Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 17-9-2018 – New Enactments The following GST related laws have been enacted on 30th August, 2018 which seek to amend the GST laws from a date to be notified : Central Goods and Service Tax (Amendment) Act, 2018 – which amends CGST Act, 2017. The Act provides for certain provisions for smooth transition of existing taxpayers to new goods and services tax regime. However, the new tax regime had faced certain difficulties. One of the major inconveniences caused to the taxpayers, especially small and medium enterprises, was the process of filing return and payment of tax under the Goods and Services Tax laws. In this regard, the new return filing system envisages quarterly filing of return and tax payment for small taxpayers along with minimum paperwork. Integrated Goods and Service Tax (Amendment) Act, 2018 – which amends IGST Act, 2018 which amends IGST Act, 2017. The Act makes certain provisions for smooth transition of
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tion 10 of the Act provides for distribution of the amount remaining unutilised in Compensation Fund at the end of transition period between Centre and the States. As the said section doesn't provide for distribution of amount remaining unutilised in Compensation Fund at any point of time in any financial year, it has been amended. The Goods and Services Tax (Compensation to States) Amendment Act, 2018 provides for : to insert a new sub-section (3A) in section 10 of the Act so as to provide that any amount remaining unutilised in the Compensation Fund may, on the recommendations of the Council, be distributed between Centre and the States at any point of time in a financial year; and to provide that in case of shortfall in the amount collected in the Fund against the requirement of compensation to be released under section 7 for any two months' period, fifty percent of the same, but not exceeding the total amount transferred to the Centre and the States as recommended by the Co
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ared in returns filed during the financial year Details of tax paid as declared in returns filed during the financial year Particulars of the transactions for the previous financial year declared in returns of April to September of current financial year or upto date of filing of annual return of previous financial year, whichever is earlier Particulars of Demands and Refunds Information on supplies received from composition taxpayers, deemed supply under section 143 and goods sent on approval basis HSN Wise Summary of outward supplies HSN Wise Summary of inward supplies Late fee payable and paid The last date to file annual return is 31st December, 2018 Obligations for the month of September, 2018 Return/Form Period Due Date GSTR 1 August, 2018 11.09.2018 GSTR-3B August 2018 20.09.2018 GSTR 5A August, 2018 20.09.2018 GSTR 5 August, 2018 20.09.2018 GSTR 6 July, 2017 to August 2018 30.09.2018 Waiver of late fee for Certain Taxpayers for specified time period [Notification No. 41/2018 –
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declaration in FORM GST ITC-01 for the registered persons who have filed the application in form GST CMP-04 between March 2, 2018 and March 31, 2018 has been extended to October 4, 2018. Filing of GST returns in Kerala extended [Notification No. 36 to 38 /2018-CT dated 24.08.2018] Due date for filing of GST returns GSTR-3B and GSTR-1 for July, 2018 and August, 2018 has been extended to 5th October, 2018 and 10th October, 2018 respectively and due date for filing GSTR-1 for quarter July – September 2018 has been extended upto 15th November, 2018 for taxpayers registered in Kerala, Mahe (Pondicherry) and Kodagu (Karnataka) owing to recent floods. Refund of accumulated credit of ITC on fabrics [Circular No. 56/30/2018-GST dated 24.08.2018] The cotton, silk and natural fibre fabrics do not suffer inverted duty structure. It has been clarified that the condition of lapsing of ITC would apply only if input tax credit has been accumulated on account of inverted duty structure. It has also cl
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e submission of an invoice (either original or duplicate) the details of which are present in FORM GSTR-2A of the relevant period submitted by the claimant. Recovery of arrears of wrongly availed CENVAT credit under the existing law and inadmissible transitional credit [Circular No. 58/32/2018-GST, dated 04.09.2018] In Circular No. 42/16/2018-GST dated 13th April, 2018, it was clarified that the recovery of arrears arising under the existing law shall be made as central tax liability to be paid through the utilization of the amount available in the electronic credit ledger or electronic cash ledger of the registered person, and the same shall be recorded in Part II of the Electronic Liability Register. Since the functionality for the same is not working on the portal therefore, it is clarified that as an alternative method, taxpayers may reverse the wrongly availed CENVAT credit under the existing law and inadmissible transitional credit through Table 4(B)(2) of FORM GSTR-3B. The appli
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