GST Latest News, Announcements, Notifications, Circulars, Amendments

GST-Latest-news-and-announcements

Latest News


27 December 2019

Non Filing of GSTR 1 till 10th January 2020 will attract a late fee of Rs 50/- per day upto the maximum of Rs 10,000.

 

19 October 2019

The due date for filing CMP-08 for Composition Dealers is being extended to 22 October 2019. 

26 August 2019

The due date for filing Annual return in Form GSTR-9/GSTR-9A and reconciliation statement in GSTR-9C for the F.Y. 2017-18 has been extended from 31st August 2019 to 30th November 2019.


21 June 2019

In the 35th GST council meeting held on 21st June 2019, the due date of filing GST annual return i.e. GSTR 9 has been extended to 31st Aug 2019. The same has been done keeping in view the hardships being faced by tax filers in preparing and submitting GSTR 9, GSTR 9A, GSTR 9C. For details refer  The Press Release.


11 May 2019

As per notification no. 23, 24/2019 dated 11-may-2019, due dates for furnishing return GSTR-1 and GSTR-3B for the month of April,2019. has been extended for registered person in specified districts of Odisha ( Angul, Balasore, Bhadrak , Cuttack , Dhenkanal , Ganjam, Jagatsinghpur, Jajpur, Kendrapara, Keonjhar, Khordha, Mayurbhanj, Nayagarh and Puri ) . the new due dates are 10th June and 20th June in respective cases, read below the attached notifications for further details
GSTR1
GSTR3B


Due date of Filing GSTR 3B for the month of March 2019 has been extended to 23 April 2019.


Latest Circulars

(https://cbec-gst.gov.in/circulars.html)


28 March, 2019

94/13/2019-GST  

Government has issued latest circular  on 28 march 2019 to clarify the certain refund related issues  and in order to ensure uniformity In the implementation of the provisions of law across the fields formation.

28 March, 2019

95/14/2019-GST

Government has issued latest circular  28 march 2019  to clarify the verification for grant of new registration. For those people who are not applying for revocation of cancellation of registration as specified in section 30 of the CGST Act read with rule 23 of the CGST Rules. Instead, these people are applying for fresh registration.

28 March, 2019

96/15/2019-GST

Government has issued latest circular 28 march 2019  to clarify issues in respect of transfer of input tax credit in case of death of sole proprietor. In case of transfer of business on account of death of sole proprietor, the transferee / successor shall file FORM GST ITC-02 in respect of the registration which is required to be cancelled on account of death of the sole proprietor. FORM GST ITC-02 is required to be filed by the transferee/successor before filing the application for cancellation of such registration. Upon acceptance by the transferee / successor, the unutilized input tax credit specified in FORM GST ITC-02 shall be credited to his electronic credit ledger.


Latest Notification

(https://cbec-gst.gov.in/central-tax-notifications.html)

10th April, 2019

(1)Due date of filing GSTR-1 for March, 19 has been extended by two days to 13th April, 19.

(2) Due date of filing GSTR-7 for March, 19 has been extended by two days to 12th April, 19

For all due dates under Goods and Services Tax refer our GST Calendar.


29 March, 2019

The government has published these latest notifications

  • For  Construction of affordable residential apartments by a promoter in a Residential Real Estate Project (RREP)  and Real Estate Project (REP),  which commences on or after 1 st April, 2019 or in an ongoing RREP in respect of which the promoter has not exercised option to pay integrated tax on construction of apartments at the rates as specified for them.

  • For Transfer of Development rights ( TDR) or Floor Space Index (FSI) (including additional FSI) on or after 1 st April 2019 for construction of residential apartments by a promoter in a project

  • For defining the meaning of FSI, RPEP, REP, Apartment, promoter, in case of Services supplied by any person by way of transfer of development rights or Floor Space Index (FSI) (including additional FSI)

  • For a promoter who receives development rights or Floor Space Index (FSI) (including additional FSI) on or after 1 st April, 2019 for construction of commercial or residential apartments in the project  

  • For defining the Recipient of goods and services in case of of supply of goods and services other than services by way of grant of development rights, long term lease of land (against upfront payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI)]

  • For inserting a new entry in schedule III – 18%, after serial number 452P , That is “452Q”

As per these notifications , Government has also explained the Input tax credit process for  Residential Real Estate Project (RREP) and Real Estate project (REP) on or before 31st march, 2019 and after 31st march, 2019 onwards. Government introduced a wide calculations and formulas for calculation of ITC with some conditions

Government has just introduced a limit of 80% for payment of GST Under Reverse charge mechanism on input and input services, [other than services by way of grant of development rights, long term lease of land (against upfront payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI), electricity, high speed diesel, motor spirit, natural gas], used in supplying the service shall be received from registered supplier only. If this condition is being not fulfilled by promoters then promoter has to pay at the end of the financial year, GST on inputs on reverse charge basis.

However this condition is not applicable on purchase of Cement from unregistered dealer. Where cement is received from an unregistered person, the promoter shall pay tax on supply of such cement at the applicable rates on reverse charge basis and all the provisions of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), shall apply to him as if he is the person liable for paying the tax in relation to such supply of cement.


28 March, 2019

15/2019-Central tax ,dt. 28-03-2019 Government has issued latest Notification on 28 march 2019  to extend the due date for furnishing Form GST ITC -04 for the period july 2017 to march 2019 till 30th june 2019 in case of goods dispatched to a job worker or received from a job worker.


GST Council Meetings


24 Feb, 2019

In the 33rd adjourned meeting of GST Council held on Sunday, 24 Feb. Key recommendations were made to boost real estate sector

  • GST @5% has been prescribed for other than affordable homes (ITC is not available)
  • GST @1% has been prescribed for other than affordable homes (ITC is not available)

To read more about the council recommendations and what are afordable homes etc read more below.

https://blog.tax2win.in/33rd-gst-council-meet-news/

20 Feb, 2019

Read the highlights of 33rd GST Council Meet held on 20th February:

  • The due date of filing GSTR-3B for the month of January 2019 has been extended by two days. The extended due date is 22nd Feb 2019.
  • The council meeting has been adjourned to Sunday i.e. 24th Feb 2019.
  • As decided in the 32nd council meeting held on 10th Jan. real estate matters will be considered in the adjourned meeting.

CA Abhishek Soni

By CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.

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