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Industry gets 90 days to claim credit for GST transition stock Traders and retailers can file declarations within 90 days claiming a tax credit for transition stock after the GST rolls out from July 1. The transition rules approved by the GST Council provides that "every registered person entitled to take credit of input tax shall, within 90 days of the appointed day, submit a declaration electronically, specifying separately, the amount of input tax credit to which he is entitled. It also gives commissioners the power to extend this period by further 90 days on the recommendation of the GST Council. Saurabh Tripathi +91-9953431467
Government extends deadline to file GSTR 3B return to August 28 The deadline for first GST Return, GSTR- 3B, has been extended (states are still coming up with Notifications) to August 28 from its original deadline of August 20. However, one must keep in mind that this is only for taxpayers who opt to use the opening balance of pre-GST credit in the current month. Those who do not wish to claim opening credit in the current month or those who have no credit; the deadline continues to be August 20. The extended deadline also allows the taxpayers to file form TRAN 1 by August 28, which is a pre requisite as per the strict interpretation of law to claim the opening credit.
How to File Form GSTR-3B under GST Regime Form GSTR-3B will be the first return which businesses will be filing under GST. In this blog, let us understand how to fill Form GSTR-3B. Form GSTR-3B consists of 6 Tables. You need to capture the consolidated details of outward supplies, inward supplies, eligible ITC, and the details of tax payment. Let us discuss this in detail: 1. Details of outward supplies and inward supplies liable to reverse charge In the above table (3.1), you need to capture the total taxable value (both intrastate and interstate) of the following Nature of Supplies along with the total tax (IGST, CGST, SGST/UTGST) as applicable: 2. Details of inter-State supplies made to unregistered persons, composition dealer and UIN holders From the outward supplies details declared in table 3.1, discussed in point No. 1, you need give a break-up of the interstate outward supplies made to Unregistered Persons, Composition Dealers and UIN Holders. These details needs to be captured State-wise/ Union-Territory-wise total with taxable value and total IGST levied on these supplies. 3. Details of eligible Input Tax Credit You need to capture the details of ITC availability, ITC to be reversed, and arrive at the Net ITC available. The following are the details you need to capture 4. Details of exempt, nil-rated and non-GST inward supplies You need to capture the details of inward supplies made from the composition dealer, inward supplies at nil rate and exempt. Also, you need to separately mention Non-GST inward supplies. The value of above discussed supplies need to be captured separately for interstate and intrastate supplies. 5. Payment of tax You need to declare the self-ascertained tax payable. This is based on the details of outward supplies and inwards supplies liable to be paid on reverse charge captured in Table No. 3.1. The tax-wise break-up of payment tax by way of utilization of ITC and cash deposit needs to be provided. 6. TDS/TCS Credit You need to capture the details of TDS (Tax withheld by the Government establishment) and TCS (Tax withheld by E-commerce operator). However, these provisions are deferred from initial rollout of GST. Accordingly, TDS and TCS is not applicable till it is notified further. Kindly Note: The Value of Taxable Supplies refers to Net Taxable value and formula to calculate is given below: Taxable value = Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices. Feel free to revert in case you need further detail/imformation. Finanza Management Services LLP Kapil Sharma +91-9990032660
GST Consultant || Delhi || UPDATE: After Gujarat & Delhi, Bombay HC to examine transitional credit limitation Bombay HC issues notice to Attorney General in writ petition challenging constitutional validity of Section 140(3)(iv) of CGST Act, 2017, which limits availment of transitional credit to 1 year; However, refuses to grant any ad-interim relief while listing the matter on January 22, 2018. Read more at: Evergreen Seamless Pipes & Tubes Pvt. Ltd. vs. Union of India