GSTR-2 Offline Version 2.1 (GST offline utility)

GSTR-2 Offline Version 2.1 – New version of GSTR-2 offline tool is available on portal now. This will enable taxpayers to export data of GSTR-2 from Tool to Excel. This will be helpful in comparing this data with purchase register to take actions like accept, reject and modify.


Download the  GSTR-2 Offline Version 2.1  click Here


source : gst.gov.in

GST Portal New functionalities

New functionalities made available on GST Portal (gst.gov.in).

29/10/2017

Following new functionalities have been made available to taxpayer on GST Portal:

  1. GSTR-2 Offline Version 2.1 – New version of GSTR-2 offline tool is available on portal now. This will enable taxpayers to export data of GSTR-2 from Tool to Excel. This will be helpful in comparing this data with purchase register to take actions like accept, reject and modify.
  2. Form GST CMP-02 – Intimation to pay tax under Section 10 (Composition Levy) under Rule 3(2) of CGST Rules, to be furnished by the person for opting to pay tax under Composition Levy, (Refer Notification No. 45/2017 Central Tax Dated 13/10/2017 issued by CBEC).
  3. Form GST CMP-03 – Intimation of details of stock held on the date preceding the date from which the option for composition levy is exercised. Now this form can be filed electronically on GST portal by 30th November 2017, by virtue of Order No. 5/2017-GST Dated 28/10/2017 issued by CBEC.
  4. Form GST ITC-04 – Quarterly Statement to be furnished by taxpayer having details of Goods/capital goods sent to job worker and received back.
  5. Form GST REG-29 – Application for cancellation of provisional registration by the migrated taxpayer, who is not liable for registration under GST. Taxpayer can Login with credentials, click on link “Cancellation of Provisional Registration” at the Dashboard (under view profile), mention reason, sign and Submit. The cancellation will be effective from appointed date.
  6. Form GST PMT-07 – “PMT-07 Grievance for payment”, application for intimating discrepancy relating to payment is available on Portal. This functionality is meant for the taxpayer to raise grievance when the amount is debited from his account, but their Electronic Credit Ledger is not updated.
Source : https://www.gst.gov.in/newsandupdates/read/156

Notification No.54/2017-Central Tax ,dt. 30-10-2017 | extend due date for filing FORM GSTR-2 and GSTR-3 for July, 2017

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]

Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs

Notification No. 54 /2017 – Central Tax

New Delhi, the 30th October, 2017

G.S.R. …..(E). In exercise of the powers conferred by the first proviso to sub-section (2) of section 38 and sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner hereby makes the following amendments in the notification number 30/2017-Central Tax, dated the 11th September, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i), vide number G.S.R. 1144 (E), dated the 11th September, 2017, namely:-
in the table,

a) against Sl. No. 2, in column (4), for the words, figures and letters “Upto 31st October, 2017”, the words, figures and letters “Upto 30th November, 2017” shall be substituted;

b) against Sl. No. 3, in column (4), for the words, figures and letters “Upto 10th November, 2017”, the words, figures and letters “Upto 11th December, 2017” shall be substituted.

[F. No.349/74/2017-GST(Pt.)]

(Dr. Sreeparvathy S.L.)
Under Secretary to Government of India


To Download the official Notification : Click Here


Source : cbec.gov.in

GST collections in line with projections, no shortfall: CBEC

Tax collections under the new GST regime are more or less in line with the projections and there are no plans yet to revise the annual revenue targets, CBEC Chairperson Vanaja N Sarna said.Sarna said the target for revenue for the Department of Customs is about Rs 9.68 lakh crore for the current fiscal.Customs collection growth is “alright”, she said, adding that the GST roll out from July 1 has been relatively smooth.”The roll out has been relatively smooth and collections are more or less coming in line,” she said, adding that it is very difficult to say if the targets of tax collections in the new regime would be met or not.She was replying to a question if the GST collection target may be missed.

“It is very difficult to say for the GST regime because it is only two-three months down the line,” she said.She was yesterday erroneously quoted to say that the indirect revenue collection of the government may fall short of the target this fiscal due to disruption caused by the GST roll out.The government last week had stated that GST collections for September totalled Rs 92,150 crore. They were over Rs 95,000 crore in July and over Rs 91,000 crore in August.GST, which amalgamates over a dozen taxes, including excise duty and service Tax, was rolled out from July 1.The Chairperson of Central Board of Excise and Customs (CBEC) said it was difficult to access the target as exporters would take refund and there would be input tax credit refund as well.”But I think by and large six month down the line is better time to actually gauge what your revenues are going to be,” she said.Asked if there is any talk of revising the revenue targets, she said: “At the moment there is no thinking because GST has to settle down. So you can only think about revision if you are sure about what you are falling back on. Let the GST roll out little more, then we will take a call.”

