Tag Archives: GST Consultant

Deadline for filing “GSTR-3B” form extended till May 22

The central government on Friday extended the deadline for filing of the return “FORM GSTR-3B” for the month of April, 2018 till May 22, 2018.

“Earlier it was brought to the notice of the competent authority that certain technical issues are being faced by the taxpayers during the filing of FORM GSTR-3B for the month of April, 2018,” the Ministry of Finance said in a statement.

“In order to resolve the same, emergency maintenance is being carried out on the system.”

The last date for filing of return in Form GSTR-3B for the month of April has been extended by two days.

Taxpayers can now file their April GSTR-3B return till May 22. Filing GSTR 3B is mandatory for all those who have registered for the Goods and Services Tax (GST)

The move to extend the due date follows the “emergency maintenance” being carried out on the system in the wake of technical issues being faced by the taxpayers during the filing of Form GSTR-3B.

Source : Press Reports

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Govt asks builders not to charge GST from affordable housing buyers

The government on Wednesday asked builders not to charge any goods and service tax (GST) from home buyers as the effective GST rate on almost all affordable housing project is 8% which can be adjusted against the input credit.

It said builders can levy GST on buyers of affordable housing projects only if they reduce the apartment prices after factoring in the credit claimed on inputs.

In its last meeting on 18 January, the GST Council had extended the concessional rate of 12% GST for construction of houses under the Credit Linked Subsidy Scheme (CLSS) to promote affordable housing, which has been given infrastructure status in 2017-18 Budget.

The effective GST rate, however, comes down to 8% after deducting one third of the amount charged for the house, flat, towards land cost. This provision has effective from 25 January.

“All inputs used in and capital goods deployed for construction of flats, houses, etc attract GST of 18% or 28%. As against this, most of the housing projects in the affordable segment in the country would now attract GST of 8%.

“As a result, the builder or developer will not be required to pay GST on the construction service of flats etc. in cash but would have enough ITC (input tax credits) in his books to pay the output GST…,” a finance ministry statement said.

The ministry said builders “should not recover any GST payable on the flats from the buyers”.

It further said that GST can recovered from buyers only if builders recalibrate the cost of the flat after factoring in the full ITC available in the GST regime and reduces the ex-GST price of flats.

The concessional rate of 12% GST was already applicable on houses constructed under three components of the Housing for All (Urban) Mission/ Pradhan Mantri Awas Yojana (Urban):

(i) ln-site redevelopment of existing slums using land as a resource component

(ii) Affordable Housing in partnership and

(iii) Beneficiary led individual house construction/enhancement.

In the meeting last month, the Council extended this tax benefit to CLSS for Economically Weaker Sections (EWS)/Lower Income Group (LIG)/Middle Income Group-1/Middle Income Group-2 (MlG-2) under the PMAY (Urban) programme.

Under CLSS, subsidy is being provided on home loans taken by eligible urban poor (EWS/LIG/ MIG-I/ MIG-II) for acquisition and construction of house. The ministry said now the buyers under CLSS would be entitled to interest subsidy as well to a lower concessional rate of GST of 8%.

Source : Press Reports

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

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VidyaSunil & Assoicates – GST Suvidha Kendra

Consulting

@ VidyaSunil & Associates we provide Business Consulting to understand the needs & requirements of our Clientele & provide adequate tax assurance & guidance in order to comply to the legal frame work of law.

Doing an Impact analysis on the profitability of your client is important to decide whether any change in business structuring is needed or not.

Further, Transaction Structuring, Working Capital Assessment and Transitional provisions need to be looked upon.

Accounting Integration

Actual implementation of GST starts with making changes in Accounting System. Changes in Accounting primarily include:

  • Updating GSTIN of Suppliers/Buyers in Accounting Master
  • Coding Tax Nomenclatures i.e. CGST, SGST, IGST, UTGST and Cess etc.
  • Soft/Hard coding the Rate of Taxes.
  • Describing HSN codes for different items.
  • Other Necessary changes in reports
  • Setting output file structure for integration/absorption by GST Return Preparation Utilities.
GST Returns: Voluminous & Time Bound

In this purview, To avoid any jerks during this journey of GST Implementation, it is important that certain precautions are taken. Most important one is doing “Disciplined Accounting” instead of simple accounting.

