Key Changes in Income Tax and GST which will be effective from 1st April 2019

Interim Budget was presented by the Finance Minister in February 2019. The Interim Budget 2019 introduced changes in income tax rules to offer relief to small taxpayers and to the owners of residential properties. There are many changes which will take place in GST as well from 1st April 2019.

Let’s take a quick look at the key changes from Income Tax and GST perspective, which will be effective from 1st April 2019.

Key Changes in Income Tax and GST which will be effective from 1st April 2019

1.) Change in Tax rebate

Rebate under Section 87A [FY 2018-19] : The rebate was available to a resident individual if his total income does not exceed Rs. 3,50,000. The amount of rebate is 100% of income-tax or Rs. 2,500, whichever is less.

Rebate under Section 87A [FY 2019-20] : The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate is 100% of income-tax or Rs. 12,500, whichever is less.

The basic exemption limit and tax slabs applicable for individuals earning total taxable income above Rs 5 lakh, is however unchanged.

2.) Change in Standard Deduction

Standard Deduction under Section 16 [FY 2018-19] : Standard Deduction of Rs. 40,000 was available to salaried employees.

Standard Deduction under Section 16 [FY 2019-20] : Standard Deduction of Rs. 50,000 is available to salaried employees.

3.) New GST Rates and Rules for Housing Sector

From April 1, 2019, for on-going under-construction projects, developers and builders will have an option either to charge the GST as per old rates, i.e., at 12 per cent (with input tax credit) or new rates at 5 per cent (without input tax credit).

In case of affordable housing, such rates would be 8 per cent (with input tax credit) or 1 per cent (without input tax credit).

4.) Taxation of House Property under concept of Deemed Rent

As per Income Tax Act you can claim only one property as self occupied property and other property will be deemed to be let-out property and notional rental income has to be calculated on the same which was taxable under income tax act.

One of the changes which has been introduced from FY 2019-20 is that
the taxpayer can now claim two properties as self occupied property and therefore no notional rent would be calculated on the same.

5.) Capital Gain from sale of House Property

As per Income Tax Act taxpayer can claim exemption from capital gain on sale of house property if the proceed of sale is invested by him to purchase/construct one house property subject to certain limitations.

From FY 2019-20 and onwards, taxpayer can claim exemption from capital gain on sale of house property if the proceed of sale is invested by him to purchase/construct upto 2 house properties subject to limitation that:

1.) the long-term capital gains from sale of such house property shall not exceed Rs 2 crore, and

2.) the benefit can be claimed only once in the taxpayer’s lifetime.

6.) Introduction of Composition Scheme for Service provider

Interested and Eligible taxpayer can opt for Composition Scheme for Service Provider with effect from 1st April 2019.

7.) Increase in threshhold limit for a composition dealer

The threshold limit for opting for composition scheme has been increased to 1.5 Crores with effect from 1st April 2019

8.) Increase in threshhold limit GST Registration

The threshold limit for taking GST registration has been increased to 40 Lakhs for supplier of Goods with effect from 1st April 2019

9.) Increase TDS limit for bank interest and Rent

Interest Limit for Deduction of Tax as per section 194A has been increased to 40,000 in FY 2019-20 from 10,000 in FY 2018-19.

Rent Limit for Deduction of Tax as per section 194I has been increased to 2,40,000 in FY 2019-20 from 1,80,000 in FY 2018-19.

10.) Relief on use of GST Input Tax Credit for Payment of Tax

Government has eased cash flow concerns with relaxations in ITC setoff mechanism vide Notification 16/2019 – Central Tax by inserting Rule 88A

With this change, businesses still have to set off IGST liability first. But now, the Government has allowed businesses to utilise the remainder of IGST credit to pay off either of CGST or SGST liabilities at their discretion.

11.) New GST Returns Deferred

Earlier the new GST returns were to be introduced by government on pilot basis from 1st April 2019 and the same was to be made compulsory with effect from 1st July 2019.

The same has been deffered for now and the same would be applicable when announced.

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Good News : Due date of linking Aadhaar & PAN extended to 30.09.2019

Invoice Numbers for F.Y. 2019-2020 under GST | Invoice Series for F.Y. 2019-2020

UDIN not Mandatory for Statutory Bank Audit [Read FAQ’s by ICAI]

UDIN not Mandatory for Statutory Bank Audit [Read FAQ’s by ICAI]

1. Whether UDIN is mandatory for Statutory Bank Audit?

For Statutory Bank Audit, UDIN is not mandatory.

However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory as UDIN is already mandatory on all Certification w.e.f 1st, 2019.

2. While conducting Bank Audit, whether separate UDIN has to be taken for all Certificates as there are bulk of certificates to be signed?

UDIN has to be generated per Assignment per Signatory.

In Bank Branch Audit, One Branch is one assignment, hence, one UDIN for all certificates will suffice.

However, care should be taken that a list of all certificates bearing same UDIN should be compiled and handed over to management under a covering letter so that the UDIN generated cannot be misused by affixing on any other certificate which has not been signed by you.

3. In case if some Certificates are signed by one Partner while others are signed by another Partner, whether different UDIN is required for each such Partner?

UDIN has to be taken per Assignment per Signatory. Bank Branch Audit per Branch is one assignment and hence one UDIN for all certificates is enough.

However, if different partners are signing different certificates then separate UDIN has to be taken per signatory for the certificates signed by them.

4. Whether UDIN is mandatory for Tax Audit?

In the 2nd phase of UDIN applicability, ICAI Council has made generation of UDIN mandatory for all GST Audit and All Tax Audit from 1st April, 2019. Hence in Bank Branch Audit, separate UDIN has to be taken for Tax Audit.

5. Whether same UDIN which was generated for Certificates in Bank Branch Audit can be used for Tax Audit of the same Bank Branch?

Tax Audit is the separate assignment. Hence separate UDINs have to be taken while conducting Bank Branch Audit for each Branch.

Therefore, 2 separate UDINs are to be generated – one for Certificates and other for Tax Audit Report.

However, if certificates are signed by more than one partner then more UDINs on certificates have to be generated.

6. Whether UDIN is applicable to both Statutory Central Auditors (SCAs) and Statutory Branch Auditors (SBAs)?

Yes, UDIN is applicable to both SCAs and SBAs for Certificates and Tax Audit Reports while conducting Bank Audit.

7. Whether UDIN is to be generated for LFAR and / or other Bank Audit Reports?

As per UDIN applicability in 2nd Phase, UDIN is not required to be generated for LFAR and other Bank Audit Reports now.

