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Extension of due dates for Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for 2018-19

The due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C)  has been decided to extend for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020

Filing of Annual Return (FORM GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore.

The filing of reconciliation Statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto Rs. 5 crore.

 

 

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GST registration can be approved within 3 days (Aadhaar authentication)

  • For a person opting for Aadhaar authentication for new GST registration would get it within just three working days, if no notice is issued and would not need to wait for physical verification.
  • While applicants not opting for Aadhaar authentication for GST registration would be granted it only after physical verification of the place of business or documentary verification which may take up to 21 working days or more if notice is issued, sources said.
  • Sources further said that keeping the COVID-19 pandemic in view, it has been provided that the officer may, if the circumstances warrant, opt for asking for additional documents in lieu of the pre-registration for physical verification of the premises.

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41st GST Council meeting outcome : Key highlights

41st GST Council meeting outcome : Key highlights

1. States were given two options by central Govt. to make up for their revenue shortfall amid the Covid-19 pandemic. 

The options will only be available in the current year.

  • To provide a special borrowing window by consulting with the RBI
  • to meet the entire GST compensation gap of Rs 2.35 lakh crore this year itself after consulting with the RBI.

2. States will be given 0.5% FRBM relaxation for market borrowing

3.Finance Minister said the states will be given for seven days to consider both the options to consider.

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GST registration approval after physical verification of Business place if Aadhaar not authenticated: CBIC

As per notification of the Central Board of Indirect Taxes and Customs (CBIC),  when an applicant for GST registration opts for authentication of Aadhaar number, applicant shall authenticate adhar  while submitting an application, with effect from 21.08.2020

Where applicant fails to authenticate of Aadhaar number, the registration shall be approved only after physical verification of the place of business .

Rigorous pre-registration verifications procedures would help arrest the rampant tax evasion by way of limiting the number of new fake entities

This stepm will be helpful for centralised data base available with the government which will facilitate data analytics and help in checking tax evasion by With linkage of Aadhaar with GST and PAN (permanent account number).

 

 

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As per ruling AAR,Coaching classes are not eligible for GST exemption.

Coaching classes do not get any exemption from Goods and Service Tax (GST), this position was reiterated by a ruling given by the Andhra Pradesh bench of the Authority for Advance Rulings (AAR).

A similar stand has been taken earlier, including by the Maharashtra bench of the AAR.
Entry No 66 of the relevant notifications provides exemption to educational services, if these are provided by an educational institution, subject to certain conditions.

These are: the service provided is related to education, the education is provided as a part of a curriculum and the education is provided for obtaining a qualification recognised by any law for the time being in force.

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Central Govt. waives off late fee on late GST return filing (GSTR-3B) – Very good Step.

  • # GST-payers who do not have any GST liability but not filled returns for the period from July 2017 to January 2020  no late fee will be charged as per notification of CBIC.

 

  • # For GST-payers having liability but not having filed GST returns, they can file GST Return with a late fee of maximum Rs 500, if GST returns are filled by July 1, 2020.

 

 

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Rate of GST under Composition Scheme wef 01.04.2020

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore

Rate of tax for the composition taxpayer is as under:

S.No. Category of the taxpayer under composition scheme  Rate of tax
1 Manufacturer other than manufacture engaged in supply of following :2105 00 00 :- Ice cream and other edible ice, whether or not containing cocoa

2106 90 20 :- Pan masala

24 :- All goods, i.e. Tobacco and manufactured tobacco substitutes

 1%
2 Restaurant Service  5%
3 Traders (Other Suppliers)  1%
4 Supplier of service or mixed supplier of goods and services  6% 

 

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GST applicable on purchase of plots Now

According to the Gujarat AAR, the activity of the sale of ‘developed’ plots would be covered under the clause ‘construction of a complex intended for sale to a buyer’.

Thus, it says that the sale of the developed plot is covered under ‘construction services’ and GST should be payable on sale of such plots.

It is to be noted that sale of land has been kept outside the ambit of GST, and the buyer of a plot of land has to pay only registration charges.

However, after this judgment by the Gujarat AAR, a buyer will have to pay both GST and registration charges.

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LUT under GST

Letter of Undertaking (LUT) is a document submitted by the exporter in order to export goods or services without payment of taxes under the Goods and Services Tax regime.

On due consideration of the difficulties faced by the exporters in submission of an LUT for exporting goods/services without payment of tax in the earlier tax regime, the Central Board of Excise and Customs vide Notification No. 37/2017 – Central Tax dated 4th October, 2017 extended the facility of LUT to all registered exporters subject to certain conditions and safeguards.

The following are to be noted upon furnishing an LUT:

1. Eligibility to export under an LUT:All registered suppliers who intend to export goods or services without payment of integrated tax except:

person(s) prosecuted for an offence under GST Act or any of the existing laws and
the amount of tax evaded in such cases exceeds Rs. 250 lakhs

2. Validity of an LUT:

An LUT shall be valid for the whole financial year in which it is tendered. It must be tendered fresh for every financial year.

3. How and when to furnish an LUT?

Through Form RFD-11 on GST portal (www.gst.gov.in), before exporting the goods/services. No document needs to be physically submitted to the jurisdictional office.

4. Time period for acceptance of an LUT

An LUT shall be deemed to have been accepted as soon as an acknowledgment bearing Application Reference Number (ARN) is generated on furnishing the same online.

5. Declarations given in an LUT

To export goods/services without payment of Integrated Goods and Service Tax (IGST) within the time specified in rule 96A(1) of CGST Rules
To observe all the provisions of the GST Act and Rules, in respect of export of goods/services
In the event of failure to export the goods/services, to pay IGST along with interest @ 18% p.a on the tax unpaid, from the date of invoice till the date of payment
6. Consequences of non-compliance of export within the specified time under rule 96A(1) of CGST Rules

An exporter has an option to export goods/services without payment of IGST under an LUT. However:

if the goods are not exported out of India within three months from the date of issue of invoice for export; or
if the exporter has not received payment for the services rendered, within one year from the date of issue of invoice for export
then such exporter shall be bound to pay IGST due along with interest @ 18% p.a within a period of 15 days.

Also where the goods/services are not exported within the time specified in rule 96A(1) of CGST Rules and the registered person fails to pay IGST along with interest, the facility of export without payment of tax under an LUT shall be deemed to have been withdrawn. Subsequently, post payment of IGST due along with interest, the facility of export under an LUT shall be restored.

7. Application to Special Economic Zone (SEZ):

All the above provisions with regards supply of goods and/or services without payment of IGST under an LUT shall apply in respect of supply of goods and/or services to SEZ developer or SEZ unit

Conclusion:

Export of goods/services is an integral part of foreign currency inflow into the Indian economy. Relaxing the cumbersome and time-consuming process of manual application of LUT and extending the facility to all registered taxpayers is a welcome move which facilitates increasing the foreign currency inflow into the economy and availability of additional working capital to the individual exporter. Thus, a win-win situation to both the economy and the individual exporter.

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Waiver of late fee of GSTR -3B- GST Council to discuss on June 12 for August 2017 to January 2020

The GST Council 40th meeting, headed by Finance Minister and comprising state minister, will be held on 12th June via video conferencing to discuss the impact of the COVID-19 on GST revenues and benefits of Assessee.

The GST Council will also focus on ways to garner funds to compensate states for the revenue loss due to Goods and Services Tax (GST) implementation.

According to Official Source, Central Govt. has taken notice of the official tweets on the issue of “waiver of the late fee applicable on non-filing of GSTR 3B  monthly returns from August 2017 to January 2020.

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