Income Tax Return Filing Date Extended

In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended to 5th August, 2017.

Income Tax Return Filing Mess : Lessons for all GST Practitioners

Income Tax Return Filing Mess : Lessons for all GST Practitioners

Just 3 hours back Income Tax India tweeted :

Don't forget to file your Income Tax Return by 31st July,2017 for FY 2016-17.

Attention Taxpayers! Last day today!

By Now 958 tweets have been posted in response to this tweet. Mostly by Angry & Frustrated Tax Payers and Professionals, as for last three days E-filing Portal of Income Tax is not working properly, Most of the time either it is slow or down.

People were expecting date to be extended due to GST Pressure and Many states are badly affected by flood, no electricity, no internet. How will they file their ITR ?

But this is also a lesson for all GST Practitioners, There would be huge load on GST Portal on every 10th, 15th and 20th. So, Plan to file/validate all returns/data in advance. Do not wait for last day or moment. Most of the forms are yet to be uploaded on GST Portal. No State wise portals have been activated till now.

Once I made a rule - 123. 1 means 1 working day before due date, Relax. 2 means before 2 working days from due date, deposit tax/file return, 3 means before 3 working days from due date, complete and finalize all working.

It is not easy to get data/info from client on time, so keep reminding them. Thanks.

Some Basic Information about Income Tax Return : FY 2016-17 (AY 2017-18)

Some basic information about ITR.

Filing ITR Online is very simple and easy task for Salaried People. Takes only 5 to 15 minutes, if Income Tax Portal is working under normal conditions. Most of the data is Pre-filled based on PAN. Aadhar should have been linked.

But What happens if you do not file ITR on Time? Sharing an interesting article on the same.

http://indianexpress.com/article/india/what-happens-if-you-cross-the-deadline-to-file-income-tax-returns-4769786/

Happy Sri Tulsidas Jayanti

महान राम भक्त और संत श्री गोस्वामी तुलसीदास जी की जयंती के शुभ अवसर पर सभी भाई बहनों को हार्दिक शुभकामनायें। तुलसीदास जी ने न केवल रामायण की सरल भाषा मे रचना कर राम कथा को जन जन तक पहुँचाया बल्कि हनुमान चालीसा के रूप मे हनुमान जी का यश गायन करके समस्त पावन आत्माओं को कृतार्थ किया। हनुमान चालीसा एक ऐसी रचना है जिसके पठन, श्रवण और गायन से न सिर्फ दुःखों कलेशों का नाश होता है बल्कि जीवन एक दिव्य यात्रा मे परिवर्तित हो जाता है। जिनके स्मरण मात्र से बल और बुद्धि की प्राप्ति हो और जिनके नाम का जाप करने से मोक्ष, ऐसे महान हनुमान और श्री राम को साधारण जन से जोड़ने के लिए ये समाज सदा उनका आभारी रहेगा।

Back to Basics - 1 : CMA : Costing Accounting Standards

Back to Basics. Many years ago I asked one of my friends, who was Black Belt Holder in Karate. Who was practicing Basic Moves, Katas, Front & Side Kick. These are White Belt level things, Good for students who have just joined Karate Classes. Now you are an Expert, Shouldn't you practice some advance moves, High & Flying Kicks, Breaking Heavy Boards and Bricks. Why Basic techniques ?

He answered ? Sukhvinder, the day I leave practicing basic stances, moves, katas, punches, blocks & kicks, I won't be able to perform any advance technique. Y'day I saw a school kid may be going to some karate club in Karate Uniform in our street and this incidence flashed in my mind.

and I was thinking, It is not just about Martial Arts, But all professionals to be in touch with basics. So, For We Accounting Professionals CA/CMA/CS, I am starting a new series today, #BackToBasics Let's see where we stand ? :)

First post is about my CMA Friends.

Do you know how many "Cost Accounting Standards exist today?"

Have you ever used any one in your job related assignment/s?

Be honest to yourself. Can find on google, but fist try honest attempt. Do not reply to me. But this is about Do We still remember what we studied in our Exam Days ? Thanks and All the Best.