Source:https://economictimes.indiatimes.com/news/economy/finance/gst-collections-in-line-with-projections-no-shortfall-cbec/articleshow/61342498.cms

GST Council to make it mandatory for restaurants, malls, shopping outlets to ensure MRP includes taxes

The government is likely to come out with a fresh order to make it mandatory for restaurants, malls and other shopping outlets to ensure that the maximum retail price of goods and services includes GST. A senior official confirmed that the recommendation has been made by the group of state finance ministers headed by Assam Finance Minister Himanta Biswa Sarma.The issue will be now be taken up by the GST Council headed by Finance Minister Arun Jaitley which is scheduled to meet on November 10. Consumer complaints have been pouring in that some retailers charge GST over and above the MRP of products and the group of ministers recommendation aims to address this problem.

They have suggested that the government should make it very clear that MRP is the maximum price of a product to be sold in retail and charging anything above this is an offence. Several malls and other commercial establishments sell packaged goods such as bottled beverages which already carry an MRP, but at some places, a GST is charged in addition to the MRP.However, businesses while uploading the invoice to the government in filing tax returns can separately indicate the GST component and the selling price of the product. The Government has been making changes in the GST norms based on the feedback received from consumers and businesses. This is the first time that the a tax reform has taken place on such a large scale since independence and there are bound to be some teething problems, a senior official said.

With the assembly elections being declared in key states including Gujarat, the government is keen to take all complaints on board and ensure that there is no political backlash over economic reforms. The opposition parties including the Congress are trying to portray GST as a draconian tax measure and the government is keen to send out the correct message. New rule to ensure MRP includes GST Move to check fleecing of consumers Among other things, the GoM also suggested lowering the fees for delayed filing of returns to Rs 50 a day from Rs 100.Besides , the panel has come out in favour of extending the quarterly filing of returns facility to all taxpayers. Currently, businesses with a turnover of up to Rs 1.5 crore are allowed to file returns and pay taxes every quarter. The major recommendation of the GoM includes slashing tax rate to 1 per cent for manufacturers and restaurants while easing norms for traders opting for it. Manufacturers and restaurants with turnover of up to Rs 1 crore pay GST under the composition scheme at 2 per cent and 5 per cent, respectively. The same for traders is 1 percent. It also suggested doing away with the tax rate distinction between ACand non-AC restaurants.`

GST DEADLINE EASED
The government on Monday extended the date for filing of July GSTR-2 to by a month to November 30 and GSTR-3 to December 11. GSTR-2 or purchase returns have to be matched with GSTR-1 which is the sales return. The original due date for filing GSTR-2 was October 31, while the last date for filing of GSTR-3, which is a matching form of GSTR-1 and 2, was November 11. The last date for filing of GSTR-1 for July was October 1.Over 46.54 lakh businesses had filed July GSTR-1 returns.

The extension will facilitate about 30.81 lakh taxpayers for filing GSTR-2 for the month of July, 2017, the finance ministry said in a statement. The competent authority has approved the extension of filing of GSTR-2 for July, 2017 to November, 2017, for facilitation of businesses and all taxpayers, it said. Businesses have been complaining of problems in matching invoices, while filing GSTR-2 on the GST Network portal.This is the first month of filing GSTR-2. The extension of last date for filing will act as a breather for them as well as GSTN which can further streamline the utilities on the portal. The Group of Minister under Bihar Deputy Chief Minister Sushil Kumar Modi had last week flagged issues faced by taxpayers.

Source:http://www.businesstoday.in/top-story/gst-council-to-make-it-mandatory-for-restaurants-malls-shopping-outlets-to-ensure-mrp-includes-taxes/story/262910.html

Centre extends last date for filing GST returns

The Centre extended the last date for filing GSTR-2 returns, required to claim input tax credit under the Goods and Services Tax (GST) regime, for July, till November 30. The earlier deadline was October 31.At the same time, the last date for filing GSTR-3 returns for July, 2017 was extended to December 11 as opposed to the November 10 deadline, the Finance Ministry said.“A notification in this regard is being issued very shortly. This will facilitate about 30.81 lakh taxpayers filing GSTR-2 for the month of July, 2017,” the Ministry said on Monday.This is the latest in a series of steps by the government to facilitate the transition of businesses into the new indirect tax system. Last week, the Ministry decided to waive the late fee on filing returns for the months of August and September in view of the difficulties faced by taxpayers during the process of filing returns.

