Recommendations of the 33rd GST Council meeting

Ministry of Finance

Recommendations of the 33rd GST Council meeting

Posted On: 24 FEB 2019 5:51PM by PIB Delhi

Real estate sector is one of the largest contributors to the national GDP and provides employment opportunity to large numbers of people. “Housing for All by 2022” envisions that every citizen would have a house and the urban areas would be free of slums. There are reports of slowdown in the sector and low off-take of under-construction houses which needs to be addressed. To boost the residential segment of the real estate sector, following recommendations were made by the GST Council in its 33rd meeting held today:

GST rate:

GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment;

GST shall be levied at effective GST of 1% without ITC on affordable housing properties.

Effective date: The new rate shall become applicable from 1st of April, 2019.

Definition of affordable housing shall be:-

A residential house/flat of carpet area of upto 90 sqm in non-metropolitan cities/towns and 60 sqm in metropolitan cities having value upto Rs. 45 lacs (both for metropolitan and non-metropolitan cities).

Metropolitan Cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR).

GST exemption on TDR/ JDA, long term lease (premium), FSI:

Intermediate tax on development right, such as TDR, JDA, lease (premium), FSI shall be exempted only for such residential property on which GST is payable.

Details of the scheme shall be worked out by an officers committee and shall be approved by the GST Council in a meeting to be called specifically for this purpose

Advantages of the recommendations made:

The new tax rate in principle was approved by the Council taking into consideration the following advantages:-

The buyer of house gets a fair price and affordable housing gets very attractive with GST @ 1%.

Interest of the buyer/consumer gets protected; ITC benefits not being passed to them shall become a non-issue.

Cash flow problem for the sector is addressed by exemption of GST on development rights, long term lease (premium), FSI etc.

Unutilized ITC, which used to become cost at the end of the project gets removed and should lead to better pricing.

Tax structure and tax compliance becomes simpler for builders.

GST Council decided that the issue of tax rate on lottery needs further discussion in the GoM constituted in this regard.

The decisions of the GST Council have been presented in this note in simple language for easy understanding. The same would be given effect to through Gazette notifications/ circulars which alone shall have force of law.

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Comparison between LLP and Private Limited

PRIVATE LIMITED COMPANY VS LLP

1.INCORPORATION

THE INCORPORATION PROCESS OF BOTH PRIVATE LIMITED COMPANY AND LLP IS SIMILAR IN MANY WAYS WITH FEW DIFFERENCE IN DOCUMENTATION PROCESS. BOTH FORMS REQUIRE DSC (DIGITAL SIGNATURE CERTIFICATE) OF ALL DIRECTORS/DESIGNATED PARTNERS. OBTAIN NAME APPROVAL FROM MCA EITHER BY FILING RUN OR DIRECTLY THROUGH INCORPORATION PROCESS. PRIVATE LIMITED COMPANY REQUIRE TO ISSUE MEMORANDUM AND ARTICLE OF ASSOCIATION OF COMPANY WHICH. IN LLP, LLP AGREEMENT REQUIRE TO FILE WITH ROC AFTER INCORPORATION.

2. COSTING

PRIVATE LIMITED REGISTRATION COST IS HIGHER THAN LLP REGISTRATION. PRIVATE LIMITED REGISTRATION COST STARTING WITH 10000/- BUT LLP REGISTRATION COST IS MUCH ECONOMICAL. LLP REGISTRATION COST IS RS. 6000-7000 (APPROX).

3.FLEXIBILITY

IMPORTANT DIFFERENCE BETWEEN IN PRIVATE LIMITED COMPANY AND LLP IS FORMER IS MORE FLEXIBLE DUE EASY transferability OF SHARE AND OWNERSHIP IN COMPARISION TO LATER.

4. OWNERSHIP

IN PRIVATE LIMITED COMPANY OWNERSHIP IS DIFFERENT FROM MANAGEMENT, AS SHAREHOLDER DO NOT PARTICIPATE IN THE MANAGEMENT OF BUSINESS BUT IN LLP LLP PARTNERS HOLDS THE BOTH OWNERSHIP AND MANAGEMENT.

