1. TDS & TCS provisions will be effective from 1st Oct 2018.
2. Form GSTR-9C released. Due date of filing GSTR -9C yet to be notified.
1. Extension of Due date for GSTR-3B only for newly migrated taxpayers for months July 2017 to Nov 2018 till 31st December 2018. The due dates remain unchanged for rest of the taxpayers.
2. Extension of Due date for GSTR-1in case of taxpayers with turnover above Rs 1.5 crores in previous FY or Current FY
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E-commerce companies will from 1 October have to deduct 1 percent tax collected at source (TCS) before making payments to their suppliers.
The Finance Ministry Thursday notified TCS at the rate of 0.50 percent of the net value of intra-state taxable supplies made through the e-commerce portals by other suppliers in the Central Tax law.
States too would follow suit and notify levy of 0.50 percent SGST on intra-state supplies.
In the case of inter-state supplies by the e-commerce companies, Integrated GST (IGST) at the rate of 1 percent would be deducted in the form of TCS while making payments to suppliers.
The ministry had last week notified 1 October as the date for implementation of the TCS provision under the Goods and Services Tax (GST) law. The law provided for levy of up to 1 percent TCS.
EY Tax Partner Abhishek Jain said, "As the law had provided a levy up to 1 percent, the e-commerce industry was awaiting this release of the exact rate of TCS essentially to configure it into their system."
AMRG & Associates Partner Rajat Mohan said the government has notified operation of TDS provisions on payments made by government agencies and TCS provisions for specified e-commerce operators effective 1 October 2018.
"These twin provisions are expected to further deepen the penetration of tax authorities in the economy, and it is likely to carve out widespread tax evasion of not only indirect taxes but also direct taxes," Mohan said.
The GST, which subsumed over a dozen local taxes, was rolled out from July 1, 2017. However, to make it simpler for businesses in the initial months of rollout, TDS/TCS provisions of GST laws were kept in abeyance till 30 June. Later on, it was deferred till 30 September, 2018.
TCS provision would increase compliance burden for e-commerce companies but help government in checking tax evasion.
Meanwhile, industry body IAMAI Thursday termed the provision of ‘Tax Collected at Source’ (TCS) for e-commerce players as an “unfair liability imposition” on the sector, noting that it will create operational challenges.
E-commerce companies have been mandated to deduct one percent TCS before making payments to their suppliers with effect from 1 October.
The association pointed out that online marketplaces, as recognised by the IT Act 2000, are intermediaries only providing a technological platform and “are not actually engaged in the act of retail trade”.
“Mandating technological platforms to collect GST for retail activities undertaken by sellers on-boarded on their platform is a contradiction of the intermediary role played by such platforms; and a forceful imposition of undertaking tax liabilities for activities beyond their remit,” it asserted.
IAMAI argued that any service provider of certain category of service should not be burdened with tax liabilities of other forms of services, even though the former may facilitate sales.
“TCS will create compliance burdens for MSME/petty producers conducting businesses online. Start-up online marketplaces now face a greater challenge to onboard MSME sellers on their new platforms because of the mandatory registration for online sellers as mandated due to TCS,” it said.
Finance Minister Arun Jaitley said on Saturday that the government will meet its fiscal deficit target of 3 per cent of gross product for the year, without cutting capital expenditure. This statement of intent aimed at markets and investors, is being considered bold by policy watchers and analysts, especially given the various challenges on revenue and spending front.
After Prime Minister Narendra Modi chaired a review of the 2018-19, Union Budget and the work done by various departments of the finance ministry this year, Jaitley said that the Centre will end the year without any capex cut and will collect direct taxes in excess of budgeted targets. Jaitley did not make the same claim for goods and services tax (GST), though government officials say that any shortfall in GST will be made up by other sources of revenue. The finance minister also said that the disinvestment target for Rs 800 billion for the year will possibly be exceeded.
After the April-July fiscal deficit data was released on August 31, several analysts hinted that the government may need to go for cuts in capital expenditure to meet the fiscal deficit target. That assessment has now been put on hold after Jaitley’s latest statement, with economists saying that a clearer picture of the Centre’s fiscal health will emerge around December.
