GST UPDATES

Wishing you a very Happy and Prosperous New Financial Year from VidyaSunil & Associates

GST AMENDMENTS / IMPORTANT POINTS AND NOTIFICATIONS FOR UPCOMING FINANCIAL YEAR  : 2019-2020

1. From 1st April’ 2019, Kindly start the Invoice number from serial number 1 (Don’t continue the previous year serial numbers).
2. Name board in English & State Language should be affixed in front of the Registered Office with GSTIN number and Registered Office Address.
3. GST RC Certificate (all the three pages) to be affixed in the Office Room.
4. Delivery challan and Invoice number should not be handwritten. Kindly confirm the same at the time of your purchase also.
5. Delivery challan is compulsory for the Job work units sending goods to other places( inclusive other job work units) within state also.
6. E way bill is compulsory with Invoice for any sales made within the state or outside the state and jobwork in other states.
7. Invoice has to be raised for Goods sent for Job work within 30 days.
8. GST Tax Invoice to be raised immediately at the time of sale itself.

 

9. HSN/SCN has to be mentioned in GST invoice, Delivery Challan and E way bill.
10. Export unit can sell sample goods under LUT method instead of IGST method, if there is no Shipping bill for that particular sale. Kindly keep the Sample invoices and Courier receipt for future reference.
11. Export unit have to track their ITC through their accountants while sending goods through IGST method. If the ITC value is less than the IGST value of export sale value , then kindly raise LUT invoice instead of IGST invoice to avoid IGST payment.

 

12. E way bill is compulsory for Export Sales.
13. For Local sales, E way bill is compulsory for the Sales Value (including GST)beyond Rs.50,000/-.
14. For Interstate sales, E way bill is compulsory for the sales value (including GST) beyond Rs.50,000/-
15. LUT to be applied by the Exporters every year.
16. Delivery challan should contain the total value of goods, GST Rate and GST value.

 

17. The threshold limits for obtaining registration for suppliers exclusively engaged in supply of goods has been increased from Rs 20 Lacs to Rs. 40 Lacs for all states other than certain specified states like Manipur, Mizoram, Nagaland etc.
18. GST return of March 2019 will be the last chance to avail any pending ITC or to amend any outward supply of FY 2017-18 as it has been extended from Sep 2018 (earlier time limit provided)

GST KEY UPDATES FOR REAL ESTATE PRACTICE

• Affordable housing properties: Effective GST rate of 1% without ITC
• Residential properties outside affordable segment: Effective GST rate of 5% without ITC
• With Respect to Input Tax Credit pertaining to Builders / Developers who have completed sizable component  of the project in Question or have Raised the Invoice shall be Allowed Input Tax Credit only for a limited amount of Input Credit
• Also, Builders will be given one time option to pay tax at old rates for ongoing projects
• Developers / Builders will have to mandatorily provide Commencement Certificate from competent authority and certificate from Chartered Engineer that work had commenced before 31^stMar 2019.
• Developer/Builders will have to exercise the right whether to pay at old rate of tax ad avail ITC or pay under new tax rate before 10^thMay 2019
• Construction of commercial properties to continue at effective GST rate of 12%(18% rate minus 1/3rd land deduction)

Advise for Connect :
VidyaSunil and Associates

Web: http://www.vidyasunilassociates.com

Cell No. 9739834819