N. K. Agarwal & Associates

Contact
Nishant Rajoria 9680604050

Time of supply under section 12 (3) and 13(3) of CGST ACT, 2017

Section 44AE Income Tax Act 1961!!

आओ GST सीखें:

Friends As per the notification 74/2018 dated 31.12.2018 the *new updated format* of Annual return ऑफ GST is notified by the government. Followings Key amendment/clarification/Changes made in Annual Return as compare to previous notified format:

1. Before filing GST annual return now it is mandatory to file the GSTR1 and GSTR3B for the financial year 2017-18.

2. If additional liability is discovered while filing GSTR9 then it is now required to pay through DRC-03 and paid through cash only.

3. As per new changes ITC Credit in 3B can be more than GSTR-2A, in such case the value that appears in Row 8D will be negative.


4. Non-GST supply as they are referred in Schedule III is also require to report in table5F.

5. The Credit available but not availed and Credit available but ineligible credit shall also declare in Table 8E and 8F.

6. For HSN Wise Summary of inward supplies of only those goods are reported whose independent value accounts for 10% or more of total value of inward supplies.

7. Apart from that the word “declared” are substituted with word “made” in respect of major heading of Annual return, to brought clarification that data required to be reported in the Annual Return pertaining from returns filed from July to March 18. Earlier there was a confusing that data pertains to march return are not required to be shown here just because of the word declared are mentioned there and that return are filed after March 18.

Recent amendments related to PAN

Some amendments to PAN application forms have been announced recently and shall be effective from 5 December 2018. These are elaborated below:

1. Currently furnishing of father’s name is mandatory in the PAN application form and this is printed on the PAN card. The amendment provides choice to the applicant on whether the name of father or mother needs to be displayed on the PAN card. Further, where the applicant’s mother is a single parent, quoting of father’s name in PAN application forms will not be mandatory.

2. The amendment also mandates that a resident person other than an individual, (e.g., Hindu Undivided family, firm, charitable trusts, association of persons, body of individuals, a local authority, company), who enters into a financial transaction of an amount aggregating to Rs 250,000 or more in a financial year, shall apply for a PAN on or before 31 May of the immediately following financial year.

For example, if the financial transaction is entered into during the FY 2018-19 and the taxpayer does not have a PAN, an application for allotment of PAN should be made before May 31 2019. Consequently, the managing director, directors, partners, trustees, author, founder, karta, chief executive officer, principal officer or office bearer of the person, or any person competent to act on behalf of the person referred to above, shall also be required to apply for PAN before such date.

3. Currently, tax authorities have been authorized to specify formats and standards for verification of documents filed with the PAN application / intimation of Aadhaar number, for ensuring secure capture and transmission of the data. Further, tax authorities are also responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing of the application forms for allotment of permanent account number/intimation of Aadhaar number. As per the latest amendment, these have now been extended to the issue of Permanent Account Number as well.

In short, it is important to apply for the PAN in a timely manner, link the same with Aadhaar where required and make sure that the PAN is shared with the persons liable to withhold the taxes to ensure seamless credit of taxes withheld.

Due Dates
31-12-2017- GSTR-1 for July to October for taxpayers having turnover more than 1.5 crore.
31-12-2017- GSTR-1 for quarter (July to September) for taxpayers having turnover less than 1.5 crore.
31-12-2017- FCRA Annual Return for the Financial Year 2016-17.
07-01-2017- TDS/TCS deposit for December’2017.
10-01-2018- GSTR-1 for the m/o November for taxpayers having turnover more than 1.5 crore.
15-01-2018- PF Deposit for December’2017.
15-01-2018- ESIC Payment for December’2017.
15-01-2018- TCS Return for quarter Oct-Dec’2017.
18-01-2018- GSTR-4 for quarter (October to December).
20-01-2018- GSTR-3B for December’2017.
25-01-2018- Monthly PF Return.
31-01-2018- TDS Return for quarter Oct-Dec’2017.
31-01-2018- GSTR-5 for the period July-December’2017.

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