5 COMPLIANCE

IN COMPLIANCE LLP ENJOY THE BIG ADVANTAGE AS THEY DO NOT NEED TO MANAGE AUDITED BOOKS OF ACCOUNTS IF THE REVENUE IS LESS THAN 40 LAKHS OR CAPITAL CONTRIBUTION IS LESS THAN 25 LAKHS. INSTEAD PRIVATE LIMITED COMPANY REQUIRE TO AUDIT ACCOUNTS ANNUALLY

6. CLOSURE

CLOSURE OF PRIVATE LIMITED COMPANY IS TECHNICALLY VERY DIFFICULT AND TIME-CONSUMING IN COMPARISON TO LLP.

AOC-4 Filing

AOC-4 Filing

The financial statements of a company must be filed with the Ministry of Corporate Affairs every year. The MCA form for filing financial statements is AOC-4. Hence, Form AOC-4 is submitted with the MCA for each Financial Year within 30 days of a company’s annual general meeting. Along with AOC-4 form, the documents such as Board’s report, Auditors’ report, Statement of subsidiaries in Form AOC-1, details of CSR policy etc. are filed. AOC-4 must be certified by a practising Chartered Accountant or Company Secretary. In this article, we look at the procedure for filing AOC-4 in detail.

Documents to Be Filed in AOC-4

Financial Statements of a company includes Balance Sheet, Profit and Loss Account, Cash Flow statement (if applicable), statement of change in equity (if applicable) and any explanatory notes annexed to the financial statements. Financial statements along with Board Report must be filed for all companies registered in India (Private Limited Company, One Person Company, Limited Company, Section 8 Company, etc.,) to provide the Shareholders, Government, Stakeholders and the Public a broad financial picture of the affairs of the company during a financial year.

The following is the complete list of documents that must be filed with AOC-4:

Copy of financial statements duly authenticated as per section 134 (including Board’s report, auditors’ report and other documents)

Statement of subsidiaries as per section 129 – Form AOC-1

Statement of the fact and reasons for not adopting Financial statements in the annual general meeting (AGM)

Statement of the fact and reasons for not holding the AGM

Approval letter of extension of financial year or AGM

Supplementary or test audit report under section 143

Company CSR policy as per sub-section (4) of section 135

Details of other entity(s)

Details of salient features and justification for entering into contracts/Arrangements/transactions with related parties as per Sub-section (1) of section 188 – Form AOC-2

Details of comments of CAG of India

Secretarial Audit Report

Directors’ report as per sub-section (3) of section 134

Details of remaining CSR activities

Optional attachment(s), if any.

Filing of Form AOC-4

Financial Statements of a company are required to be filed with the Registrar along with Form AOC-4 every year for each Financial Year. All the attachments including financial statements uploaded with Form AOC-4 must be signed as per the requirement of the Companies Act 2013. SD copies are not acceptable in case of AOC-4, hand signed copies are only accepted.

In case of the companies covered under XBRL requirement under the Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules, 2015, the financial statements must be uploaded on MCA portal in XBRL format. The following class of companies are required file their financial statements and other documents in e-Form AOC-4 XBRL on or after 1st April 2014:

All companies listed with any Stock Exchange(s) in India & their Indian subsidiaries

All companies having paid up capital of rupees five crore or above

All companies having turnover of rupees hundred crore or above

All companies which were hitherto covered under the companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules, 2011

Due Date for Filing AOC-4

All companies registered in India are required under the Companies Act, 2013 to file a copy of financial statements, including all the documents which are required to be or attached, duly adopted at the annual general meeting of the company, within thirty days of conducting an Annual General Meeting. Since, One Person Company does not have an Annual General Meeting, One Person Company must file a copy of the financial statements duly adopted by its member, within 180 of closure of the financial year.

If the annual general meeting of a company for any year has not been held, the financial statements along with the documents required to be attached, duly signed along with the statement of facts and reasons for not holding the annual general meeting should be filed with the Registrar within 30 days of the last date before which the annual general meeting should have been held.