However, there are certain pressures that experts point to (see box).
“With crude threatening to break $80 a barrel, the pressure on the external sector looks more palpable. In this context, the government’s decision to not go for excise duty cuts will cheer the markets. We believe that GST collections will pick up pace in the second half of the year. However, the Centre needs to keep a close eye on disinvestment receipts and non-tax revenue,” said Soumya Kanti Ghosh, chief economist, State Bank of India
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The Central government passed four sets of GST Acts in the Budget session this year. These were Central GST Act, 2017; Integrated GST Act, 2017; Union Territory GST Act, 2017 and GST (Compensation to States) Act, 2017. The Acts were approved by the Parliament after they were introduced as part of the Money Bill. Following the passage of the GST Acts, the GST Council decided the rate slabs for the Goods and Services to be taxed under the GST regime. This guide will help you build a basic understanding of GST, its role in your day to day life and its benefits.
What is GST?
GST (Goods and Services Tax) is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services. It is a destination based tax. GST has subsumed taxes like Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc. GST is one of the biggest indirect tax reforms in the country. GST is expected to bring together state economies and improve overall economic growth of the nation.
GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by states and Central. Businesses are required to obtain a GST Identification Number in every state they are registered.
There are around 160 countries in the world that have GST in place. GST is a destination based taxed where the tax is collected by the State where goods are consumed. GST has been implemented in India from July 1, 2017 and it has adopted the Dual GST model in which both States and Central levies tax on Goods or Services or both.
SGST – State GST, collected by the State Govt.CGST – Central GST, collected by the Central Govt.IGST – Integrated GST, collected by the Central Govt.UTGST – Union territory GST, collected by union territory government
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late fee waived
The government has launched a one-time scheme to waive late fee for delayed furnishing of filing the goods and services tax (GST) return-1 form for the period July 2017 to September 2018, to encourage taxpayers to furnish the returns.
The waiver, which will be effective till 31 October 2018, provides a lot of relief to businesses and traders, who have to file a summary of the transactions made every month in the GST return-3B form and a filed a detailed return of the sales in the GST return-1 form.
The GST return-1 form is a vital tool for the authorities in combating tax evasion as it gives details about the buyer. However, tax authorities have noticed that filings of the detailed sales return is lower than the summary return filings.
“Non-furnishing of GST return-1 is liable to late fee and penalty as per law. In order to encourage taxpayers to furnish GST return-1, a one-time scheme to waive off late fee payable for delayed furnishing of GST return-1 for the period from July 2017 to September 2018 till 31 October 2018 has been launched,” said the finance ministry.
Giving more time to businesses to file details of their sales makes sense as information contained in GST return-1 is of immense value to tax officials. It enables officials to find out who the buyer is, the quantum of purchase and whether the buyer has filed his return and paid taxes on subsequent transactions. Giving extra time for filing GST return-1 to businesses will help the authorities take strong anti-evasion measures in the future.
“GST return 1 is very intrinsic to the overall scheme of GST and an extension of the timelines would accelerate filings, “ said M.S.Mani, Partner, Deloitte India.
The ministry said that the due date for businesses with more than ₹1.5 crore, including those registered in Kerala, to file GST return 1 for the period July 2017 to September 2018, has been extended till 31 October 2018. This extension is also applicable to those entities with their principal place of business in Kodagu in Karnataka and Mahe in Puducherry.
Smaller tax payers, with annual sales less of than ₹1.5 crore, too, can also file GST return 1 without fine till the end of October. However, small tax payers in Kerala and those with their principal place of business in Kodagu and Mahe, the deadline will continue to be 15 November as announced last month.
The ministry also advised tax payers to file returns on time so that their tax credits do not lapse.
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GST is a single indirect tax levied on the supply of goods and services from the manufacturer to the consumer. Input tax credits paid at each stage will be made available in the following stage of value addition. GST is basically a tax levied on value addition at each stage. Therefore, the consumer has to pay only the GST charged by the last dealer or supplier in the supply chain.
