited in cash only.

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LIST OF SERVICES UNDER REVERSE CHARGE AS APPROVED BY GST COUNCIL

  1. Taxable services provided or agreed to be provided by any person who is located in a non­taxable territory and received by any person located in the taxable territory other than non­assessee online recipient (OIDAR)

 

  1. Services provided or agreed to be provided by a goods transport agency (GTA) in respect of transportation of goods by road

 

  1. Services provided or agreed to be provided by an individual advocate or firm of advocates by way of legal services, directly or indirectly

 

  1. Services provided or agreed to be provided by an arbitral tribunal

 

  1. Sponsorship services

 

  1. Services provided or agreed to be provided by Government or local authority excluding, ­

(i) renting of immovable property, and
(ii) services specified below­-

  • services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;
  • services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport;
  • transport of goods or passengers.

 

  1. Services provided or agreed to be provided by a director of a company or a body corporate to the said company or the body corporate;

 

  1. Services provided or agreed to be provided by an insurance agent to any person carrying on insurance business

 

  1. Services provided or agreed to be provided by a recovery agent to a banking company or a financial institution or a non­banking financial company

 

  1. Services by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India

 

  1. Transfer or permitting the use or enjoyment of a copyright covered under clause (a) of sub­section (1) of section 13 of the Copyright Act, 1957 relating to original literary, dramatic, musical or artistic works

 

  1. Radio taxi or Passenger Transport Services provided through electronic commerce operator.

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SERVICE PROVIDER

SERVICE RECEIVER

GST TO BE PAID BY

Goods Transport Agency Casual Taxable Person, Body Corporate, Partnership Firm, any Society, factory, any person Registered under CGST, SGST, UTGST Act Service Recipient
Recovery Agent Banking Company, NBFC, or any Financial Instituition Service Recipient
A Director of a Company or a body corporate A Company or a Body Corporate Service Recipient
An Individual Advocate or firm of Advocates, an Arbitral Tribunal Any Business Entity Service Recipient
Taxi driver or Rent a cab operator ( if service provided by e-commerce operator) Any Person E-Commerce Operator
An Insurance Agent Any Person Carrying on Insurance Business Service Recipient
Any Person Providing sponsorship services Any body corporate or partnership firm Service Recipient
A Person located in non-taxable territory to a person located in non-taxable territory Importer Service Recipient
Author or Music Composer, photographer, artist, etc. Publisher, Music Company, Producer Service Recipient
Any Person who is located in a non-taxable territory Any Person located in the taxable territory other than non-assessee online recipient (Business Recipient) Service Recipient

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Currently under service tax there were some services on which partial reverse charge mechanism was there , but under GST Regime, all the tax under reverse charge have to be paid by receiver of supply of goods or services.

Although Reverse Charge is not a new phenomenon, but major reaction is because of Section 5(4) of IGST Act’2017 as it says:

The integrated tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

Point that come clear from above section 5(4) IGST Act 2017.

GST have to paid by Registered person on receiving Taxable Supply of goods or services from unregistered person.

Now all the business entity have to update themselves whether their suppliers are Registered or Unregistered under GST regime because if they want to purchase goods or services, the receiver will have to pay GST applicable on the supply on behalf of Unregistered Supplier.

With reverse charge falling on the buyer, unregistered business will get a tough time as Registered buyers will be more interested in buying goods or services from registered suppliers under GST.

Under GST Reverse Charge mechanism, E­Commerce companies called aggregators have also been included.

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Regards
ACA SOURAV BAGARIA

Types of GST Returns

Types of GST Returns

How-to-file-GST-Return_New-Size

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GST RETURNS FORMAT RELEASED by CBEC

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Under GST, Primarily a tax payer is required to file following:

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1) GSTR 1 -: Details of outwards supplies of Goods & Services.
2) GSTR 1A -: Details of auto drafted supplies of Goods & Services.
3) GSTR 2 -: Details of inwards supplies of Goods & Services.
4) GSTR 2A -: Details of supplies auto drafted from GSTR-1 OR GSTR-5 to recipient.
5) GSTR 3: Monthly Return
6) GSTR 3A: Notice to Return Defaulter u/s 46A
7) GSTR 4: Quarterly return for Registered Person opting Composition Scheme.
8) GSTR 4A: Auto Drafted detail for Registered Person opting Composition Scheme.
9) GSTR 5: Return for Non Resident Taxable Person.
10) GSTR 6: Return for Input Service Distributor.
11) GSTR 6A -: Details of supplies auto drafted from GSTR-1 OR GSTR-5 to ISD.
12) GSTR 7: Return for Tax deducted at Source.
13) GSTR 7A: Tax deducted at Source Certificate.
14) GSTR 8: Statement for Tax Collection at Source.
15) GSTR 11 -: Details of inwards supplies statement for person having UIN.

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