#BackToBasics - 1

CGST Rules, 2017: Chapter XIV: Transitional Provisions: GST Forms

CGST Rules, 2017: Chapter  XIV: Transitional Provisions: GST Forms

Form: GST TRAN – 1

Who has to file: Every Registered Person entitled to claim ITC u/s 140. (Who has filled 6 months returns under existing law immediately preceding the appointed date)

When to file: Within 90 days from appointed date.

What it contains:

1. Amount of tax credit carried forward in the return filed under existing law.

2. Detail of Statutory Forms (C/F/H/I) Received (for which credit is being carried forward). Party & Form wise detail.

3. Detail of Pending Forms (C/F/H/I).

4. Detail of Capital Goods with unavailed cenvat credit. (Invoice wise detail).

5. Detail of Input held in stock by one who was not registered under earlier law/was dealing in exempted goods now taxable etc.

6. Detail of stock not supported by invoices/documents evidencing payment of tax.

7. Detail of stock sent to Job Worker/Agent and held on behalf of Principal.

Form: GST TRAN – 2

Who has to file: Every Registered Person entitled to claim ITC against inputs held in stock but not in possession of any invoice/document evidencing payment of Tax, not being a manufacturer or service provider, but a Trader.

When to file: Every month for six months. (At the end of each month).

What it contains:

1. Detail of Inputs Held with no Tax Payment Evidencing Document.

2. Detail of outward supply made during the month and ITC allowed.

ITC against CGST (60% if rate is 9% or above, 40% if rate is less than 9%, 30% or 20% in case of IGST).

The tax payers who belongs to state where Vat was applicable at single point like Punjab can also claim Same Exemption on SGST.

MAAT: Sukhvinder (@gstsukh)

Mismatch in Income with Form 16/16A? How to Handle. (Clear Tax)

There may be cases when in income tax return income shown by you does not match with income declared in form 16/16A, in such cases, you may get notice from Income Tax Department. But, if you have valid reasons for difference and can explain with documents, nothing to worry.

Everything under Taxes is being automated now a days, there are many benefits of automation, fast processing, accurate results but a big disadvantage is that It lacks common sense. It works according to codes set in programs. e.g. in Form 16, Part A, Income can be Net Income on that TDS is deducted e.g. if Someone's TDS deducted upto Feb'17, no tds will be deducted in March'17, But detail in Part B will capture total Salary for the FY. So, even in form 16, there would be mismatch in part A and part B. There is valid reason, but Computer ko kaun Samjhaye ki India mai aisa bhi hota hai ? It will happen in future, But as of Now, have to go with current system.

Other differences may be as no proof of investment could be submitted in company on time, but now showing the same in ITR.

Here is link of useful article published by Clear Tax attached suggesting what strategy to use or steps to be taken if notice is issued by Income Tax Office for Mismatch in Income with form 16/16A. Thanks.

https://cleartax.in/s/received-notice-mismatch-income-form-1616a-heres-need/

GST - कुछ काम की बातें - 4 - RCM - The Real Pain

The Provisions of Reverse Charge Mechanism under GST are real pain in neck for both Buyer and Seller (URD). On the one hand URD Sellers have lost many of their permanent customers, other hand Buyers facing accounting and record keeping issue for minor purchases/expenses.

Just to give some relief GoI give relaxation vide notification no. 8/2017 dated 28.06.2017.

“exempts intra-State supplies of goods or services or both received by a registered person from any supplier, who is not registered, from the whole of the central tax leviable subject to the aggregate value of such supplies of goods or service or both do not exceeds five thousand rupees in a day”

NB: This notification is only for CGST, if you buy goods worth Rs. 5000/-, taxable at 18%. You will get exemption of 9% only. To avail exemption of 9% SGST, ensure state govt has also issued similar notification. God knows, why GST Council is not taking the responsibility to get the notification issued by state govts. One Nation One Tax – Only an Illusion unless one single authority takes the responsibility.

A, RD at Nehru Place buy some stationery from B, URD at Sadar Bazar for Rs. 4800/- on 21.07.2017, makes the payment on 24.07.2017 and book in his account on 25.07.2017.

