RBI's Overseeing Committee Services Taxed Under Reverse Charge Mechanism Per GST Regulations.
Notifications
GST
The services provided by Overseeing Committee members to RBI shall be taxed und
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Amended Notification Updates: Exempted Service Supply Under IGST – Key Changes Impacting Tax Liabilities and Compliance for Businesses.
Notifications
GST
Exempted supply of services under IGS
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IGST Act 2017: Reverse Charge Mechanism u/s 5(4) Exempted Until March 31, 2018.
Notifications
GST
Reverse Charge Mechanism (RCM) – payment of tax u/s 5(4) of the IGST Act, 2017 exempted till
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Interstate Handicraft Suppliers Exempted from GST Registration Requirement, Easing Operations for Artisans and Small Businesses.
Notifications
GST
Exemption for inter state supply of handicra
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GST LIABILITY AGAINST ADVANCE RECEIVED FROM CUSTOMERS
Query (Issue) Started By: – SURYAKANT MITHBAVKAR Dated:- 14-10-2017 Last Reply Date:- 16-10-2017 Goods and Services Tax – GST
Got 3 Replies
GST
Can we adjust GST Liability on advance received from customers against ITC available during the month or we have to make cash payment only like RCM.
Reply By Rajagopalan Ranganathan:
The Reply:
Sir,
You can adjust GST Liability on advance received from customers against ITC available d
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GST Composition Scheme: Exempt Services Excluded from Turnover Calculations for Simplified Compliance and Tax Assessment.
Circulars
GST
Composition Scheme – value of supply of any exempt serv
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ROLE OF GST PRACTITIONERS
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 14-10-2017
GST practitioners are governed by section 48 of the CGST Act, 2017 and Rules 83 and 84 CGST Rules, 2017 which provide for conduct, procedure, functioning etc of GST practitioners.
GST Practitioner (GSTP)
As per section 2(55) of CGST Act, 2017, 'Goods and Services Tax Practitioner (GSTP)' means any person who has been approved under section 48 of the CGST Act, 2017 as GST practitioner.
As per section 48 and rules to the Act, GST Practitioner is a tax professional who can prepare returns and perform other activities on the basis of the information furnished to him by a taxable person. However, the legal responsibility of such filings remains with the Taxpayer.
For this purpose, GST Practitioners (GSTP) are required to be enrolled with Centre or State Authority. CA, CS, CMA, Advocates, Retired Government Officials, and Graduates are eligible to apply for registr
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that Government shall provide for the conditions and stipulations and a GSTP shall fulfil those conditions which may be in respect of following:
* eligibility conditions
* duties and obligations,
* functioning, and
* manner of removal etc.
Sub rule (1) of rule 83 of CGST Rules, 2017 provides the following eligibility conditions to get enrolled as GST Practitioner. Accordingly, any person who:
(i) is a citizen of India,
(ii) is a person of sound mind,
(iii) is not adjudged as insolvent, and
(iv) has not been convicted by a competent court for an offence with imprisonment not less than two years.
can become a GST practitioner.
Preconditions for enrolling as a GST Practitioner
A GST Practitioner must fulfil the following conditions before he/she can enroll on the GST Portal:
* Applicant must have a valid PAN Card
* Applicant must have a valid mobile number
* Applicant must have a valid e-mail ID
* Applicant must have a professional address
* Applicant must have
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recognised by any Indian University as equivalent to the degree examination mentioned insub-clause (i); or
(iii) any other examination notified by the Government, on the recommendation of the Council, for this purpose; or
(iv) has passed any of the following examinations, namely:-
(a) final examination of the Institute of Chartered Accountants of India; or
(b) final examination of the Institute of Cost Accountants of India; or
(c) final examination of the Institute of Company Secretaries of India.
In other words, it can be said that the following persons are eligible for becoming a GST Practitioner:
* Chartered Accountant
* Company Secretary
* Cost and Management Accountant
* Advocate
* Person who has passed:
* Graduate or Postgraduate degree in Commerce
* Graduate or Postgraduate degree in Banking
* Graduate or Postgraduate degree in Business Administration
* Graduate or Postgraduate degree in Business Management
* Degree examination of any recognized Fo
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parer under the existing law shall remain enrolled only for a period of one year from the appointed date unless he passes the said examination within the said period of one year.
No person shall be eligible to attend before any authority as a goods and services tax practitioner in connection with any proceedings under the Act on behalf of any registered or un- registered person unless he has been enrolled under rule 83.
