Wednesday, 13 December 2017

GST - LATEST

GSTR-3B Return filing based on Questionnaire: On logging in and selecting Form GSTR-3B tile in Return dashboard, system will display a questionnaire to the taxpayer, for selecting the tiles which will be displayed later to taxpayer, for filing of their Form GSTR-3B return.

So far there was no provision to file NIL Form GSTR-3B Return. All taxpayers were shown all tiles along with Payment tile. But in new implementation, in case a taxpayer selects option to file Nil GSTR-3B return, they can straightaway file NIL Return.                                                                                

Sunday, 10 December 2017

AADHAAR CARD


GST - CHANGING THE TAX RATE

How to Determine the GST Tax Rate In Case Of Changing the Tax Rate                                        

GST rates of many goods and services have been changed from 15th November 2017. There may be confusion that which rate of tax to be charged if payment is received before the changing of tax rate and invoice is raised after the rate changed. There may be some more cases like this.
We need to consider three main point – date of supply, date of payment and date of issued the invoice in this situation.
In case the goods or services or both have been supplied before the change in rate of tax,
Let assume the rate has been change 28% to 18% on 15th Nov 2017.
Case 1-
Date of Supply – 10/11/2017
Date of Payment Received – 20/11/2017
Date of Issued the Invoice – 20/11/2017
GST Rate to be charged @ 18%
Case 2- 
Date of Supply – 10/11/2017
Date of Payment Received – 12/11/2017
Date of Issued the Invoice – 20/11/2017
GST Rate to be charged@ 28%
Case 3-
Date of Supply – 10/11/2017
Date of Payment Received – 20/11/2017
Date of Issued the Invoice – 10/11/2017
GST Rate to be charged @ 28%
In case the goods or services or both have been supplied after the change in rate of tax,
Case 4-
Date of Supply – 16/11/2017
Date of Payment Received – 20/11/2017
Date of Issued the Invoice – 12/11/2017
GST Rate to be charged @ 18%
Case 5-
Date of Supply – 16/11/2017
Date of Payment Received – 10/11/2017
Date of Issued the Invoice – 10/11/2017
GST Rate to be charged @ 28%
Case 6-
Date of Supply – 16/11/2017
Date of Payment Received – 10/11/2017
Date of Issued the Invoice – 16/11/2017
GST Rate to be charged @ 18%

Provided that the date of receipt of payment shall be the date of credit in the bank account if such credit in the bank account is after four working days from the date of change in the rate of tax.
“The date of receipt of payment” shall be the date on which the payment is entered in the books of account of the supplier or the date on which the payment is credited to his bank account, whichever is earlier.

Refer Section 14 of CGST ACT-change in rate of tax in respect of supply of goods or services.   

GST - RETURN CALENDER