Will date of filing GSTR-3B be Extended ?

इन्सान के जीवन की सबसे बड़ी उलझन है, दिल और दिमाग का एक न होना। जैसे कि दिल कहता है सरकार ने बहुत मेहनत की है, GST Return 3B की Date आगे नही बढ़ेगी, तो दिमाग हँसता है और कहता है - क्या बदला है, सिर्फ क़ानून की शक्ल, सरकार वही, सरकारी कर्मचारी वही, व्यापारी वही और उन सबकी आदतें भी वही पुरानी।  कुछ दिन पहले GoI ने Twitter पर कहा, Transition ITC के लिए Form 3B की Table No. 4 के Part A मे All Other ITC का प्रयोग कर सकते हैं, फिर कहा नही इसके लिए Form Tran -1 भरना अनिवार्य है और अब कुछ समय से एक रटा रटाया जवाब दोहराया जा रहा है, "Transitional ITC would be available. Modalities would be notified shortly.".  14th और 15th अगस्त को ज़्यादातर Offices मे अवकाश है, फिर कैसे होगा ? Practically सिर्फ 5 दिन और बचे हैं, और कहा जा रहा है, Payment करने के बाद भी 2 से 3 दिन लग रहे है, Cash Ledger के Credit होने मे।  क्या व्यापारियों को Transitional ITC के लिए इंतज़ार करना पड़ेगा और अभी अपने पास से Payment जमा करानी पड़ेगी ?  क्या इस समस्या का कोई स्थायी या अस्थायी हल निकल पायेगा या वही होगा जो हमेशा से होता आया है  ....  नयी तारीख़ का ऐलान ? पर यदि आप सोच रहे है कि अभी Return को Skip कर देते है, तो याद रखिये न सिर्फ Interest देना होगा बल्कि CIBIL Score की तरह आपकी Rating भी अब आपके Compliance पर Depend करेगी। इसलिए अपनी तैयारी पूरी रखिये, Date बड़ी तो ठीक नहीं बड़ी तो भी Return तो File करना ही पड़ेगा। धन्यवाद। 

Let’s Analyze Form GSTR – 3B

Let’s Analyze Form GSTR – 3B

This is summarized return form to furnish summarized detail for m/o July’17 & August’17. For July’17 to be filed by 20th August’17. Final Return would be Form GSTR – 3.

  Contents of Form GSTR-3B :

1. Table 3.1 : Report Total Supply. (Including Non-GST & Inward Supply Subject to RCM). [Taxable Value & Tax – Consider all type of Invoices, Debit(-)Credit Notes, Advance Payment Voucher(-) Advances Adjusted i.e. all documents affecting value of supply taxable or non-taxable].

2. Table 3.2 : Interstate Supply to URD, CD & UIN holders. 3. Table 4 : Eligible ITC Detail. (On Import of Goods/Services, Domestic RCM, ISD & all other ITC) and ITC to be Reversed. (To avail transitional ITC, File Tran-01 when activated.)

Looks very simple, But do not forget each value reported in form 3B will be subject to reconciliation with Form GSTR-1, GSTR-2 & GSTR-3 and you have a time of one week to submit the GSTR-3B,  So My Advice is, Since format of all forms are available, start with GSTR-1 & GSTR-2, so that no gap is found later. 

4. Table 5 : Value of exempt, nil-rated & non-GST inward supplies. 5. Table 6.1 : Payment of Tax (Thru ITC or Cash Ledger) 6. Table 6.2 : TDS/TCS Credit. (Practically No Use, Since TDS/TCS Provisions have been deferred).

New dates of filing GST Returns

Earlier it was only press release, but now Govt issued proper notification to announce new dates of filing various returns :

Notification No. 18/08.08.17:

GSTR-1 can be filed :

July,17 : 1st to 5th September, 2017.

August,17 : 16th to 20th September, 2017.

Notification No. 19/08.08.17:

GSTR-2 can be filed :

July, 2017 : 6th to 10th September, 2017

August, 2017 : 21st to 25thSeptember, 2017. 

Notification No. 20/08.08.17:

GSTR-3 can be filed :

July, 2017 : 11th to 15th September, 2017

August, 2017 : 26th to 30th September, 2017.  

Notification No. 21/08.08.17:

GSTR-3B can be filed :

July, 2017 : 20th August, 2017

August, 2017 : 20th September, 2017. 