Show cause notice against GST Practitioner
If the GST practitioner is found guilty of misconduct, his enrolment is liable to be cancelled. Where any goods and services tax practitioner is found guilty of misconduct in connection with any proceedings under the Act, the authorised officer may, after giving him a notice to show cause in FORM GST PCT-03 for such misconduct.
Further, after giving him a reasonable opportunity of being heard, by order in FORM GST PCT -04 he can be directed that he shall henceforth be disqualified under section 48 to function as a goods an
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The responsibility for correctness of any particulars furnished in the return or other details filed by the GST practitioners shall continue to rest with the registered person on whose behalf such return and details are furnished.
Any statement furnished by the GST practitioner shall be made available to the registered person on the GST Common Portal. For every statement furnished by the GST practitioner, a confirmation shall besought from the registered person over email or SMS.The registered person before confirming, should ensure that the facts mentioned in the return are true and correct before signature. However, failure to respond to request for confirmation shall be treated as deemed confirmation.
A GST practitioner shall also be allowed to appear as authorised representative before any officer of department, Appellate Authority or Appellate Tribunal, on behalf of such a registered person who has authorised him to be his GST practitioner.
Change of GST Practitioner
A taxpaye
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Advisory for claiming credit in TRAN-1 in respect of existing registrations.
GST
Dated:- 13-10-2017
* It has been observed that taxpayers are facing problem in claiming transitional credit in respect of existing registration under earlier laws of Central Excise, Service Tax and VAT.
* When these registrations are mentioned in the TRAN 1 form in different tables, and transitional credit claimed against them, the tax payers gets the message of “processed with error” when they save such details. This happens because the application validates the furnished registration number under existing laws in TRAN 1 with the registration number mentioned in the registration/enrolment application.
* Hence, to claim transitional credit in
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Advisory for uploading invoice level data in GSTR-1 using Offline Tool.
GST
Dated:- 13-10-2017
Advisory for uploading invoice level data in GSTR 1 using Offline Tool :
A. While uploading data in GSTR 1, by the taxpayers there are discrepancy in number of invoices and other details, which are filled in in excel and uploaded and which are finally accepted on the Portal. The differences arises at two stages as given below:
1. Discrepancy in summary of invoices and other details displayed in the Offline tool and that shown in the excel sheet
2. Discrepancy between summary shown in Offline Tool and that in the Tile on the Form GSTR-1 at the Portal
B. The detail reasons of the same are analysed below:
1. Discrepancy in summary
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it and alphanumeric. Special characters allowed are / (forward slash) and – (hyphen) only. There should not be any duplicate entry of invoices.
iii. Incorrect GSTN format entered in excel. GSTIN entered should be of 15 character & alphanumeric with no blanks or special character in between.
iv. Incorrect data entered after decimal. Only two digits need to be entered after decimal.
d. It has been noticed that many taxpayers are entering data in excel sheet. But they are not using excel template provided by GSTN. Sometimes excel template, being used by taxpayers, has same format as provided by GSTN. However, in many cases these excels, used by taxpayers, do not have any validations, as put in the excel template provided by GSTN, given as
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n on account of data discrepancy on one or more of following validation checks performed at the GST portal:
i. Correctness of GSTIN of buyers (whether GSTIN is active or not). If GSTIN is not active then invoice will be rejected on uploading on portal.
ii. Duplicate invoice number, with respect to data uploaded earlier on the portal by the taxpayer.
iii. Whether the Invoice Number, mentioned in the Credit Note/Debit Note already exists in the GST portal or not.
iv. In Export shipping bill number and date is checked. Moreover date of shipping bill must be on or after Invoice Date.
c. The invoices that fail on account of above validations are put in error report which can be generated and downloaded from the portal.
d. On account of
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IMPACT OF GST ON DISCOUNTS ALLOWED AFTER BILLS ISSUED
Query (Issue) Started By: – ROHIT GOEL Dated:- 13-10-2017 Last Reply Date:- 1-11-2017 Goods and Services Tax – GST
Got 7 Replies
GST
IN A CASE GOODS ARE PURCHASED FOR RS. 100 AND GST OF RS. 12 PAID TO SELLER. SUBSEQUENT TO THIS SELLER ISSUES AN ADDITIONAL DISCOUNT OF RS. 5/- AGAINST GOODS OF RS. 100/- BUT THE AMOUNT IS NOT REVERSED THROUGH DEBIT / CREDIT NOTES. SELLER SAYS THAT HE WILL NOT ISSUE ANY CREDIT NOTE AND THERE IS NO REQUIREMENT FOR US TO ISSUE DEBIT NOTE IMPLYING THAT GST OF RS. 12/- IS PAID TO GOVERNMENT TAKING TRANSACTION VALUE OF RS. 100/- INPLACE OF NET VALUE OF RS. 95/-.
