Sunday, 6 May 2018

Key Takeaways from 27th GST Council Meeting




GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows –

i. Onemonthly Return:All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having nil transaction shall have facility to file quarterly return.

ii. Unidirectional Flow of invoices: There shall be unidirectional flow of invoices uploaded by the seller on anytime basis during the month which would be the valid document to avail input tax credit by the buyer. Buyer would also be able to continuously see the uploaded invoices during the month.There shall not be any need to upload the purchase invoices also. Invoices for B2B transaction shall need to use HSN at four digit level or more to achieve uniformity in the reporting system.

iii. Simple Return design and easy IT interface: The B2Bdealers will have to fill invoice-wise details of the outward supply made by them, based on which the system will automatically calculate his tax liability. The input tax credit will be calculated automatically by the system based on invoices uploaded by his sellers. Taxpayer shall be also given user friendly IT interface and offline IT tool to upload the invoices.

iv. No automatic reversal of credit: There shall not be any automatic reversal of input tax credit from buyer on non-payment of tax by the seller. In case of default in payment of tax by the seller, recovery shall be made from the seller however reversal of credit from buyer shall also be an option available with the revenue authorities to address exceptional situations like missing dealer, closure of business by supplier or supplier not having adequate assets etc.

v. Due process for recovery and reversal: Recovery of tax or reversal of input tax credit shall be through a due process of issuing notice and order. The process would be online and automated to reduce the human interface.

vi. Supplier side control: Unloading of invoices by the seller to pass input tax credit who has defaulted in payment of tax above a threshold amount shall be blocked to control misuse of input tax credit facility. Similar safeguards would be built with regard to newly registered dealers also. Analytical tools would be used to identify such transactions at the earliest and prevent loss of revenue.

vii. Transition: There will be a three stage transition to the new system. Stage I shall be the present system of filing of return GSTR 3B and GSTR 1. GSTR 2 and GSTR 3 shall continue to remain suspended. Stage I will continue for a period not exceeding 6 months by which time new return software would be ready. In stage 2, the new return will have facility for invoice-wise data upload and also facility for claiming input tax credit on self declaration basis, as in case of GSTR 3B now.

During this stage 2, the dealer will be constantly fed with information about gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them. After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.

Content of the return and implementation: Return shall be simplified also by reducing the content/information required to be filled in the return. The details of the design of the return form, business process and legal changes would be worked out by the law committee based on these principles. Government is keen to introduce the simplified return design at the earliest to reduce the compliance burden on the trade in keeping with the philosophy of ease of doing business.



Saturday, 7 April 2018

Income Tax Rates for FY 2018-2019 for Individual / HUF and Companies

Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%Save Rs 7,500 in taxes. 
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes.
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 3,00,000*No tax
Income from Rs 3,00,000 – Rs 5,00,0005%Save Rs 7,500 in taxes. 
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes. 
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 5,00,000*No tax
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes. 
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slab for Domestic Companies for FY 2018-19 – Part IV

Turnover ParticularsTax Rate
Gross turnover upto 250 Cr. in the previous year25%
Gross turnover exceeding 250 Cr. in the previous year29%
In addition cess and surcharge is levied as follows:
Cess: 4% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%

TDS TCS Due dates for FY 2017-2018

TDS Last Dates of FY 2017-18 for Return Filing

QuarterPeriodLast Date of Filing
1st Quarter1st April to 30th June31st July 2017
2nd Quarter1st July to 30th September31st Oct 2017
3rd Quarter1st October to 31st December31st Jan 2018
4th Quarter1st January to 31st March31st May 2018
Note: TDS Deducted under section 194IA on the transaction in the month of March, has to be deposited on or before 30th April of 2018.