What date to consider to check exemption limit?

It should be 21.07.2017, Date of receiving Goods & Services. So ensure to book petty expense on the same day. Would be tough where someone from Admin handle all expense through Imprest account. Have to do accounting at micro level. Earlier many companies used to get one bill for the month for petty expenses, but now they have to split it on daily basis to avail exemption.

Also if in same case, A is from Noida, then, No Exemption. It is only for Intra-State.

  #GST - कुछ काम की बातें - 4 ]

ReWriteGST - Registered Voluntarily - Allow to apply for Cancellation before one year.

GST is Good, But why people are unhappy. Thought by the time, I get some Serious work, why not do some GST work on Temp Basis. Visited many markets, But what condition of Business, I Saw. Pathetic. The Shopkeepers who always remained busy were sitting Idle. It is worse than 2001 and 2008 Recession. Because during that period big corporates got the hit, but this time small entrepreneurs. Some Blind Followers of Govt saying, there were dishonest businessmen so finding difficult to manage with strict provisions of GST. Not True for Everyone. Then What is the Exact Problem.

There are some provisions I'll share based on my study of GST and understanding, need changes. Hope GST Council will do needful to make GST smooth and user friendly. First Change, I Suggest is change in Rule 20 of CGST Rules, 2017. That says "Provided that no application for the cancellation of registration shall be considered in case of a taxable person, who has registered voluntarily, before the expiry of a period of one year from the effective date of registration."

Either this condition should be removed or change to 3 to 6 months.

This is a punishment for no crime. People below threshold limit will have no choice to exit from GST before one year once they get Registered.

GST Forms - Registration - An Overview

There are many schools who cut the name of students, if failed to pay the fee of student for whatsoever reason and the condition for re-admission is only to pay due fee first. Same way Govt is going to treat Tax Payers under #GST.

In Old Tax Regime Many People used neither to deposit taxes for long nor to file their return on Time. May be Cash Flow issue or a habit. But Under GST, If fail to deposit tax or file return o time, Just not Interest or Penalty but also be ready to get your registration cancelled.

and Once Registration Cancelled, Your Request/Application would be considered only if you First Pay Old Due Taxes and file/submit all pending returns.

Here is an overview of all 30 Forms prescribed under Registration, Chapter III of CGST Rules, 2017.

GST - कुछ काम की बातें - 3 - Input Tax Credit on Bank Charges

If you have yet not updated your GSTIN Number in your Bank Account. Update it immediately to avail input tax credit against GST charged on Bank Charges/Fees.

You can claim Input Tax Credit on the basis of Bank Statement, (No need of Tax Invoice from Bank, But Statement of Bank Account, itself will be treated as Tax Invoice for the purpose of claiming ITC, as clarified by GoI Today), Subject to Your GSTIN is mentioned on Bank Statement.

[ #GST - कुछ काम की बातें - 3 ]

GST - कुछ काम की बातें - 2 - Input Tax Credit on Employees Reimbursement

If you want to avail Input Tax Credit on Employees Reimbursements (Expenses incurred on behalf of company for the business purpose). Take care of few following points :

1. Instruct all employees to get the bill in the name of the company and not in their personal name.

2. Employees must ask the Supplier to issue Tax Invoice in the name of Company with GSTIN No of Company. (It would be a good idea, if the GSTIN of the company can be mentioned on the identity cards of the Employees).

3. If they make travel to other state, ensure supplier to charge IGST on Tax Invoice in the name of company (may be few exceptions based on place of supply, but wherever possible) and not the SGST and CGST for the state.

Some where I read, to treat Employees URD, and deposit GST on RCM basis and then claim ITC. Never do this. Here you have to pay tax on Gross Value of Bill, Won't be able to claim original tax paid by employee on bill value, Only loss in this case.

