GSTR3: Filing of GSTR3 for the months of July and August.

GSTR3 is the actual return which will be containing data of inward supplies from GSTR2 of the registered person and details of outward supply from GSTR1 of the registered person.

The person has to self assess his tax liability and pay tax accordingly using Input tax credit or through bank.

The government has issued a notification notifying the last dates for filing of GSTR2 for the months of July and August. The last dates are:

For July, 2017: 11th to 15th September, 2017.
For  August, 2017: 26th to 30th September, 2017.

Find the notification below:

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GSTR2: Filing of GSTR2 for the months of July and August.

GSTR2 will be a auto generated detail generated by the GSTR1 of your suppliers.Further, the registered person has to add, correct, modify in such returns any discrepancy he npotices from his suppliers and the person will have to add details of purchase from unregistered dealers in such return.

The government has issued a notification notifying the last dates for filing of GSTR2 for the months of July and August. The last dates are:

For July, 2017: 6th to 10th September, 2017
For  August, 2017: 21st to 25th September, 2017.

Find the notification below:

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GSTR1: Filing of GSTR1 for the months of July and August.

The GSTR1 is supposed to contain details of all outward supplies made by a registered person.

The government has issued a notification notifying the last dates for filing of GSTR1 for the months of July and August. The last dates are:

For July, 2017: 1st to 5th September, 2017
For  August, 2017: 16th to 20th September, 2017.

Find the notification below:

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GST Council approves E-Way Bill, decides rate for Job Work in Textiles and other Services

The GST Council in its meeting held on 05th August, 2017 has approved applicability of E-Way Bill from a further date to be announced later. However, the E-Way rules have been approved in principle.

The E-Way bill are supposed to be technology driven.To generate an e-way bill, the supplier and transporter will have to upload details on the GSTN portal, after which a unique e-way bill number (EBN) will be made available to the supplier, the recipient and the transporter on the common portal.E-Way bills are to be applicable when the consignment value exceeds Rs. 50,000/-.However it has been clarified that in no condition E-Way will be applicable for distance less than 10 Kilometres and not also in case of exempted goods.

Further, the rate of GST on job work for textile sector has been decided at a rate of 5% irrespective of the stage of product.

The Council also fixed GST rate for textile job works at 5 percent, and cut the rate for government works contract to 12 percent with benefits of input tax credit. The tax rate of job work for printing books and newspapers will be 12 percent if the service is supplied by someone else, while the GST rate will remain 5 percent if it is printed by the same organisation.

The Council also discussed the rules related to anti-profiteering. An “anti-profiteering” clause has been provided in the Centre GST (CGST) and State GST (SGST) laws, to ensure that business pass on the benefit of reduced tax incidence on goods or services to the consumers.

For agriculture services, tax rate of post-harvest and storage has been brought down to 12 percent from 18 percent. Similarly, tax rate for entry into planetariums has been reduced to 18 percent from 28 percent. In case of “rent a cab service”, GST rate will be 12 percent if the service provider does not wish to claim input tax credit (ITC), while it will be 5 percent if ITC is taken, Revenue Secretary Hasmukh Adhia said.

Source: Moneycontrol.com

Clarification regarding no deduction of TDS on GST component of Services.

CBDT has issued Circular No:23/2017 dated 19/07/17 which clarifies that TDS shall be deducted on amount excluding GST on services provided it is mentioned separately.

The circular reads as follows:

The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 1/2014 dated 13.01.2014 clarifying that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVII-B of the Income Tax Act, 1961 (the Act) on the amount paid or payable without including such Service Tax
component.
2. References have been received in the Board seeking clarification as to what treatment would be required to be given to the component of Goods and Services Tax (GST) on services, which has been introduced by the Government with effect from 1st of July, 2017 and into which the erstwhile Service Tax has been subsumed.

3. The matter has been examined. It is noted that the Government has brought in force a new Goods and Services Tax regime with effect from 01.07.2017 replacing, amongst others, the Service Tax which was being charged prior to this date as per the provisions of Finance Act, 1994. Therefore, there is a need to harmonize the contents of Circular No. 1/2014 of the Board with the new system for taxation of services under the GST regime.

4. In the light of the fact that even under the new GST regime, the rationale of excluding the tax component from the purview of TDS remains valid, the Board hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of ‘GST on services’ comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XV II-B of the Act on the amount paid or payable without including such ‘GST on services’ component. GST for these purposes shall include Integrated Goods and Services Tax, Central Goods and Services Tax, State Goods and Services Tax and Union Territory Goods and Services Tax.

The Circular is being attached below for ready reference:

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GSTR3B: Last date of filing of return for July, 2017 before 20th August, 2017.

Although the date of filing of GSTR-1 and GSTR-2 for the month of July, 2017 has been extended, registered tax payers have to file GSTR3B containing details of all outward supplies, inward supplies for the month of July, 2017 before 20th August, 2017.

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Date for filing of Income Tax Return extended to 05th August, 2017.

 

The last date of filing of Income Tax Returns for which original last date of filing  was 31st July, 2017 has been extended to 05th August, 2017.