Government Fee for Filing AOC-4

The Government fee for submitting Form AOC-4 on or before the due date is as follows:

Company’s Nomial Share Capital Government Fee

Upto Rs.1 lakh Rs.200

Rs. 1 lakh to Rs. 5 lakhs Rs.300

Rs. 5 lakhs to Rs. 25 lakhs Rs.400

Rs. 25 lakhs to Rs. 1 crore Rs.500

Rs. 1 crore and more Rs.600

For companies not having nominal share capital, the government fee for filing Form AOC-4 is Rs.200.

Penalty for Late Filing AOC-4

If a company fails to file AOC-4 along with a copy of the financial statements before the due date, the company will be punishable with fine of one thousand rupees for every day during which the failure continues up to a maximum amount of Rs.10 lakhs. Further, the Managing Director, Directors and the Chief Financial Officer of the company, could be punished with imprisonment for a term which may extend to six months or with fine which will not be less than Rs.1 and upto Rs.5 lakhs.

In addition to the above penalty, the Government fee for filing AOC-4 would also be increased as follows:

Number of Days Delayed Penalty Amount for Late Filing

Up to 30 days 2 times of normal filing fees

More than 30 days and up to 60 days 4 times of normal filing fees

More than 60 days and up to 90 days 6 times of normal filing fees

More than 90 days and up to 180 days 10 times of normal filing fees

More than 180 days and up to 270 days 12 times of normal filing fees

6 Changes in E-Way Bills from 1st Oct. 2018

This document will explain the new enhancements done in the E- Way Bill (EWB) generation form and is being release on 1st of Oct. 2018. The purpose of this document is to communicate the tax payers and transporters the latest changes with screen shots and make them to understand and prepare them while generating the E-Way Bills from 1st Oct. 2018.

Following are the enhancements done in the E-Way Bill generation Form:

1. Display of only relevant document types in “Document Type” drop down list based on the selected Transaction “Supply Type” and “Sub Type” by the tax payers.

2. Auto-population of state name based on the pin code entered at consignor and consignee addresses.

3. Standard rates for tax are provided in the drop down list for selection based on the type (intra-state/inter-state) transactions.

4. Additional fields for “CESS Non Advol Amount” & “Other Value” have been introduced to enter CESS Non Advol amount and any other charges (+/-) written in invoice.

5. Alerting the generator of the E-Way Bill through SMS message, in case the total invoice value is more than Rs. 10 Crores.

6. Transporter ID is made compulsory for generating Part-A slip.

Reverse Charge Mechanism Under GST Law

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply.

TWO TYPE OF REVERSE CHARGE SCENARIOS IN GST LAW.

> First is dependent on the nature of supply and/or nature of supplier. This scenario is covered by section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act, 2017. > Second scenario is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 of the IGST Act where taxable supplies by any unregistered person to a registered person is As per the provisions of section 9(3) of CGST/SGST (UTGST) Act, 2017/section 5(3)of IGST Act, 2017, the Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both. Similarly, section 9(4) of CGST/SGST (UTGST) Act, 2017/section 5(4) of IGST Act, 2017 provides that the tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both. Accordingly, whenever a registered person procures supplies from an unregistered supplier, he needs to pay GST on reverse charge basis. However, supplies where the aggregate value of such supplies of goods or services or both received by a registered person from any or all the unregistered suppliers is less than five thousand rupees in a day are exempted.

Registration Compulsory to pay tax under reverse charge

A person who is required to pay tax under reverse charge has to compulsorily register under GST and the threshold limit of Rs. 20 lakhs (Rs. 10 lakhs for special category states except J & K) is not applicable to him.

Input Tax Credit (ITC)

A supplier cannot take ITC of GST paid on goods or services used to make supplies on which the recipient is liable to pay tax.