8. What is the process to generate UDIN for certificates under Bank Audits?

For generating UDIN, the “Document type” is to be selected as “Certificates”. Thereafter, date of signing of the document is to be mentioned. Under “Type of Certificate” select “Certificate issued by Statutory Auditors of Banks”.

There are 3 mandatory fields for entering the financial figures / values from the document and the description of the figure/ value so entered.

The names of the Certificates are to be mentioned under the Caption “Document Description”.

9. How to generate one UDIN for more than one Certificate when there are 3 mandatory filled to be given from the Certificates?

While generating one UDIN for all the Certificates, some common figures /parameters should be given in 3 mandatory fields and if no common figure is there then name of the Bank and Branch, Advances, Deposits etc must be the one common field which can be correlated with all the certificates.

10. Whether UDIN is mandatory for Tax Audit Reports that are filed online using Digital Signature?

UDIN will be applicable both for manually as well as digitally signed Reports / uploaded online. In case of digitally signed / online reports, UDIN has to be generated and retained for providing the same on being asked by any third party/ authority.

Tags : UDIN not Mandatory for Statutory Bank Audit, FAQ’s by ICAI, Whether UDIN is mandatory for Statutory Bank Audit, UDIN is mandatory for Tax Audit Report, udin

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Roll-out of new simplified GST return forms deferred

The pilot project envisaged for rolling out simplified monthly GST return forms from April 1 has been deferred and the new forms would be made available once they the notified and the software is ready.

The GST Council had in July last year decided that the simplified GST return forms — Sahaj and Sugam — would be rolled out on a pilot basis from April 1, 2019, while mandatory filing across the country would kick in from July.

In July last year, the Central Board of Indirect Taxes and Customs (CBIC) had come out with the draft GST returns forms and sought comments from stakeholders.

Under the new return filing format, taxpayers who have no purchases, no output tax liability and no input tax credit in any quarter of the financial year would have to file one ‘Nil’ return for the entire quarter. Facility for filing quarterly return shall also be available by an SMS.

The new return filing format would replace the current requirement of filing final sales return GSTR-1; but as per the plan, summary sales return GSTR-3B would continue for some time.

“The pilot project of new return filing has been deferred. New date would be decided. The forms would be notified first; following which, the pilot would be launched. Systems are being developed for the new forms,” an official said.

Small taxpayers, with turnover of up to Rs 5 crore in the last financial year, can file quarterly return with monthly payment of taxes on self-declaration basis.

The return form ‘Sahaj’ is for businesses which make supplies to only consumers (B2C). It includes details of outward supplies and inward supplies attracting reverse charge as well as summary of inward supplies for claiming input tax credit (ITC).

Also, such B2C businesses will have to show harmonised system nomenclature (HSN)-wise summary of supplies and interest and late fee liability details along with payment of tax and verification. HSN is a code number to specify a particular product.

Besides, businesses making supplies to both businesses (B2B) and consumers (B2C) have to file returns form ‘Sugam’. It includes summary of supplies made and tax liability, summary of inward supplies for claiming ITC, along with details of interest due and tax payment.

When goods and services tax (GST) was rolled out from July 1, 2017, a three-stage monthly return filing system was set up — GSTR-1 (sales return), GSTR-2 (purchase return) and GSTR-3 (final returns based on GSTR-1 and 2 matching).

However, with businesses facing trouble, the GST Council decided in November 2017 to keep filing of GSTR-2 and 3 in abeyance. It also introduced a simpler GSTR-3B to facilitate easier return filing and tax payment.

Source: PTI

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Due Dates for E-Filing of TDS/TCS Return FY 2019-20 | AY 2020-21

Due date calendar of April 2019 | GST Due date calendar for April 2019

Anti-Profiteering Provisions-Passing on the Benefit of Tax Rate Reduction

Anti-Profiteering Provisions-Passing on the Benefit of Tax Rate Reduction

When one talks about litigations in GST, one provisions which has been gaining more and more mentions day by day is Section 171 of CGST Act, 2017. The bone of contention being Passing of the benefit of Input Tax Credit. All three major players in GST i.e. Consumer, Registered persons and Government find themselves at crossroads with no definite solution in sight in the very near future.

Consumers believe that due benefit of Input Tax Credit is not being passed on to them. Registered persons believe that ascertainment of the benefit of Input Tax Credit to be passed on to the customers involves pure estimation. Government wants every penny of the benefit of Input Tax Credit being passed on to the consumers and in the process goes down to tenth decimal of the percentage as if benefit of Input Tax Credit on to be passed to the consumers is something which can be identified and felt as a clearly as living object passing by another person. All three major players revolve around the provisions of Section 171 of CGST Act, 2017.

Let’s try to analyse the provisions with relevant Judicial Rulings.

1. Section 171 of CGST Act, 2017:- What is an Anti-Profiteering Measure

Section 171(1) provides that any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. Therefore, provision identifies two events wherein benefit of either of them has to be passed on to the consumer i.e.

• Any reduction in rate of tax on any supply of goods or services.

• Benefit of input tax credit.

2. Benefit of any reduction of rate of tax on any supply of goods or services

The provision says that any reduction in rate of tax on any supply of goods or services has to be passed on to the recipients by way of commensurate reduction in prices. Therefore, for the provision to be applicable, there has to be reduction in rate of tax on any supply of goods or services. If there has been no reduction in rate of taxes, provisions of this section would not be applicable. Secondly, if the commensurate benefit of reduction has been passed on to the recipient, provisions of the anti-profiteering would not be applicable on the supplier.

3. How Impact can be calculated under the provision:

Assessing the impact of anti-profiteering under this clause is much simpler than in the other clause of Input Tax Credit. Supposedly, selling price of a product happens to be say Rs 100 and it is taxable at the rate of 20%. Subsequently the tax rate was reduced to 10%. Therefore, once the tax rate is reduced from 20% to 10% and the suppliers continues charging tax @ 10% on Rs 100/-. It would be deemed that the benefit of rate reduction has been passed on to the buyer. However, if the supplier raises the base price to say 105 and then charges 10%. He would be guilty of anti- profiteering by Rs 5/- on the product.