Return Forms
GST return can be filed using different forms depending on the type of transaction and registration of the taxpayer. Return forms for normal taxpayers are:
GSTR-1
GSTR-1 return form has to be filed by a registered taxable supplier with details of the outward supplies of goods and services. This form is filled by the supplier. The buyer has to validate the auto-populated purchase information on the form and make modifications if required. The form will contain the following details:
Business name, period for which the return is filed, Goods and Services Taxpayer Identification Number (GSTIN).Invoices issued in the previous month and the corresponding taxes collected.Advances received against a supply order that has to be delivered in the future.Revision in outward sales invoices from the previous tax periods.
GSTR-1 has to be filed by 10th of the following month.
GSTR-2
GSTR-2 return form has to be filed by a registered taxable recipient with details of the inward supplies of goods and services. The form will contain the following details:
Business name, period for which the return is filed, Goods and Services Tax Identification Number (GSTIN).Invoices issued in the previous month and the corresponding taxes collected.Advances received against a supply order that has to be delivered in the future.Revision in outward sales invoices from the previous tax periods.
GSTR-2 has to be filed by 15th of the following month.
GSTR-3
GSTR-3 return form has to be filed by a registered taxpayer with details that are automatically populated by from GSTR-1 and GSTR-2 returns forms. The taxpayer has to verify and make modifications, if any. GSTR-3 return form will contain the following details:
Details about Input Tax Credit, liability, and cash ledger.Details of tax paid under CGST, SGST, and IGST.Claim a refund of excess payment or request to carry forward the credit.
GSTR-3 has to be filed by 20th of the following month.
GSTR-4
GSTR-4 return form has to be filed by taxpayers who have opted for the Composition Scheme. Taxpayers with small business or a turnover of up to Rs.75 lakh can opt for the Composition Scheme wherein he or she have to pay tax at a fixed rate based on the type of business. Taxpayers under this scheme will not have input tax credit facility. GSTR-4 quarterly return form will contain the following details:
The total value of consolidated supply made during the period of return.Details of tax paid.Invoice-level purchase information.
GSTR-4 has to be filed by 18th of the following month.
GSTR-5
GSTR-5 return form has to be filed by all registered non-resident taxpayers. This form will contain the following:
Name and address of the taxpayer, GSTIN, and period of return.Details of outward supplies and inward supplies.Details of goods imported, any amendments in goods imported during the previous tax periods.Import of services, amendments in import of servicesDetails of credit or debit notes, closing stock of goods, and refund claimed from cash ledger.
GSTR-5 has to be filed by 20th of the following month.
GSTR-6
GSTR-6 return form has to be filed by all taxpayers who are registered as an Input Service Distributor. This form will contain the following:
Name and address of the taxpayer, GSTIN, and period of return.Details of input credit distributed.Supplies received from registered persons.The amount of input credit availed under the current tax period.Details of inward supplies will be auto-populated from GSTR-1 and GSTR-5 return forms.Details of the receiver of input credit corresponding to his or her GSTIN.Details of credit or debit notes.Input tax credit received, input tax credit reverted, and input tax credit distributed as SGST, CGST, and IGST.
GSTR-6 has to be filed by 13th of the following month.
GSTR-7
GSTR-7 return form has to be filed by all registered taxpayers who are required to deduct tax at source under the GST rule. This form will contain the following:
Name and address of the taxpayer, GSTIN, and period of return.TDS details and amendments in invoice amount, TDS amount or contract details.TDS liability will be auto-populated. Details of fees for late filing of return and interest on delayed payment of TDS.Refund received from Electronic Cash Ledger will be auto-populated.
GSTR-7 has to be filed by 10th of the following month.
GSTR-8
GSTR-8 return form has to be filed by all e-Commerce operators who are required to collect tax at source under the GST rule. This form will contain details of supplies effected and the amount of tax collected under Sub-section (1) of Section 43C of Model GST Law. Other details include:
Name and address of the taxpayer, GSTIN, and period of return.Details of supplies made to registered taxable person and amendments, if any.Details of supplies made to unregistered persons.Details of Tax Collected at Source.TDS liability will be auto-populated. Details of fees for late filing of return and interest on delayed payment of TDS.
GSTR-8 has to be filed by 10th of the following month.
