Realtors express concern over GST rate cut with no input tax credit

While welcoming the lowering of Goods and Services Tax (GST) rate cut from 8 per cent to 1 per cent on affordable housing and other housing from 12 to 5 per cent, the real estate body Naredco however said that GST rate cut with no input tax credit will put pressure on developers’ margin and impact pricing of apartments.

“This cut in GST rates for under construction homes needs to be compounded with the other positives available to the home seeker,” said Niranjan Hiranandani, President, Naredco.

Removal of ITC on inputs such as cement and steel will obviously impact finances of various projects but viewed from a practical aspect it brings in clarity.

Recently, the GST council has lowered rates on real estate effective from April 1 without the input tax credit.

Fixing upper ceiling of cost at ₹ 45 lakh for affordable housing for whole country may be a deterrent and work against the objective of “Housing for all by 2022”, said the statement.

Addressing a concern, Naredco Vice Chairman, Parveen Jain said, “High cost of cement will only pinch them further and have an impact on housing price. This needs to be rectified or revised at the earliest.

Source : Press Reports

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New GST return forms released; compliance process simplified from April 1

The goods and services tax (GST) network released the revised return forms which businesses would need to comply with from this year. The new forms would be operated on a pilot basis from April 1, 2019, and would be mandated across the country from July, according to the decisions of the GST Council.

The new and revised return format would obviate the need to furnish returns under the family of GSTR-1, GSTR-2 and GSTR-3, but the annual return GSTR-9 might continue, experts said.

The GST Council had suspended GSTR-2, a purchase return, and GSTR-3, input-output return, because of the complex form structure. On the other hand, GSTR-1, a sale return, and GSTR-3B, summary input-output return, remain. The new forms are uploaded following an exercise to simplify the returns under GST.

The new return formats — named “normal”, “sahaj” and “sugam” — would make the compliance process simpler for the smallest of businesses wherein taxpayers up to a turnover of Rs 5 crore would have an option to file any of the three forms.

For the revenue department, the new format would help in matching the invoices of the seller and the purchaser, and would help the department check evasion to a great extent. But at the same time, it is likely to increase clerical and administrative work for businesses.

The HSN-wise details need to be provided at the invoice level rather than the summary level. In addition, while details at 4-digit HSN codes are required in the current format, the new format would need those details at the 6-digit HSN level.

Under the new format, invoices can be reported on a continuous basis.

Source : Press Reports

 

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FinMin notifies April 1 as date for availing increased GST exemption limit, composition scheme

These decisions were taken by the GST Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, on January 10. These decisions would come into effect from April 1, a finance ministry statement said.

The government Thursday notified April 1 as the date for the implementation of doubling of GST exemption limit to Rs 40 lakh, which will benefit small and medium enterprises.

Besides, the effective date for availing higher turnover cap of Rs 1.5 crore for availing composition scheme by traders has also been fixed as April 1.

Also, service providers and suppliers of both goods and services with a turnover of up to Rs 50 lakh would be eligible to opt for the GST composition scheme and pay a tax of 6 per cent from the beginning of next fiscal.

These decisions were taken by the GST Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, on January 10. These decisions would come into effect from April 1, a finance ministry statement said.

“There would be two threshold limits for exemption from registration and payment of GST for the Suppliers of Goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits.

“The Threshold for Registration for service providers would continue to be Rs 20 lakhs and in case of Special Category States Rs 10 lakhs,” it said.

Also the GST Composition Scheme, under which small traders and businesses pay a 1 per cent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1.

Source : Press Reports

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No Angel Tax for startups complying with Feb DPPIT notification: CBDT

In a latest notification in regard to Angel Tax, the Central Board of Direct Taxes (CBDT) said that startups which got assessment notices under Section 56(2)(viib) of the Income Tax Act (I-T Act) will be exempted from Angel Tax if they act in accordance with the Feb 19 DPIIT notification.

The Act shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, and which fulfills the conditions specified by DPIIT, read CBDT notification.

The notification will solve the Angel Tax issue for some startups, who have got notices under Section 56. Though, it does not provide any remedy for startups already facing Angel Tax cases.

“This notification does not give a blanket exemption for startups. But it gives hope, because of the retrospective line that we can use this in the appeal stage and get an exemption. A blanket exemption could have solved time and efforts for the dept and startups. Also, one issue which remains is, who could be an investor and the accreditation guideline, which SEBI should clarify soon,” said Sreejith Moolayil, Co-founder of TrueElements.