►►►Please Note, GSTR-3 will be required to file, Even you would have filed GSTR-3B. ◄◄◄

Spinner - The Cure of Depression ?

कुछ दिन पहले एक स्टेशनरी की दुकान पर जा रहा था तो बेटे ने कहा कि उसके लिए एक Spinner ले आना, उसके सब दोस्तों के पास है। अपना समान लेने के बाद जब मैंने दुकानदार से Spinner के बारे मे पूछा तो उसने एक छोटा से खिलौना दिखा दिया, जो गोल गोल घूमता था, मैंने उससे पूछा कि इसका Use क्या है, तो  बोला इससे बच्चों का Depression दूर होता है। ये सुन कर मै तो हक्का बक्का रह गया। पहली बात तो ये कि क्या बच्चों को Depression होता है ? किस बात का  ? और फिर इस छोटे से खिलौने से दूर हो जाता है ? तब दुकानदार ने बताया, जिन बच्चों के Exam मे number कम आयें, या जिनका School या आस पड़ोस मे कोई दोस्त न हो, वो Depression मे चले जाते हैं और जब ये खिलौना घूमता है तो उनका Depression दूर हो जाता है। 

मुझे याद आया बचपन मे हम भी लटटू से खेलते थे, एक लकड़ी का खिलौना जिसको पतली से रस्सी से बाँधकर घुमाते थे, पर इसका Depression से कुछ लेना देना है, ये तो आज तक नहीं पता था। हम तो बचपन में कभी उदास हुए भी तो किसी भी मंदिर या गुरूद्वारे में जाते थे, की भगवान जी सब ठीक करेंगे, पर ये आने वाली पीढ़ी को क्या हो रहा है ? जो बच्चे Exam मे number कम आने से Depression का शिकार हो रहे हैं, वो बड़े होकर क्या करेंगे, जब कभी नौकरी नहीं रहेगी ? जब कोई उनका दिल तोड़ेगा ? जब कभी Business मे Loss होगा ? तब कौन सा खिलौना उनकी Help करेगा ?

सच तो यह है, ये सब Marketing Companies का माया जाल है। जैसे अलग अलग दिन घोषित करके उनके नाम पर मनमर्जी के दामों पर अपने Product बेचते है, ये भी उसी योजना का एक हिस्सा लगता है। अगर Depression का कोई इलाज है तो बस खुद पर और अपने ख़ुदा पर भरोसा, और कुछ नहीं। 

Your PF account will now be automatically transferred if you change your job.

Good News. Your PF account will now be automatically transferred if you change your job. Also as I predicted few months back, that in special Employees' Enrolment Campaign 2017 conducted by EPFO, more than 10 Million new workers would be added, came true. This is also a lesson for the Govt, it is not that people do not want to comply with labour law provisions, but this is corruption and negative approach of labour law officers that most of the employers choose to ignore labour laws. and instead of appointing workers from unorganized sector they prefer someone who is registered and can comply on their behalf. The need of reform in labour laws is more than any other change in law. Hope after GST, Mr. Modi will work on Reforms in Labour Laws to Transform India to make it one of the top developed countries. Thanks.

http://economictimes.indiatimes.com/wealth/personal-finance-news/your-pf-account-will-now-be-automatically-transferred-if-you-change-your-job/articleshow/60014887.cms

Acounting in Detail/Automate for GST

Some accountants are worried about detailed reporting in GST Returns. Only to say if foundation is strong you can build a building of 100 floors, but if foundation is not strong even building 4 floors would be a risk.

In accounting foundation is accounting transaction.  Many accountants have habit of doing ad-hoc accounting. No narration, No Full Invoice No, No Cost Centre, No linking with PO/SO/Advances. In such cases, work will be increased manifold. 

There are Eight types of transactions in any business:

B2B

B2C

C2B

C2C

B2E

E2B

B2G

G2B

In GST B2B is most important because Recipient have to claim ITC. In all returns/forms these transactions would be reported in detail. If there are less number of transactions, you may even generate report manually but if Sale/Purchase Transactions are more than 250, do automate as much as possible. Start with Chart of Accounts. Create different groups for different type of Customers/Vendors. Use HSN/SAC Code even you are exempted based on turnover as many buyers are forcing their suppliers to avoid any dispute relating to tax rate in future. And most important utility file for GSTR-1 is available on GST Portal. Don't wait for last date, keep updating file on daily/weekly basis, as in September you won't have much time due to July/Aug Returns. Thanks. #GST

FAQ on E-Commerce Released by CBEC Today. Some Important Points

FAQ on E-Commerce Released by CBEC Today. Some Important Points :

► Threshold Exemption is not available neither to E-Commerce Operator nor to person supplying Goods/Services.

