Proposals made amid 31st Meeting of the GST Council

KEY POINTS:

1. Yearly Return due date additionally broadened:

The due date for outfitting the yearly returns (GSTR 9 and 9A) and compromise explanation (9C) for the FY 2017 – 2018 further stretched out till 30th June 2019.

2. Late charge waiver:

Late charge will be totally postponed for all citizens in the event that FORM GSTR-1, FORM GSTR-3B &FORM GSTR-4 for the months/quarters July, 2017 to September, 2018, are outfitted after 22.12.2018 however prior to 31.03.2019.

3. E-way bill:

Citizens who have not documented the profits for two back to back assessment periods will be confined from producing e-way charges.

4. Time limit stretched out for ITC on 2017-18 Invoices:

ITC in connection to solicitations issued by the provider amid FY 2017-18 might be benefited by the beneficiary till the due date for outfitting of FORM GSTR-3B for the long stretch of March, 2019, subject to indicated conditions.

5. New Return documenting framework on preliminary premise:

The new return documenting framework will be presented on a preliminary premise from 01.04.2019 and on compulsory premise from 01.07.2019.

6. Single Cash Ledger:

There would be a solitary money record for each duty head.

7. Single Authority for Disbursing Refund:

A plan of single expert for payment of the discount sum endorsed by either the Center or the State assess specialists would be actualized on pilot premise.

 

 

8.Changes in Annual Return:

– Amendment of headings – supplies – ‘made amid the year’ and not ‘as proclaimed in returns recorded amid the year’

– All profits in FORM GSTR-1&FORM GSTR-3B to be documented before recording of GSTR 9 arrangement

– HSN code might be announced just for internal supplies esteem 10% or a greater amount of aggregate internal

– Additional installments, assuming any, required, should be possible through FORM GST DRC-03 just in real money

– ITC can’t be profited through FORM GSTR-9 and FORM GSTR-9C

– All solicitations relating to past FY (independent of month in which such receipt is accounted for in FORM GSTR-1) would be auto-populated in FORM GSTR-9

– Value of “non-GST supply” will likewise incorporate the estimation of “no supply” and might be accounted for in Table 5D, 5E and 5F of FORM GSTR-9

– Verification by citizen who is transferring compromise explanation would be incorporated into FORM GSTR-9C.

9.Due date augmentation:

– FORM GSTR-8 by internet business administrators for the long periods of October, November and December, 2018 will be stretched out till 31.01.2019.

– FORM GST ITC-04 for the period July 2017 to December 2018 will be reached out till 31.03.2019.

The essential Notifications/Circulars for executing the above proposals of the GST Council will be issued right away.

Certicom - A Group of Chartered Accountants - Articles
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Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

Certicom Consulting

Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.