TCS Last Dates of  FY 2017-18 for Return Filing

QuarterPeriodLast Date of Filing
1st Quarter1st April to 30th June15th July 2017
2nd Quarter1st July to 30th September15th Oct 2017
3rd Quarter1st October to 31st December15th Jan 2018
4th Quarter1st January to 31st March15th May 2018
Note:
  • The due date for non-government deductor of depositing TDS/TCS is 7th of next month except March.
  • Deposit date of TDS Deducted in March is 30th April (other than Government), TCS Deducted in March for other than Government and TDS for government deductees due date is 7th April.
  • Quarterly TDS/TCS Certificate: After uploading quarterly TDS return you can generate TDS/TCS certificate within 15 days of uploading your return.

Due Dates for Deposit/Filing TDS/TCS in April 2018

  • Deposit date of TDS/TCS deducted in March is 30th April (Non-Government/Government)
  • Deposit date of TDS/TCS deducted in March is 7th April (Government)
  • File Quarterly Return of TDS (Quarterly Month – 1st January to 31st March) – 31st May 2018
  • File Quarterly Return of TCS (Quarterly Month – 1st January to 31st March) – 15th May 2018

Due Date of 15G/15H Form

The due date for quarterly furnishing of 15G/15H declaration received by the payer from 1/04/2017 onwards and the manner for dealing with from 15G/15H received by payer during the period from 01/10/2015 to 31/03/2016 has been specified in Notification No. 09/2016 dated 9th June 2016 wide F.No.DGIT(S)/CPC(TDS)/DCIT/15GH/2016-17/4539.
Taking into account the need of the stakeholders the due dates for uploading of Form 15G/15H are hereby extended as under:
S.No.ScenariosOriginal Due DateExtended Due Date
1For 15G/H Received during from 1/04/2017 to 30/06/201715/07/2017
2For 15G/H Received during from 01/07/2017 to 30/09/201715/10/2017
3For 15G/H Received during from 01/10/2017 to 30/12/201715/01/2018
4For 15G/H Received during from 01/01/2018 to 31/03/201830/04/2018

TDS on Sale of Immovable Property

  • Time limit for TDS deposition on the transfer of immovable property is the 30th day of the following month in which the property is transferred. For Example: if the property is sold in the month of June than TDS can be deposited by 30th July.

Friday, 30 March 2018

When is E-way Bill Mandatory

As per the e-way bill rules, there are certain scenarios, where e-way bill requirement is mandatory, irrespective of the value of the consignment. In other words, even if the value of the consignment is less than INR 50,000, such scenarios warrant an e-way bill to be raised, and thus businesses should be aware about when is e-way bill mandatory.
In this blog, we will understand about the 2 major scenarios, when e-way bill is required mandatorily, irrespective of the value of the consignment of goods, which are:
  • Inter-State movement of goods by the Principal to Job Worker by Principal / Registered Job Worker
  • Inter-State movement of handicraft goods from person exempted from registration i.e. from an unregistered dealer

When is e-way bill mandatory?

Inter-State movement of goods by the principal to the job worker by principal / job worker

Let us begin by revisiting our understanding of job work under GST. Job work primarily means the undertaking of any treatment or process by a person on goods belonging to another registered taxable person. It can be undertaken for the initial process, intermediate process, assembly, packing or any other completion process in the manufacturing cycle. Any such person who undertakes the job work is referred to as the job worker.

Now, as per the CGST rules, information with regards to the e-way bill is to be furnished prior to the commencement of the movement of goods, and also, the e-way bill is to be issued whether the movement is in relation to a supply or for a reason other than supply. The reason “other than supply” includes Job Work, removal for testing purpose, send on approval basis, non-taxable supply etc.
Thus, in keeping with the above, the provisions when is e-way bill needed are as follows:
  • When goods are sent by a principal located in one State to a job worker in any other State, the e-way bill shall be generated by the principal, irrespective of the value of the consignment, i.e. e-way bill requirement is mandatory
  • The principal is liable to generate the e-way bill before commencement of such movement of goods
  • If the job worker who causes movement of goods is registered, the job worker has to generate the e-way bill, otherwise the principal has to generate the e-way bill
  • If the job worker is registered and goods are returned back to the principal then, the job worker has to generate the e-way bill, since the movement is caused by the job worker
  • If the job worker is unregistered, then either the principal or the transporter may generate the e-way bill

