Single Cash Ledger.
• All cash ledgers of each tax head (i.e. CGST, IGST, SGST/UTGST) would be combined into a single cash ledger.
Comment - The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities.
Single Authority for Refund.
• A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis.
Comment - The modalities for the same shall be finalized shortly.
Simplified Return System.
• Simplified new return filing system to be introduced on trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.
Comment - GST Council in its 27th meeting held on 4th May, 2018 had approved the basic principles of GST return design. Now in its 28th meeting held on 21st July, 2018, GST Council approved the key features and new format of the GST returns.
Annual Return & GST Audit - Due Date Extended to 30.06.2019.
• FORM GSTR-9, GSTR-9A, GSTR-9C for F/Y 2017-18 - Due Date 30.06.2019.
Comment - Currently the news is GSTR-9 & GSTR-9C will be available on the portal by 31st Jan 2019.
Clarificatory changes in the formats/instructions of GSTR-9 & GSTR-9C.
• Amendment of headings in the forms to specify that the return in FORM GSTR-9 & FORM GSTR-9A would be in respect of supplies etc. ‘made during the year’ and not ‘as declared in returns filed during the year’.
• All returns in FORM GSTR-1 & FORM GSTR-3B have to be filed before filing of FORM GSTR-9 & FORM GSTR-9C.
• All returns in FORM GSTR-4 have to be filed before filing of FORM GSTR-9A.
• HSN code may be declared only for those inward supplies whose value independently accounts for 10% or more of the total value of inward supplies.
• Additional payments, if any, required to be paid can be done through FORM GST DRC-03 only in cash.
• ITC cannot be availed through FORM GSTR-9 & FORM GSTR-9C.
• All invoices pertaining to previous FY (irrespective of month in which such invoice is reported in FORM GSTR-1) would be auto-populated in Table 8A of FORM GSTR-9.
• Value of 'non-GST supply' shall also include the value of 'no supply' and may be reported in Table 5D, 5E and 5F of FORM GSTR-9.
• Verification by taxpayer who is uploading reconciliation statement would be included in FORM GSTR-9C.
Comment - Whether GSTR-1 to amend or not of previous FY. Lets wait for the Notification.
FORM GSTR-8 by e-commerce operators.
• The due date for furnishing FORM GSTR-8 by e-commerce operators for the months of October, November and December, 2018 shall be extended till 31.01.2019.
FORM GST ITC-04 (Job Work).
• The due date for submitting FORM GST ITC-04 for the period July 2017 to December 2018 shall be extended till 31.03.2019.
ITC for FY 2017-18 - can be availed upto filing of GSTR-3B of March’2019.
• Input Tax Credit w.r.t invoices of F/Y 2017-18 may be availed by recipient till the due date of furnishing FORM GSTR-3B for the month of March 2019. (Subject to conditions as may be specified).
Comment - Relief to avail it on or before 31.03.2019.
Documents/invoices in FORM GST RFD-01A - uploaded electronically
• All the supporting documents/invoices in relation to a claim for refund in FORM GST RFD-01A shall be uploaded electronically on the common portal at the time of filing of the refund application itself, thereby obviating the need for a taxpayer to physically visit a tax office for submission of a refund application. GSTN will enable this functionality on the common portal shortly.
Types of refunds available through FORM GST RFD-01A
• Refund on account of Assessment/Provisional Assessment/Appeal/Any Other Order;
• Tax paid on an intra-State supply which is subsequently held to be inter-State supply and vice-versa;
• Excess payment of Tax; and
• Any other refund.
One more window for completion of migration process.
• The due date for FORM GST REG-26 but received only a Provisional ID (PID) till 31.12.2017 for furnishing the requisite details to the jurisdictional nodal officer shall be extended till 31.01.2019.
• The due date for FORM GSTR-3B and FORM GSTR-1 for the period July, 2017 to February, 2019/quarters July, 2017 to December, 2018 by such taxpayers shall be extended till 31.03.2019.
Late Fee Waiver on delay filing of Returns.
• Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B & FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019.
Comment - Question is those who had paid the late fee till 22.12.2018, whether reversal would be made or not. Most probably Late Fee would be waive of for those return filed after 22.12.19 to 31.03.2019 but not for others.
Restriction on Generation of E-Way Bill - for Return Defaulters.
• Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills.
Comment - This provision shall be made effective once GSTN/NIC make available the required functionality.
Clarifications shall be issued on certain refund related matters like refund of ITC accumulated on account of inverted duty structure, disbursal of refunds within the stipulated time, time allowed for availment of ITC on invoices, refund of accumulated ITC of compensation cess etc.
Changes in CGST/IGST/SGST & Other Acts would be notified w.e.f. 01.02.2019.
The requisite Notifications/Circulars for implementing the above recommendations of the GST Council shall be issued shortly.
Constitution of Centralized AAAR.
• Creation of Centralized Appellate Authority for Advance Ruling to deal with conflicting decisions between two or more State AAAR on the same issue.
Changes/clarification regarding tax rate & exemption of several goods & services have also been recommended during the meeting.
RCM proposed on Security services (supply of security personnel) provided to a registered person.
Taxation of Residential Property in Real Estate Sector - Issue referred to Law Committee and GST Council Meeting would take a view in its next meeting.