As per the Feb 19 DPIIT notification, considerations of shares received by eligible startups for shares issued or proposed to be issued by all investors shall be exempted up to an aggregate limit of Rs 25 crore.

Under Section 56(2)(viib) of Income Tax Act, it majorly exempts investments into eligible startups by listed companies with a net worth of Rs 100 crores or turnover of Rs 250 Crore and investments by Non-Residents & Alternate Investment Funds- Category I.

The issue, however, remains for startups is extended exemption limit for NRI with Rs 50 lakh Accredited Investor and Rs 5 crore asset. Indian startups think they should be on par with the rest of the startups’ world.

The last month notification did not explain issued demand notices for Angel Tax and gave any information about how will it impact the startups that have only received an assessment notice.

Source : Press Reports

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Govt simplifies, widens definition of Startup to provide relief from Angel Tax

Suresh Prabhu said that the considerations of shares received by eligible startups for shares issued or proposed to be issued by all investors shall be exempt up to an aggregate limit of Rs 25 crore.

Revising the current definition of startups and addressing the raging issue of angel tax, Union Minister Suresh Prabhu said an entity shall be considered a startup upto 10 years from its date of incorporation / registration instead of the existing period of 7 years.

“An entity shall be considered a startup if its turnover for any of the financial years since its incorporation/registration hasn’t exceeded Rs 100 Crore instead of existing Rs 25 crore,” he said.

He also said that the considerations of shares received by eligible startups for shares issued or proposed to be issued by all investors shall be exempt up to an aggregate limit of Rs 25 crore.

The minister added that all investments into eligible Startups by Non-Residents, Alternate Investment Funds- Category I registered with SEBI shall also be exempt under Section 56(2)(viib) of Income Tax Act beyond the limit of Rs 25 crores.

Funds from angels are subjected to over 30% tax if it is more than the fair market value (FMV). Introduced in Section 56 of the I-T Act in Budget 2012, it explicitly states that companies – from mature private enterprises to small startups – are liable to pay taxes on money invested at capital.

But with most startups taking years just to break-even, treating part of the hard-won cash that came in from angels as taxable income, even before a company begins to make money seems unwarranted.

Conditions apply

A startup will be eligible for exemption if it is a private limited company which is recognized by DPIIT and is not investing in building or land appurtenant thereto; land or building, or both, not being a residential house; loans and advances, other than those extended in the ordinary course of business; capital contribution made to any other entity; shares and securities; a motor vehicle, aircraft, yacht or any other mode of transport, the actual cost of which exceeds ten lakh rupees, other than that held by the startup; and jewellery other than that held by the startup as stock-in-trade in the ordinary course of business.

Startups would have to file a duly signed declaration with DPIIT for availing the exemption. The department will then forward it to the CBDT.

Source : Press Reports

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Breather for startups: Govt raises Investment cap for Angel Tax Concession

Giving a major relief to startups, the government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions by startups, an official said Tuesday.

Currently, startups avail tax concession only if total investment, including funding from angel investors, does not exceed Rs 10 crore.

A notification regarding simplifying the process for startups to get exemptions on investments under section 56(2)(viib) of Income Tax Act, 1961, will be issued shortly, the official said.

The definition of startups has been enhanced to an entity which has been in operation for up to ten years from its date of incorporation or registration, instead of the current seven years.

“An entity shall be considered as startup if its turnover for any of the financial year, since its incorporation or registration, has not exceeded Rs 100 crore instead of the existing Rs 25 crore,” the official said.

Besides, investments by listed companies with a net worth of Rs 100 crore or turnover of Rs 250 crore into an eligible startup shall be exempt from the section 56 (2) (viib) of the Income Tax Act, beyond the Rs 25 crore limit.

“Considerations of shares received by eligible startups for shares issued or proposed to be issued by all investors shall be exempt up to an aggregate limit of Rs 25 crore,” the official added.

Also, investments into eligible startups by non-residents, alternate investment funds – category I – shall also be exempt under this section beyond the limit of Rs 25 crores.

“For being eligible for exemption under Section 56(2)(viib), a startup should not be investing in immovable property, transport vehicles above Rs 10 Lakh, loans and advances, capital contribution to other entities and some other assets except in the ordinary course of its business,” the official said.

