Date for ITR filing extended to 5th August 2017

Date for ITR filing extended to 5th August 2017

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Extension of date for filing of Income Tax Returns extended for five days up to 5th August, 2017 

There are some complaints that the taxpayers are not being able to log on to the e-filing website of Income Tax Department or not being able to link Aadhaar with PAN because of different names reflected in PAN and Aadhaar database. While technical snags have been removed already, the main reason for failure of people to log in is because of last minute rush and panic in which those who have already logged in want to continue for the entire period for fear of losing it.

In order to ease-out the panic situation, the Government has decided to take the following steps:

• For the purpose of e-filing return, it would be sufficient as of now to quote Aadhaar or acknowledgement No. for having applied for Aadhaar in e-filing website. The actual linking of PAN with Aadhaar can be done subsequently, but any time before 31st August, 2017. However, the returns will not be processed until the linkage of Aadhaar with PAN is done.

• In order to facilitate the e-filing of return, it is also decided to give extension of five days for e-filing of return. The return can be filed upto 5th August, 2017.

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Please find attached twitter screenshot of the announcement

40_20170731160318_dd

FAQs on GST

FAQs on GST

gst-faq

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Q1. If I Buy Raw Material from Supplier unregistered in GST, do I Have to pay GST in RCM and can I avail ITC of the same?

Ans. Yes, you have to pay GST via RCM. You can avail ITC of the GST so paid if you are otherwise eligible.

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Q2.Existing Taxpayer registering a branch office in another state comes under fresh registration or under existing tax payer registration?

Ans. The registration in other state would come under fresh registration.

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Q3. I am a Service Provider with turnover of Rs.50 Lacs in one state only. Am I Eligible for the Composition Scheme

Ans. Service Providers, Except restaurants/caterers, are not eligible for Composition Scheme.

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Q4. Can a person Operating two different Companies with Different names but with Same PAN get 2 GST Registrations

Ans. 1 PAN Holder gets One Registration in every state, but he has the option of getting different registrations for different business verticals.

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Q5. Whether Job Worker is required to Register? Whether Composition Scheme is available to a job worker?

Ans. Job Workers making taxable supplies above the threshold aggregate turnover need to register. Composition Scheme is not available to job-workers. They,however, can avail benefit of section 143 of the CGST Act.

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Q6. My all Outward Supplies are Export Services. In this case, Is it compulsory to register under GST?

Ans. Yes. Since, exports are Zero Rated, one needs to register for GST to claim refunds.

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Q7. If I’m starting new Business today, still need to get TIN and then apply for GST? Or can I directly register with GST

Ans. You may directly take GST Registration on www.gst.gov.in

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Q8. Whether Franchisor Company will have to take registration in each state where outlets are located

Ans. No, a Franchisor company need not take registration in a state where only its franchisee is located.

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Q9. Is registration necessary if only interstate supply of NIL rated goods is being made

Ans. If exclusively making supplies of NIL rated supplies, registration is NOT Compulsory. Kindly refer section 23 of CGST Act.

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Q10. I am an ice cream manufacturer with sales in one state only. Can I avail the option of composition?

Ans. No. The Following three classes of persons, namely

  • Ice cream and other edible ice, whether or not containing cocoa.
  • Pan Masala
  • All goods, i.e. Tobacco and manufactured tobacco substitutes

Are not eligible for benefit of Composition Scheme.

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Q11. I was unregistered in excise before and now in 18% slab? Can I take credit of stock if I don’t have Invoices?

Ans. Deemed Credit will be available to you for stock as duty paying documents are not available, subject to provisions of section 140(3) of the CGST Act, 2017 read with rule 140(4) of CGST Rules, 2017.

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Q12. If I Register under the Composition Scheme, Can I opt out of it later? What happens to my stock if I do so

Ans. Those availing composition can exit and opt for normal tax scheme anytime. They would be eligible for ITC on stocks available on the date of switchover in terms of sec 18(1)(c ) of CGST Act,2017.