[ #GST - कुछ काम की बातें - 2 ]

GST Forms - Registration (Part 1)

My Second post on #GST Forms is based on Chapter III of CGST Rules, 2017, Registration. 30 Types of Forms have been prescribed under Rules related to Registration. In first part, I have enclosed detail of first 6 forms that is for ordinary tax payers. There are different forms for different types of tax payers or persons e.g. responsible to deduct tax at source or to collect tax at source, e-commerce operators and on-line data agencies etc. Best part of the GST is transparency and automation of all processes from filing application for registration to seeking any clarification, or acknowledging receipt of application and issuing the Registration Certificate.

Point to be Noted: 1. Email Id and Mobile number must be official. Free of junk messages so that no important message from GST Office left unread. 2. You have to provide detail of all Partners/Directors (Detail of all – Photo of 10)/Bank Accounts (Detail of upto 10 Accounts)/Offices/Place of Businesses. 3. Be careful while filling Nature of Business Activity column because there may be more than one activity. 4. Have to apply separately for SEZ, ISD and another Business Vertical in the same state.

Thanks.

GST Forms - Composition Scheme

I am starting next series on #GST. That is about various forms prescribed under different chapters of Central Goods and Services Tax Rules, 2017.

My first post is on Chapter II - Composition Rules. There are 7 forms for different purposes. Detail enclosed.

Composition Scheme is not new for Traders, specially Traders from Delhi would be aware about the same, as most of the provisions of Composition Scheme under GST is copy-paste from DVAT Rules only. The Tax-Payers who were enjoying composition scheme Earlier under VAT Act, may continue under GST, as they would have decided after considering all facts, but to the people who are now thinking to opt this scheme, I would recommend only if you are satisfied with your current business or a retired person who is in business only to pass the time, may opt it. But Young Business People, who want to expand their business, should stay away from this scheme, as this is like a diet chart for a diabetic patient, with so many restrictions. Not only you have to pay tax out of your pocket, won't be allowed ITC (Including paid under RCM), and Persons buying from you would also have no option to claim ITC. Can't make inter-state supply etc.

Anyway, It was only my opinion. Take decision Wisely. Thanks.

#GSTForms

GST - कुछ काम की बातें - 1 - No GST on Warranty Replacement

Yesterday GoI made clarification on material supply against warranty. There were doubts whether Supply of free items will be taxable ? To supply on Challan or Invoice ? ITC to be Reversed or not ? GoI replied :

"Free supply during warranty is not taxable if GST has already been paid on warranty charges. ITC reversal not reqd. To be sent on challan." Points to be taken care:

1. Mention warranty (including extended warranty, if any) period on Invoice, retain any warranty related brochures or any document.

2. When issue material free of cost, mention Original Invoice No. and date on Challan.

Thanks.

Is GST a Curse for Small (Un Registered) Companies ?

It is almost 6 months, when I wrote, GST is good for Medium and Big Companies, But it will kill small businesses. Last few days, I met with traders from Gandhi Nagar, Karol Bagh, Mayur Vihar, Kashmeri Gate etc. Business is almost stopped. Why? If any RD purchases any goods from URD and pay GST under RCM, He can avail credit in the same period. No Mis-Match Tension, Only have to keep separate records, not a big deal. Then Why? I tried to analyse, Reason is not compliances but cost. In any business chain, if any URD enters, the whole chain gets broken and all taxes paid till that point added into cost of the item. e.g. If there is chain of 5 dealers, one manufacturer (A), 4 traders (B, C, D & E). In first case if D is URD, the taxes he paid to C will become part of his cost, as he can not avail ITC. E will have to pay GST on RCM, but since D can’t avail ITC, so cost of the item would be more in comparison of the cost, D might charge if He would be registered dealer. Unregistered dealers are left with no option but to get themselves registered voluntarily. Hope Govt will do needful in the interest of small traders and provide some relaxation.

Will Income Tax Return Filing Date be Extended ?

It was in news today, there is huge pressure on Government to extend the date of filing Income Tax Return as most of the accountants are busy to get settled with GST.

Will Government extend the Date ? If We look at past track record, it can be expected. But how many days of relaxation can be assumed ? What can be Extended Date ? 16th August, 2017 or 15th September, 2017 or 30th September, 2017 ? Waiting announcement by Govt. As usual between 28th-31st July, 2017.

