Nidhi Harish And Associates

02/01/2023

Happy new year 2023 to everybody. May this year brings lots of happiness in your life.

05/10/2022

01/01/2018

We wish all our Clients, Staff, Friends and well wishers a Very Happy and Prosperous New Year 2018.

08/09/2017

Govt.of India decides to extend the dates of Forms for July
GSTR 1 20th September
,GSTR-2 25th September
GSTR-3. 30th September
Dates for August Returns extended to
GSTR 1 5th October​
GSTR 2 10th October and
GSTR 3 15th October
Notification to be issued shortly : Govt. Tweets

08/09/2017

*Composition*

*Q.1*Whether a person can avail the composition scheme on Small Retail Trading of goods if he is
holding both incomes like Sale of business: Rs.25 lakh (Small Retail Trader) and Rental income:
Rs.12lakhs, whereas the person was registered earlier in VAT Composition Scheme and was paying Service Tax on rental income?

*Ans1*Renting is a service and supplier of service, except restaurant service, cannot opt for
composition scheme. Since you are supplying both goods & services, you are not eligible for composition scheme.

*Q2* Can traders selling on ecommerce portals avail
composition scheme if their turnover is less than 75 lakhs?

*Ans2* No, Sub-section (2) of section 10 refers.

*Exports*

*Q3*:Whether every registered person who intends to export requires fresh Bond/LUT even if the same was issued on or before 30 Jun, 2017 and is still live i.e. not one year old.

*Ans3* Circular No. 4/4/2017 - GST dated 07.07.2017 clarifies this. Old LUT/bond is valid till 31.07.2017, after which fresh LUT/Bond in the new format is required to be submitted.

*Q4* Some assessees had multiple central excise registrations under the earlier regime and were
having different LUT/ Bond for each premises. In GST, there will be single registration for such
assesses. Do they require furnishing fresh bond/LUT for their principal place of business or
the existing Bond/LUT issued to them prior to 30.06.2017 shall be applicable for the export purpose.

*Ans4* Circular No. 4/4/2017 - GST dated 07.07.2017 clarifies this. Old LUT/bond is valid till 31.07.2017, after which fresh LUT/Bond in the new format is required to submitted.

Q5 With reference to clause 5 of Rule 96 A as inserted
vides Ntf No. 15/2017 – Central Tax dated 01st July
2017 “(5) The Board, by way of notification, may specify the conditions and safeguards under which a Letter of Undertaking may be furnished in place of a bond.” It may be clarified as to whether any
conditions and safeguard has been notified by the Board as on date, as certain parties have filed LUT
for export in this office.

Ans5 Yes, conditions and safeguards have been
specified by Notification No. 16/2017-Central Tax dated 07.07.2017 and clarified
in detail in Circular No. 4/4/2017 - GST dated 07.07.2017. The sum and substance of these documents is that the facility of Letter of Undertaking in place of a bond is
available to a registered person who is either (a) a status holder as specified in the Foreign Trade Policy 2015-2020; or (b) who
has received the due foreign inward remittances amounting to a minimum of 10% of the export turnover, which should not be less than one crore rupees, in the
preceding financial year. The person should not have been prosecuted for any offence
under the Central Goods and Services Tax Act, 2017 (12 of 2017) or under any of the existing laws in a case where the amount of
tax evaded exceeds two hundred and fifty lakh rupees.

Q6 In case of export of services, who will pay the service tax as for Bhutan, Nepal and Bangladesh?

Ans6 The place of supply is outside India but as the supplier is located in India, it is a case of inter-State supply and subject to IGST. It will
be zero rated if the sale proceeds are realized in convertible foreign exchange.

Q7 Will GST be debited in duty credit scrips such as Merchandise Exports from India Scheme (MEIS)
and Service Exports from India Scheme (SEIS)?

Ans 7 No.

Q8 In view of definition of ‘export of goods’ given in Section 2(5) of the IGST Act, 2017, the supply of
goods by the manufacturer to merchant exporter cannot be treated as exports as he is not taking out the goods out of India. He is supplying the goods to the merchant-exporter. Therefore, is the manufacturer required to pay CGST and SGST in all cases of exports by merchant-exporter even though the goods are being sealed in container for export from the premises of manufacturer-exporter? Does the merchant-exporter have the
option either to avail option of Bond/LUT or to pay IGST for export of such goods?