Inter-State movement of handicraft goods from person exempted from registration i.e. from an unregistered dealer

When handicraft goods are transported from one State or Union territory to another State or Union territory by a person who has been exempted from the requirement of obtaining registration, i.e. someone who is an unregistered person, the e-way bill shall be generated by the said person irrespective of the value of the consignment. In other words, if such a person dealing in handicraft goods wants to understand when is e-way bill mandatory, the answer is yes, there is a mandatory e-way bill requirement.
The following are the list of handicraft goods for which e-way bill requirement is mandatory, as specified under the e-way bill rules:
  • Leather articles (including bags, purses, saddlery, harness, garments)
  • Carved wood products (including boxes, inlay work, cases, casks)
  • Carved wood products (including table and kitchenware)
  • Carved wood products
  • Wood turning and lacquer ware
  • Bamboo products (decorative and utility items)
  • Grass, leaf and reed and fibre products, mats, pouches, wallets
  • Paper mache articles
  • Textile (handloom products)
  • Textiles hand printing
  • Zari thread 5605
  • Carpet, rugs and durries
  • Textiles hand embroidery
  • Theatre costumes
  • Coir products (including mats, mattresses)
  • Leather footwear
  • Carved stone products (including statues, statuettes, figures of animals, writing sets, ashtray, candle stand)
  • Stones inlay work
  • Pottery and clay products, including terracotta
  • Metal table and kitchen ware (copper, brass ware)
  • Metal statues, images/statues vases, urns and crosses of the type used for decoration of metals
  • Metal bidriware
  • Musical instruments
  • Horn and bone products
  • Conch shell crafts
  • Bamboo furniture, cane/Rattan furniture
  • Dolls and toys
  • Folk paintings, madhubani, patchitra, Rajasthani miniature
In conclusion, principal businesses and job workers, as well as unregistered dealers dealing in handicrafts, who are dealing in inter-State supplies, need to be aware about when is e-way bill mandatory and should be equipped to raise an e-way bill irrespective of the value of the transactions.

Source: http://blogs.tallysolutions.com

Saturday, 27 January 2018

ई-वे बिल 1 फेब्रुवारीपासून

जीएसटी कायद्या अंतर्गत एका राज्यातून दुसऱ्या राज्यात मालाची वाहतूक करताना मालवाहतूकदाराला आता इलेक्ट्रॉनिक वेबिल अर्थात ई-वे बिल बाळगावे लागणार आहे. ई-वे बिल १ फेब्रुवारी २०१८ पासून लागू होणार असून यामुळे करचुकवेगिरीला मोठ्या प्रमाणावर आळा बसून कर महसुलात २० टक्के वाढ होईल, असा विश्वास सरकारने व्यक्त केला आहे.  ई-वे बिल हे वस्तूंच्या हालचालीचा पुरावा देणारे जीएसटी पोर्टलवर निर्मित होणारे इलेक्ट्रॉनिक दस्तऐवज आहे. यात प्राप्तकर्त्याचा जीएसटीआयएन, पिन कोड, पावती क्रमांक, दिनांक, वस्तूंचे मूल्य, एचएसएन, वाहतूक दस्तऐवज क्रमांक, वाहतूकदाराचा तपशील इ. देणे आवश्यक आहे.




ई-वे बिल पद्धत लागू झाल्यावर ५० हजार रुपयांपेक्षा अधिक किंमतीच्या मालाची वाहतूक होत असताना त्याचा तपशील सरकारकडे राहील. यामुळे या मालाचा पुरवठादार व खरेदीदार किंवा ग्राहक यांच्या तपशीलात मालाबाबत फरक आढळल्यास तो चटकन ओळखून संबंधितांवर कारवाई करता येणार आहे.