But for the people, records are ready, should not wait the last date i.e. 31st July, 2017 or any new date expected to be declared by Govt based on News. Should file their ITR Now. Thanks.

Police, Traders,Transporters & GST

Hum Delhi Police hai. Hum kabhi nahi Sudherenge. (This is about Delhi Police, But I Believe same practice would be followed in other states too.). Big Issue is - Eway Bill Rules are on Hold. All states are playing their own game. In many states Tax Authorities have stopped issuing Inward/Outward Forms. It was Govt's problem, that they could not get ready with their system for new e-way bill system, but punishment is to transporters and trader in the form of harassment by Police and Agents of Tax Authorities. Govt must understand, just by changing any Law, No Reforms happen. They have to change mind set of their officers, they have to be supportive and in helping mode. Corruption is biggest hurdle in the success of #GST.

If you or any of your clients also face same situation, he is having all valid documents, but still stopped & harassed in the name of GST. You may register your compliant at Tel No. 25844444, Whatsapp at 8750871493 or send mail at info@delhitrafficpolice.nic.in

http://www.thehindu.com/news/cities/Delhi/gst-fee-spells-trouble-for-traffic-cops/article19273650.ece

GST Portal - Services Update

Today GSTN updated on GST Portal what they have made live and what is under process :

Services gone live till date:

13/07/2017

1. Interface for Tax payer to Login, change password, Register/Update DSC.

2. Registration:
a. Application for New Registration.
b. Application for Filing Clarification.
c. Application of Enrolment for GSTP.
d. Application to opt for Composition scheme.
e. Application for New Registration (ISD).

3.Payments:
a. Online Payments through Internet Banking, Credit Card/Debit Card, NEFT/ RTGS.
b. Offline Payments-Over the Counter (Authorized Bank).
c. Creation and maintenance of Cash Ledger. d. Create Challan. e. Review My draft and saved Challans and Track Payment Status.

Upcoming services:

13/07/2017

1.Registration:
a. Application for Amendment of New Registration and Enrolment.
b. Application for Registration by Non-Resident Foreign Taxpayers and Casual Tax payer.
c. Processing of Enrolment of GSTP.
d. Application for Registration by a Non-Resident Online Services Provider (OIDAR).
e. Suo Moto Registration initiated by Tax Authorities in Enforcement Cases.

2.Returns:
a. Creation and saving of Outward Supplies Return in Form GSTR-1.
b. Offline Utility for GSTR-1 for upload of invoices.
c. View of Inward Supplies Return - GSTR-2A.
d. Creation & Submission of Return by Non-Resident Taxpayer GSTR-5

GST - Guidelines for Exporters

CBEC issued guidelines on GST for Exporters. Brief Summary of the Same :

►Mention GSTIN (UIN by UNO etc) and PAN on Every Document  (PAN authorized by DGFT, If exporter deals in exclusively exempted items or items out of GST Regime). Mandatory for Shipping Bill.

►No Refund of IGST Paid or ITC on Inputs will be processed, if No detail of Invoice (If Commercial & Tax both Invoices issued, then detail of both) & GSTIN on Shipping Bill is mentioned.

►Mention Taxable Value & Tax against each line item in shipping bill.

►Multiple Invoices can be issued against one shipping bill.

►Declare "State of Origin" in shipping Bill.

►If No Tax paid on Export, Furnish Bond on non judicial stamp paper  with BG* or LUT (Subject to Conditions)  in Form GST RFD -11

*Requirement of BG - May be Waived off based on Track Record of Exporter.

►During July-Sep'17, composite rates of  All India Industry Rate (AIR) Available. ►Have to produce certificate from Jurisdictional GST officer to avail composite rate.

►Thanks

Finding GST Rate on Mobile App and Website

Ministry of Finance :

►Find Tax Rates at Mobile App :

Mobile app “GST Rates Finder” is available on android platform and will soon be available on iOS platform.

This mobile app can be downloaded on any smart phone and can work in offline mode, once downloaded.

Through this app, user can determine GST rate for a good or a service by entering the name or chapter heading of the commodity or service.

The search result will list all the Goods and Services containing the name which was typed in the search box.