IN SUCH A SCENARIO IF I DEBIT RS 100/- AS PURCHASE AND REDUCE DISCOUNT OF RS. 5/- FROM P
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Advisory Suppliers forgets to upload invoices issued to a Registered Recipient
GST
Dated:- 13-10-2017
* In case a supplier fails to upload few invoice(s) for supplies to registered persons in his GSTR1 and has filed here is no need for undue concern for the recipient (buyer).
* Though, no invoices can be added to a GSTR 1 once it is filed, there are, yet two ways in which the recipient can claim credit and the supplier can discharge his liability on such invoices.
* These are,
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New GST Notifications Issued for CGST, IGST, and UTGST to Streamline Tax Processes and Ensure Compliance.
News
GST
New Notifications under CGST, IGST and UTGST as on 13-10-2017 issued
TMI
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News Notifications under CGST, IGST and UTGST as on 13-10-2017 issued
GST
Dated:- 13-10-2017
CGST
No. 45/2017 – Dated: 13-10-2017 – CGST
Seeks to amend the CGST Rules, 2017
No. 44/2017 – Dated: 13-10-2017 – CGST
Seeks to extend the time limit for submission of FORM GST ITC-01
No. 43/2017 – Dated: 13-10-2017 – CGST
Seeks to extend the time limit for filing of FORM GSTR-6
No. 42/2017 – Dated: 13-10-2017 – CGST
Seeks to extend the time limit for filing of FORM GSTR-5A
No. 41/2017 – Dated: 13-10-2017 – CGST
Seeks to extend the time limit for filing of FORM GSTR-4
No. 40/2017 – Dated: 13-10-2017 – CGST
GST on receipt of advance – payment of tax to be made on issuance of invoice by registered persons having aggrega
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eeks to amend notification No. 1/2017-Central Tax (Rate)
No. 33/2017 – Dated: 13-10-2017 – CGST Rate
Seeks to amend notification No. 13/2017-CT(R) regarding services provided by Overseeing Committee members to RBI under RCM
No. 32/2017 – Dated: 13-10-2017 – CGST Rate
Seeks to amend notification No. 12/2017-CT(R)
No. 31/2017 – Dated: 13-10-2017 – CGST Rate
Seeks to amend notification No. 11/2017-CT(R)
IGST
No. 11/2017 – Dated: 13-10-2017 – IGST
Seeks to cross-empower State Tax officers for processing and grant of refund under IGST
No. 10/2017 – Dated: 13-10-2017 – IGST
Persons making inter-State supplies of taxable services shall be exempted from registration u/s 23(2) where turnover is not exceeding ₹ 20 Lacs
No. 9/20
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GST Is applicable on Job work charges
Query (Issue) Started By: – Anil Kumar Dated:- 13-10-2017 Last Reply Date:- 16-10-2017 Goods and Services Tax – GST
Got 4 Replies
GST
Dear Sir,
We undertake Job work of solvent Distillation, the solvent is sent for distillation by the principle, on completion we raise a Invoice for the job work charges, does the charges is taxed in GST, please clarify.
Regards
ANil KUmar M
Reply By KASTURI SETHI:
The Reply:
Job work is taxable service. GST
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Exemption from GST Registration for Inter-State Service Suppliers with Turnover Below Rs. 20 Lakhs u/s 23(2.
Notifications
GST
Persons making inter-State supplies of taxable services shall be
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CONCESSIONAL RATE OF GST TO MERCHANT EXPORTER
Query (Issue) Started By: – SURYAKANT MITHBAVKAR Dated:- 13-10-2017 Last Reply Date:- 25-11-2017 Goods and Services Tax – GST
Got 3 Replies
GST
Merchant Exporter can export goods while charging concessional rate of 0.01% GST as per decision of GST Council in its 22nd Meeting held on 6th October,2017.
In view of the above merchant exporter can procure goods for export with full rate of GST or any concessional rate?