Time of Supply

Time of supply for supplies under reverse charge is different from the supplies which are under forward charge. In case of supply of goods, time of supply is earliest of: – date of receipt of goods; or date of payment as per books of account or date of debit in bank account, whichever is earlier; or the date immediately following thirty days from the date of issue of invoice or similar other In case of supply of services, time of supply is earliest of: – date of payment as per books of account or date of debit in bank account, whichever is earlier; or the date immediately following sixty days from the date of issue of invoice or similar other Where it is not possible to determine time of supply using above methods, the time of supply would be the date of entry in the books of account of the recipient.

Self – Invoicing

Self-invoicing is to be done when you have purchased from an unregistered supplier AND such purchase of goods or services falls under reverse charge. This is due to the fact that your supplier cannot issue a GST-compliant invoice to you, and thus you become liable to pay taxes on their behalf. Hence, self-invoicing, in this case, becomes necessary.

Compliances In Respect Of Supplies Under Reverse Charge Mechanism:

1. As per section 31 of the CGST Act, 2017 read with Rule 46 of the CGST Rules, 2017, every tax invoice has to mention whether the tax in respect of supply in the invoice is payable on reverse charge. Similarly, this also needs to be mentioned in receipt voucher as well as refund voucher, if tax is payable on reverse charge. 2. Maintenance of accounts by registered persons: Every registered person is required to keep and maintain records of all supplies attracting payment of tax on reverse charge 3. Any amount payable under reverse charge shall be paid by debiting the electronic cash ledger. In other words, reverse charge liability cannot be discharged by using input tax credit. However, after discharging reverse charge liability, credit of the same can be taken by the recipient, if he is otherwise eligible. 4. Invoice level information in respect of all supplies attracting reverse charge, rate wise, are to be furnished separately in the table 4B of GSTR-1. 5. Advance paid for reverse charge supplies is also leviable to GST. The person making advance payment has to pay tax on reverse charge

Reverse Charge -Applicability

A. Supply from an unregistered dealer to a Registered dealer If a vendor who is not registered under GST, supplies goods to a person who is registered under GST, then Reverse Charge would apply. This means that the GST will have to be paid directly by the receiver to the Government instead of the supplier. The registered dealer who has to pay GST under reverse charge has to do self-invoicing for the purchases made. Purchases up to Rs. 5,000 per day from unregistered suppliers will not attract GST. In other words, there is a reverse charge on buying from unregistered dealers if you are dealing with unregistered suppliers and making payments above Rs. 5,000.

For Inter-state purchases the buyer has to pay IGST. For Intra-state purchased CGST and SGST has to be paid under RCM by the purchaser. (TILL DATE IT IS NOT EFFECTIVE)

B. Services through an e-commerce operator

If an e-commerce operator supplies services then reverse charge will be applicable to the e-commerce operator. He will be liable to pay GST. For example, UBER provides services of passengers transport through cab. UBER is liable to pay GST and collect it from the customers instead of the registered service providers. If the e-commerce operator does not have a physical presence in the taxable territory, then a person representing such electronic commerce operator for any purpose will be liable to pay tax. If there is no representative, the operator will appoint a representative who will be held liable to pay GST.

C. Supply of certain goods and services specified by CBEC

CBEC has issued a list of goods and a list of services on which reverse charge is applicable.

CBDT Amends Format of Form No. 3CD wef 20th August, 2018

CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other sources as referred to in clause (x) of sub-section (2) of section 56, Secondary adjustment to transfer price – section 92CE, Limitation of Interest deduction u/s 94B, section 269ST- Cash Receipt / Payment of More than 2 Lakh from a single person in a day, Deemed Dividend- Section 2(22)(e), General anti-avoidance rule – chapter X-A, Furnishing of report in respect of international group etc.

