GST Update – 02nd January 2018

GST Update 2nd January 2018

Extension in Various Due Dates for Return filling

S no Descriptions Form no Period Revised Date Notification No
1 The registered person who is eligible to avail ITC u/s 18(1) GST ITC – 01 July’17

August’17

September’17

October’17

November’ 2017

31st January 2018 67/2017-Central Tax ,dt. 21-12-2017
2 Return filled by the non-resident person GST ITC-05 July’17

August’17

September’17

October’17

November’ 2017

December’2017

31st January 2018 68/2017-Central Tax ,dt. 21-12-2017
3 Furnishing of Return by

a person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient

GST ITC-5A July’17

August’17

September’17

October’17

November’ 2017

December’2017

31st January 2018 69/2017-Central Tax ,dt. 21-12-2017
4 Furnishing of return by registered having annual aggregate turnover upto 1.5cr GSTR-1 July – September 2017 10th January 2018 71/2017-Central Tax ,dt. 21-12-2017
October – December 2017 15th February 2018
January – March 2017 30th April 2018
5 Furnishing of return by registered having annual aggregate turnover exceeding 1.5cr GSTR-1 July-November 2017 10th January 2018 72/2017-Central Tax ,dt. 21-12-2017s
December 2017 10th February 2018
January 2017 10th March 2018
February 2017 10th April 2018
March 2017 10th May 2018

Notifies the date from which E-Way Bill Rules shall come into force

As per the notification no 74 dated 29th December 2017, Eway bill shall be applicable from 18th February 2018

Read More: 74/2017-Central Tax ,dt. 21-12-2017

Waives the late fee payable for failure to furnish the return in FORM GSTR-4

The Central Government, on the recommendations of the Council, hereby waives the amount of late fee payable under section 47 of the said Act, by any registered person for failure to furnish the return in FORM GSTR-4 by the due date, which is in excess of an amount of twenty-five rupees for every day during which such failure continues.

 

Read More: 73/2017-Central Tax ,dt. 21-12-2017

 

Clarification on issues regarding treatment of supply by an artist in various States and supply of goods by artists from galleries

 

Difficulty:

 

In case of work of art given to galleries, Treatment of taxability in the hands of artist when handover to art galleries or at the time of actual supplies by the galleries.

 

Clarification as given below:

 

As per combined reading of

 

Rule55(1)(c): Delivery challan shall be issued for transportation of goods where such transportation is for reason other than supply.

Rule55(3): Such delivery challan shall be declared as per Rule 138

Rule55(4): Tax invoice shall be issued after supply in case such invoice could not be issued at the time of supply

 

1.      Art work for supply can be moved on approval basis along with delivery challan and e-way bill to the same state or outside the state and the invoice may be issued at the time of actual supply of art work.

2.      In case inter-state supplies, IGST would be attracted.

 

—-Read more—-

 

Maintenance of books and accounts relating to additional place of business by a principal or an auctioneer for purpose of auction

 

Difficulty:

 

It is represented that both the principal and auctioneer may be allowed to maintained books of accounts relating to additional place of business at their principal place of business itself as difficulties being faced by a principal and an auctioneer in relation to maintaining books of accounts at each and every additional place of business related to stock of goods like tea, coffee, rubber, etc. meant for supply through an auction.

 

First proviso of sec 35(1), Provided that where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business

 

Clarification has been given as follows:

1.      They both are required to declare the warehouse where such goods are stored as their additional place of business.

2.      They may maintain the books of accounts at their principal place of business itself with the intimation to jurisdictional officer.

 

—-Read more—-

 

Manual filing and processing of refund claims on account of inverted duty structure, deemed exports and excess balance in electronic cash ledger- Reg.

Refund on account of following shall be filled and processed manually.

 

a.       Refund of unutilized input tax credit where the credit has accumulated on account of inverted duty structure.

b.      Refund of tax on the supply of goods regarded as deemed exports.

c.       Refund of balance in the electronic cash ledger.

 

Condition for claiming refund:

 

a.       Refund shall be filed on monthly basis in form GST RFD – 01A

b.      In case registered person filled quarterly return, such refund shall be filed quarterly basis.

c.       Filing GSTR-1 and GSTR-3B is mandatory before claiming refund.

d.      Is has been decided to issue refund provisional keeping in view that due dates of filling GSTR1, 2 and 3 has been extended.

 

—-Read more—-

 

Form and Manner of Application to the Authority for Advance Ruling

 

1.      Manual application for obtaining advance ruling shall be made in quadruplicate in FORM GST ARA-01.

2.      Such application clearly states the question on which advance ruling is required.

3.      Fee of Rs. 5000 to be deposit online and challan of such payment to be filed along with such application.

4.      Such application shall be filed as per below table:

 

Sno

Type

Signed by

1

In the case of individual

By individual or person authorised on this behalf

2

In case of HUF

By karta or person authorised on this behalf

3

In case of company

By CEO or authorised person

4

In case of Government

By officer authorised on this behalf

5

In case of firm

By partner or person authorised on this behalf

6

In case of AOP

Member of associate or person authorised on this behalf

7

In case of Trust

By Trustee or person authorised on this behalf

 

—-Read more—-

 

 

Form and Manner of Appeal to the Appellate Authority for Advance Ruling

 

1.      An Appeal against advance ruling shall be made by applicant in quadruplicate in FORM GST ARA-02.

2.      An Appeal against advance ruling shall be made by concerned officer or jurisdictional officer in quadruplicate in FORM GST ARA-03.

3.      Fee of Rs. 10,000 to be deposit online and challan of such payment to be filed along with such application. No fee shall be paid in case appeal is made by jurisdictional officer.

4.      Such appeal shall be filled within 30 days from the date of communication of such ruling.

 

—-Read more—-

 

 

DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

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