Filings of GST Returns

Filings of GST Returns 

The Goods and Services Tax Council has simplified the return filing process for small businesses.  The GST Council, in its 28th meeting held on 21st July, 2018 in New Delhi, in principle approved the new return formats and associated changes in law for small businesses. Taxpayers who have a turnover upto Rs. 5 crores in the previous financial year shall have facility to file quarterly return with monthly payment of taxes on self-declaration basis. For such taxpayers, simplified returns have been designed called Sahaj and Sugam. Those taxpayers who have no purchases, no output tax liability and no input tax credit to avail in any quarter of the financial year shall file one NIL return for the entire quarter. NIL return filers shall have the facility to file return by sending SMS.

The Goods and Services Tax Network (GSTN) will focus on development of new return filing system, improving the user interface and business intelligence and analytics. It is working to improve the “Offline Tool” for returns under GST and is focusing on improving the user interface constantly. The user interface of FORM GSTR-3B has been made simpler and user friendly. Taxpayers have been given the facility to file NIL return by simply pressing one button. Further, GSTN is working on business intelligence and analytics such as predictive analysis, statistical scoring, 360 degree view of taxpayers etc.

Comparison of data in FORM GSTR-1 and FORM GSTR-3B is being done by GSTN for tax liability analysis. Reports based on such analysis are being shared with tax authorities for taking necessary action.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a Written reply to a question in Lok Sabha .

http://pib.nic.in/newsite/PrintRelease.aspx

E-way Bill System -Ministry Of Finance

E-way Bill System -Ministry Of Finance

Source:PIBNEWS

No Extension of GSTR-1 Filing Return Dates

No Extension of GSTR-1 Filing Return Dates

No extension of date for filing return in FORM GSTR-1 

The last date for filing of return in FORM GSTR-1, for different classes of taxpayers for the relevant periods, as shown in the Table below, remains 10^th January, 2018. There has been no further extension of date for filing return in FORM GSTR-1.

Table

Sl. No.	Class of Taxpayer	Return
1	Registered  persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or  the  current  financial  year.	Quarterly return in FORM GSTR-1 for July – September, 2017
2	Registered  persons  having  aggregate turnover  of  more  than  1.5 crore  rupees in  the  preceding  financial  year  or  the  current  financial  year.	Monthly returns in FORM GSTR-1 for July-November, 2017

Taxpayers may note that there is a fake notification regarding extension of date being circulated on social media. No extension of the last date for filing of GSTR-1 has been given.

Source:PIBNEWS

Extension of date for filing return in FORM GSTR-1

Extension of date for filing return in FORM GSTR-1 

The last date for filing of return in FORM GSTR-1 for all taxpayers for the relevant periods, as shown in the Table below, has been extended to 10^th January, 2018.

Table

Sl. No.	Class of Taxpayer	Return	Previous last date	Revised last date
1	Registered  persons having Aggregate turnover of up to 1.5 crore rupees in the preceding financial year or  the  current  financial  year	Quarterly return in FORM GSTR-1 for July – September, 2017	31stDecember, 2017	10thJanuary, 2018
2	Registered  persons  having aggregate turnover  of  more  than  1.5 crore  rupees in  the  preceding  financial  year  or  the  current  financial  year	Monthly returns in FORM GSTR-1 for July-October, 2017	31stDecember, 2017	10thJanuary, 2018

 Source:PIB

GST Rate Changes For The Items (178) From November 15,2017

GST Rate Changes For The Items (178) From November 15,2017

GST Rate Changes Come into effect on 178 items where rate has been brought down from 28% to 18%; Consumers may take note of reduction in Price/MRP on these Goods 

In the 23rd meeting held on the 10th November, 2017, the GST Council had recommended major relief in GST rates on certain goods. These rate changes have been brought into effect from the 15th November, 2017. On 178 items the GST rate has been brought down from 28% to 18%. With reduction of rate coming into effect, a consumer shall be charged the revised reduced rates of 18% on these items with effect from the 15th November, 2017. Accordingly, there would be a corresponding reduction in price/MRP on these goods. Consumers may take note of these reduction while making purchases.