A startup shall also be eligible for exemption under Section 56(2)(viib) if it is a private limited company recognised by the department for promotion of industry and internal trade (DPIIT) and is not investing in specified asset classes.

Eligible startups only have to file a duly signed self-declaration by with DPIIT for availing exemption. DPIIT shall transmit these declarations to Central Board of Direct Taxes (CBDT).

Further, there is no requirement of making any application for exemption under this section and there will be no case-to-case examination of startups for exemption under Section 56(2)(viib) of Income Tax Act.

“The valuation of shares is no more a criterion for exemption of investments into eligible startups under Section 56(2)(viib) of Income Tax Act, the official added.

The development assumes significance as several startups have claimed to receive angel tax notices, impacting their businesses.

Various startups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.

Section 56(2)(viib) of the Income Tax Act provides that the amount raised by a startup in excess of its fair market value would be deemed as income from other sources and would be taxed at 30 per cent.

Touted as an anti-abuse measure, this section was introduced in 2012. It is dubbed as angel tax due to its impact on investments made by angel investors in startup ventures.

Source : Press Reports

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Angel tax: New startups may opt to register Overseas

India’s top entrepreneurs and investors fear that the issue of angel tax, along with some unfriendly e-commerce policy changes, may push new startups to register overseas, especially in the US and Singapore, besides impacting funding for new companies.

The threat of foreign incorporation comes even as the rechristened DPIIT (department for promotion of industry and internal trade) and CBDT are expected to finalise measures this week to resolve the tax issue. At least 120 startups have got orders to make tax payments on the valuation premium in the investment received for expanding their business.

Several early-stage investors have started seeing a movement of startups to overseas jurisdictions though concrete numbers on the impact of angel tax are yet to be seen. “On the basis of anecdotal evidence, I feel 20-40% of startups would have been incorporated in the US or Singapore, besides other foreign jurisdictions, over the last 12 months due to regulations in India, including angel tax,” said Arpit Agarwal, principal at early venture capital firm Blume Ventures, which has backed startups like education tech company Unacademy and concierge service Dunzo. Agarwal said he meets about 200 startup entrepreneurs every year.

The impact of angel tax, which surfaced in 2016, has also been felt on early-stage investments. The number of seed and angel deals has more than halved from 1,030 in 2016 to 484 in 2018, according to Tracxn. One of the major reasons for the fall in transactions is angel tax, apart from a drop in new startups, during the period.

The fear of harassment from tax authorities is leading prominent entrepreneur-investors to rethink their plans. Aprameya Radhakrishna, who sold his cab-hailing business TaxiForSure to Ola for $200 million in 2015, said that he expects his angel investments to come down by 30-40%. He adds that he will back startups only where “the pain is worth it”. “If you are going to treat an honest person as a criminal, then I think they will start looking at avenues …like say, Singapore or the US… these are places which promote honesty,” said Radhakrishna, now co-founder of knowledge sharing platform Vokal.

There is little clarity over how many startups have got notices or tax demands for angel funding. There are about 16,000 startups registered with the Startup India initiative. “But the tax department is not disclosing how many of them have been sent notices or tax orders. As a group, we have submitted a list of 120 startups to the tax department and DPIIT. The actual number of startups that have been affected would be much bigger,” said Sreejith Moolayil, founder of True Elements. He has been involved in government discussions over the issue.

As reported by TOI, the government plans to announce a new set of rules for startups that may ease tax burden but members of the ecosystem are worried if those will be enough. Flipkart co-founder Binny Bansal told TOI the “current state of affairs is not good for entrepreneurship ecosystem in the country”. “The easier it is for startups to raise angel funding, the more startups we will have… the ecosystem will grow and we will have more successful ventures,” Bansal said, adding there should be a system where one can apply and within a couple of days, or a week, the transaction would be approved.

The tax notices to startups come at a time when the government has cited new economy companies like Ola and Uber as significant job creators. “The startup sector is probably creating the most number of jobs in the country and will probably continue to do so,” added Bansal.