ई-वे बिल संबंधित ठळक मुद्दे खालील प्रमाणे आहेत 

१) ई-वे बिल ५०००० पेक्षा जास्त रुपयाच्या Invoice Value वर लागू होईल. १ फेब्रुवारीपासून अंतरराज्यीय खरेदी व विक्रीचे मूल्य ५०,००० रुपयांपेक्षा जास्त असेल, तर ई-वे बिल निर्मित करणे गरजेचे आहे. तसेच १ जून २०१८ पासून राज्यांतर्गत होणार्या पुरवठ्या वर ई-वे बिल लागू असेल. 

२) मालाची वाहतूक सुरु होण्या आधीच ई-वे बिल काढावे लागेल. मालाची वाहतूक पुढील कुठल्याही कारणाने असू शकते अ) पुरवठा ब) आयात आणि निर्यात क) जॉबवर्क ड) प्राप्तकर्ता माहीत नसेल, तर इ) लाइनसेल फ) सेल रिटर्न ग) प्रदर्शन  ह) स्वत:च्या उपयोगासाठी पुरवठा केला असेल, 

३) पुढील गोष्टींमध्ये ई-वे बिल काढावे लागेल . अ) वाहतूक जर स्वत:च्या किंवा भाड्याने घेतलेल्या वाहनांमधून होत असेल आणि वाहतुकीत असलेल्या वस्तूंचे मूल्य अधिक लागू असलेला जी.एस.टी. म्हणजेच Invoice Value हे ५०,००० रुपयांपेक्षा जास्त असेल, तर विक्रेता किंवा प्राप्तकर्ता किंवा वाहतूकदार यांनी ई-वे बिल निर्मित करणे गरजेचे आहे. ब) जिथे विक्रेता आणि प्राप्तकर्ता दोघेही ई-वे बिल निर्मित करत नसतील आणि Invoice Value  हि ५०,००० रुपयांपेक्षा जास्त असेल, तिथे ई-वे बिल निर्मित करण्याची जबाबदारी ही वाहतूकदाराची असेल. क) जिथे प्रिन्सिपल एका राज्यात आणि जॉब वर्कर दुसºया राज्यात स्थित असेल व प्रिन्सिपलने जॉब वर्करला माल पाठविला, तर वस्तूंंचे मूल्य काहीही असले, तरीही प्रिन्सिपलने ई-वे बिल निर्मित करणे आवश्यक आहे. ड) जिथे जीएसटी अंतर्गत नोंदणी घेण्यातून मुक्त असलेल्या व्यक्तीने एका राज्यातून दुसºया राज्यात हँडिक्राफ्ट वस्तू पाठविल्या, तर वस्तूंचे मूल्य काहीही असले, तरीही सदर व्यक्तीने ई-वे बिल निर्मित करणे आवश्यक आहे.

४) पुढील प्रकरणांमध्ये ई-वे बिल निर्मित करण्याची गरज नाही. अ) सीजीएसटी नियम २०१७च्या नियम १३८ च्या अनुसूचीमध्ये निर्र्दिष्ट असलेल्या वस्तूंचा पुरवठा झाला, तर ब) वस्तूंंची वाहतूक नॉन मोटाराइज्ड कन्व्हेयन्सद्वारे झाली, तर क) वस्तूंची वाहतूक ही बंदर, विमानतळ, हवाई मालवाहतूक कॉम्प्लेक्स आणि कस्टम स्टेशनमधून कस्टम्सद्वारे क्लिअरन्ससाठी आंतर्देशीय कंटेनर डेपो किंवा कंटेनर क्रेट स्टेशनला झाली, तर ड) संबंधित राज्याच्या एसजीएसटी नियम २०१७ च्या नियम १३८ (१४) (ड) अंतर्गत निर्दिष्टीत क्षेत्रांमध्ये वस्तूंची हालचाल झाली, तर किंवा इ) Invoice Value ५०,००० रुपयांपेक्षा कमी असेल, तर ई-वे बिल निर्मित करण्याची आवश्यकता नाही.

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Key Takeaways from 27th GST Council Meeting

GST Council today in its 27 th meeting approved principles for filing of new return design based on the recommendations of the Group...