Ans 8 - Yes, The manufacturer would be liable to pay CGST and SGST.The merchant-exporter has the option either to avail option of Bond/LUT or to pay IGST for export of such goods.There is no provision on the lines of Form H in CST under GST.

Q9 As per Rule 96A of Central Tax, the LUT is to be accepted by the Jurisdictional Commissioner, Udaipur whereas in pre GST era the same was accepted by the jurisdictional Deputy/Assistant
Commissioner Kota. The Commissioner of Kota
region has office at Udaipur which is 290 Kilometers away from Kota due to which it is impractical to file LUT at Udaipur with Commissioner as compared to previous procedure.

Ans9 Circular No. 2/2/2017-GST dated 04.07.2017 has clarified that an exporter wishing to export without payment of integrated tax may approach the jurisdictional AC/DC for acceptance of
bond/LUT. Circular No. 4/4/2017-GST dated 07.07.2017 has further clarified that the bond /LUT shall be accepted by the jurisdictional Deputy/Assistant Commissioner having jurisdiction over the
principal place of business of the exporter.

Q10- As per sub-rule 5 of rule 96A of Central Tax Rule, Board will notify where LUT is to be furnished in place of Bond. Since Board has not notified so far, therefore, this office is of the view that Bond is to
be furnished in all cases as of now. Please clarify

Ans10- The Board has, vide Notification 16/2017-
Central Tax dated 07.072017, specified the conditions and safeguards under which an
exporter may file a LUT instead of a bond.

Q11- Whether in case of assesses exporting goods under LUT in Central Excise Act 1944, can export goods after 01.07.2017 under GST on the basis of the said LUT filed under Central Excise Act, 1944 until that LUT expires.

Ans11- In terms of Para 6 of Circular No. 4/4/2017
dated 07.07.2017 exports are allowed under existing LUTs/Bonds till 31st July 2017. Exporters shall submit the LUTs/bond in the
revised format latest by 31st July, 2017.

Q12 There is lack of clarity in the trade regarding the
eligibility conditions for the LUT/Bond as per the Notification No. 16/2017 – Central Tax. Para i(b) of the said notification requires the exporter to receive the due foreign inward remittances
amounting to a minimum 10% of the export turnover, which should not be less than one crore
rupees, in the preceding financial year. It is not clear for the exporters having an export turnover of say Rs. 5 Crore. For such people whose 10% of the export turnover is below one crore, what is the implication? Are those exporters who have
received their total due inward remittance of e.g. Rs. 5 Crore eligible for availing the facility of LUT?

Ans12 - Condition i(b) in the said Notification means that:
the registered person should have received at least 10% of his/her export turnover as foreign inward remittance in the preceding
financial year and the foreign inward remittance in the preceding financial year should not be less than one crore rupees. E.g. if a registered person has an export
turnover in FY 2016-17 of Rs. 5 crores and has received foreign inward remittance of Rs. 5 crores in the same FY, then he shall satisfy Condition i(b), and shall be eligible
for ex*****on of LUT.

17/08/2017

Frequently Asked Questions (FAQs) on GSTR-3B:



Q1: Why am I supposed to fill GSTR-3B?

A: GSTR-3B is to be filed in lieu of GSTR-3. Here it has been notified as of now that GTSR-3B has to be filed for the month of JUL & AUG. GSTR-3B has to be most probably filed in those cases where GSTR3 cannot be filed.



Q2: In the previous answer it is mentioned GSTR-3B has to be filed where GSTR-3 cannot be filed, what does that mean?

A: For the months of JUL & AUG, GSTR-1 & GSTR-2 are not to be filed within the originally prescribed time and thus GSTR-3 will not be formed because it is the auto-populated form and thus GSTR-3B comes into scenario.



Q3: In what manner data has to be provided in GSTR-3B?

A: Data in GSTR-3B has to be provided in a consolidated manner i.e. the consolidated amount in respect of information aksed has to be furnished. Invoice wise information has not to be furnished. So, taxpayer will be required to consolidate their sales and purchase data for the month for the purpose of filing GSTR-3B.