‘Less anxiety’

“This would aid in subsiding the anxiety among various industry players caused on account of various challenges being faced in filing GSTR 2 and the fact that government utility for filing the same was released only a few days back,” said Abhishek Jain, tax partner at EY India.Deloitte India partner M.S. Mani said the additional time for filing returns could boost GST compliance.

Source;http://www.thehindu.com/business/Economy/centre-extends-last-date-for-filing-gst-returns/article19950942.ece

GST returns filing: Tax experts doubt system’s accuracy

Increasing the fear of an unravelling of the exercise of invoices-matching, which is crucial to realising the presumed merits of the goods and services tax (GST), like reduction of tax evasion and cascades, three-fourths of the 60 lakh eligible taxpayers haven’t completed the formalities of filing both the inward and outward supplies-based returns for July till a day before the October 31 deadline. This has forced the government to give another window till November-end “to facilitate about 30.81 lakh taxpayers” to file details of inward supplies (GSTR-2). The triplicate comprehensive returns for July, the first month since GST’s launch, were originally required to be filed in the subsequent month itself, but due to the GST Network’s technical glitches and low levels of compliance, the deadlines have been extended multiple times. The schedule for filing these returns for August onwards has not even been announced yet, as this was to follow from the July-cycle learning. While invoice-matching is getting unduly delayed, piling up a huge job for the taxmen, the consequent blockage of input tax credits is bound to hit the working capital for large sections of the industry.

Since the launch of GST, small and medium enterprises have faced cash crunch, while exporters have got the refunds of July and August taxes only recently. Of course, the government has allowed industries with turnover up to Rs 1.5 crore to file the detailed returns on a quarterly basis while assuring them of prompt release of input tax credits claimed via monthly interim returns, but the deferment of invoices-matching would mean large-scale adjustments of the tax and ITC figures later. The government has faced much criticism for the imperfections of the GST it launched (multiple rates, high peak rates, exclusion of real estate and five petro- leum products etc). Also, since the GST was introduced, it has had to make more compromises that besmirched the new tax further. While dozens of items saw rate changes post-July, the GST Council, on October 6, accorded virtual tax waiver for exporters till March 31, 2018, despite exemptions running contrary to the GST’s basic tenet.

Besides, units with up to Rs 1.5 crore turnover were allowed to file quarterly instead of monthly returns, a move that would allow 90% of the non-composition GST registrants to shift to the easier system of filing returns every quarter, but could make prompt invoices-matching difficult. As reported by FE on Monday, the council may allow all taxpayers to move to quarterly mode of filing returns as it meets at Guwahati on November 10. The composition scheme — that allows businesses to pay taxes as a small percentage of turnover annually — is set to be made available to units with turnover up to Rs 1.5 crore, in what could effectively exclude 90% of the taxpayers from being part of the multi-point destination-based tax chain.

GST Network, which is the IT backbone of GST, estimates that about 80 crore invoices would be uploaded on to the system every month. A tax official said that even if 2-3 crore of the invoices don’t match, it will lead to numerous disputes, which would be arduous to resolve. “Besides, tax evasion takes place when transactions are off-book which will never be captured through invoices. The government needs precise and visible enforcement to minimise tax evasion,” the official said. To begin with, GST Council should have implemented matching at the GST level where sale and purchase are matched on the basis of the unique GST registration number of each taxpayer. Invoice matching should ideally have been brought in a few months later after the system stabilised. Now that some taxpayers are allowed to file returns only quarterly, the matching should also be harmonised with it and not be carried out every month.

These steps alone will make the process smoother,” Rahul Renavikar, managing director of Acuris Advisors said. Aditya Singhania, of Taxmann, said: “The matching concept is a much appreciated step for allowing input tax credit which is regulated by the GSTR 1, 2 and 3 mechanism. But with the brilliant concept, the IT platform of GST i.e. www.gst.gov.in should equally work in same wavelength for achieving the objective. Due to certain bugs and frictions, coupled with totally new forms of returns, taxpayers were unable to file the (returns) on time.” While industrialised states like Maharashtra, Gujarat and Karnataka among others had invoice-matching systems prior to GST, although these were not granular-level matching. A Maharashtra tax official, who requested anonymity, said that matching at the level of VAT number –much simpler than invoice-level matching – had enabled identification of 80% mismatches, which enabled the tax department to take action against hawala operations.

