It is mandatory to register for GST Return filing by all business firms on monthly periods, every calendar quarter as well on yearly GST Returns as per their business type. GST system in India is a registration of the businesses and filing on every tri-monthly returns and one annual return.
July 27, 2019
GST Council’s important updates to read as it was held on Saturday, that is, 27.07.2019, where the 36th meet held through video conference. The highlights are as follows.
July 25, 2019
36th GST council meeting was postponed with a notification of ‘Date to be announced soon’. Here are the highlights and expected topic list from the meeting held. Read in detail on the GST Council Meeting
July 18, 2019
CMP-08 filing deadline extended between the period of April 2019- to June 2019 that is, from July 18, 2019 to July 31, 2019.
June 28, 2019
CBIC notifications key aspect announcement:
- Last date for GSTR-1(Monthly & Quarterly), GSTR-3B (July 2019 to September 2019) are notified. ITC-04 filing deadline is extended from the month of July 2017 to June 2019. This is to give more time for the service providers who are desired to change to composition scheme under Notification 2/2019 CT Rate that is dated 7th March 2019. Update yourself with the latest dates on GST calendar.
- FORM GST PMT-09 is allowed to be utilized only by the registered person for the tax amount transfer , shares or interest, disciplinary fine, charges or other available tax charges in the electronic cash account entertained under the Act for incorporated tax, central tax, State tax or Union territory tax or cess.
- Might any time mandate for future reference. Such Quick Response (QR) code are used along with the notification on the Tax Invoice and Bill of supply
- Kerala Flood Cess fund Calculation for the valued supply is applicable.
- Refund of taxes to the outlets of established retails in the international Airport departure zone following the tax free supply immigration counters on monthly or quarterly that is, an outgoing international tourist facilities that are filed under the FORM GST RFD- 10B.
- Online Information Database Access and Retrieval Services(“OIDAR services”) are levied for the suppliers on the furnishing the details on the Annual Return / Reconciliation Statement.
- GSTR-4 new format is to be filed on an annual basis are notified. ( liable for FY 2019-2020 onwards)
June 21, 2019
35th GST Council Meeting was conducted on June 21st 2019 under the lead of FM Nirmala Sitharaman.
- GST Annual Return deadline was extended from June 30th to August 31st 2019 (FY 2017-18).
- Aadhar is included for GST Registration is introduced.
- NAA tenure was extended for further 2 years.
- 10% penalty is applied for the delay in filing the amount that is profiteered.
- E-invoicing – January 2020
- Mandatory E-ticketing for movie theatres
- Slashing of rate cut on Electric vehicles, EV chargers & its leasing are deferred; report submission committee.
- Declining rates for lottery is postponed; Attorney General is to view the subjected Matter.
- States decide on the number of GSTAT required for them (GSTAT to be GST Appellate Tribunal.)
Mar 28, 2019
The deadline for ITC-04 is changed from July 2017-March 2019 are extended to 30th June 2019.
Mar 19, 2019
34th GST Council Meeting – 19th Mar 2019.
Video conferencing with GST Council members to discuss and pass the circulars prepared for reduced rates on affordable and non-affordable housing under formation.
February 24, 2019
- The 33rd GST council meet – 24th February 2019.
- The extended due date to file GSTR-3B for the month of January 2019 to 22nd February 2019*
* Notification on issued by CBIC. For the State of Jammu & Kashmir, deadline is 28th February 2019.
February 10, 2019
33rd GST Council meeting scheduled on 20th February 2019 via Video Conferencing (The next meeting).
Headed by the chairperson Finance Minister Arun Jaitley where the attention is focused for the Real estate and export sector.
The first meet following the Interim Budget 2019.
January 10, 2019
32nd GST Council meeting was held at New Delhi and chaired by Shri Arun Jaitley. Announcements made in regard to MSMEs and minor traders.
Important takeaways for the 32nd GST Council meeting follows as under:
- GST registration limit is upgraded from Rs 20 lakhs to Rs 40 lakhs for goods suppliers.
- The existing composition scheme changes are added to increase the rotation limit for the new joinees up to Rs 1.5 crores, where the tax payments are made every quarter with filed returns annually from April 1st 2019.
- Introduction of the New composition scheme for the service providers, who supply goods and their services where
- the Turnover limit = Rs 50 lakhs and
- the Tax rate = 6% (fixed).
- No reduction in rate announcement was made. The study taxation of under-construction properties & lotteries were done with the help of GoMs.
- Natural disasters cess was charged along with regular GST rate as flood cess reduction of 1% within the State of Kerala for the next 2 years among the suppliers whose GST collection for each commodity is 12% or more.
What is GST return?
It is the return documentation comprising of taxpayers income information that is required to be filed under the tax administrative authorities and are verified and used to calculate tax liability by tax authorities.
Under GST return filing in India , a registered dealer has to include:
- Business sales
- Output GST is for On sales
- Input tax credit where the GST is charged and collected on purchases
GST returns and GST compliant sales and purchase invoices are to be filed as it is very essential and are mandatory. Generate your GST compliant invoices at Kanakkupillai.