4. Legal Rulings on applicability of Anti profiteering Provisions on reduction of tax rate

In the matter of R.K. Gupta v. Abbott Healthcare (P.) Ltd. [2019], applicant filed application before Anit-Profiteering Authority alleging that respondent had not passed on benefit of reduction in rate of tax. It was held that GST rate on product was reduced from 28% to 18% w.e.f. 15-11-2017 vide Notification No. 41/2017-Central Tax (Rate), dated 14-11-2017, but respondent increased base price of product from Rs. 202.06 to Rs. 230.90 per unit which resulted in increasing of selling price amounting to denial of not passing benefit of tax reduction to customers and, therefore, respondent had indulged in profiteering and was directed to reduce price of product as per provisions of Rule 133(3)(a) of CGST Rules, 2017, by making commensurate reduction in its price

In another matter Kerala State Screening Committee on Anti-Profiteering v. Asian Paints Ltd. (NAA) it was held that since respondent had maintained same base price post reduction in rate of tax resulting in reduction in cum-tax price and benefit of tax reduction has been passed on by respondent by commensurate reduction in his price, respondent cannot be held guilty under section 171 of the CGST Act, 2017.

In another matter Rahul Sharma v. Cloudtail India (P.) Ltd. (NAA), applicant filed an application against respondent before Anti Profiteering Authority alleging that respondent had not passed on benefit of reduction in GST rate applicable to printing cartridges (HSN 8443) from 28 per cent to 18 per cent with effect from 15-11-2017 and had increased their base price, due to which there was no reduction in price charged from recipients. It was held that by increasing base price of said goods and also by increasing cum-tax price charged from recipients post GST rate reduction, benefit of GST rate reduction was not passed on by respondent to recipients and respondent had indulged in profiteering and, therefore, respondent was directed to reduce price of product as per provisions of Rule 133(3)(a) of CGST Rules, 2017 by making commensurate reduction in prices, keeping in view reduction in rate of tax.

5. Legal Rulings for non-application of Anti Profiteering Provisions, when there has been no change in base price after reduction in tax rate

In the matter of kerala State Level Screening Committee on Anti-Profiteering v. Somany Ceramics Ltd, it was held that there has been reduction in rate of tax on above stated product from 28 per cent to 18 per cent with effect from 15-11-2017 as per the Notification No. 41/2017-Central Tax (Rate) dated 14-11-2017. It is also revealed from record that respondent had not increased discounted price of above product which had remained Rs. 374.74 before and after tax reduction, as was evident from both invoices issued by him before and after tax reduction and therefore, benefit of tax reduction had duly been passed on to customers by the respondent. Hence, the allegation of profiteering was not established against respondent in terms of section 171 of the CGST Act, 2017 as there had been no change in base price of product after reduction in GST rate with effect from 15-11-2017.

In the matter of Kerala State Screening Committee on Anti-Profiteering v. Asian Paints Ltd, it was held that where Standing Committee on Anti-profiteering alleged profiteering by respondent on supply of Paint by not passing on benefit of reduction in rate of tax of GST w.e.f. 15-11-2017, since respondent had maintained same base price post reduction in rate of tax resulting in reduction in cum-tax price and benefit of tax reduction has been passed on by respondent by commensurate reduction in his price, respondent cannot be held guilty under section 171 of the CGST Act, 2017. In the matter of Kerala State Screening Committee on Anti-Profiteering v. Velbon Vitrified Tiles (P.) Ltd., it was held that where applicant alleged profiteering by respondent on supply of ‘Ceramic Vitrified Tiles’ 600X600 Nano Series PRE-1 (HSN code 69072100), by not passing on benefit of reduction in rate of tax of GST from 28 per cent to 18 per cent, since base price of product had remained same even after GST rate reduction w.e.f 15.11.2017, therefore, benefit of rate reduction had passed on, anti-profiteering provisions contained in section 171(1) were not attracted

6. Legal Rulings for non-application of Anti Profiteering Provisions, when there has been no reduction in tax rate

In the matter of State Level Screening on Anti-Profiteering v. Ramraj Handlooms (NAA) it was held that where rate of tax on product, I.e., Little Stars Dhoti (5-6) was 2 per cent in pre-GST era (CST) which was increased to 5 per cent in post-GST era (GST) and respondent seller did not increase base price (excluding tax) of product, there was no reduction in rate of tax on product w.e.f. 1-7-2017 and that rate of tax in post-GST era had also been increased from CST at rate of 2 per cent to IGST at rate of 5 per cent and, therefore, allegation of profiteering was not sustainable in terms of section 171 of the GST Act, 2017.

In the matter of Kerala State Screening Committee on Anti-Profiteering v. Emke Silks & Garments (P.) Ltd (NAA), it was held that it was clear from perusal of facts that there was no reduction in rate of tax on above product with effect from 1-7-2017, anti-profiteering provisions were not attracted.

Similar ruling has been given in the matter of Kerala State Screening Committee on Anti-profiteering v. Sudarsans and Kerala State Screening Committee on Anti-profiteering v. S.J. Spices Ltd.

Tags : anti profiteering rules in gst, anti profiteering meaning, anti profiteering rules under gst

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Corporate Compliance Calendar April 2019

Corporate Compliance Calendar  April 2019

About Article :

This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”

Compliances under:

1. Compliance Requirement Under Income Tax Act, 1961
2. Compliance Requirement Under Goods & Services Act, (GST) 2017
3. Compliance Under Other Statutory Laws
4. Compliance Requirement Under SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015

5. Compliance Requirement For Companies Act, 2013

 

1. Compliance requirement under Income Tax act, 1961

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms/  (Filing mode)
Income Tax Act, 1961	07.04.2019	Due date for deposit of Tax deducted/collected for the month of March, 2019. (TDS & TCS)	TDS & TCS
Income Tax Act	14.04.2019	Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of February, 2019	194-IA
Income Tax Act	14.04.2019	Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of February, 2019	194-IB
Income Tax Act, 1961	15.04.2019	Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2019	Form 15CC
Income Tax Act, 1961	15.04.2019	Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2019	Form 3BB
Income Tax Act, 1961	30.04.2019	Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of March, 2019 has been paid without the production of a challan	Form 24G
Income Tax Act, 1961	30.04.2019	Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of March, 2019	Challan u/s 194-IA
Income Tax Act, 1961	30.04.2019	Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of March, 2019	Challan u/s 194-IB
Income Tax Act, 1961	30.04.2019	Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2019.
Income Tax Act, 1961	30.04.2019	Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2018 to March 31, 2019.	Form No. 61 containing particulars of Form No. 60
Income Tax Act, 1961	30.04.2019	Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.	Form. 15G/15H
Income Tax Act, 1961	30.04.2019	Due date for deposit of TDS for the period January 2019 to March 2019 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.	TDS under section 192, 194A, 194D or 194H

 

2. Compliance Requirement under Goods & Services Act,  (GST) 2017

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms/  (Filing mode)
GST, Act, 2017	10.04.2019	Form GSTR-7 for the month of March, 2019 (TDS Deductor)	GSTR-7
GST, Act, 2017	10.04.2019	TCS Collector (for the month of March, 2019)	GSTR – 8
GST, Act, 2017	11.04.2019	Return of outward supplies of taxable goods and/or services for the Month of February 2019 (for Assesses having turnover exceeding 1.5 Cr.) Monthly Return.	GSTR – 1
GST, Act, 2017	13.04.2019	Due date for Furnishing return of March 2019 by Input Service Distributors (ISD)	GSTR – 6
GST, Act, 2017	18.04.2019	Return filed by a Composition Dealer – Quarterly Return	GSTR – 4
GST, Act, 2017	20.04.2019	Summary of outward taxable supplies and tax payable by Non-Resident taxable person & OIDAR respectively. (for the month of March, 2019)	GSTR-5 & GSTR – 5A
GST, Act, 2017	20.04.2019	Simple GSTR return for the month of March, 2019	GSTR – 3B
GST, Act, 2017	30.04.2019	Return of outward supplies of taxable goods and/or services for the period January 2019 to March 2019 (for Assesses having turnover up to 1.5 Cr.) – Quarterly Return.	GSTR – 1

Some Important update(s)

• New return filing system to be started on a trial basis from April 1, 2019, and will be implemented by July 1, 2019
• The late fee shall be completely waived in case GSTR-1, GSTR-3B & GSTR-4 for the time period of months/quarters July 2017 to September 2018, which are furnished after 22nd December 2018 but on or before 31st March 2019
• Due date extended for furnishing GSTR-3B and GSTR-1 for the time period of July 2017 to February 2019 and quarterly July 2017 to December 2018 respectively till 31st March 2019.
• The revised due date of GST ITC 04 form is 31st March 2019 for the time period i.e. July 2017 to December 2018
• Recipient must avail the ITC till due date through the invoice issued by suppliers in the period of FY 2017-18 to furnish GSTR 3B for the time period of March 2019 but with some condition.

 

3. COMPLIANCE UNDER OTHER STATUTORY LAWS:

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms / (Filing mode)
EPF (The  Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)	15.04.2019	PF Payment for March, 2019	ECR
ESIC (Employees’ State  Insurance Act, 1948)	15.04.2019	ESIC Payment for March, 2019	ESI Challan
The Apprenticeship Act 1961	15.04.2019	Half Yearly Return March Ending	APP-2
The Employment Exchange (CNV) Act 1959 & Rules	30.04.2019	Quarterly Return For Quarter Ended 31st March	ER-1 Rule 6

 

4. COMPLIANCE REQUIREMENT UNDER SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (LODR) REGULATIONS, 2015 

FILING MODE(s) : ·         For BSE                     : BSE LISTING CENTRE ·        For NSE                     : NEAPS Portal

Quarterly Compliances

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
	Regulation 13 (3)	Statement of Investor complaints	Within 21 days from the quarter end. (on or before 21 April, 2019)
	Regulation 27 (2)	Corporate Governance Report	Within 15 days from quarter end. (on or before 15 April, 2019)
	Regulation 31	Shareholding Pattern	Within 21 days from quarter end (on or before 21 April, 2019)
	Regulation 32(1)	Statement of deviation(s) or variation(s). ( *for public issue, rights issue, preferential issue etc.)	Quarterly Basis
	Regulation 69	Indian Depository Receipt holding pattern & Shareholding details.	within 15 days of end of the quarter (on or before 15 April, 2019)

 

Half Yearly Compliances

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 7(3)	Compliance Certificate certifying maintaining physical and electronic transfer facility	Within one month of end of each half of the financial year (on or before 30 April, 2019)
2	Regulation  40(9)	Certificate from Practicing Company Secretary (PCS)	Within one month of end of each half of the financial year (on or before 30 April, 2019)
3	Regulation  40(10)	Transfer or transmission or transposition of securities	Within one month of end of each half of the financial year (on or before 30 April, 2019)

Annual Compliances

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 14	Listing fees & other Charges	Payment manner as specified by the Board of by Recognised Stock Exchange.
2	Regulation 34* (shall be amended w.e.f. April 2019)	Annual Report	Within 21 working days from the AGM Date

 

Event based Compliances 

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1.	Regulation 7 (5)	Intimation of appointment  / Change of Share Transfer Agent.	Within 7 days of Agreement with RTA.
2.	Regulation 17(2)	Meeting of Board of Directors	The board of directors shall meet at least 4 times a year, with a maximum time gap of 120 days between any two meetings.
3.	Regulation 18(2)	Meeting of the audit committee	The audit committee shall meet at least 4 times in a year and not more than 120 days shall elapse between two meetings.
4.	Regulation 29	Notice for Board Meeting to consider the prescribed matters.	The Company shall give an advance notice of:   a) at least 5 days for Financial Result as per Regulation 29 1 (a)   b) in case matters as stated in regulation 29 1 (b) to (f) –  2 Working days in advance (Excluding the date of the intimation and date of the meeting) to Stock Exchange.   c)  11 working days in case matter related to alteration in i) Securities ;ii) date of interest or redemption of Debenture / bond as per regulation 29(3) (a) ,(b).
5	Regulation 30	Outcome of Board Meeting (Schedule III Part A- (4)	within 30 minutes of the closure of the meeting
6.	Regulation 31	Holding of specified securities and shareholding pattern	Reg. 31(1)(a):  1 day prior to listing of its securities on the stock exchange(s);   Reg. 31(1)(c): within 10 days of any capital restructuring of the listed entity resulting in a change exceeding 2 % of the total paid-up share capital.
	Regulation 46	Company Website:. Listed entity shall disseminate the information as stated in Regulation 46 (2)	Shall update any change in the content of its website within 2   working days from the date of such change in content.

SEBI (Depositories and Participants) Regulations 1996)

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 55A of the SEBI (Depositories and Participants) Regulations, 1996.)	Reconciliation of Share Capital Audit.	Within 30 days from quarter end.

5. COMPLIANCE REQUIREMENT UNDER COMPANIES ACT, 2013 AND RULES MADE THEREUNDER;

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms / Filing mode
Companies Act, 2013	Within 180 Days From The Date Of Incorporation Of The Company	As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC. Link for MCA Notification.	MCA E- Form INC 20A
Companies Act, 2013	30 Days From The Date Of Deployment of E-Form on MCA Portal	Every existing body corporate other than a company governed by the NFRA Rules (Rule 3(1)), shall inform the (“NFRA”) about details of the auditor(s) as on 13th November 2018.	Form NFRA-1 (e-form not yet deployed Ministry (ROC))
Companies Act, 2013	within 30 days of the form being made available by the MCA	All Specified Companies (i.e. Companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per section 9 of the Micro, Small and Medium Enterprises Development Act, 2006) to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22nd January, 2019 within thirty days. Link of the MCA notification	Form MSME -1 One time return is required to be filed within 30 days of the form being made available by the MCA (earlier within 30 days of publication of this order i.e. 21.02.2019.)   Due date of subsequent returns is mentioned below: a) For Half year period ‘April to September’ – 31st October b) For half year period ‘October to March’ – 30th April
Companies Act, 2013	On or before 8th of May, 2019 (i.e. within 90 days from the date of notification)	A person having Significant beneficial owner shall file a declaration to the reporting company. Link for MCA Notification.	Form BEN-1
Companies Act, 2013	Within 30 Days	Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018. (Within 30 days from the date of receipt of declaration in BEN-1) Link for MCA Notification	Form BEN – 2 (e-form not yet deployed by Ministry (ROC))
Companies Act, 2013	On or before 25.04.2019	Filing of the particulars of the Company & its registered office. (by every company incorporated on or before the 31.12.2017.)	Active Form INC -22A
Companies Act, 2013	On or before 30.04.2019	Every Person holding DIN as on 31.03.2019 (including Directors having disqualified DIN) Penalty after due date is Rs. 5000/-	E-Form DIR – 3 KYC

­

Note:

Form DPT-3 (Due date: 21-04-2019)

Onetime Return For Disclosure Of Details Of Outstanding Money Or Loan Received By Company But Not Considered As Deposits In Terms Of Rule 2(1)(C) Of The Companies (Acceptance Of Deposits) Rules, 2014 (New e-form not yet deployed by Ministry (ROC)

Note: Every Company (Other Than Government Company) Shall File A Onetime Return Of Outstanding Receipt Of Money Or Loan From 01st April, 2014 Till 22nd January, 2019, Which Are Not Considered As Deposits, In Form DPT-3 Within Ninety Days of 22nd January, 2019.

 

—————————————————————————————————————

This article is updated till 29^th March, 2019 with all Laws / Regulations and their respective amendments.           

———————————————-THE   END———————————-

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New GST Rates for Real Estate Sector Notified [Read GST Notification]

New GST Rates for Real Estate Sector Notified [Read GST Notification]

To boost real estate sector GST council in its 34th GST Council Meeting recommended GST Rate of 1% for Construction Projects (For Homes Purchased Under Credit-Linked Subsidy Scheme) and 5% for other construction projects.

The same has been notified now and is applicable with effect from 1st April 2019.

New GST Rates for Real Estate Sector Notified [Read GST Notification]

Notifications making amendment in Old CGST Rate notifications are given below for reference :

S.no.	Notification		Remarks
1.)	03/2019-Central Tax (Rate) ,dt. 29-03-2019	Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by Goods and Services Tax Council for real estate sector.	1.) GST rate of 1% (Without ITC) is applicable On Under Construction Properties (For Homes Purchased Under Credit-Linked Subsidy Scheme)   2.) GST rate of 5% (Without ITC) is applicable On Under Construction Properties (Other than above)
2.)	04/2019-Central Tax (Rate) ,dt. 29-03-2019	Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector.	Supply of TDR(transfer of development rights), FSI(Floor Space Index), long term lease (premium) of land by a landowner to a developer has been exempted subject to the condition that the constructed flats are sold before issuance of completion certificate and tax is paid on them.
3.)	05/2019-Central Tax (Rate) ,dt. 29-03-2019	Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector.	Reverse Charge Mechanism applicable in case of supply of certain services to the Promoter of the Real Estate Project :   1. Services supplied by any person by way of transfer of development rights or Floor Space Index (FSI) (including additional FSI) for construction of a project by a promoter.   2. Long term lease of land (30 years or more) by any person against consideration in the form of upfront amount (called as premium, salami, cost, price, development charges or by any other name) and/or periodic rent for construction of a project by a promoter.

Notifications making amendment in Old IGST Rate notifications are given below for reference :

S.no.	Notification		Remarks
1.)	03/2019-Integrated Tax (Rate) ,dt. 29-03-2019	Seeks to amend notification No. 8/2017- Integrated Tax (Rate) so as to notify IGST rates of various services as recommended by Goods and Services Tax Council for real estate sector.	1. GST rate of 1% (Without ITC) is applicable On Under Construction Properties (For Homes Purchased Under Credit-Linked Subsidy Scheme)   2.) GST rate of 5% (Without ITC) is applicable On Under Construction Properties (Other than above)
2.)	04/2019-Integrated Tax (Rate) ,dt. 29-03-2019	Seeks to amend notification No. 9/2017- Integrated Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector.	Supply of TDR(transfer of development rights), FSI(Floor Space Index), long term lease (premium) of land by a landowner to a developer has been exempted subject to the condition that the constructed flats are sold before issuance of completion certificate and tax is paid on them.
3.)	05/2019-Integrated Tax (Rate) ,dt. 29-03-2019	Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector.	Reverse Charge Mechanism applicable in case of supply of certain services to the Promoter of the Real Estate Project :   1. Services supplied by any person by way of transfer of development rights or Floor Space Index (FSI) (including additional FSI) for construction of a project by a promoter.   2. Long term lease of land (30 years or more) by any person against consideration in the form of upfront amount (called as premium, salami, cost, price, development charges or by any other name) and/or periodic rent for construction of a project by a promoter.

Notifications making amendment in Old UTGST Rate notifications are given below for reference :

S.no.	Notification		Remarks
1.)	03/2019-Union Territory tax(rate), dt. 29-03-2019	Seeks to amend notification No. 11/2017- Union Territory Tax (Rate) so as to notify UTGST rates of various services as recommended by Goods and Services Tax Council for real estate sector.	1. GST rate of 1% (Without ITC) is applicable On Under Construction Properties (For Homes Purchased Under Credit-Linked Subsidy Scheme)   2.) GST rate of 5% (Without ITC) is applicable On Under Construction Properties (Other than above)
2.)	04/2019-Union Territory tax(rate), dt. 29-03-2019	Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector.	Supply of TDR(transfer of development rights), FSI(Floor Space Index), long term lease (premium) of land by a landowner to a developer has been exempted subject to the condition that the constructed flats are sold before issuance of completion certificate and tax is paid on them.
3.)	05/2019-Union Territory tax(rate), dt. 29-03-2019	Seeks to amend notification No. 13/2017- Union Territory Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector.	Reverse Charge Mechanism applicable in case of supply of certain services to the Promoter of the Real Estate Project :   1. Services supplied by any person by way of transfer of development rights or Floor Space Index (FSI) (including additional FSI) for construction of a project by a promoter.   2. Long term lease of land (30 years or more) by any person against consideration in the form of upfront amount (called as premium, salami, cost, price, development charges or by any other name) and/or periodic rent for construction of a project by a promoter.