Broadly these items are grouped as follows:

v  Wires, cables, insulated conductors, electrical insulators, electrical plugs, switches, sockets, fuses, relays, electrical connectors

v  Electrical boards, panels, consoles, cabinets etc for electric control or distribution

v  Particle/fibre boards and ply wood; articles of wood, wooden frame, paving block

v  Furniture, mattress, bedding and similar furnishing

v  Trunk, suitcase, vanity cases, brief cases, travelling bags and other hand bags, cases

v  Detergents, washing and cleaning preparations

v  Liquid or cream for washing the skin

v  Shampoos; Hair cream, Hair dyes (natural, herbal or synthetic) and similar other goods; henna powder or paste, not mixed with any other ingredient;

v  Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, perfumery, cosmetic or toilet preparations, room deodorisers

v  Perfumes and toilet waters

v  Beauty or make-up preparations

v  Fans, pumps, compressors

v  Lamp and light fitting

v  Primary cell and primary batteries

v  Sanitary ware and parts thereof, of all kinds

v  Articles of plastic, floor covering, baths, shower, sinks, washbasins, seats, sanitary ware of plastic

v  Slabs of marbles and granite

v  Goods of marble and granite such as tiles

v  Ceramic tiles of all kinds

v  Miscellaneous articles such as vacuum flasks, lighters

v  Wrist watches, clocks, watch movements, watch cases, straps, parts

v  Articles of apparel & clothing, accessories of leather, guts, furskin, artificial fur and other articles such as saddlery and harness for any animal

v  Articles of cutlery, stoves, cookers and similar non electric domestic appliances

v  Razor and razor blades

v  Multi-functional printers, cartridges

v  Office or desk equipment

v  Doors, windows and frames of aluminium

v  Articles of plaster such as board, sheet

v  Articles of cement or concrete or stone and artificial stone

v  Articles of asphalt or slate

v  Articles of mica

v  Ceramic flooring blocks, pipes, conduit, pipe fittings

v  Wall paper and wall covering

v  Glass of all kinds and articles thereof such as mirror, safety glass, sheets, glassware

v  Electrical, electronic weighing machinery

v  Fire extinguishers and charges for fire extinguishers

v  Fork lifts, lifting and handling equipment

v  Bull dozers, excavators, loaders, road rollers

v  Earth moving and levelling machinery

v  Escalators

v  Cooling towers, pressure vessels, reactors

v  Crankshaft for sewing machine, tailor’s dummies, bearing housings, gears and gearing; ball or roller screws; gaskets

v  Electrical apparatus for radio and television broadcasting

v  Sound recording or reproducing apparatus

v  Signalling, safety or traffic control equipment for transports

v  Physical exercise equipment, festival and carnival equipment, swings, shooting galleries, roundabouts, gymnastic and athletic equipment

v  All musical instruments and their parts

v  Artificial flowers, foliage and artificial fruits

v  Explosive, anti-knocking preparation, fireworks

v  Cocoa butter, fat, oil powder

v  Extract, essence and concentrates of coffee, miscellaneous food preparations

v  Chocolates, chewing gum / bubble gum

v  Malt extract and food preparations of flour, groats, meal, starch or malt extract

v  Waffles and wafers coated with chocolate or containing chocolate

v  Rubber tubes and miscellaneous articles of rubber

v  Goggles, binoculars, telescope

v  Cinematographic cameras and projectors, image projector

v  Microscope, specified laboratory equipment, specified scientific equipment such as for meteorology, hydrology, oceanography, geology

v  Solvent, thinners, hydraulic fluids, anti-freezing preparation

Source:PIB

GST SEVA KENDRAS

GST SEVA KENDRAS 

GST Seva Kendras have been set up since July 1 at three locations in the city. For details, contact: 044-4330066/26142852

Source:The Hindu

Excel Template for Easy to Tax Payers(GST)

Excel Template for Easy to Tax Payers(GST)

GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal; Excel template together with an offline tool will make uploading large numbers of invoices much easier and quick; Offline Tool to be unveiled on July 17, 2017. 

Goods and Services Network (GSTN) has unveiled a simple excel based template that will facilitate the taxpayers in preparing and filing their monthly returns with maximum ease and minimal cost. 

The excel template is a part of GST Council’s approach to make tax compliance highly easy and convenient for taxpayers and also reduce the time of compliance to improve ease of doing business. This excel workbook template can be freely downloaded from the GST Common portal (www.gst.gov.in), and can be used by taxpayers to collate all invoice related data on a regular basis. 

The Excel format can be used by businesses to start maintaining their data. The taxpayer can prepare the details of his outward supply on weekly or any other suitable regular interval which can then be uploaded on GST portal on or before the 10th of subsequent month. The GSTR1 excel template workbook can be used to prepare the data for GSTR 1 return without connecting to internet in offline mode. This also benefits taxpayers in remote areas where Internet connectivity might not be good. 

The template comprises of eight worksheets. Summary of key values in each worksheet has been provided at the top to help taxpayers easily reconcile the data entered in the worksheets with that recorded in his accounting system/books to accurately prepare the return. Based on data entered in the Excel sheet, offline tool will prepare a file which will have to be uploaded by the taxpayer on GST Portal to create GSTR-1. Only while uploading the file on the GST portal, Internet connectivity will be required. 

Source:PIB