Disciplined Accounting is important to ensure error free GST Compliance.

Compliance

 

GST – A Complete Solution for GST Compliance Management– Simplifying GST

There might be a need for putting up a separate compliance team for GST considering that minimum 3 Returns have to be filed every month on different dates. Getting Data from GSTN Portal, Reconciling Input Tax Credit on Inward and Outward supplies, adjusting input tax credit on Advances etc. and determining Net Tax Liability are many such processes, which need a good tool to manage.

Features of  our GST Suvidha Kendra
  • Integrated with Accounting Software(s)
  • Auto Import of Import/Outward Supplies and Expenses from Accounting Software(s)
  • Dynamic GST Computation
  • Generation and Upload of GSTR 1,2,3,4,5,6,7,8,9 and 9A
  • Download GSTR 1A/2A from GSTN
  • Invoice Mismatch Report in Different Categories
  • Auto Intelligence Matching Facility
  • Reconciliation of Mismatched Invoice Data
  • Calculation of Net Tax Liability
  • Online Payment of Taxes
  • Creation of ISD Master and Distribution of Input Tax Credit
  • Print Computation and Return Forms
  • Status of Uploaded Invoices
  • Report of Debit/Credit Notes with Inbuilt Mailing Facility
  • Report of Pending/Uploaded Returns
  • Backup and Restoration of Data with Live Update Facility

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website : http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

GST Rate Cut: Cabinet clears Setting up of Anti-Profiteering Authority

The anti-profiteering measures enshrined in the GST law provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers.

The Union Cabinet on Thursday gave its approval for the creation of the posts of chairman and technical members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on yesterday’s sharp reduction in the GST rates of a large number of items of mass consumption.

This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices.

The establishment of the NAA, to be headed by a senior officer of the level of secretary to the government with four technical members from the Centre and/or the States, is one more measure aimed at reassuring consumers that government is fully committed to take all possible steps to ensure the benefits of implementation of GST in terms of lower prices of the goods and services reach them.

It may be recalled that effective from midnight of 14th November, the GST rate has been slashed from 28% to 18% on goods falling under 178 headings. There are now only 50 items which attract the GST rate of 28%. Likewise, a large number of items have witnessed a reduction in GST rates from 18% to 12% and so on and some goods have been completely exempt from GST.

The ‘anti-profiteering’ measures enshrined in the GST law provide an institutional mechanism to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers.

Affected consumers who feel the benefit of commensurate reduction in prices is not being passed on when they purchase any goods or services may apply for relief to the Screening Committee in the particular State.

However, in case the incident of profiteering relates to an item of mass impact with ‘All India’ ramification, the application may be directly made to the Standing Committee. After forming a prima facie view that there is an element of profiteering, the Standing Committee shall refer the matter for detailed investigation to the Director General of Safeguards, CBEC, which shall report its findings to the NAA.

The authority is to ensure benefits of the GST rate cut are being passed on to the consumers

The Union Cabinet on Thursday approved setting up of a National Anti-profiteering Authority under the GST, seeking to ensure consumers get the benefit of reduced prices under the new indirect tax regime.

Union Minister Ravi Shankar Prasad said currently there were only 50 items that attracted the highest tax of 28% under the Goods and Services Tax (GST) regime and rates on many items have been cut to 5% as well.

“The National Anti-Profiteering Authority is an assurance to consumers of India. If any consumer feels that the benefit of tax rate cut is not being passed on, then he can complaint to the authority,” Mr. Prasad told reporters after the Cabinet meeting.

This reflects government’s full commitment to take all possible steps to ensure benefits of implementation of GST to the common man, the minister added.

The approval by the Cabinet paves the way for immediate establishment of the apex body, which is mandated to ensure that the benefits of GST rate reduction is passed on to consumers.

The GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, had last week decided to slash tax rates of over 200 items in the GST regime as well as lowered tax rates on AC and non-AC restaurants to 5 per cent.