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi

Notification No. 33/2018, Dated: July 20, 2018

G.S.R. 666(E). – In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income–tax (8th Amendment) Rules, 2018. (2) They shall come into force from the 20th day of August, 2018. 2. In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD,- (i) in serial number 4,- (a) after the words “sales tax,”, the words “goods and services tax,” shall be inserted; (b) after the words “registration number or”, the words “GST number or” shall be inserted; (ii) in serial number 19, in the table, after the row with entry “32AC”, the row with entry “32AD” shall be inserted; (iii) in serial number 24, after the words “32AC or”, the words “32AD or” shall be inserted; (iv) in serial number 26, for the words “or (f)”, the words “, (f) or (g)” shall be substituted; (v) after serial number 29 and the entries relating thereto, the following shall be inserted, namely:- “29A. (a) Whether any amount is to be included as income chargeable under the head ‘income from other sources’ as referred to in clause (ix) of sub-section (2) of section 56? (Yes/No) (b) If yes, please furnish the following details: (i) Nature of income: (ii) Amount thereof: 29B. (a) Whether any amount is to be included as income chargeable under the head ‘income from other sources’ as referred to in clause (x) of sub-section (2) of section 56? (Yes/No) (b) If yes, please furnish the following details: (i) Nature of income: (ii) Amount (in Rs.) thereof:”; (vi) after serial number 30 and the entries relating thereto, the following shall be inserted, namely:- “30A. (a) Whether primary adjustment to transfer price, as referred to in sub-section (1) of section 92CE, has been made during the previous year? (Yes/No) b) If yes, please furnish the following details:- (i) Under which clause of sub-section (1) of section 92CE primary adjustment is made? (ii) Amount (in Rs.) of primary adjustment: (iii) Whether the excess money available with the associated enterprise is required to be repatriated to India as per the provisions of sub-section (2) of section 92CE? (Yes/No) (iv) If yes, whether the excess money has been repatriated within the prescribed time (Yes/No) (v) If no, the amount (in Rs.) of imputed interest income on such excess money which has not been repatriated within the prescribed time: 30B. (a) Whether the assessee has incurred expenditure during the previous year by way of interest or of similar nature exceeding one crore rupees as referred to in sub-section (1) of section 94B? (Yes/No) (b) If yes, please furnish the following details:- (i) Amount (in Rs.) of expenditure by way of interest or of similar nature incurred: (ii) Earnings before interest, tax, depreciation and amortization (EBITDA) during the previous year (in Rs.): (iii) Amount (in Rs.) of expenditure by way of interest or of similar nature as per (i) above which exceeds 30% of EBITDA as per (ii) above: (iv) Details of interest expenditure brought forward as per sub-section (4) of section 94B: A.Y. Amount (in Rs.) (v) Details of interest expenditure carried forward as per sub-section (4) of section 94B: A.Y. Amount (in Rs.) 30C. (a) Whether the assessee has entered into an impermissible avoidance arrangement, as referred to in section 96, during the previous year? (Yes/No) (b) If yes, please specify:- (i) Nature of the impermissible avoidance arrangement: (ii) Amount (in Rs.) of tax benefit in the previous year arising, in aggregate, to all the parties to the arrangement:”; (vii) in serial number 31,- (A) after clause (b), the following clauses and entries relating thereto shall be inserted, namely:- “(ba) Particulars of each receipt in an amount exceeding the limit specified in section 269ST, in aggregate from a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion from a person, during the previous year, where such receipt is otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account:- (i) Name, address and Permanent Account Number (if available with the assessee) of the payer; (ii) Nature of transaction; (iii) Amount of receipt (in Rs.); (iv) Date of receipt; (bb) Particulars of each receipt in an amount exceeding the limit specified in section 269ST, in aggregate from a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion from a person, received by a cheque or bank draft, not being an account payee cheque or