CBDT vide Circular No. 9/2019 dated 14th May 2019 has deferred reporting under clause 33C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) in the Tax Audit Report in Form 3CD uptill 31st March 2020.
West Bengal AAR holds that the Input Tax Credit on inward supplies should be allowed even when consideration paid for such input is by way of book adjustment/ setting-off book debts.
AAR further stated that GST Act does not restrict the recipient from claiming ITC when consideration is paid through book adjustment, subject to conditions and restrictions as may be prescribed and in the manner specified in Sections 16 and 49 of GST Act.
West Bengal AAR held that construction services bundled with other services including services of preferential location, right to use car parking space and other common areas and facilities constitute ‘Composite Supply’. Therefore abatement as prescribed under Notification No. 11/2017 – Central Tax (Rate) dated 28.06.2017, as amended from time to time, shall be available on supply of such services.
In terms of order of utilisation of credit at the time of GST payment on the Portal, it has been clarifed by CBIC that the taxpayers shall continue to utilise the credit in manner which is presently being supported in the GST portal (which is currently as per Section 49 of the CGST Act, 2017) till the new order of utilization as per newly inserted Rule 88A of the CGST Rules is implemented on the GST portal.
CBIC has extended the due date for filing GSTR - 3B for the month of March 2019 to 23 April 2019.
The same is reflected on GST Portal. The Notification giving effect to such extention is expected to be released shortly.
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:
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