GSTR-9
GSTR-9 return form is filed by normal taxpayers with details of all income and expenditure for the year. This detail will be regrouped in accordance with the monthly returns. The taxpayer will have the opportunity to make modifications in the information provided if required. GSTR-9 has to be filed by 31st December of the following financial year along with the audited copies of the annual accounts.
GSTR-10
GSTR-10 return form has to be filed by any taxpayer who opts for cancellation of GST registration. This form will contain the following:
Application Reference Number (ARN).Date of cancellation of GST registration.Unique ID of cancellation order.Date of cancellation order.Details of closing stock including amount of tax payable on closing stock.
GSTR-10 final return form has to be filed within 3 months of the date of cancellation or date of cancellation order, whichever is later.
GSTR- 11
GSTR-11 return form has to be filed by everyone who has been issued a Unique Identity Number (UIN) and claims a refund of the taxes paid on inward supplies. This form will contain the following details:
Name of the government entity, UIN, and period of return.All inward purchases from GST registered supplier will be auto-populated.
Based on the above mentioned details, the tax refund will be made. GSTR-11 form has to be filed on 28th of the month, following the month for which supply was received.
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Who should file GSTR-4?
A taxpayer opting for the Composition Scheme is required to file GSTR-4.
How to revise GSTR-4?
GSTR-4 cannot be revised after filing on the GSTN Portal. Any mistake in the return can be revised in the next month’s return only. It means that, if a mistake is made in the GSTR-4 filed for the July-September quarter, the rectification for the same can be made only when filing the next quarter’s GSTR-4.
September is crucial for taxpayers under the new goods and services tax (GST) regime, as it will be the final month for taxpayers to claim credit for invoices issued in 2017-18 as well as to rectify errors in their tax return forms for the year.
GST was implemented on 1 July 2017, and with taxpayers still getting used to the new return filing system under this indirect tax regime, there have been instances of errors including incorrect or inflated claims of credit or in some cases under-reporting of tax credit claims. There are also instances of omissions in reporting of transactions. All these can be corrected in the September tax return form.
According to GST rules, if the taxpayer forgets to claim input tax credit for an invoice pertaining to FY2017-18, the time limit for availing it is the due date for the September 2018 returns. Similarly, if the taxpayer has missed reporting details of any credit or debit note issued in 2017-18 in the earlier monthly GST return forms, he can do the same only in this month’s tax returns.
Also, according to the rules, no rectification of error or omission in respect of the details furnished in the GST returns filed earlier in 2017-18 will be allowed later than the GST returns filed for September 2018 or furnishing of the relevant annual return, whichever is earlier.
Archit Gupta, founder and chief executive officer of Cleartax, said the September GST returns are significant for taxpayers and they need to make sure that the input tax credit is accurate. “Taxpayers will require advanced reconciliation algorithms so that potential notices are avoided,” he said.
Currently, taxpayers fill a GST return form 3B detailing total purchases and sales and GST return form 1 detailing outward supplies.
The GST Council is in the process of bringing out new tax return forms, which are expected to be rolled out effective 1 January 2019. These forms will give the tax authorities powers to detect tax evasion by cross-verification of claims made by suppliers and buyers through invoice matching.
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Advantages Of GST
GST will mainly remove the Cascading effect on the sale of goods and services. Removal of cascading effect will directly impact the cost of goods. Since tax on tax is eliminated in this regime, the cost of goods decreases.
GST is also mainly technologically driven. All activities like registration, return filing, application for refund and response to notice needs to be done online on the GST Portal. This will speed up the processes.
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Stupendous growth in the no. of returns e-filed by persons availing benefit of Presumptive Tax, with 1.17 crore returns having been filed upto 31st Aug,2018 compared to 14.93 lakh returns upto 31st Aug,2017 registering a massive increase of 681.69%. .
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The government has notified a new return form for goods and services tax (GST) that will have to filed for the full year.
The normal taxpayers will need to file GSTR-9return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18 is December 31.
GST, which subsumed multiple central and state taxes such as value-added tax, entry tax, octroi, purchase tax, excise duty, services tax, countervailing duty, was rolled out from July 1, 2017.
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