an account payee bank draft, during the previous year:- (i) Name, address and Permanent Account Number (if available with the assessee) of the payer; (ii) Amount of receipt (in Rs.); (bc) Particulars of each payment made in an amount exceeding the limit specified in section 269ST, in aggregate to a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion to a person, otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account during the previous year:- (i) Name, address and Permanent Account Number (if available with the assessee) of the payee; (ii) Nature of transaction; (iii) Amount of payment (in Rs.); (iv) Date of payment; (bd) Particulars of each payment in an amount exceeding the limit specified in section 269ST, in aggregate to a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion to a person, made by a cheque or bank draft, not being an account payee cheque or an account payee bank draft, during the previous year:- (i) Name, address and Permanent Account Number (if available with the assessee) of the payee; (ii) Amount of payment (in Rs.); (Particulars at (ba), (bb), (bc) and (bd) need not be given in the case of receipt by or payment to a Government company, a banking Company, a post office savings bank, a cooperative bank or in the case of transactions referred to in section 269SS or in the case of persons referred to in Notification No. S.O. 2065(E) dated 3rd July, 2017)”; (B) in item (c), in sub-item (v), for the words “taken or accepted”, the word “repaid” shall be substituted; (C) in item (d), in sub-item (ii), after the words “amount of”, the words “repayment of” shall be inserted; (D) in item (e), in sub-item (ii), after the words, “amount of”, the words “repayment of” shall be inserted; (viii) in serial number 34, for item (b), the following item shall be substituted, namely:- “(b) whether the assessee is required to furnish the statement of tax deducted or tax collected. If yes, please furnish the details: Tax deduction and collection Account Number (TAN) Type of Form Due date for furnishing Date of furnishing, if furnished Whether the statement of tax deducted or collected contains information about all details/transactions which are required to be reported. If not, please furnish list of details/transactions which are not reported.”; (ix) after serial number 36 and the entries relating thereto, the following shall be inserted, namely:- “36A. (a) Whether the assessee has received any amount in the nature of dividend as referred to in sub-clause (e) of clause (22) of section 2? (Yes/No) (b) If yes, please furnish the following details:- (i) Amount received (in Rs.): (ii) Date of receipt:”; (x) after serial number 41 and the entries relating thereto, the following shall be inserted, namely:- “42. (a) Whether the assessee is required to furnish statement in Form No. 61 or Form No. 61A or Form No. 61B? (Yes/No) (b) If yes, please furnish: Income-tax Department Reporting Entity Identification Number Type of Form Due date for furnishing Date of furnishing, if furnished Whether the Form contains information about all details/ transactions which are required to be reported. If not, please furnish list of the details/transactions which are not reported. 43. (a) Whether the assessee or its parent entity or alternate reporting entity is liable to furnish the report as referred to in sub-section (2) of section 286 (Yes/No) (b) if yes, please furnish the following details: (i) Whether report has been furnished by the assessee or its parent entity or an alternate reporting entity (ii) Name of parent entity (iii) Name of alternate reporting entity (if applicable) (iv) Date of furnishing of report 44. Break-up of total expenditure of entities registered or not registered under the GST: Sl. No. Total amount of Expenditure incurred during the year Expenditure in respect of entities registered under GST Expenditure relating to entities not registered under GST Relating to goods or services exempt from GST Relating to entities falling under composition scheme Relating to other registered entities Total payment to registered entities (1) (2) (3) (4) (5) (6) (7)” [F.No. 370142/9/2018-TPL] (Pitambar Das) Director Tax Policy and Legislation Note: The Principal Rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O. 969(E) dated the 26th of March, 1962 and were last amended vide notification number G.S.R 647 (E) dated 13.07.2018.