►Find Tax Rates at Website :

CBEC has also provided a GST rate finder on its portal http://cbec-gst.gov.in  to help taxpayers know applicable GST rate on their supplies.

►I have checked both. App and Site. Site is wonderful. You can find rate with ease. App is not so user friendly. Anyway Good Job by Finance Ministry.

#GST 

GST Site is Down for Upgradation

I have just logged in on www.gst.gov.in and found site is down till tomorrow 6.00 am for maintenance & up-gradation. (Enhancing the Services on the Site).

and it reminds me when ever we buy new bike or car, within month or 500 KM, whichever comes first, Bike or Car has to be taken to workshop for first  Service. So, It is time for GST Site Servicing, after 7 days of implementation. Usually it takes three services for a bike or car, before it gives 100% Performance, depends on make and model. 

Hope after Servicing, GST Site would work better and run smoothly. 

Keep Enjoying #GST :)

ESIC has changed the date for filing ESI contribution to 15th of every month from 21st of a month.

ESIC has changed the date for filing ESI contribution to 15th of every month from 21st of a month.

Regulation 31 stands amended whereby the contribution in respect of any employee shall be paid within 15 days of the last day of the calendar month in which the contributions fall due. This shall come into force with effect from the contribution payable for the month of June 2017 i.e., by 15th July 2017.

Source : https://biblehr.com/esi-contribution-shall-be-paid-on-or-before-15th-of-a-month/

Clarifications on GST by GOI thru Twitter (Part-10)

Clarifications on GST by GOI thru Twitter (Part-10):

►Rs. 5000 Daily Exemption limit is only for CGST. SGST only if state has also issued same notification to exempt SGST
►Rs. 5000 Exemption Limit is only for Purchase from unregistered dealers, Supplies where reverse charge is applicable are not exempted e.g. GTA or Advocate's Bill.
► There is no provision for carry forward of ITC on Capital Goods in transition. 
►Transitional Credit will be available as per last return. Payment has to be made before due date.
►In Delhi CGST and SGST would be charged. UTGST is charged in UTs without legislature.
►If Selling 10 Items@Rs. 10 each with One Free. Taxable Value would be Rs. 100/- and not Rs. 110/-.
►For commission agents Turnovers  means taxable turnover (i.e. their commission) and not the value of goods they sell.
►If you have no inter-State supplies and your turnover is less than 20 lacs you may cancel your provisional I'd within one month.
►Advance Ruling Authority would be constituted by each State.
►Purchase from dealer registered under composition scheme will not attract GST liability under RCM.
►Invoice no to start from 1. Separate Books can be maintained for B2B (TI), B2C (BoS), RCM (Self Invoices), Inter State etc.
►GST is payable on Transaction Value. e.g. Mobile of 10K, Paid by Credit Card. Dealer charged Rs. 10,200/- (200/- Extra). GST would be payable on Rs. 10,200/-.
►Thanks. JMJ.

Clarifications on GST by GOI thru Twitter (Part-9):

►There is no GST on unregistered to unregistered transactions.
►If there is no supply then nil returns to be filed.
►If goods sold from state A to state B are returned to supplier's branch in state C. Credit note u/s 34 can not be issued from state C, This will be treated as separate supply. Credit notes has to be linked to the original invoice. 
►Transfer of ITC from one State to another State is available only through ISD route (if applicable).
►I sell goods shop to shop on DM send invoice to shopkeeper later, sometimes goods are remained unsold.How to issue invoice for E-Way Bill ?
Ans : E-Way bill rules will provide for line sales. They will be released shortly.
►GST refund is available subject to non-availment of drawback on the same amount.
►License fee will be covered under GST.
►There is no format for GST invoice, but all the relevant particulars to mentioned are in Rule 1 of invoice rules. 
►Export does not attract tax. It will be zero rated. But Exporter has to get registration and follow all related compliance.
►Composite scheme is available to certain supplier of services only. Pls refer to section 10 of the CGST Act.

