Saturday, 7 April 2018
TDS Last Dates of FY 2017-18 for Return Filing
|Quarter||Period||Last Date of Filing|
|1st Quarter||1st April to 30th June||31st July 2017|
|2nd Quarter||1st July to 30th September||31st Oct 2017|
|3rd Quarter||1st October to 31st December||31st Jan 2018|
|4th Quarter||1st January to 31st March||31st May 2018|
TCS Last Dates of FY 2017-18 for Return Filing
|Quarter||Period||Last Date of Filing|
|1st Quarter||1st April to 30th June||15th July 2017|
|2nd Quarter||1st July to 30th September||15th Oct 2017|
|3rd Quarter||1st October to 31st December||15th Jan 2018|
|4th Quarter||1st January to 31st March||15th May 2018|
Due Dates for Deposit/Filing TDS/TCS in April 2018
Due Date of 15G/15H Form
|S.No.||Scenarios||Original Due Date||Extended Due Date|
|1||For 15G/H Received during from 1/04/2017 to 30/06/2017||15/07/2017||–|
|2||For 15G/H Received during from 01/07/2017 to 30/09/2017||15/10/2017||–|
|3||For 15G/H Received during from 01/10/2017 to 30/12/2017||15/01/2018||–|
|4||For 15G/H Received during from 01/01/2018 to 31/03/2018||30/04/2018||–|
TDS on Sale of Immovable Property
Friday, 30 March 2018
Saturday, 27 January 2018
Saturday, 7 October 2017
Composition Scheme 1.
The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018. The option once exercised shall become operational from the first day of the month immediately succeeding the month in which the option to avail the composition scheme is exercised. New entrants to this scheme shall have to file the return in FORM GSTR-4 only for that portion of the quarter from when the scheme becomes operational and shall file returns as a normal taxpayer for the preceding tax period. The increase in the turnover threshold will make it possible for greater number of taxpayers to avail the benefit of easier compliance under the composition scheme and is expected to greatly benefit the MSME sector.
2. Persons who are otherwise eligible for composition scheme but are providing any exempt service (such as extending deposits to banks for which interest is being received) were being considered ineligible for the said scheme. It has been decided that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
3. A Group of Ministers (GoM) shall be constituted to examine measures to make the composition scheme more attractive.
Relief for Small and Medium Enterprises
4. Presently, anyone making inter-state taxable supplies, except inter-State job worker, is compulsorily required to register, irrespective of turnover. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services. This measure is expected to significantly reduce the compliance cost of small service providers.
5. To facilitate the ease of payment and return filing for small and medium businesses with annual aggregate turnover up to Rs. 1.5 crores, it has been decided that such taxpayers shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the Third Quarter of this Financial Year i.e. October-December, 2017. The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis. The due dates for filing the quarterly returns for such taxpayers shall be announced in due course. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017. All taxpayers are also required to file FORM GSTR-1, 2 & 3 for the months of July, August and September, 2017. Due dates for filing the returns for the month of July, 2017 have already been announced. The due dates for the months of August and September, 2017 will be announced in due course.
6. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be reviewed by a committee of experts. This will benefit small businesses and substantially reduce compliance costs.
7. The requirement to pay GST on advances received is also proving to be burdensome for small dealers and manufacturers. In order to mitigate their inconvenience on this account, it has been decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies shall be payable only when the supply of goods is made.
8. It has come to light that Goods Transport Agencies (GTAs) are not willing to provide services to unregistered persons. In order to remove the hardship being faced by small unregistered businesses on this account, the services provided by a GTA to an unregistered person shall be exempted from GST.
Other Facilitation Measures
9. After assessing the readiness of the trade, industry and Government departments, it has been decided that registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.
10. The e-way bill system shall be introduced in a staggered manner with effect from 01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018. This is in order to give trade and industry more time to acclimatize itself with the GST regime.
11. The last date for filing the return in FORM GSTR-4 by a taxpayer under composition scheme for the quarter July-September, 2017 shall be extended to 15.11.2017. Also, the last date for filing the return in FORM GSTR-6 by an input service distributor for the months of July, August and September, 2017 shall be extended to 15.11.2017. 12. Invoice Rules are being modified to provide relief to certain classes of registered persons.
Tuesday, 5 September 2017
|With 6th amendment in Central Goods and Services Tax Rules, 2017 (CGST Rules, 2017) Central Government has notified provisions for e-way bill.|
|The Notification no. 27/2017-CT dated 30.08.2017 substituted Rule 138 with new Rule 138 with additional set of rules i.e. 138A to 138D. Its worth noting that the date of the implementation of these rules has not been notified till date.|
|Following are the main features of e-way bill provisions –|
|• These provisions are applicable only when value of consignment exceeds Rs. 50,000.|
|• Consignor who is registered is required to upload information in Part A of form GST EWB-01, electronically, before commencement of movement of goods..|
|• If consignor is unregistered and consignee is registered, the consignee is required to upload the details electronically [Rule 138(1) of CGST Rules]|
|• If goods are transported in own conveyance or by air, railways or vessel, the consignor/consignee is also required to generate e-way bill form GST EWB-01 electronically on the common portal after furnishing information in Part B of form GST EWB-01 [Rule 138(2) of CGST Rules]|
|• If goods are transported by road , the consignor/consignee shall furnish information relating to transporter in Part B of form GST EWB-01 and Transporter will generate the e-way bill [Rule 138(3) of CGST Rules]|
|• An Exemption is provided if the distance between places is less than 10 Kms .|
|• On submission of such information, a unique number (EBN) will be generated by system.|
|• If goods are transferred from one vehicle to other, details have to be submitted in form GST EWB-01 [Rule 138(5) of CGST Rules]|
|• If more than one consignments are grouped in one conveyance, a consolidated e-way bill in form GST EWB-02 should be generated [Rule 138(6) of CGST Rules]|
|• If consignor or consignee does not generate any form, transporter himself must generate form GST EWB-01 [Rule 138(7) of CGST Rules]|
|• The e-way bill generated is valid for one day is transport of goods is less than 100 Km. Further, one additional day is allowed for every 100 Kms after first 100 Km. If goods could not be transported within that period, fresh e-way bill should be generated [Rule 138(10) of CGST Rules]|
|• Exemptions have been provided from provisions of e-way bill in case of transport of exempted goods, goods under customs clearance, LPG, kerosene, pearls, diamonds, jewellery, currency, coral and household effects.|
|• If a vehicle is intercepted and detained for more than 30 minutes, the transporter may upload the said information in form GST EWB-04 on the common portal [rule 138D of CGST Rules]|
• RFID tags integration will be implemented for smooth transport of goods and to avoid vehicle being checked multiple times.
CA Anand Mutha
Wednesday, 23 August 2017
The last date for payment of taxes and filing of GST Return in Form 3B for the month of July is 20th of August 2017. However, owing to various issues faced by the assesses being first return, technical glitches and requests received by flood hit states the last date for payment of the GST for the month of July 2017 to 25th August, 2017. For those tax payers, who do not want to avail of transitional credit in TRANS1 this month, the date for return filing will be 25th August 2017. And for those who want to fill up TRANS1 this month, the last date for filing of returns will be 28th August 2017, as announced earlier.
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