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Q13. Can I register as a normal taxable person now and avail of the composition scheme later

Ans. You can opt for Composition Scheme from the beginning of the next Financial Year on submitting the option to avail composition scheme before beginning of the financial year. It may please be noted that composition scheme cannot be availed from the middle of a financial year.

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Q14. I have not Received ARN or have received ARN but not  GSTIN, how do I supply goods or services or both

Ans. You can supply goods or services or both on bill of supply without mentioning GSTIN and/or ARN. On receipt of GSTIN, you will need to issue revised invoice mentioning GSTIN. You are required to reflect this supply in your return and also pay tax thereon.

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Q15. I have migrated and received Provisional ID but not GSTIN, how do I Supply Goods or services or both?

Ans. Provisional ID (PID) will be your GSTIN. You can Supply Goods or Services or both specifying PID as your GSTIN on Invoice.

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Q16. Composite Dealer are not allow to interstate sale, but purchase is allowed. Is it correct? If correct then what will happen if Sales Return as it also covered under Supply.

Ans. 1. Yes. But the Supplier has to upload the invoice with GSTIN of the recipient

  1. No provision made in Law and legally not allowed.

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Q17. How URD can purchase from other state, what will be filled in E-way Bill as there is no details available for URD.

Ans. In that case, it is responsibility of supplier or GTA- how URD can compy.

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Q18. I am registered in Delhi, started one project of construction in Kolkata. I am not registered in Kolkata, I have been charged IGST there locally since I received material from other state in Kolkata. Can I take Input Credit of Kolkata IGST with Delhi?

Ans. Yes. You can take ITC but if Project is big, not advisable to avoid registration in that state

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Q19. Work Contract Rate is 18%, what if material is included of 28% or 5% then which covered major portion of my work contract invoice. Do I need to charge 18% even material which is 60% and rate are different than 18%

Ans. Yes. Rate should be 18% if it is works Contract of Immovable property.

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Q20. If Material Costs is 1 Lacs and delivery charges also charged Rs. 5000/- then How GST will be charged on delivery charges? Whether Rate of Material will apply on Delivery Charges?

Ans. On Rs. 105,000 at rate applicable to Goods

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Q21. We are Consignment Sales Agent for XYZ Ltd. (For us they are Principal in Delhi, now I am raising my commission bill from Delhi). What will be charged IGST or CG + SGST.They are asking bill in name of their Mumbai head office. Place of Supplier is Delhi and what is place of supply here?

Ans. Seems it is their tax planning You can raise bill on Mumbai if the Mumbai Office has appointed you as Sales Agent

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Q22. I am a builder In Kolkata, recently started project in Pune. Do I need to register in Maharashtra even though if don’t need to avail Input Credit.

Ans. If small project then you need not register But if Big Project and lit of ITC is there then you should register otherwise it will be a Loss.

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Q23. I am Shifting My Old Machinery to my branch in another State. What will be procedure? It will be through DC or tax invoice, Gst will be payable? Since this is 5 years Old Machine.

Ans. If you are having factory there and using machinery in that factory, Best is to pay GST on 50% of value and take Credit in the branch.

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Regards
ACA SOURAV BAGARIA

GST Syllabus and Applicability from May 2018 CA Exams

GST Syllabus and Applicability from May 2018 CA Exams

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GST Syllabus and Applicability

GST will be completely applicable from May 18 CA Final exams. ICAI through official notification clarified the same. Overview of GST will be applicable from Nov 2017 CA Final exams for 10 Marks but from 2018 it will be asked for 75 Marks.