Clarifications on GST by GOI thru Twitter (Part-8):

►In Table 8 of GSTR-1, you have to also furnish detail of Nil rated, exempted and non GST outward supplies including OTC derivatives, G-secs, commercial papers, Certificate of deposits, discount earned by banks on LC/Bill of Exchange/Invoice etc.

►Discounting of LC or bill of exchange or invoices - Exempted only so far as the consideration is represented by way of interest or discount.

►A Principle can send goods to unregistered job work without payment of GST subject to conditions given under section 143.

►Gift by Employer to Employee will not be taxable under GST, if included in Salary for the purpose of Tax Computation for TDS (Income Tax) Purpose.

►Process of allotment of Unique ID Numbers (UIN) to embassies of foreign countries/ UN/ Specified international organisations will start shortly.

►If LoS (Location of Supplier) and PoS (Place of Supply) is same, it is intra-state supply liable to CGST+SGST.

Clarifications on GST by GOI thru Twitter: (Part-7):

►If company doesn't have office in other state but resident service employee (staying in own home) who provides service there- is registration  required? Based on the circumstances of the case, if the supply is not made from that state then registration is not required.

►If You are availing services from an unregistered dealer of another state, you need not to get registration in the state of Service Provider, from your own state you can discharge the liability of GST under RCM.

►If Vendor charges Interest/Payment on delayed payment, GST would be applicable on such payment and same would be eligible for Input Tax Credit.

►Chrome version should be 49+ for Use of Digital Signature at GST Portal.

►If there is an error/mistake in enrolment form, can be rectified under Edit Option, but only if Saved, not submitted. If submitted can be done only at back end by GST Technical Team.

►As of Now, There is no option to change Mobile Number or mail id used for enrolment. Use only permanent number and official or permanent mail id. Also try to use Mobile/Mail Id linked to Aadhar.

►2 separate registrations can be done for 2 different businesses if your tax department has provided the relevant provisional IDs.

Clarifications on GST by GOI thru Twitter: (Part-6):

►If Registered Person purchase goods/services from Unregistered Person, Will have to issue an invoice, Pay Tax under RCM, Display same in Tax Return and Avail Input Tax Credit. (In Both Cases – Domestic/International-Import).

►If Goods were Imported under centralized registration and goods are now lying at different branches (Required separate registrations under GST), CVD & SAD can be carried forwarded to branches.

►Registered dealers need not to record PAN/Aadhar of unregistered buyer.

►If advance received by HO in Haryana and Goods Supplied by Branch at Chhattisgarh, Invoice will be issued at each stage.

►In case of centralized billing, state wise sequential serial number for Invoices need to be maintained.

►On all inter-state supplies, IGST is to be charged. If wrongfully paid CGST/SGST instead of IGST, he would have to pay IGST and shall get refund of CGST/SGST. No interest liability.

►Tax invoice requires signature or digital signature of the supplier or his authorized representative.

Clarifications on GST by GOI thru Twitter: (Part-5):

►You can directly call GST Help Line No. 0124-4688999 or mail at  helpdesk@gst.gov.in for some specific queries.

►If you have migrated to GST but turnover is less than threshold limit, you can get your registration cancelled.

►Voucher would either be goods or services depending on for which item it can be redeemed for.

►Simplified export procedure under GST and final Transition Rules would be placed in public domain soon.

►If Advance taken in June’17 and activity also finished in June’17, current Laws will be applicable, but if activity takes place in July’17 or Later, GST would be applicable.

►If supplier is located in India and place of supply is outside India, then it is an inter-state supply u/s 7(5)(a) of IGST Act.

►Job worker has to get registration in case turnover exceeds threshold limit, even if supplier is registered.

►If any asset is moved/transferred to Branch (Distinct/Related Person) in another state, it will amount to stock transfer and IGST would be applicable.

►Existing VAT and Excise Credits can be carried forwarded to GST.

Clarifications on GST by GOI thru Twitter: (Part-4):

►If the discount is established beforehand through agreement, specifically linked to relevant invoices & corresponding ITC reversed then GST is levied excluding such discount value.

►Closing balance of edu cess and secondary higher education cess prior to 1st Mar 2015 cannot be carried forward in GST.

