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CBIC vide Notification No. 49/2018 – Central Tax dated 13th September, 2018 have notified the format of GSTR-9C which provides for Reconciliation Statement of turnover declared in the Annual Financial Statement with the turnover declared in Annual returns (i.e GSTR 9).
Govt extends deadlines in following cases
Addressing the issues being faced by the taxpayers during filing of various returns under GST, the government has notified waiver of late fees or extension of time period to file necessary declarations under GST Law for specificed cases.
Taking note of the practical challenges being faced by the taxpayers, Government has issued several Circulars providing clarifications on various practical issues on several aspects such as submission of invoices for refund, filing of refund application filed by Canteen Stores Department (CSD), reversal of incorrect transitional credit through Form GSTR-3B etc.
Government issues Annual return in Form GSTR-9 along with detailed instructions for regular as well as composition taxpayers. Form GST ITC-04 has also been revised.
An application was filed before Maharashtra AAR to determine eligibility to avail Input Tax Credit against unutilized Cenvat Credit such as Education Cess (EC), Secondary & Higher secondary Education cess (SHEC) & Krishi Kalyan Cess (KKC) lying in the books of Accounts.
Relying on decisions in the case of Cellular Operators Association of India and Kansai Nerolac Paints Limited, AAR observes that no ITC can be claimed against such unutilized CENVAT lying in the books of Accounts.
With a view to provide relief to the imports made for rehabiliation of Kerala, the Central Government exempts Basic Customs Duty and IGST on goods imported for donation purposes, subject to conditions provided in the Notification.
In respect of recent Notification allowing refund of accumulated ITC on inverted duty structure applicable to fabrics, CBIC provides clarification to several questions raised in this regard
It clarifies that only ITC pertaining to inputs leading to such accumulation due to duty structure shall have to be lapsed and also clarifies the methodolgy for such reversal. Further, ITC pertaining to zero-rated supplies shall not be lapsed
Govt. has decided to extend the due dates of filing the GST returns for all taxpayers registered in the State of Kerala, Mahe (Puducherry) and Kodagu (Karnataka).
The revised due dates of filing GSTR-3B and GSTR-1 for months of July 2018 and August 2018 are 05 October 2018 and 10 October , 2018 respectively.
However, in case of taxpayers with turnover upto 1.5 crores, the due date of filing GSTR-1 for the quarter July to September 2018 has been extended to 15 November 2018.
As per the News flash on GSTN portal, the Due date for GSTR-3B for the month of July 2018 has been extended from 20 Aug 2018 to 24 Aug. 2018.
However, an official Circular/ Notification to this effect is yet to be issued by CBIC.
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