The Council had earlier approved setting up of a five-member National Anti-Profiteering Authority to enable consumers to file complaint in case price reduction was not passed on.

A five-member committee, headed by Cabinet Secretary P.K. Sinha, comprising Revenue Secretary Hasmukh Adhia, CBEC Chairman Vanaja Sarna and chief secretaries from two states, has been entrusted to finalise the chairman and members of the authority.

The authority will have a sunset date of two years from the date on which the chairman assumes charge. The chairman and the four members of the authority have to be less than 62 years.

As per the structure of the anti-profiteering mechanism in the GST regime, complaints of local nature will be first sent to the state-level ‘screening committee’, while those of national level will be marked for the ‘Standing Committee’

If the complaints have merit, the respective committees would refer the cases for further investigation to the Directorate General of Safeguards (DGS). The DG Safeguards would generally take about three months to complete the investigation and send the report to the anti-profiteering authority.

If the authority finds that a company has not passed on GST benefits, it will direct the entity to pass on the benefits to consumers. If the beneficiary cannot be identified, it will ask the company to transfer the amount to the ’consumer welfare fund’ within a specified timeline.

The authority will have the power to cancel registration of any entity or business if it fails to pass on to consumers the benefit of lower taxes under the GST regime, but that might be the final step.

According to the anti-profiteering rules, the authority will suggest return of the undue profit earned from not passing on the reduction in incidence of tax to consumers along with an 18% interest, as also impose penalty.

Source : PTI

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website : http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

100% FDI to fuel the next phase of growth

Ecommerce Association of India (ECAI) welcomes the government’s decision for allowing 100% FDI in marketplace eCommerce. This is certainly a way forward in fuelling the growth of eCommerce in India. 

India has seen a very high growth in the marketplace eCommerce, which has in turn thrived many new manufacturers, traders and suppliers providing them limitless market with larger customer base. The industry has seen numerous success stories of startups and entrepreneurs and unabated growth. And, moreover, the government’s support and regulation shall make the growth process long-lasting and more stable.

With 100% FDI on the cards, the marketplace eCommerce companies expect to see a larger influx required for the next phase of growth. Existing marketplaces would grow bigger and the newer marketplaces may come up. We may also see niche marketplaces coming up and ultimately everything will lead to bigger opportunities for the sellers. The move will allow more capital infusion in the sector from the foreign investors and the same can be used for financing their development needs.

The marketplace model has been a big driver of growth for the small businesses which again has been on the priority list of the government. Many young entrepreneurs have benefitted from the marketplace model with the large market reach and larger customer base. They are now able to access a pan-India market which was not possible earlier for a small business with very low or zero marketing budget. Since the marketplace manage the entire logistics of sales and even return, the small businesses do not have to invest or manage the same. The marketplace model has also increased the efficiency of the small businesses. With almost 350 million internet users and almost 800 million mobile users and that too a considerable number using smartphones, it offers even a larger opportunity for the eCommerce companies.

Equitable growth

Though the honeymoon discount period may gradually fade away, but the growth will now be more structured and equitable among players. The sales shall also be not discount-driven, and this would be good for the smaller players with less funding support. They would not have to follow the discount race, as they do not have large bellies to do that. So, things will gradually fall in line in the larger interest of the industry.
The marketplace model also compliments the brick and mortar stores. Of late, the physical stores have also got a larger bandwidth of market space through eCommerce. They are now able to sell to a larger number of customers, and also the eCommerce players are also going offline.

The era of discounting will gradually be corrected, and this will certainly give more opportunities for the brands to reach out to larger pool of young customers through the online marketplace. Hence, the role of eCommerce players become even more important, as they have a huge young customer base following. Also, the rise of mCommerce has given rise to a convenience marketplace where anything and everything can be sold at the convenience of customers.

The government has been looking forward to support the growth of eCommerce industry and we are hopeful that we would see more such pro-industry moves by the government for the sector that has been the largest employment generator for the economy in the last five years. The eCommerce sector has also given rise to a more structured and organised businesses, as all the transactions are recorded. This helps in checking tax evasion and illegal transactions.