Some feel that the Startup India programme should help the bureaucracy understand these companies better than offer sops like tax breaks on profits. “If you look at all the things that are happening – bitcoin was banned, change in the FDI policy in e-commerce, angel tax – my reading is that the Indian bureaucracy and all the administrators don’t have a progressive mindset. It is not about creating policy and giving sops. If you really want Startup India to bloom, then you have to change the mindset of bureaucrats,” said Rehan Yar Khan, managing partner at VC firm Orios Venture Partners, which has seen six of its portfolio companies get angel tax notices.

Source : Press Reports

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Books of Accounts under GST

Every registered person under GST is required to keep and maintain all specified Accounts and records at his principal place of business.

Section 35 of the CGST Act, 2017 has cast the responsibility on the owner or operator of warehouse or godown or any other place used for storage of goods and on every transporater to maintain specified records.

Books of Accounts

Every registered person must maintain records of-

• Production or manufacture of goods
• Inward and outward supply of goods or services or both (Purchase and Sales Register)
• Stock of goods (Inventory Register)
• Input tax credit availed (Electronic Credit Ledger)
• Output tax payable and paid and (Electronic Liability and Electronic Cash Ledger)
• Other particulars as may be prescribed
• Records of goods or services imported or exported or
• Records of supplies attracting payment of tax on reverse charge along with the relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills.

Accounting Ledgers under GST

Uunder GST, a trader has to maintain the following a/cs (apart from accounts like purchase, sales, stock) –

• Input CGST a/c
• Output CGST a/c
• Input SGST a/c
• Output SGST a/c
• Input IGST a/c
• Output IGST a/c
• Electronic Cash Ledger (to be maintained on Government GST portal to pay GST)

Records	Information Required	By Whom?
Register of Goods Produced	Account should contain detail of goods manufactured in a factory or production house	Every Assessee carrying out manufacturing activity
Purchase Register	All the purchases made within a tax period for manufacturing of goods or provision of services	All Assessee
Sales Register	Account of all the sales made within a tax period must be maintained	All Assessee
Stock Register	This register should contain a correct stock of inventory available at any given point of time	All Assessee
Input Tax Credit Availed	This register should maintain the details of Input Tax Credit availed for a given tax period	All Assessee
Output Tax Liability	This register should maintain the details of GST liability outstanding to be adjusted against input credit or paid out directly	All Assessee
Output Tax Paid	This register should maintain the details of GST paid for a particular tax period	All Assessee
Other Records Specified	Government can further specify by way of a notification, additional records and accounts to be maintained	Specific Businesses as notified by the government

Period for Retention of Accounts under GST

As per the GST Act, every registered taxable person must maintain the accounts books and records for at least 72 months (6 years). The period will be counted from the last date of filing of Annual Return for that year.

Consequences of Not Maintaining Proper Records

If the taxpayer fails to maintain proper records in respect of goods/services, then the proper officer shall treat such unaccounted goods/services as if the taxpayer had supplied them. The officer will determine the tax liability on such unaccounted goods.

The taxable person will be required to pay the tax liability calculated along with penalty.

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Angel Tax relief likely for startups, but it may not be enough

A large number of startups that have recently faced tax demands are unlikely to get any relief as demands were made under different provisions of the law

• Startups may face tax notices for unexplained fund receipts, treated as taxable income under Section 68 of Income Tax Act
• Angel tax is levied on startups that receive an equity infusion in excess of their ‘fair valuation’

 Only startups that have received tax demands under the specific angel tax provision may get relief once the government notifies new rules easing the tax burden on new ventures, a government official said.

A large number of startups that have recently faced tax demands are unlikely to get any relief as demands were made under different provisions of the law, the official said, requesting anonymity.

Last week, the income tax department allegedly deducted ₹33 lakh and ₹72 lakh from the bank accounts of startups Travelkhana.com and Sheroes-owned Babygogo, respectively, though Ramesh Abhishek, secretary of Department for Promotion of Industry and Internal Trade (DPIIT), had said no coercive action would be taken against startups that have received tax notices.

Startups may still face tax notices for unexplained fund receipts, which are treated as taxable income under Section 68 of the Income Tax Act, 1961, the official clarified, adding there is no blanket exemption.

“Many startups are trying to project their unexplained fund receipts that the department has questioned as cases of angel tax or taxing of share premium above fair market valuation under Section 56 (2) (viib) of the Income Tax Act,” the official said.

