Goods and Services Tax – GST – By: – Bimal jain – Dated:- 21-8-2017 – The GST Council had earlier decided to defer the filing of return in Form GSTR-3 and had recommended the filing of return in Form GSTR-3B for the month of July and August, 2017. Accordingly, the Central Government vide Notification No. 21/2017-Central Tax dated August 8, 2017 had notified the last date for filing of return in Form GSTR-3B for the month of July, 2017 as August 20, 2017. Recently, concerns have been raised by the trade about availability of transitional credit for discharging the tax liability for the month of July, 2017 as there was no separate column for the same in Form GSTR-3B. In this regard, the Commissioner on recommendations of the GST Council vide
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ugust 28, 2017 Compute the tax payable for the month of July, 2017 and deposit the same in cash onor before the August 20, 2017, which will get credited to electronic cash ledger; File Form GST TRAN-1 (which will be available on the common portal from August 21, 2017) before the filing of Form GSTR-3B; Where the amount of tax payable for the month of July, 2017, as detailed in the return furnished in Form GSTR-3B, exceeds the amount of tax deposited in cash as per item (i), the registered person shall pay such excess amount in cash on or before August 28, 2017 along with the applicable interest @18% calculated from the 21st day of August, 2017 till the date of such deposit. This amount will also get credited to electronic cash ledger. File
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
be deposited in cash on or before August 20, 2017 which will get credited to electronic cash ledger; File the return in FORM GSTR-3B on or before August 20, 2017 after discharging the tax liability by debiting the electronic credit or cash ledger. Steps to be followed in aforementioned Case B: Assessee opting to avail transitional credit Registered persons planning to avail transitional credit for discharging the tax liability for the month of July, 2017 need to follow the steps as detailed below: Calculate the tax payable as per the following formula: Tax payable = (Output tax liability + Tax payable under reverse charge) – (transitional credit + input tax credit availed for the month of July, 2017); Tax payable as per (i) above to be dep
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =