GST News update 1st week of September 2017

  1. CBEC has further extended the due date of furnishing GST return for the month of July, 2017 and August, 2017 through Notification No. 29/2017- Central Tax dated, 5th September, 2017:

Forms

July, 2017

August, 2017

GSTR 1

1st - 10th September, 2017

1st - 5th October, 2017

GSTR 2

11th - 25th September, 2017

6th - 10th October, 2017

GSTR 3

26th - 30th September, 2017

10th - 15th October, 2017


But we have to file GSTR 3B for the month of August, 2017 by 20th September, 2017 and also TRAN 1 by 28th September, 2017.

  1. The key highlights of the Webinar on TRAN-1 organised by Goods and Services Tax Network -
    1. Revision of TRAN-1 form may be allowed in future, the matter is being contemplated by GST Council.
    2. Transitional credit under existing laws will be carried forward through two tables, 5(a) for Central taxes & 5(c) for States taxes.
    3. No need to declare the details of C-Form, H Form & F- Form etc. in table 5(c), if no VAT ITC is being carried forward.
    4. All the fields are not required to be filed in TRAN-1; only applicable fields are to be filed.
    5. GSTN will accept only those invoices which are of the dates between 01st Jul 16 and 30th Jun 17 in the table 7.
    6. The returns for the last 6 months under the existing laws must be filed to file TRAN-1 return & declaration for the same should be made.
    7. In table 6(a) if Capital goods were imported, "NA" should be furnished in the Supplier's registration number field.
    8. CSV upload facility for all tables 6 & 7 will be made available soon where bulk data is to be uploaded.
    9. In table 7 in the "Unit" field can be filed up to only 3 Alphabets.
    10. Eligible duty in Table 7B will be filed as "0" where duty paid Invoices are not available and credit is being claimed under Proviso to Section 140(3) at the rate 40% and 60%.
    11. Where person was having centralised registration in the existing law, he can distribute the Transitional credit to the multiple GSTIN with the same PAN number. Each GSTIN will be entered as separate line item.
    12. For the credit relating to goods held by agent, the data of credit should be furnished by both agent & principal simultaneously in Table 10.
    13. If you have not entered your Service tax registration number or any other registration number while registering on the portal, the credit relatable to same cannot be claimed. For claiming the credit first amendment to Non-Core fields should be made.
    14. For goods & services received after appointed date on which tax was charged under Old regime credit can be claimed u/s 140(5) through table 7(b) of TRAN-1.