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Step by Step guide to change E-mail ID and/or Mobile Number on GSTN Portal

Step by Step guide to change E-mail ID and/or Mobile Number on GSTN Portal

Tax Payers have registered in GST Regime either as migrated category based on provisional ID provided based on existing registration (VAT/Service Tax/ Excise, etc) or have obtained fresh registration post commencement of GST.

In many cases they have obtained the assistance of tax professional or have registered on their own. While obtaining registration number or enrolling they provided email id or mobile number which may require to be changed now since they have changed the professional, employees have left the organisation whose details were provided.

It becomes a cumbersome process to change the mobile number or email id of primary authorized signatory on GSTN Portal.

We are providing step by step process to change mobile number or email id of primary authorized signatory –

Step-1: Login to GST portal (http://www.gst.gov.in/) with your user id and password.

Step-2: Click on the registration bar and select the non-core amendment.

Step-3: Click on the authorized signatory tab.

Step-4: Add new authorized signatory whose email and mobile number you wish to add (New).

Step-5: Go to verification tab and submit the application.

Step-6: After submission of application please wait for some time (15 minutes).

Step-7: Login again with user id and password.

Step-8: Go to the authorized signatory tab – de-select the primary authorized signatory check box.

Step-9: Select the newly added authorized signatory as primary authorized signatory

(Important: Older mobile and email id will be prefetched by the system. Please ensure to change the mobile and email id to which you want to add.)

Step-10: Go to the verification tab and submit,

[Note: For Company/LLP DSC sign the application with DSC and for individuals please use OTP]

 

This article has been shared by TaxMarvel:

TaxMarvel is a Consulting firm focused on providing GST services to small and medium enterprises. We offer host of GST Services be it registration or compliance or consulting or litigation support. We make GST easy for businesses by bringing in technology and subject matter expertise.

TaxMarvel is founded by Chartered Accountants and Management Graduates who have extensive industry expertise. The founders have experience in Big4 consulting firm at a managerial level and has also headed a leading GST Suvidha Provider (GSP).

Our mission is to make available GST solution with utmost focus on client satisfaction. We are present at following locations: Hyderabad, Kolkata, Mumbai, New Delhi & Bangalore. 

Our bouquet of services:

GST Compliance Services | GST Advisory and Consulting | GST Health Check | ITC Management | GST Refund Assistance | Advance Ruling and Litigation Support | GST E-Way Bill Services | GST Training and SOP Development

You can contact us at: Email: support@taxmarvel.com | Mobile No. +91-9903129064

Disclaimer: The content of this document is for general information purpose only. TaxMarvel shall not accept any liability for any decision taken based on the advice. You should carefully study the situation before taking any decision.

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GST Composition Scheme rules related to ITC amended by CBIC [GST Notification]

GST Composition Scheme rules related to ITC amended by CBIC [GST Notification]

[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India

Ministry of Finance

(Department of Revenue)

Notification No. 9/2019-Central Tax (Rate)

New Delhi, the 29th March, 2019

G.S.R……(E).- In exercise of the powers conferred by sub-section (1) of section 9, sub- section (1) of section 11, sub-section (1) of section 16 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (herein after referred to as the “said Act”), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 02/2019- Central Tax (Rate), dated the 7th March, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 189(E), dated the 7th March, 2019, namely:-

In the said notification, –

(i) in the Table, in column 3, after clause 7, the following clause shall be inserted, namely: –

“8. Where any registered person who has availed of input tax credit opts to pay tax under this notification, he shall pay an amount, by way of debit in the electronic credit ledger or electronic cash ledger, equivalent to the credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock and on capital goods as if the supply made under this notification attracts the provisions of section 18(4) of the said Act and the rules made there-under and after payment of such amount, the balance of input tax credit, if any, lying in his electronic credit ledger shall lapse.”;

(ii) in paragraph 3, in the Explanation, after clause (ii), the following clause shall be inserted, namely: –

“(iii) the Central Goods and Services Tax Rules, 2017, as applicable to a person paying tax under section 10 of the said Act shall, mutatis mutandis, apply to a person paying tax under this notification.”.

2. This notification shall come into force on the 1st day of April, 2019.

[F.No.354/25/2019-TRU]

(Pramod Kumar)

Deputy Secretary to the Government of India

Note: -The principal notification No. 02/2019 – Central Tax (Rate), dated the 7th March, 2019 was published in the Gazette of India, Extraordinary, vide number G.S.R. 189 (E), dated the 7th March, 2019.

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RCM on Real Estate sector on reciept of goods or service from unregistered supplier [GST Notification]

RCM on Real Estate sector on reciept of goods or service from unregistered supplier [GST Notification]

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

Government of India

Ministry of Finance

(Department of Revenue)

Notification No. 07/2019- Central Tax (Rate)

New Delhi, the 29th March, 2019

G.S.R……(E).- In exercise of the powers conferred by sub-section (4) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby notifies that the registered person specified in column (3) of the table below, shall in respect of supply of goods or services or both specified in column (2) of the Table below, received from an unregistered supplier shall pay tax on reverse charge basis as recipient of such goods or services or both, namely:-

Table

Sl. No.	Category of supply of goods and services	Recipient of goods                        and services
(1)	(2)	(3)
1	Supply of such goods and services or both [other than services by way of grant of development rights, long term lease of land (against upfront payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI)] which constitute the shortfall from the minimum value of goods or services or both required to be purchased by a promoter for construction of project, in a financial year (or part of the financial year till the date of issuance of completion certificate or first occupation, whichever is earlier) as prescribed in notification No. 11/ 2017- Central Tax (Rate), dated 28th June, 2017, at items (i), (ia), (ib), (ic) and (id) against serial number 3 in the Table, published in Gazette of India vide G.S.R. No. 690, dated 28th June, 2017, as amended.	Promoter.
2	Cement falling in chapter heading 2523 in the first schedule to the Customs Tariff Act, 1975 (51 of 1975) which constitute the shortfall from the minimum value of goods or services or both required to be purchased by a promoter for construction of project, in a financial year (or part of the financial year till the date of issuance of completion certificate or  first  occupation, whichever is earlier) as prescribed in notification No. 11/ 2017- Central Tax (Rate), dated 28th  June, 2017, at items (i), (ia), (ib), (ic) and (id) against serial number 3 in the Table, published in Gazette of India vide G.S.R. No. 690, dated 28th June, 2017, as amended.	Promoter.
3	Capital goods falling under any chapter in the first schedule to the Customs Tariff Act, 1975 (51 of 1975) supplied to a promoter for construction of a project on which tax is payable or paid at the rate prescribed for items (i), (ia), (ib), (ic) and (id) against serial number 3 in the Table, in notification No. 11/ 2017- Central Tax (Rate), dated 28th June, 2017, published in Gazette of India vide G.S.R. No. 690, dated 28th June, 2017, as amended.	Promoter

