Jan, 2020

Now taxpayers can file GSTR-3B returns in staggered manner

Considering the difficulties faced by trade and industry in filing of returns, the government has decided to
introduce several measures to ease the process. The Finance Ministry today said that now GST taxpayers can
file their GSTR-3B returns in a staggered manner.
Presently the last date of filing GSTR-3B returns for every taxpayer is 20th of every month. From now on, the
last date for filing of GSTR-3B for the taxpayers having annual turnover of Rs 5 crore and above in the
previous financial year would be 20th of the month. Thus, around 8 lakh regular taxpayers would have the last
date of GSTR-3B filing as 20th of every month without late fees.
The taxpayers having annual turnover below Rs 5 crore in previous financial year will be divided further in
two categories. The tax filers from 15 States/ UTs, i.e., Chhattisgarh, Madhya Pradesh, Gujarat, Daman and
Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry,
Andaman and Nicobar Islands, Telangana and Andhra Pradesh will now be having the last date of filing
GSTR-3B returns as 22nd of the month without late fees. This category would have around 49 lakh GSTR-3B
filers who would now have 22nd of every month as their last date for filing GSTR-3B returns.
For the remaining 46 lakh taxpayers from the 22 States/UTs of Jammu and Kashmir, Laddakh, Himachal
Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim,
Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and
Odisha having annual turnover below Rs 5 crore in previous financial year will now be having last date of
filing the GSTR-3B as 24th of the month without late fees.

Jan, 2020

GST New Year Amendments effective from Jan 1 2020

1. Aadhaar Authentication has been made mandatory.
2. Mandatory online modes of accepting payment also inserted in GST as inserted in Section 269SU of Income tax Act.
3. Transfer of Cash Ledger balances on the common portal within Major and Minor Heads has been allowed.
4. Penalty of 10% has been introduced under anti-profiteering provisions.
5. New SEZ Registrants needs to provide SEZ related information in REG-01.
6. TRAN-1 and TRAN-2 dates extended for taxpayers facing "technical issues" to 31.03.2020 and 30.04.2020 respectively.
Some other amendments already in force by temporary notifications also inserted in Act.

Oct, 2019

Important Changes in GST

Reverse Charge
Renting of Motor Vehicle
Services provided by way of renting of motor vehicle by any Individual/Firm/LLP to any Body corporate (companies), covered under reverse charge mechanism, taxable @5%. However if the service provider charges GST @12% then he can continue with Forward Charge. Then no Reverse Charge applicable.

Warehousing (Notification No 21/2019- Central Tax (Rate)
W.e.f 01.10.2019, services provided by way of storage or warehousing of cereals, pulses, fruits, nuts & vegetables, spices, copra, sugarcane, jiggery, raw vegetable fibres such as cotton, flax, jute etc, indigo, unmanufactured tobacco, betel leaves, tendu leaves, coffee and tea are exempt from tax. Earlier this exemption was on limited items of agricultural produce and few other products.

Transportation of goods by Air/Vessel(Notification No 21/2019)
The services by way of transportation of goods by an aircraft or vessel from customs station of clearance in India to a place outside India shall be exempted till 30th day of September 2020. This exemption was to end on 31.03.2019. However it has been extended for further 1 year.

Exports against Supply by Nominated Agency (Notification No 17/2019)
The Central Government under Notification No 26/2018, exempted supply of gold supplied by Nominated agency to the recipient under ‘Export against Supply by Nominated Agency’ subject to certain conditions mentioned in said notification. Now it also includes “Silver and platinum” under ‘Export against Supply by Nominated agency’ Scheme, w.e.f. 01.10.2019

Composition Scheme
Aerated Water (Notification No. 18/2019 and 43/2019)
Any person engaged in manufacturing of aerated water shall not be eligible to levy tax under Composition Scheme, w.e.f. 01.10.2019. However if a dealer has taken registration under composition scheme of 6% tax as goods and service provider both, then he cannot even trade in aerated water.

Rate Changes
Packing Material (Notification No 14/2019)
Bags of polyethylene, bulk containers of man-made fibres chargeable at the tax rate of 12%. (earlier it was 5% in some cases(tariff 63053200 and 63053300) and 18% in some cases (tariff 3923),, w.e.f. 01.10.2019
Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of kind use of packing of goods, shall be chargeable at the rate of 12%., w.e.f. 01.10.2019

Caffeinated Beverages(Notification No 17/2019)
The taxable rate on all the caffeinated beverages increased from 18% to 28%, w.e.f 01.10.2019 (Ex- Energy Drinks such as red bull). However it is still a confusion as to which beverages are to be considered caffeinated beverages.

Precious or semi-precious Stone (other than diamonds) (Notification No 14/2019)
The semi-precious stones, shall be now taxable at the rate of 0.25% (earlier it was 3%). Long pending demand of the Jewellers have been fulfilled. However pearls continue to be charged at 3% tax rate.

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