►Tax would be payable by actual supplier. (Exception is services notified u/s 9(5)).

►Tax (TCS) will be collected on Net value of Taxable Supplies. (Sales minus Sales Return).

►TCS would be considered in the month in which consideration is received from recipient e.g. delivery made on 29.07.17 but payment received on 02.08.17. Month for TCS would be August'17.

►TCS to be paid within 10 days from end of month.

►TCS will reflect in GSTR-2 and actual supplier can avail credit of the same. 

►Monthly Return GSTR-8 to File.

►Supply declared by E-Com Operator and Supplier in their return would be matched and any difference will be notified to both.

►E-Comm Cos storage area can be registered by multiple-suppliers as additional place of Business.

►Online Travel Agents to be treated E-Com Cos.

►Dealer have multiple locations may maintain different Invoice Series for each location.

►No TCS on Exempted Supply like Books.

►No TCS if selling through own website. (E-Com Portal).

►If Selling in own brand name after purchasing goods, No TCS. It is normal transaction.

►Thanks.

#GST

Kaizen : GST Forms Series : Part 4 : GST Returns

Kaizen : GST Forms Series : Part 4 : GST Returns

The basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and autoreversal of Input Tax Credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC.

Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for a taxpayer registered under the composition scheme, nonresident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS) and a person granted Unique Identification Number. It is important to note that a taxpayer is NOT required to file all types of returns. In fact, taxpayers are required to file returns depending on the activities they undertake.

All the returns are to be filed online. Returns can be filed using any of the following methods:

1. GSTN portal (www.gst.gov.in )

2. Offline utilities provided by GSTN

3. GST Suvidha Providers (GSPs) 

Source : CBEC Docs

#GSTForms #GST

KAIZEN :  GST Forms : Series 4  : Returns
Form No.	Purpose	To File On/Due Date	Related Rule	Source (if auto-populated)	Remarks
GSTR-1	Details of outward supplies of goods or services	10th of Next Month	59(1)		Invoice wise detail for B2B (B2C if > Rs. 2.5 Lakh) and Consolidated for B2C (upto Rs. 2.5 Lakh). And Debit/Credit Notes Detail.
GSTR-1A	Details of auto drafted supplies		59(4)	GSTR-2 or GSTR-4 or GSTR-6	The details of inward supplies added, corrected or deleted by the recipient in his FORM GSTR-2/GSTR-4/GSTR-6 shall be made available to the supplier electronically in FORM GSTR-1A and such supplier may either accept or reject the modifications made by the recipient and FORM GSTR-1 furnished earlier by the supplier shall stand amended to the extent of modifications accepted by him.
GSTR-2	Details of inward supplies of goods or services	15th of Next Month	60(1)		Furnish the detail of inward supplies on the basis of Form GSTR-2A
GSTR-2A	Details of auto drafted supplies		60(1)	GSTR-1 or GSTR-5 or GSTR-6 or GSTR-7 or GSTR-8	The details of outward supplies furnished by the supplier shall be made available electronically to the concerned registered persons (recipients)
GSTR-3	Monthly return	20th of Next Month	61(1)		Part A of return based on GSTR-1 & GSTR-2, Payment detail in Part B.
GSTR-3A	Notice to return defaulter u/s 46 for not filing return		68
GSTR-3B	Monthly return	20th of Next Month	61(5)		Temp, only for July'17 & August'17
GSTR-4	Quarterly return for registered person opting for composition levy	18th of the month succeeding the quarter	62		On the Basis of GSTR-4A with modification if Required.
GSTR-4A	Auto-drafted details for registered person opting for composition levy		59(3) & 66(2)	GSTR-1 or GSTR-5 or GSTR-7	The details of outward supplies furnished by the supplier shall be made available electronically to the concerned registered persons (recipients)
GSTR-5	Return for Non-resident taxable person	20th of the month succeeding the tax period & within 7 days after expiry of registration.	63
GSTR-5A	Details of supplies of online information and database access or retrieval services by a person located outside India made to non-taxable persons in India		64
GSTR-6	Return for input service distributor	13th of Next Month	65		On the Basis of GSTR-6A with modification if Required.
GSTR-6A	Details of supplies auto-drafted form		59(3) & 65	GSTR-1	The details of outward supplies furnished by the supplier shall be made available electronically to the concerned registered persons (recipients)
GSTR-7	Return for Tax Deducted at Source	10th of Next Month	66(1)
GSTR-7A	Tax Deduction at Source Certificate		66(3)		Shall be made available electronically to the deductee on the common portal
GSTR-8	Statement for tax collection at source		67(1)		To be filed by Electronic Commerce Operator
GSTR-9	Annual Return*	31st December of next Financial Year	80		To be filed by Registered Person other than an ISD, TDS/TCS Taxpayer, Casual Taxable Person and Non-resident Taxpayer
*GSTR-9A for Composition Dealer, GSTR-9B for E-Commerce Operator, for Tax Payer Turnover >Rs. 2 Crore with Audited Annual Acounts & Reconciliation Statement in GSTR-9C
GSTR-10	Final Return	Within three months of the date of cancellation or date of order of cancellation, whichever is later.	81		To be filed by Taxable Person whose registration has been surrendered or cancelled
GSTR-11	Statement of inward supplies by persons having Unique Identification Number (UIN)		82
There are forms GST MIS-1 & GST MIS-2 (for E-Com Cos GST MIS-3 & GST MIS-4) to inform and Rectification of ITC Claims.
NB: I am not discussing GST Practitioners Forms here, those I'll dicuss in separate post.
					Compiled by Sukhvinder for Kaizen ( @gstsukh )