Explanation. – For the purpose of this notification, –

(i) the term “promoter” shall have the same meaning as assigned to it in in clause (zk) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);

(ii) “project” shall mean a Real Estate Project (REP) or a Residential Real Estate Project (RREP);

(iii) the term “Real Estate Project (REP)” shall have the same meaning as assigned to it in in clause (zn) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);

(iv) “Residential Real Estate Project (RREP)” shall mean a REP in which the carpet area of the commercial apartments is not more than 15 per cent. of the total carpet area of all the apartments in the REP.

(v) the term “floor space index (FSI)” shall mean the ratio of a building’s total floor area (gross floor area) to the size of the piece of land upon which it is built.

2. This notification shall come into force with effect from the 1st of April, 2019.

[F. No. 354/32/2019- TRU]

(Pramod Kumar)

Deputy Secretary to the Government of India

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Central Goods and Services Tax (Second Amendment) Rules 2019 [GST Notification]

Central Goods and Services Tax (Second Amendment) Rules 2019 [GST Notification]

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]

Government of India

Ministry of Finance

(Department of Revenue)

Central Board of Indirect Taxes and Customs

Notification No. 16/2019 – Central Tax

New Delhi, the 29th March, 2019

G.S.R……(E). – In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-

1. (1) These rules may be called the Central Goods and Services Tax (Second Amendment) Rules, 2019. (2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the official gazette.

2. In the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), in rule 41, in sub-rule (1), after the proviso, the following explanation shall be inserted, namely: –

“Explanation: – For the purpose of this sub-rule, it is hereby clarified that the “value of assets” means the value of the entire assets of the business, whether or not input tax credit has been availed thereon.”.

3. With effect from 1st April, 2019, in Rule 42 of the said rules,-

(a) in sub rule (1),-

a. in clause (f), the following Explanation shall be inserted, namely:- “Explanation: For the purpose of this clause, it is hereby clarified that in case of supply of services covered by clause (b) of paragraph 5 of Schedule II of the said Act, value of T4 shall be zero during the construction phase because inputs and input services will be commonly used for construction of apartments booked on or before the date of issuance of completion certificate or first occupation of the project, whichever is earlier, and those which are not booked by the said date.”

b. in clause (g), after the letter and figure “FORM GSTR-2”, the words, letters and figure “and at summary level in FORM GSTR-3B” shall be inserted;

c. in clause (h),-

i. for the brackets and letter “(g)”, the brackets and letter “(f)” shall be substituted;

d. in clause (i),-

i. before the proviso, the following proviso shall be inserted, namely:- “Provided that in case of supply of services covered by clause (b) of paragraph 5 of Schedule II of the Act, the value of ‘E/F’ for a tax period shall be calculated for each project separately, taking value of E and F as under:-

E= aggregate carpet area of the apartments, construction of which is exempt from tax plus aggregate carpet area of the apartments, construction of which is not exempt from tax, but are identified by the promoter to be sold after issue of completion certificate or first occupation, whichever is earlier;

F= aggregate carpet area of the apartments in the project;

Explanation 1: In the tax period in which the issuance of completion certificate or first occupation of the project takes place, value of E shall also include aggregate carpet area of the apartments, which have not been booked till the date of issuance of completion certificate or first occupation of the project, whichever is earlier;

Explanation 2: Carpet area of apartments, tax on construction of which is paid or payable at the rates specified for items (i), (ia), (ib), (ic) or (id), against serial number 3 of the Table in the notification No. 11/2017-Central Tax (Rate), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated 28th June, 2017 vide GSR number 690(E) dated 28th June, 2017, as amended, shall be taken into account for calculation of value of ‘E’ in view of Explanation (iv) in paragraph 4 of the notification No. 11/2017-Central Tax (Rate), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (i) dated 28th June, 2017 vide GSR number 690(E) dated 28th June, 2017, as amended.

ii. in the proviso, for the word “Provided”, the words “Provided further” shall be substituted;

e. for the clause (l), the following clause shall be substituted, namely:-

“(l) the amount ‘ C3 ‘ , ‘D1’ and ‘D2’ shall be computed separately for input tax credit of central tax, State tax, Union territory tax and integrated tax and declared in FORM GSTR-3B or through FORM GST DRC-03;”;

f. in the clause (m), for the words “added to the output tax liability of the registered person”, the words, letters and figures “reversed by the registered person in FORM GSTR-3B or through FORM GST DRC-03” shall be substituted;

(b) in sub rule (2), for the words “The input tax credit”, the words, figures and bracket “Except in case of supply of services covered by clause (b) of paragraph 5 of the Schedule II of the Act, the input tax credit” shall be substituted;

(c) in the clause (a) of sub-rule (2), for the words “added to the output tax liability of the registered person”, the words, letters and figures “reversed by the registered person in FORM GSTR-3B or through FORM GST DRC-03” shall be substituted;

(d) after sub rule (2), the following sub rules shall be inserted, namely:-

“(3) In case of supply of services covered by clause (b) of paragraph 5 of the Schedule II of the Act, the input tax determined under sub-rule (1) shall be calculated finally, for each ongoing project or project which commences on or after 1st April, 2019, which did not undergo or did not require transition of input tax credit consequent to change of rates of tax on 1st April, 2019 in accordance with notification No. 11/2017- Central Tax (Rate), dated the 28th June, 2017, published vide GSR No. 690(E) dated the 28th June, 2017, as amended for the entire period from the commencement of the project or 1st July, 2017, whichever is later, to the completion or first occupation of the project, whichever is earlier, before the due date for furnishing of the return for the month of September following the end of financial year in which the completion certificate is issued or first occupation takes place of the project, in the manner prescribed in the said sub-rule, with the modification that value of E/F shall be calculated taking value of E and F as under:

E= aggregate carpet area of the apartments, construction of which is exempt from tax plus aggregate carpet area of the apartments, construction of which is not exempt from tax, but which have not been booked till the date of issuance of completion certificate or first occupation of the project, whichever is earlier:

F= aggregate carpet area of the apartments in the project;

and,-

(a) where the aggregate of the amounts calculated finally in respect of ‘D1’ and ‘D2’ exceeds the aggregate of the amounts determined under sub-rule (1) in respect of ‘D1’ and ‘D2’ , such excess shall be reversed by the registered person in FORM GSTR-3B or through FORM GST DRC-03 in the month not later than the month of September following the end of the financial year in which the completion certificate is issued or first occupation of the project takes place and the said person shall be liable to pay interest on the said excess amount at the rate specified in sub-section (1) of section 50 for the period starting from the first day of April of the succeeding financial year till the date of payment; or

(b) where the aggregate of the amounts determined under sub-rule (1) in respect of ‘D1’ and ‘D2’ exceeds the aggregate of the amounts calculated finally in respect of ‘D1’ and ‘D2’, such excess amount shall be claimed as credit by the registered person in his return for a month not later than the month of September following the end of the financial year in which the completion certificate is issued or first occupation takes place of the project.

