Newsletter

Form GSTR-9C is a reconciliation statement, duly verified and signed by Chartered Accountant/ Cost Accountant, and required to be furnished along with filing of annual return in Form GSTR-9 by the taxpayer whose turnover is above Rs.2 Crores during a financial year. 

Chartered Accountant/Cost Accountant is supposed to use the GSTR-9C Offline utility to fill up details. Once GSTR-9C return is prepared using offline tool, it is to be uploaded on the GST portal by the taxpayer along with a copy of Balance Sheet, Income and Expenditure Account/ Profit and Loss Account and any other related document. 

The taxpayer should file Form GSTR-9C after filing his/her annual return in Form GSTR-9. In case he/she has not filed Form GSTR-9, GST Portal won’t allow the taxpayer to file Form GSTR-9C.

The utility can be downloaded in excel format. Further, the Manual provides step by step process for filling the required details, downloading preview file, generating and uploading the JSON file and filing GSTR-9C on the Portal. The Manual also contains FAQs released with respect to the excel utility.

CBIC vide Notification No. 17/2019 - Central Tax dated 10 April 2019 extends due date for filing Form GSTR - 1 for the month of March 2019 till 13 April 2019 

Further, the due date for filing GSTR - 7 for the month of March 2019 has been extended till 12 April 2019 vide Notification No. 18/2019 - Central Tax dated 10 April 2019 .

CBIC vide Notification No. 15/2019 – Central Tax dated 28 March 2019 extended the period for furnishing the declaration in FORM GST ITC-04 for the period July 2017 to March 2019 till the 30 June 2019

The GST Council, in its 34th Council Meeting held on 19 March 2019 provides clarity with respect to reduced GST Rates on new real estate projects which would be effective from 01 April 2019 as follows:

• In case of ongoing projects, option provided to continue to pay tax at the old rates;
• Provided clarifications as to where the GST rates of 1% and 5% shall be applicable; further mandates procurement of more than 80% of inputs and input services from registered purchases.
• GST on RCM basis payable on all purchases from unregistered suppliers; 
• Transition provisions with respect to ITC as on 31 March 2019 detailed out;
• Treatment of TDR / FSI and Long-Term Lease for projects commecing after 01 April 2019 clarified.

New GST return formats released and are now available on GSTN Portal under 'Downloads' section. These returns are expected to be applicable on pilot basis from 01 April 2019.

• Normal Return (Form GST RET - 1) - Monthly return mandatory for tax payers with turnover > 5crores and optional to other who can opt for Quarterly return or Sahaj return or Sugam return.
• Sahaj Return  (Form GST RET - 2) -  Optional to Tax payer with turnover < 5crores and having only B2C transaction.
• Sugam Return (Form GST RET - 3) - Optional to Tax payer with turnover < 5crores and having B2C as well as B2B transaction.

Separate rate of tax (3% CGST +3% SGST/UTGST) on intra state supplies of goods or services or both upto first 50 lakhs in any financial year has been notified  vide Notification No. 2/2019-Central Tax (Rate) 

The option shall be available subject to below conditions:

• The option is available only tax to taxpayers
  •  
  • whose aggregate turnover in the preceding financial year was fifty lakh rupees or below and not eligible to pay tax under existing composition scheme
  • who is not engaged in making any supply which is not leviable to GST and who is not engaged in making any inter-State outward supply
  • who is neither a casual taxable person nor a non-resident taxable person and not engaged in supply of specified goods
• Central tax on supplies by all such registered persons is paid at the specified rates by all taxable persons under the same PAN
• Such person shall not collect any tax from the recipient on supplies made by him nor shall he be entitled to any credit of input tax.
• Bill of Supply shall have to be issued instead of the Tax Invoice, which shall contain particulars as prescribed
• Once exercised, the taxpayer shall be liable to pay central tax at the specified rates on all prescribed outward supplies
• Such taxpayer shall be required to be pay GST under RCM on inward supplies as are notified
• First supplies of goods or services or both have been defined for the purpose of this notification
• It is clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account while determining the eligibility for this scheme

The Notification comes into effect from 01 April 2019

CBIC have issued various Notifications on 07 March 2019, giving effect to various recommendations made by the GST Council, which are enumerated herein-under:

• Increase in turnover limit from 20 lakhs to 40 lakhs for registration under GST only in case of supplier of goods. No change in case of supplier of services.
• Due dates for filing of GSTR 1 and GSTR 3B for the period April 2019 to June 2019 has been notified.
• Threshold limit to opt for Composition Scheme has been increased to 1.5 crore except for special category states.

CBIC vide circular no. 92/11/2019-GST dated 07th March 2019, has clarified various issued related to Sales Promotion Scheme under GST which is stated as under:

• Samples (free of cost) would not qualify as 'supply', further ITC would not be available in relation thereto except where activity fall within the ambit of Schedule I of CGST Act;
• The value of discount including staggered discount shall be excluded to determine the value of supply provided they satisfy the parameters laid down u/s 15(3) of CGST Act.
• Also clarifies for the treatment of other Promotion Schemes including Buy one get one free' offers and secondary discounts which are not known at the time of supply or are offered after the supply is already over and for which credit notes are issued subsequently.

At the outset, CBIC vide Circular No. 76/50/2018-GST dated 31st December, 2018 clarified that the taxable value for the purposes of GST shall include the amount Tax Collected at Source (TCS) computed as per the provisions of the Income Tax Act, since the value to be paid by the recipient to the supplier is inclusive of the said TCS.

However, CBIC has re-examined the said matter and has consulted the CBDT seeking clarification on the same. CBDT has clarified that TCS is not a tax on goods but an interim levy on the possible income arising from the sale of goods.

In light of above clarification, CBIC vide Corrigendum to Circular No.76 /50/2018-GST dated 07 March 2019 has now clarified that TCS computed under Income Tax provisions should not be included in the taxable value for determining value of supply under GST and no tax shall be payable thereon on such amount, since the TCS is an interim levy not having character of tax.

CBIC has enabled the option of filing of LUT Application pertaining to next financial year i.e. FY 2019-20 on the GSTN Portal