Here is the complete text of ICAI Notification regarding applicability of GST from May 2018 CA Exams :

Sub: GST BE EXAMINED IN PAPER 8: INDIRECT TAX LAWS IN MAY, 2018 FINAL EXAMINATION UNDER OLD SCHEME OF EDUCATION AND TRAINING. As has already been announced, students appearing in November, 2017,  final examination will be examined on “Overview of GST” for 10 marks in Paper 8: Indirect Tax Laws. The syllabus of Final Paper 8: Indirect Tax Laws after incorporating “Overview of GST”for 10 marks and the Supplementary Study Paper on the same is hosted on the ICAI website at the following link: GST Nov 17 syllabus

Further, GST will be examined  for 75 Marks in May, 2018 final examination in  Indirect Tax Laws paper , under both old and new scheme of education and training, in the following manner:

(i) Part-I – Goods and Services Tax [75 marks]

(ii) Part-II – Customs and FTP [25 marks]

Detailed syllabus for Paper 8: Indirect Tax Laws under old scheme of education and training is provided in Annexure A. Further, the detailed syllabus for Paper 8: Indirect Tax Laws under new scheme of education and training is hosted at the following link: CA Final Syllabus

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GST Syllabus and Applicability From May 2018 CA Exams:

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Goods and Services Tax (GST) Law as contained in the Central Goods and Services Tax (CGST) Act, 2017 and Integrated Goods and Services Tax (IGST) Act, 2017 :
(i) Constitutional aspects
(ii) Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply,
supplies in territorial waters; Charge of tax; Exemption from tax; Composition levy
(iii) Place of supply
(iv) Time and Value of supply
(v) Input tax credit
(vi) Computation of GST liability
(vii) Procedures under GST – All procedures including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including reverse charge, refund, job work
(viii) Provisions relating to electronic commerce
(ix) Liability to pay in certain cases
(x) Administration of GST; Assessment and Audit
(xi) Inspection, Search, Seizure and Arrest
(xii) Demand and Recovery
(xiii) Offences and Penalties
(xiv) Advance Ruling

If you have any query related to GST Syllabus and Applicability for may 2018 CA Exams then do comment below, will surely try to help you all.

NO TDS on GST Paid or Payable on Services when GST is Separately Shown in the Invoice

NO TDS on GST Paid or Payable on Services when GST is Separately Shown in the Invoice

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CBDT had issued Circular No 1/2014 wherein it was clarified that TDS had to be deducted on the amount paid/payable without including service Tax component.In other words, no TDS would be deducted on Service Tax Component when amount of service tax Component is shown separately in the Invoice.

After Implementation of GST across the country w.e.f 1st July, 2017, CBDT has received various references for treatment of GST component on Services. Now the CBDT has clarified vide Circular No. 23/2017 that if as per terms of the agreement of the payee and payer “GST on Services” component has been indicated separately in the invoice, then no tax would be deducted on GST component. GST will include CGST, SGST, IGST, UTGST.

This Circular clarifies the doubt arisen after Implementation of GST. The Circular is on the logical conclusion that there cannot be any TDS on GST. The Circular could be best explained through the following Examples..

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EXAMPLE 1
Amount (Rs)
Value of Services- Intra state

CGST

SGST
.
.

Gross Value of Invoice

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.
9%
.
9%
.
.
9,000
.
9,000
100,000

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.
.
18,000
.

118,000

TDS Deductible on

TDS u/s 194J

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.
10%
100,000
.
10,000

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EXAMPLE 2
Amount (Rs)
Value of Services- Inter state

IGST
.

Gross Value of Invoice

.
.
18%
.
.
18,000
100,000

.
18,000

118,000

TDS Deductible on

TDS u/s 194J

.
.
10%
100,000

10,000

.

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EXAMPLE 3
Amount (Rs)
Value of Services- UT

CGST

UGST
.

Gross Value of Invoice

.
.
9%
.
9%
.
.
9,000
.
9,000
100,000
.
.
.
.
18,000
.
118,000
TDS Deductible on

TDS u/s 194J

.
.
10%
100,000
.
10,000

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EXAMPLE 4
Amount (Rs)
Value of Services (Inclusive of Taxes)

CGST

UGST
.
.

Gross Value of Invoice

.
.
.
Not Charged
Separately
118,000
.
.
.
—–.
.
.
.
.118,000
TDS Deductible on

TDS u/s 194J

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.
10%
118,000
.
11,800

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Regards
ACA SOURAV BAGARIA