Q4: Is GSTR-3B the only return which has to be filed for the month of July and August?

A- No, GSTR-1, GSTR-2 and GSTR-3 for the month of JUL & AUG are to be filed in SEP. GSTR-3B is the consolidated return form being filed for temporary purpose and proper returns has to be filed for both the months.



Q5: There is no field for credit note, debit note, advances received etc. then how the data regarding that has to be filled?

A: In GSTR-3B data has to be filed as net amount i.e. Value of Taxable Supplies = 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. So, suppose if any invoice is issued and further in respect of that invoice other documents like Credit Note, Debit Note, Etc. are issued then the impact of those further issued documents has to be adjusted against the amount of invoice and net amount has to be uploaded.



Q6: There is amendment in any invoice, how will it be shown?

A: As per instruction in regard to GSTR-3B any amendment in invoice issued has to be adjusted against the invoice amount and the net adjusted amount has to be shown and no amendment will be shown separately.



Q7: How can I file GSTR-3B?

A: GSTR-3B can be filed by logging-on to GSTN common portal and now you can also file the same through ASP/GSP if you have availed that service for your organization.



Q8: If I missed due date, Whether the penalty of Rs.100/- per day or maximum upto Rs.5,000/- will be levied?

A: Earlier there had been a press note for non-levy of any penalty but this has not notified yet.

16/08/2017

REVERSE CHARGE UNDER GST – IMPORTANT POINTS AS PER FAQ ISSUED:

# There are two type of reverse charge scenarios provided in the GST laws.

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.

Second scenario is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered.

# 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.

# 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.

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

# 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.

# Advance paid for reverse charge supplies is also leviable to GST. The person making advance payment has to pay tax on reverse charge basis.

16/08/2017

🎾 GST Payment Process

Highlights

1.🐌 Only 25 banks have been authorised to collect GST.

2. 🐌Private Banks, HDFC, ICICI and Axis Banks are not eligible to collect GST.

3. 🐌Regd persons having their accounts with these banks can pay only through NEFT/RTGS only.

4. 🐌All tax challans are to be created only after logging into your GST account.

5. 🐌CPIN will be generated for each such challan created.

6. 🐌Such challan can be used to pay later but only within 15 days.

7.🐌 Such challans having CPIN are also required even if you wish to pay through epayment or debit/credit card.

8. 🐌After payment of challan either at bank or epayment mode, a CIN number will be generated.

9. 🐌If payment is made through NEFT/RTGS, then you have to log in to your account and enter your UTR number in your profile.

10. 🐌Three days after the generation of CIN or entering your UTR, your tax payment will be reflected in your e-cash ledger.

11. 🐌Only after the payment is reflected in your e-cash ledger, you can adjust/pay your output liability.

12. 🐌This concept of three days is different from what is in IT, etc.

Canclusion
🏵You must pay your taxes well 3 days before you file your GSTR-3.Only then you will be able to file your GSTR-3.

🏵In other words, if last date of filing GSTR-3 is 20th, then last date of payment will be 17th.
🙏So please be sure to pay off your tax liability by 15-17th of each month.

14/08/2017

(1) Transitional Input Tax Credit of Excise, Service Tax, VAT etc. cannot be claimed in GSTR-3B. He said that "The legal provisions don’t allow claiming transitional credit through Form GSTR-3B, they have to claim through Transition Forms".

(2) He further explained that any revision in GSTR-3B must be routed through Forms GSTR-1, GSTR-2 and GSTR-3.

(3) Refund (if allowable as per section 54 of CGST Act, 2017) CANNOT be claimed under Form GSTR-3B, excess ITC can be carried forward to subsequent months for setting off liability.

(4) Where there are no inward or outward supplies during July & August, ‘Nil’ return must be filed.

(5) Composition scheme dealers shall file Form GSTR-4 in the month of October, while e-commerce operators supplying own goods & services will require to file Form GSTR-3B, but in other cases, they will deduct TCS and file Form GSTR-8 which is yet to be notified .

31/07/2017

Due date for filing Income tax returns extended to 05th August 2017.

In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended from 31st July to 5th August, 2017. - Tweet by Income Tax Deptt.