Also, with the government’s focus on building a strong manufacturing base in India, eCommerce can play an enabling role for manufacturers and suppliers to access the consumer base. With the borderless market, the manufacturers and suppliers can access any regional market and even global market as well.

(The author is the secretary general at e-Commerce Association of India)

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VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website : http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

 

 

E Commerce Association of India

Ecommerce Association of India

E-Commerce Association of India (ECAI) is India’s first and nodal agency representing the e-Commerce community in India. ECAI is the association representing companies selling products and/or services online to consumers in India.

e-Commerce Association of India seeks to develop India as an e-commerce hub by collaborating with various e-commerce organizations across the country.

Its mission is to advance the interests and influence of e-commerce in India through advocacy, communication and networking.

ECAI is the only association in India that intends to dedicatedly works towards promoting the business of eCommerce in India. The association shall encompass the entire eCommerce eco-system including, the service providers, suppliers, PE & VCs, supply chain companies and as well as the consumers.

The scope of e-Commerce in India is ever increasing to include all the amenities like healthcare, education, retail, tourism, entertainment etc which is also aligned with the broadband revolution which India is witnessing.

ECAI through its concentrated efforts seeks to contribute in the development of the entire ecosystem for the growth of e-Commerce in India. ECAI seeks to develop India as a e-commerce hub by collaborating with various e-commerce organizations (both government and private) across the country.

Objectives & services

• To promote, project and develop the interests and influence of e-commerce in India through advocacy, communication and networking.

• To press forward the interest of B2C e-commerce industry with relevant stakeholders and institutions

• To provide with new brand recognition and membership engagement at all levels.

• To collaborate and associate with related National and International Organizations for update on technologies and latest practices the ecommerce and online business in India.

• To provide an avenue and forum for an open and constructive framework for the discussion of trends, forecasts, policies, directions and challenges of ecommerce industry in India.

• Political and legislative community supervision through analyzing and following up on political and regulatory developments

• Public affairs initiatives and actions to Indian institutions: meeting with institutions and relevant e-commerce stakeholders.

• Institutional communications: foster research, preparing position papers, white papers, reports, facts and figures relevant to the Indian e-commerce market.

• To collaborate and associate with related National and International Organizations for update on technologies and latest practices the ecommerce and online business in India.

• To actively initiate, organize, and support activities and programs for the development and growth of ecommerce and online business in India.

• To provide an avenue and forum for an open and constructive framework for the discussion of trends, forecasts, policies, directions and challenges of ecommerce industry in India.

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VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website : http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

CGST Notification No. 65/2017 – Seeks to exempt suppliers of E Commerce platform from obtaining Compulsory Registration

(Last Updated On: November 15, 2017)

CGST Notification no. 65/2017 exempts suppliers of e commerce platform from registration 

Seeks to exempt suppliers of services through an e-commerce platform from obtaining compulsory registration.


[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]

                                                              Government of India
                                                                Ministry of Finance
                                                          (Department of Revenue)
                                             [Central Board of Excise and Customs]

                                              Notification No. 65/2017 – Central Tax

                                                                                          New Delhi, the 15th November, 2017

G.S.R. …..(E).— In exercise of the powers conferred by sub-section (2) of section 23 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby specifies the persons making supplies of services, other than supplies specified under subsection (5) of section 9 of the said Act through an electronic commerce operator who is required to collect tax at source under section 52 of the said Act, and having an aggregate turnover, to be computed on all India basis, not exceeding an amount of twenty lakh rupees in a financial year, as the category of persons exempted from obtaining registration under the said Act:

Provided that the aggregate value of such supplies, to be computed on all India basis, should not exceed an amount of ten lakh rupees in case of “special category States” as specified in sub-clause (g) of clause (4) of article 279A of the Constitution, other than the State of Jammu and Kashmir.

                                                                                                       [F. No.349/58/2017-GST(Pt)]

                                                                                                            (Dr.Sreeparvathy S.L.)
                                                                             Under Secretary to the Government of India

Source : Press Reports

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VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website : http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819