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Updates found with 'gstr 3b'

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Updates found with 'gstr 3b'

GSTN Chairperson Cleared Doubts and Questions Regarding GST RolloutNavin Kumar the chairperson of GST Network assured that the IT platform will be available for the full usage from July 15 and the stabilization will only come after 3 to 4 months after the roll of GST. Some of the questions were raised in front of him which was answered in his own way:What are the insights about the upcoming GST roll out and what are the workings?On this question, he answered that “We are very, very stressed now. We are working 28 hours a day.”Asking about the public need of knowledge and the question that many people must be approaching you for all their registration needs the Chairperson replied that, “Industry generally talks to the government, but, yes, we keep getting tweets and messages. There was some problem when enrolment was on and the tax department cancelled a lot of registered service taxpayers that had got provisional IDs as they were apparently not active. These 50-60 people lined up at our office. We then referred the matter to the tax department and it was resolved.”The confidence also rose over the testing of the software, as the chairperson assured that the software is fairly working while also mentioning that the beta test could not be possible. He said that “It should be a stable system. Problems that surfaced during the first phase of the testing have been resolved. We did the testing on the basis of the rules that came in December. After that, some changes were made to the rules. Those changes we have absorbed now, so there is no time to do beta testing for that. Other than that, we have done all other tests. So, we are fairly confident of the system.”While asking about the July launching the chairperson was reluctant and mentioned some strict policies which must be handled before the launching. He said that “If we had more time, we would have been perhaps better-placed. When we started with Infosys, the GST was not in sight. The Constitution Amendment Bill was still in Parliament and we were in a dilemma. The project was costing Rs 1, 400 crore. Could we make a commitment when the GST is not there? We went to the empowered committee of state finance ministers and apprised them of the situation. Our proposal was to let us develop the software and hold back on the hardware, where all the money goes. They agreed and allowed us to work on the draft processes. The software development started after the draft law was approved. The model law was put in the public domain in May and was revised in November, and the rules were given in December. All the development till then was modified on the basis of the December rules. After the central registration, there have been further revisions, necessitating more changes in the software. Thankfully, those are not very many.”And asking about the final completion he mentioned that, “We have been working on that. For return form GSTR 1, the coding has been done and the testing is also at a very advanced stage. By July 15, GSTR 1 will be ready. GSTR 2 will be ready by the end of July and GSTR 3 will be ready 10 days after that. But you have to see how things have evolved. So, we are just in time. But the good thing is that the GST Council did not defer the roll-out. Starting from July 1, the system will be available in a staggered fashion.”While discussing the API issues and relatively lesser available APIs to the GSPs was creating problems and the chairperson stated that “When we developed the software based on the December rules, we provided APIs to GSPs. But half of them thought of waiting until the legislation was in place as it would have gone through changes. These are people who did not work on the basis of the December APIs. But there are others who did so. Through discussion, we have worked out timelines for GSTR 1, GSTR 2, and GSTR3. We will give them GSTR 1 by June 28 so that they can be ready for the invoice upload facility by July 15. The other two APIs for GSTR 2 and 3 will be given after that.”
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How to File Form GSTR-3B under GST RegimeForm 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 chargeIn 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 holdersFrom 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 CreditYou 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 capture4. Details of exempt, nil-rated and non-GST inward suppliesYou 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 taxYou 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 CreditYou 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 LLPKapil Sharmakapil@fmsllp.in+91-9990032660
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*Key take-outs from the 17th Meeting of GST Council held on 18th July*1. *GST Council categorically decided to implement GST from 1st July*. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July.2. *Relaxation in Return filing time-line for first 2 months*:A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September.3. GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter.4. *Reduced tax rate for hotels with tariff between 5000-7500*: Reduced tax rate of 18% will apply on the hotels with tariff between Rs. 5000 to Rs. 7500. Restaurants in these hotels will also be taxable at 18%.5. *Tax rate on Lotteries*State-run lotteries will be taxed at 12%Private lotteries will be taxed at 18*6. *Negative List of Composition Scheme*Only 3 products have been added in negative list of Composition Scheme, which means for following 3 products composition scheme will not be available.• Ice cream• Pan masala• Tobacco7. *E-way bill* will be deferred and will be implemented later on once the rules for same will finalized. Till that time, an alternate e-way bill will be introduced to allow the state with their current system. 8. IGST rate of 5% on Ship with full ITC will be applicable.9. GST Council also approved anti-profiteering rule.10. *New Registration in GST will be commenced from 25th June.*
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