However, some tax officials have doubted the efficacy of invoice-matching, saying this wasn’t much of a success in any country with GST-type tax. “The first two month would pose immense challenges on how to deal with invoice mismatches and the provision may eventually have to be done away with,” a revenue department officials told FE on the condition of anonymity. The tax department is also worried that about 40% of taxpayers who filed the returns for July have claimed nil-tax liability. “It is indeed a large number. If enforcement is required, we will carry it out, though not in the nature of search and seizure. We may opt for discreet inquiries and meetings with such groups of taxpayers, to find out the reasons for the trend,” revenue secretary Hasmukh Adhia had told FE earlier.

Source:http://www.financialexpress.com/india-news/gst-returns-filing-tax-experts-doubt-systems-accuracy-only-a-quarter-of-taxpayers-meet-october-31-deadline/912905/

GoM suggests making GST inclusion in MRP mandatory

Maximum retail price of goods must include the GST component to effectively address consumer complaints that some retailers charge the new indirect tax on MRP of products, a high-level panel of state finance ministers has recommended. The group of ministers, headed by Assam Finance Minister Himanta Biswa Sarma, has in its recommendation to the GST Council on easing compliance burden on small and medium enterprises suggested that the government make it amply clear in the present law that MRP is the maximum price of a product to be sold in retail and charging anything above this is an offence.

This rule, sources said, must be applicable to establishments like restaurants, eateries and malls that sell packaged goods such as bottled beverages which already carry an MRP, but at some places, a GST is charged over and above that MRP.However, businesses while uploading the invoice to the government in filing returns and paying taxes can separately show the GST component and the selling price of the product.”We have suggested that when businesses issue invoice to consumers, the MRP should be inclusive of GST. The bifurcation in tax collection and sale price can be shown in the invoice while paying taxes to the government,” sources told .In Guwahati on November 10, the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising his state counterparts, is likely to take up the recommendations of the GoM, which was set up earlier this month.Over half a dozen MSMEs yesterday made a presentation before the GoM yesterday, sources added.Among other things, the GoM also suggested lowering the fees for delayed filing of returns to Rs 50 a day from Rs 100.Also, the panel pitched for extending the quarterly filing of returns facility to all taxpayers.

Currently, businesses with turnover of up to Rs 1.5 crore are allowed to file returns and pay taxes every quarter.It also suggested further simplification in return filing process, HSN Code and invoice matching.The major recommendation of the GoM includes slashing tax rate to 1 per cent for manufacturers and restaurants while easing norms for traders opting for it.Manufacturers and restaurants with turnover of up to Rs 1 crore pay GST under the composition scheme at 2 per cent and 5 per cent, respectively. The same for traders is 1 per cent.It also suggested doing away with the tax rate distinction between AC and non-AC restaurants, those which are not covered under the composition scheme, and tax them at 12 per cent with input credit.Also, eating out at hotels, which has room tariff of more than Rs 7,500, should attract a uniform 18 per cent tax rate instead of any separate category for 5-star hotel, the GoM recommended.

Source:https://economictimes.indiatimes.com/news/economy/policy/gom-suggests-making-gst-inclusion-in-mrp-mandatory/articleshow/61338711.cms

Nepali ginger exports exempted under GST

Ministry of Commerce Undersecretary Tarkaraj Bhatta clarified that India will permit the entry of fresh Nepali ginger into its territory, without being subjected to any tax under the new Goods and Services Tax (GST) scheme.A statement by the Commerce Ministry recently highlighted that India has agreed to prohibit the 5 percent tax previously levied as per the GST on import of fresh ginger from Nepal, thereby permitting local farmers and traders to export tax-free produce to India, reports The Kathmandu Post.With the introduction of the GST in India, Nepali traders were asked to obtain relevant permits from the government to sanction a waiver on import duty, in lieu of the five percent tax that was imposed.

To this regard, Nepali officials called for a meeting with the Customs Commissioner and other officials in Siliguri recently, where they argued citing the Nepal-India Trade Treaty, which had ensured free access for Nepali agricultural products to Indian markets.”The meeting did produce positive results. But this is a stopgap measure. The ministry will find a permanent solution to this problem soon,” Kathmandu Post quoted Bhatta saying.On a related note, Nepal is the third largest ginger producer globally, preceeded by China and India. Furthermore, India is a major importer of Nepali ginger, both fresh and processed (94 percent).

Source:http://www.sify.com/finance/nepali-ginger-exports-exempted-under-gst-news-agriculture-rk3pKNdjgbidb.html