The Central Board of Direct Taxes (CBDT) is expected to extend within the next two days angel tax exemption to companies with paid-up capital and share premium of up to ₹25 crore, according to two people familiar with the matter.

Angel tax is levied on startups that receive an equity infusion in excess of their “fair valuation” and the premium paid by investors is treated as income, taxable at 30%.

The tax relief will be available only to entities registered with the DPIIT.

“Some startups have not submitted certificates from the angel investor showing his credentials and PAN which are required for a tax official to be satisfied about the source of funds. There is a reluctance on the part of some startups to submit such a certificate which results in taxation of unexplained funds,” the official added.

Startup founders claimed the information demanded from them could be easily found in the tax department’s database. “Some of the angel investors who invest in startups are high-profile people who would not want to share their income tax returns,” said Pushpinder Singh, founder of Travelkhana.com. “But with PAN details, tax officials can pull those documents out without us having to submit them.” The company’s accounts have been unfrozen and it has a hearing with the Commissioner of Income Tax (Appeals) on 5 March, according to Singh.

In December, several startup entrepreneurs received tax notices to pay tax on funds raised by them in assessment year 2015-16. According to industry estimates, around 75% of these startups received tax notices under Section 56, while the remaining ones received notices under Section 68.

“The upcoming relief will solve for angel tax but is not expected to solve for Section 68 under which source of funds is scrutinized by the assessing officer,” said Sachin Taparia, founder of LocalCircles, which had submitted suggestions on this issue with the CBDT and DPIIT.

Sources : Press Reports

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Complaince under GST

A Compliance audit involves verifying that the GST has been properly accounted for in your business transactions, and to ensure that the information is correctly reported in your GST Returns. This includes checking if your supplies are classified correctly, if GST was properly charged and accounted for, if input tax was claimed correctly, and if the values of supplies, purchases and taxes reported are complete. Compliance audit shall demonstrate the organisation’s process of recording transactions into computer system is correct.

The primary purpose of compliance audit is to ensure that organizations are well aware and fully compliant with the GST laws and regulations. Compliance audit will be “advisory” in nature to facilitate the businesses to understand their compliance requirements.

Some of the critical GST compliance requirements are listed below:

Under GST a tax invoice is an important document. It not only evidences supply of goods or services, but is also an essential document for the recipient to avail Input Tax Credit (ITC). A registered person cannot avail input tax credit unless he is in possession of a tax invoice or a debit note.

Schedule II of the CGST Act, 2017 lists a few activities which are to be treated as supply of goods or supply of services. For instance, any transfer of title to goods would be a supply of goods, whereas any transfer of right in goods without transfer of title would be considered as services.

GST is essentially a tax only on commercial transactions. Hence only those supplies that are in the course or furtherance of business qualify as Supply under GST. Hence any supplies made by an individual in his personal capacity do not come under the ambit of GST unless they fall within the definition of business as defined in the Act.

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

Section 35 of the CGST Act, 2017 provides that every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of…

• a. production or manufacture of goods;
• b. inward and outward supply of goods or services or both;
• c. stock of goods;
• d. input tax credit availed;
• e. output tax payable and paid; and
• f. such other particulars as may be prescribed.

In addition, the rules also provide that the registered person shall keep and maintain records of –

• a) goods or services imported or exported; or
• b) supplies attracting payment of tax on reverse charge

along with relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills.

monthly production accounts, showing the quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof;

accounts showing the quantitative details of goods used in the provision of services, details of input services utilized and the services supplied;

Separate accounts for works contract showing –

• the names and addresses of the persons on whose behalf the works contract is executed;
• description, value and quantity (wherever applicable) of goods or services received for the execution of works contract;
• description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract;
• the details of payment received in respect of each works contract; and
• the names and addresses of suppliers from whom he has received goods or services.
• Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, otherwise than those of clerical nature, shall be scored out under attestation and thereafter correct entry shall be recorded, and where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained. Further each volume of books of account maintained manually by the registered person shall be serially numbered.
• Monthly reconciliation of Supplies as per Eway bill and GSTR 1.
• E-way bill is to be issued irrespective of whether the movement of goods is caused by reasons of supply or otherwise. In respect of transportation for reasons other than supply, movement could be in view of export/import, job work, SKD or CKD, recipient not known, line sales, sales returns, exhibition or fairs, for own use, sale on approval basis etc.

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