1. GST DEADLINES
1.1.Deadlines | July 24
● GST Compliance Calendar – July 2024
Due Date | Return/ Compliance | Remarks |
11 July 24 | GSTR1 (June 24) | Return of Outward Supplies- Monthly Return |
13 July 24 | GSTR1 (June 24)- IFF | Return of Outward Supplies- QRMP |
14 July 24 | GSTR2B (June 24) | Auto Drafted ITC Statement available for download |
18 July 23 | CMP 08 (April- June 24) | Composition Return for the quarter ending June 23 |
20 July 24 | GSTR3B (June 24) | Last Date for Payment of Tax and Return for Normal Taxpayers (Monthly GTSR3B) |
22 July 24 | GSTR3B(April- June 24) | Last Date for Payment of Tax and Return QRMP Taxpayers with Turnover Less Than 5 Crore having Principal Place of Business in Chhattisgarh, MP, Gujarat, Daman & Diu, Dadra & Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman & Nicobar Islands, Telangana, Andhra Pradesh. |
24 July 24 | GSTR3B(April- June 24) | Last Date for Payment of Tax and return for QRMP Taxpayers with Turnover Less Than 5 Crore having Principal Place of Business in J&K, Laddakh, HP, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, WB, Jharkhand and Odhisha |
25 July 23 | PMT-06 | Last date of payment of Tax and Return for taxpayers under QRMP scheme. |
31 July 23 | TDS Payment (IT) | TDS Return for the Quarter ending June 24 (Income Tax Act) |
15 Sep 24 | Advance Tax Payment (IT) (July-September) | Due date for Payment of Advance tax for the Quarter ending September 24 |
2. GST PORTAL UPDATES
2.1. Filing of information by manufacturers of Pan Masala and Tobacco taxpayers
(Advisory Dated: 07/06/2024)
Two forms have been notified vide Notification No. 04/2024- Central Tax dated 05-01-2024 namely GST SRM-I and GST SRM-II. The former pertains to the registration and disposal of machines while the latter asks for information on inputs and outputs during a month for Pan Masala and Tobacco taxpayers.
3. Recommendations of 53rd GST Council Meeting
3.1 Changes in GST Tax Rates
I. Recommendations relating to GST rates on Goods
I. All milk cans (of steel, iron and aluminium) irrespective of their use will attract 12% GST.
ii. GST rate on ‘carton, boxes and cases of both corrugated and non-corrugated paper or paper-board’ (HS 4819 10; 4819 20) to be reduced from 18% to 12%.
iii. All solar cookers whether single or dual energy source, will attract 12% GST
II. Recommendations relating to GST rates on Services
To create a separate entry in notification No. 12/2017- CTR 28.06.2017 under heading 9963 to exempt accommodation services having a value of supply of accommodation up to Rs. 20,000/- per month per person subject to the condition that the accommodation service is supplied for a minimum continuous period of 90 days. To extend similar benefits for past cases.
3.2 Insertion of Section 128A in CGST Act, to provide for conditional waiver of interest or penalty or both, relating to demands raised under Section 73, for FY 2017-18 to FY 2019-20
Considering the difficulties faced by the taxpayers, during the initial years of implementation of GST, the GST Council recommended, waiving interest and penalties for demand notices issued under Section 73 of the CGST Act for the fiscal years 2017-18, 2018-19 and 2019-20, in cases where the taxpayer pays the full amount of tax demanded in the notice upto 31.03.2025. The waiver does not cover demand of erroneous refunds. To implement this, the GST Council has recommended insertion of Section 128A in CGST Act, 2017.
3.3 Reduction of Government Litigation by Fixing monetary limits for filing appeals under GST
The Council recommended to prescribe monetary limits, subject to certain exclusions, for filing of appeals in GST by the department before GST Appellate Tribunal, High Court, and Supreme Court, to reduce government litigation.
The following monetary limits have been recommended by the Council:
GSTAT: Rs. 20 lakhs
High Court: Rs. 1 crore
Supreme Court: Rs. 2 crores
3.4 Recommendation on providing a new optional facility by way of FORM GSTR-1A
The Council recommended providing a new optional facility by way of FORM GSTR-1A to facilitate the taxpayers to amend the details in FORM GSTR-1 for a tax period and/ or to declare additional details, if any, before filing of return in FORM GSTR-3B for the said tax period. This will facilitate taxpayer to add any particulars of supply of the current tax period missed out in reporting in FORM GSTR-1 of the said tax period or to amend any particulars already declared in FORM GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers), to ensure that correct liability is auto-populated in FORM GSTR-3B.