GST Council Meeting Update : 05th August 2017

GST Council Meeting Update : 05th August 2017

►Work contracts under GST will be taxed at 12 per cent with input tax credit.

►GST Council agreed to reduce GST Rate on all kind of job works on textiles, embroidery to 5% from 18%

►E- Way Bills will be required for  goods worth over ₹50,000.  E-Way bill not required to be issued for exempted goods. Eway bill also not to be issued if goods are travelling within 10 km radius. Unified E-Way bill system will be rolled out from 01st October'2017. There will be no check posts and the whole process will be technology-driven with minimum human intervention.

►FM appeal to businesses to pass on  input credit benefits to consumers.

►To set up state, centre screening panel on Anti-profiteering within 15 days.

►The next meeting of the GST Council will be held in Hyderabad on September 9.

22nd GST Council Meeting on 05 August 2017

Today, the 22nd GST Council meeting is being held. Focus would be on E-Way Bill Rules and Anti Profiteering Provisions. To address issues raised by Textile Industry. Just some days back FM Mr. Arun Jaitely was talking to merge 12% and 18% rate, so may consider a new tax rate 15%.

To Keep GST free of Corruption and Red Tape would be a tough challenge. Just two days back, GST Council had to defend arrest of theirSuperintendent who was recently posted in the GST Council Secretariat with the charge of corruption. GST Council’s argument was he committed corruption before joining GST Council. It is really shocking because in a small private company, Even if a peon is appointed, all reference checks are done, the way GST Council defended its accused officer was so childish, I think they must hire a good professional PRO/CMO.

Everyone knows E-Way and Anti Profiteering both are the areas, where chances of corruption are very high, unless parallel punishment provision for GST Officers are set in the law, honest people would kept harassing. The limit should be Rs. 1 Lakh under E-way rules, system should be simplified like info (Inv/Challan no, date, items, Qty, Value and Vehicle No to be send and acknowledged) shared through Mobile and Once Goods reached the recipient can acknowledge the receipt of goods thru SMS against 1st Acknowledgement No, and transaction gets closed. Focus of GSTN would be only on Open Transactions. Here no need for transporters to carry smart phones, even in a city like Delhi there are many areas where no mobile network works, so how can it be assumed on distant high-ways. Similarly anti profiteering dept would be free from politics and totally transparent, otherwise some Baba Ramdev & Co would file a case against company like Nestle and new tamasha will begin.

Awaiting Minutes of Meeting. Let’s see what is new ? Thanks.