GST Revenue collections for July 2018

Ministry of Finance

GST Revenue collections for July 2018

Posted On: 01 AUG 2018 3:04PM by PIB Delhi The Total Gross GST Revenue collected in the month of July 2018 is Rs. 96,483 crore of which CGST is Rs. 15,877 crore, SGST is Rs. 22,293 crore, IGST is Rs. 49,951 crore (including Rs. 24,852 crore collected on imports) and Cess is Rs. 8,362 crore (including Rs. 794 crore collected on imports). This is broadly on expected lines. The total number of GSTR 3B Returns filed for the month of July up to 31st July, 2018 is 66 lakh compared to GSTR 3B Returns filed for the month of June up to 30th June, 2018 was 64.69 lakh. Rs. 3899 crore has been released to the States as GST Compensation for the months of April-May, 2018. source:PIB **** DSM/RM/KA

Nodal officers nominated for implementation of e-way bill system

PRESS RELEASE

18th July, 2018

Subject: Nodal officers nominated for implementation of e-way bill system

As per the decision of the GST Council, e-way bill system has been rolled out in a staggered manner across the country. E-way bills are getting generated successfully and till 17th July, 2018, more than thirteen crore and fifty lakh e-way bills have been generated which includes six crore and fifty lakh e-way bills for intra-State movement of goods. 2. Grievance Redressal Officers have been appointed by both Central and State Governments under the provisions of e-way bill rules for processing the complaints/information uploaded by taxpayers/transporters regarding detention of their vehicle. List of these Grievance Redressal Officers is available at – http://www.cbic.gov.in/resources//htdocs-cbec/gst/GRO%20Officers%20-%20180718.pdf 3. Any difficulties or issues being faced by the trade and industry may be brought to the notice of Grievance Redressal Officers in your jurisdiction. Trade is also advised to make themselves conversant with e-way bill rules and be aware of mechanisms available for redressal of all their concerns.

Refunds Processed Under GST during the refund fortnight

Government of India

Ministry of Finance

Department of Revenue

(Central Board of Indirect Taxes& Customs)

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01-August-2018

Press Note

Total Rs 54,378 Crores of Refunds processed under GST As part of the continued focus of the government to liquidate pending GST refunds, the Central Board of Indirect Taxes and Customs (CBIC) has successfully concluded the third refund fortnight from 16th July, 2018 to 31st July, 2018. Till 31st July, 2018, the total GST refunds disposed by Centre and States are to the tune of Rs 54,378 Crore. During this refund fortnight, apart from various measures like Special refund cells at CBIC offices, exporter awareness campaigns etc., a unique facility was provided by CBIC. It was the first time that officers of CBIC reached out to doorsteps of the exporters for sanctioning of refunds by the way of GST refund Help Desks. The GST refund Help Desks were established at 11 locations in the offices of FIEO, EEPC and AEPC for the ease of exporters. These Help Desks were manned by officers of CBIC who were tasked with assisting the exporters in resolving issues related to refunds. These Help Desks provided an extension of CBIC offices, thus eliminating any need to go to Customs office for submission of documents. During the period, all field formations of CBIC and States, once again worked hard to provide all assistance to the exporters to ensure quick disposal of refund claims. By the end of 31st July,2018, the total amount of IGST refund claims disposed by CBIC is Rs 29,829 Crore taking the disposal rate to 93%. During the third refund fortnight, the IGST refunds of amount Rs 3,391 Crore have been sanctioned by CBIC. As on 31st July, 2018, in case of RFD-01A refunds, the amount disposed by the CBIC is Rs 16,074 Crore and that by State authorities is Rs 8475 Crore, taking total amount of RFD01A refunds to Rs 24,549 Crore. The remaining GST refunds pending with CBIC will continue to be processed expeditiously. However, the exporters are requested to ensure that the correct procedure of filing returns, giving accurate information in Shipping Bill and submitting RFD01A application forms to the jurisdictional formations are followed for quick disbursal of their GST refund claims.

Fraudulent Issuance of Input Tax Credit Invoices

Press Release

Central GST Delhi West Cornmissionerate arrested two Rohini based businessmen on 01.08.2018 in a case of fraudulent issuance of Input Tax Credit invoices without actual supply of goods involving evasion of approximately Rs. 201 crores relating to plastic granule industry. ii) Searches were conducted at several places during which various incriminating documents and evidences were found. During investigation it was revealed that the businessmen had floated multiple entities for issuing such fake invoices. Both of them were arrested under Section 69(1) of the CGST Act,2017 and produced before the Hon’ble Metropolitan Magistrate, Patiala House iii) Further investigations are underway and the quantum of evasion is likely to go up. Officers are not ruling out the possibility of existence of several other fake firms as the investigation moves ahead. (Krishna A. Mishra) Commissioner, Central GST Delhi West

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Company Registration & GST Registration

Company Registration & GST Registration