3.5 Rolling out of bio-metric based Aadhaar authentication on All-India basis
The GST Council recommended to roll-out the biometric-based Aadhaar authentication of registration applicants on pan-India basis in a phased manner. This will strengthen the registration process in GST and will help in combating fraudulent input tax credit (ITC) claims made through fake invoices.
3.6 Recommendation on Amendments in Section 73 and Section 74 of CGST Act, 2017 and insertion of a new Section 74A in CGST Act
I. Presently, there is a different time limit for issuing demand notices and demand orders, in cases where charges of fraud, suppression, willful misstatement etc., are not involved, and in cases where those charges are involved. In order to simplify the implementation of those provisions, the GST Council recommended to provide for a common time limit for issuance of demand notices and orders in respect of demands for FY 2024-25 onwards, in cases involving charges of fraud or willful misstatement and not involving the charges of fraud or willful misstatement etc.
ii. Also, the time limit for the taxpayers to avail the benefit of reduced penalty, by paying the tax demanded along with interest, has been recommended to be increased from 30 days to 60 days.
3.7 Threshold for reporting of B2C inter-State supplies
The threshold for reporting of B2C inter-State supplies invoice-wise in Table 5 of FORM GSTR-1 was recommended to be reduced from Rs 2.5 Lakh to Rs 1 Lakh.
3.8 Applicability of Goods and Services Tax on Extra Neutral Alcohol (ENA) Taxation of ENA under GST
The GST Council, in its 52nd meeting, had recommended to amend GST Law to explicitly exclude rectified spirit/Extra Neutral Alcohol (ENA) from the scope of GST when supplied for manufacturing alcoholic liquors for human consumption. The GST Council now recommended amendment in sub-section (1) of Section 9 of the CGST Act, 2017 for not levying GST on Extra Neutral Alcohol used for manufacture of alcoholic liquor for human consumption.
3.9 Amendment in Section 107 and Section 112 of CGST Act for reducing the amount of pre-deposit required to be paid for filing of appeals under GST
The GST Council recommended reducing the amount of pre-deposit for filing of appeals under GST to ease cash flow and working capital blockage for the taxpayers. The maximum amount for filing appeal with the appellate authority has been reduced from Rs. 25 crores CGST and Rs. 25 crores SGST to Rs. 20 crores CGST and Rs. 20 crores SGST. Further, the amount of pre-deposit for filing appeal with the Appellate Tribunal has been reduced from 20% with a maximum amount of Rs. 50 crores CGST and Rs. 50 crores SGST to 10 % with a maximum of Rs. 20 crores CGST and Rs. 20 crores SGST.
3.10 Relaxation in condition of section 16(4) of the CGST Act
I. In respect of initial years of implementation of GST, i.e., financial years 2017-18, 2018-19, 2019-20 and 2020-21
The GST Council recommended that the time limit to avail input tax credit in respect of any invoice or debit note under Section 16(4) of CGST Act, through any return in FORM GSTR 3B filed upto 30.11.2021 for the financial years 2017- 18, 2018-19, 2019-20 and 2020-21, may be deemed to be 30.11.2021. For the same, requisite amendment in section 16(4) of CGST Act, retrospectively, w.e.f. 01.07.2017, has been recommended by the Council.
II. With respect to cases where returns have been filed after revocation
The GST Council recommended retrospective amendment in Section 16(4) of CGST Act, to be made effective from July 1 , 2017, to conditionally relax the provisions of section 16(4) of CGST Act in cases where returns for the period from the date of cancellation of registration/ effective date of cancellation of registration till the date of revocation of cancellation of the registration, are filed by the registered person within thirty days of the order of revocation.
3.11 Amendment of Rule 88B of CGST Rules, 2017 in respect of interest under Section 50 of CGST Act on delayed filing of returns, in cases where the credit is available in Electronic Cash Ledger (ECL) on the due date of filing the said return
The GST Council recommended amendment in rule 88B of CGST Rules to provide that an amount, which is available in the Electronic Cash Ledger on the due date of filing of return in FORM GSTR-3B, and is debited while filing the said return, shall not be included while calculating interest under section 50 of the CGST Act in respect of delayed filing of the said return.
3.12 Recommended that filing of annual return in FORM GSTR-9/9A for the FY 2023-24
The Council recommended that filing of annual return in FORM GSTR-9/9A for the FY 2023-24 may be exempted for taxpayers having aggregate annual turnover upto two crore rupees.
Disclaimer: “This material is intended to provide general information on particular subject(s) and is not an exhaustive treatment of such subject(s) or a substitute to obtaining professional service or advice. It is strongly recommended to seek professional advice before implementation of any of the aspects covered in the presentation.”)
Author can be reached at ca.hsinghal@gmail.com; +91 99172 11511
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