(4) In case of supply of services covered by clause (b) of paragraph 5 of Schedule II of the Act, the input tax determined under sub-rule (1) shall be calculated finally, for commercial portion in each project, other than residential real estate project (RREP), which underwent transition of input tax credit consequent to change of rates of tax on the 1st April, 2019 in accordance with notification No. 11/2017- Central Tax (Rate), dated the 28th June, 2017, published vide GSR No. 690(E) dated the 28th June, 2017, as amended for the entire period from the commencement of the project or 1st July, 2017, whichever is later, to the completion or first occupation of the project, whichever is earlier, before the due date for furnishing of the return for the month of September following the end of financial year in which the completion certificate is issued or first occupation takes place of the project, in the following manner.

Click here to Read the Full NotificationDownload

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GST Updates – Important points to consider while filing GST Annual Return

GST Updates – Important points to consider while filing GST Annual Return

Facility to file GST Annual Return for Regular Tax Payers for the FY 2017-18 on GSTN Portal:

The GSTN Portal has opened the facility to file GST Annual Return for Regular Tax Payers in form GSTR 9 from today i.e. 6^th of March 2019.

While the facility to file Annual Return (GSTR 9) is  made available online, offline facility is also proposed to be made available along with an offline utility.

1.) Following path may be chosen to file Annual Return (GSTR 9) –

 Login to the Portal     >    Return Dashboard      >    Annual Return  (GSTR 9)     >       Prepare Online    

2.) Important Points to Note –

– Last date to file Annual Return for FY 2017-18 is 30^th June 2019.

– Annual Return once filed cannot be revised. Hence, check the details before filing Annual return

– Reconcile your ITC with Auto-populated details through GSTR 2A. The current Annual return template captures ITC for GSTR 1 filed by suppliers upto 29.01.2019. next auto updating will be made on 01.03.2019. For any missing credits contact your vendors to file their GSTR 1 and also wait for next updation. System shall restrict ITC to lower of the following – ITC claimed as per 3B or auto populated as per GSTR 2A.

– Check all particulars before filing Annual return

3.) How to Prepare the Annual return in Online mode –

– Click on ‘Prepare Online’

– Select from the questionnaire page, whether you wish to file NIL Annual return;

– You may download the draft system generated GSTR-9, summary of GSTR-1 and summary of GSTR-3B from GSTR-9 dashboard for your reference;

– If number of records/lines are less than or equal to 500 records per table (Table 17 and Table 18), then you may use this facility;

– Fill in the details in different tables and click on ‘Compute Liabilities’; and

– Click on ‘Proceed to file’ and ‘File GSTR-9’ with DSC/EVC.

– Additional liability, if any declared in this return can be paid through Form GST DRC-03 by selecting ‘Annual Return’ from the dropdown in the said form. Such liability can be paid only through cash.

File Offline if number of records/lines either in Table-17 (HSN wise summary of Outward Supplies) or Table-18 (HSN wise summary of Inward Supplies) are more than 500 records per table, then you can prepare your return by using the offline utility only and the same can be subsequently uploaded on Common Portal.

4.) How to file it Offline –

You can download the GSTR-9 offline tool from the ‘Downloads’ section in the pre-login page on the portal and installed it on your computer.

– Click on ‘Prepare Offline’;

– Click on ‘Download’ to download auto-drafted GSTR-9 details, if any;

– Follow instructions in ‘GSTR-9 offline tool’ to add details and generate JSON file for upload; and

– Click on ‘Upload’ to upload JSON file and file the return with help of instruction available on GSTR-9 dashboard.

5.) When do we file “NIL” Annual Return (GSTR 9) –

If you have, during the financial year (July 2017 to March 2018)

– Not made any outward supply (commonly known as sale); and

– Not received any inward supplies (commonly known as purchase) of goods/services; and

– No liability of any kind; and

– Not claimed any Credit during the Financial Year; and

– Not received any order creating demand; and

– Not claimed any refund.

6.) Steps to prepare GSTR 9 return online –

– Download the draft system computed GSTR-9, summary of Form GSTR-1 and GSTR-3B for the financial year by clicking on relevant buttons. This is only for reference for filling the return, and will facilitate in providing details in actual tables.

– Click on tables (Box) selected and fill in the required details;

– Summary of added details would be available on the relevant box;

– Click on ‘Preview’ button to view summary in PDF or Excel format; and

– After adding and confirming the details, follow filing process as indicated at the bottom of this page.

7.) Steps to file Annual Return –

– Click on ‘Compute Liabilities’; for computation of Late fee, if any;

– ‘Proceed to File’ button would be enabled once late fee is calculated by system;

– Click on “Proceed to File” to pay liabilities and file the return ;

– Additional details can be added even after clicking on ‘Compute Liabilities’ or ‘Proceed to file’ button. However, in that case, you would be required to follow steps 1 to 3 again to file the return ;

– Click on ‘Download Filed GSTR-9 (pdf)’ button to view summary of filed details in PDF format; and

– You can also download all filed details as an excel file by clicking on ‘Download GSTR-9 details (Excel)’.

8.)Some precautions to be taken while filing Annual Return –

In the following fields, where the system computed values would be modified by more/less than 20%, shall be highlighted in ‘Red’ for reference and attention:

Table 4 – Details of advances, inward and outward supplies made during the financial year on which tax is payable

Table 5 – Details of Outward supplies made during the financial year on which tax is not payable

Table 6 – Details of ITC availed during the financial year

TaxMarvel Comments – The Annual Return template made available on GSTN portal is a welcome move. Auto population of details shall save time and minimize errors as well. Tax Payers are to exercise caution while preparing and filing Annual Return.

Note – This is for information only. For exact details of changes, the notification/Circular may please be referred to, as and when they are issued.

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