►Inter-state suppliers liable for registration irrespective of turnover. Nil rated supplies are taxable supplies. Only if exclusively making non-taxable supplies, not liable for registration.

►E-Commerce Operator can sell his own goods on the same portal with single registration.

►GST would be deposited as SGST and CGST under one payment challan.

Input Service Distributor is just an option to distribute Input Credit and not Mandatory.

►Exporters will get refund of GST paid for goods to produce the material.

►One Registration for all SEZ Units together in same SEZ Zone. No Separate Registrations required.

►You can file GST Return through 3 ways : Using GST Common Portal/Using offline Utility and uploading the JSON on GST Common Portal/ Through GSP.

►The name used in enrollment data needs to be same as on PAN.

► For GSTIN User ID will remain same irrespective of Number of Business Places.

Clarifications on GST by GOI thru Twitter: (Part-3)

►Services rendered by Advocates, Recipient has to pay tax under Reverse Charge, But if an Advocate avail any taxable service from unregistered person, Advocate shall pay Tax on the same.

►Remuneration to partners over & above share of profits not in nature of employer-employee relationship. Hence liable to tax under GST.

►ITC of input tax will be available for payment of cess under GST.

►Mandi samiti tax will continue as not subsumed in GST.

►If Registered at Delhi and Rent your property at Mumbai for commercial use, also have to get registration at Mumbai .

►If one has manufacturing unit and Sales office in same state, a common registration would suffice.

►IGST credit of Maharashtra cannot be utilized against the liability of Gujarat. ITC pool cannot be cross utilized amongst distinct persons.

►Only direct export of goods/services and SEZ supplies are zero rated u/s 16(1) for which claim of refund is allowed u/s 16(3) of IGST Act to the exporter.

►States can’t defy recommendations of GST Council & can’t issue their independent Notification. Every notification has to be mandatorily recommended by GSTC.

Clarifications on GST by GOI thru Twitter: (Part-2)

►E-Commerce companies  are required to register only where they are located and not in each of Seller’s State, but Seller need to take Registration in his state.

►Input Credit of Swachh Bharat Cess & Krishi Kalyan Cess can not be carried forwarded to GST.

►Routine Filing of GST Return & other Documents can be done by Tax Payer Himself.

►GST does not differentiate between Fresh/New Goods or Used/Second-Hand Goods.

►New Registration (Other than Migrated Cases) will start before 1st July’2017.

►Rules related to E-Way Bill is being reviewed and can be revised if required.

►There is no change in format of GSTIN and therefore provisional and final GSTIN would be same.

►Separate registration as supplier and tax deductor is required. (Also holding TAN under Income Tax is mandatory for tax deductor under GST)

►If already registered in a State, another registration have to be taken for SEZ unit in the same State.

►In GST regime, there is no provision for area based exemptions and thus CGST would be payable which can be recovered from customers.

Clarifications on GST by GOI thru Twitter: (Part-1)

►ITC is available only if engaged in taxable activities. If goods (Supplies) are exempt, ITC cannot be availed nor can it be carried forward.

►One Invoice cannot contain both Exempted and Taxable Supplies. Have to issue Separate Invoices. Tax Invoice/Bill of Supply for Taxable Items and Bill of Supply for Exempted Items.

►Items on Cess is applicable. It would be additive and not multiplicative e.g. Pan Masala (chapter 21) falls in 28% Category. It also attracts 60% cess . The total Tax would be 88% (100*28%+100*60%) and not 104.8% (100*28%+128*60%).

►Refund/Rebate would not be processed automatically. For Refund / Rebate, One has to file application and after processing of that eligible amount would be directly credited to bank account.

►Services by employee to employer shall be treated neither as supply of goods nor of services. On Payment of Salary to Employees working in Branches, registered as distinct registered person from Head Office.

►No separate limit for excise duty exemption in GST. Anybody with aggregate turnover up to ₹20 lakh (10 lakh in Special Category States) is exempt. Exemptions like SSI under Excise shall not exist anymore under GST Regime.

►No Concept of Payment of GST on MRP Basis.

  

Sukhvinder (@sukhcma) (@gstsukh)