Secondly the above co
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The Finance Minister, Shri Arun Jaitley: Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms;There is clear evidence now that slowdown effect of demonetisation and GST has now more or less played it out
News and Press Release
Dated:- 13-10-2017
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley today participated in an Interactive Seminar organised by FICCI on “India Opportunity”. The Finance Minister spoke on the bold reforms carried-out in India which now have created impressive opportunities in Infrastructure assets resolution under Insolvency and Bankruptcy Code (IBC) process and in financial sector.
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Revised GST rates
Query (Issue) Started By: – RAMESH ANANTHAKRISHNAN Dated:- 13-10-2017 Last Reply Date:- 16-10-2017 Goods and Services Tax – GST
Got 5 Replies
GST
As per the recent meeting of GST council, GST rates of 27 items have been reduced. Our product also comes under the revised rates. Till date we are clearing our finished goods with existing rate. We checked with our Range officers. They have advised us to wait till the notification issued. Meanwhile our customers asking g
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GST Query- INPUT
Query (Issue) Started By: – S VENKAT Dated:- 13-10-2017 Last Reply Date:- 15-10-2017 Goods and Services Tax – GST
Got 5 Replies
GST
Suppose a person who is having GST registration in Hyderabad (Telangana) purchases some goods in chennai and uses them in chennai itself. Since there is no movement of goods, the supplier charges CGST and SGST. Can the buyer who is situated in Hyderabad(Telangana) take the input credit of SGST and CGST? or Does he have to insist on receiving IGST invoice to get the credit?
Reply By RAJA SWAMINATHAN:
The Reply:
As per my View the Vendor has to be registered in the State of Tamil Nadu for claiming input Credit. Since the transaction has been completed with in the state of TN IGST i
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SALE OF USED MOTOR CAR
Query (Issue) Started By: – SURYAKANT MITHBAVKAR Dated:- 13-10-2017 Last Reply Date:- 13-10-2017 Goods and Services Tax – GST
Got 6 Replies
GST
We have to sale our used motor car please let us know rate of GST applicable for .
Regarding Cess whether it is applicable for used car sale.
Reply By KASTURI SETHI:
The Reply:
Read reply to Issue ID No.112875 dated 26.9.2017.
Reply By SURYAKANT MITHBAVKAR:
The Reply:
Thanks
Regarding cess whether is it applicab
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Persons making inter-State supplies of taxable services shall be exempted from registration u/s 23(2) where turnover is not exceeding 20 Lacs
10/2017 Dated:- 13-10-2017 Integrated GST (IGST)
GST
IGST
IGST
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
Notification No. 10/2017 – Integrated Tax
New Delhi, the 13th October, 2017
G.S.R. 1260 (E).- In exercise of the powers conferred by section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) read with sub-section (2) of section 23 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the C
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Seeks to cross-empower State Tax officers for processing and grant of refund under IGST
11/2017 Dated:- 13-10-2017 Integrated GST (IGST)
GST
IGST
IGST
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
Notification No. 11/2017 -Integrated Tax
New Delhi, the 13th October, 2017
G.S.R. 1261 (E).- In exercise of the powers conferred by section 4 of the Integrated Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the “IGST Act”), on the recommendations of the Council, the Central Government hereby specifies that the officers appointed under the respective State Goods and Services Tax Act, 2017 or the Union Territory Goods and Service T
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Seeks to amend notification no. 32/2017-CT dated 15.09.2017 so as to add certain items to the list of “handicrafts goods”
38/2017 Dated:- 13-10-2017 Central GST (CGST)
GST
CGST
CGST
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
Notification No. 38/2017 – Central Tax
New Delhi, the 13th October, 2017
G.S.R. 1252 (E).- In exercise of the powers conferred by sub-section (2) of section 23 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 32/2017- Central Ta
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GST on Reverse Charge Mechanism (RCM) – payment of tax u/s 9(4) of the CGST Act, 2017 exempted till 30.09.2018
38/2017 Dated:- 13-10-2017 Central GST (CGST) Rate
GST
CGST Rate
CGST Rate
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
Notification No. 38/2017 – Central Tax (Rate)
New Delhi, the 13th October, 2017
G.S.R. 1262 (E).- In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of In
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Seeks to cross-empower State Tax officers for processing and grant of refund
39/2017 Dated:- 13-10-2017 Central GST (CGST)
GST
CGST
CGST
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
Notification No. 39/2017 – Central Tax
New Delhi, the 13th October, 2017
G.S.R. 1253 (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the “CGST Act”), on the recommendations of the Council, the Central Government hereby specifies that the officers appointed under the respective State Goods and Services Tax Act, 2017 or the Union Territory Goods and Service Ta
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