Wednesday 20 December 2017

TRAN 2 GUIDE

*Step by Step guide for filing Form GST TRAN 2 form*

*Prequisite*:TRAN 2 can be filed only if TRAN-1 and GSTR 3B of the relevant tax period is filed.
*Step 1*. Navigate to the TRAN 2 page of the desired tax period after logging in , Select the < Financial Year> and < Month>
*Step 2*. Table 4 of TRAN 2 would be enabled if records were declared in Table-7(a) (7B) of TRAN 1 and Table 5 would be enabled if records were declared in Table-7(d) of TRAN 1.
*Step 3*. Enter details of opening stock in Table 4 and Table 5 as declared in TRAN 1. Please ensure that all the HSN/goods are declared in TRAN 2, in the opening balance in the month of July, 2017, irrespective of the fact that these have been sold or not in the first i.e. July, 2017 tax period.
*Step 4*. Declare the details of sold goods from such stock in the first tax period and the Central/State and integrated tax paid on those goods and compute the ITC allowed and state this value in the applicable tables. ITC allowed should be less than or equal to (=) 60% of Central Tax or 30% of Integrated Tax.
*Step 5*. While filing Tran 2 of subsequent tax periods, the tax payer has to only declare the details of goods supplied/sold and the tax paid and ITC allowed. The opening stock gets auto-populated from the earlier tax period closing stock. And the closing sock is auto computed from the opening stock and the supplied quantity in the tax period.
*Step 6*. Save after entering each record in tables of TRAN 2.
*Step 7*. After entering all the records click “Preview” to download the pdf with draft summary values of TRAN 2. Verify the correctness of the entered data. If satisfied click “Submit” to freeze your declaration. Please verify thoroughly before submitting.
*Step 8*. Download the summary of your submitted TRAN 2 for your record by clicking on “Preview” again.
*Step 9*. Click on file with DSC or EVC and select the authorized signatory to file TRAN 2 for the tax period.
*Step 10*. After successful filing the message and email with the ARN number will be sent to the taxpayer.
*Step 11*.The claimed ITC of central and state tax would be reflected in the ITC ledger of the taxpayer after filing of TRAN 2. It has to be noted that the ledger entries get posted after filing of TRAN 2 and not “Submit” (as is/was the case in TRAN 1).

Monday 20 November 2017

Mandatory furnishing of GSTR-3B till march 2018


 [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. 56/2017 – Central Tax
New Delhi, the 15th November, 2017


G.S.R……(E):- In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B for the month as specified in column (2) of the Table shall be furnished electronically through the common portal, on or before the last date as specified in the corresponding entry in column (3) of the said Table, namely:-



Table S. No.
Month
Last date for filing of return in FORM GSTR-3B






(1)
(2)
(3)


1.
January, 2018
20th February, 2018

2.
February, 2018
20th March, 2018

3.
March, 2018
20th April, 2018



Exempt suppliers of services through an e-commerce platform from obtaining compulsory registration


 [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. 65/2017 – Central Tax
New Delhi, the 15th November, 2017


G.S.R. …..(E).— In exercise of the powers conferred by sub-section (2) of section 23 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby specifies the persons making supplies of services, other than supplies specified under sub-section (5) of section 9 of the said Act through an electronic commerce operator who is required to collect tax at source under section 52 of the said Act, and having an aggregate turnover, to be computed on all India basis, not exceeding an amount of twenty lakh rupees in a financial year, as the category of persons exempted from obtaining registration under the said Act:
Provided that the aggregate value of such supplies, to be computed on all India basis, should not exceed an amount of ten lakh rupees in case of “special category States” as specified in sub-clause (g) of clause (4) of article 279A of the Constitution, other than the State of Jammu and Kashmir.


[F. No.349/58/2017-GST(Pt)]
(Dr.Sreeparvathy S.L.)

Under Secretary to the Government of India

No GST on Advance Received



 [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. 66/2017 – Central Tax
New Delhi, the 15th November, 2017


G.S.R. (E):— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act) and in supercession of notification No. 40/2017-Central Tax, dated the 13th October, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.1254(E), dated the 13th October, 2017, except as respects things done or omitted to be done before such supercession, the Central Government, on the recommendations of the Council, hereby notifies the registered person who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made thereunder and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.

[F. No. 349/58/2017-GST(Pt)]
(Dr.Sreeparvathy S.L.)
Under Secretary to the Government of India


Note: - The principal notification No.40/2017-Central Tax, dated the 13th October, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 1254(E), dated the 13th October, 2017.

GST R-1 Final Due date for Small Taxpayer ( Turnover below 1.5 crore)


 [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. 57/2017 – Central Tax
New Delhi, the 15th November, 2017


G.S.R. (E):— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, notifies the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year, as the class of registered persons who shall follow the special procedure as detailed below for furnishing the details of outward supply of goods or services or both.

2. The said persons shall furnish the details of outward supply of goods or services or both in FORM GSTR-1 effected during the quarter as specified in column (2) of the Table below till the time period as specified in the corresponding entry in column (3) of the said Table, namely:-


Table S. No.

Quarter for which the details in FORM GSTR-1 are furnished
Time period for furnishing the details in FORM GSTR-1







(1)

(2)
(3)

1

July - September, 2017
31st December, 2017

2

October - December, 2017
15th February, 2018

3

January - March, 2018
30th April, 2018



Friday 17 November 2017

Final Due Date for the GSTR-1 ---Clarified by Department---


 [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. 58/2017 – Central Tax
New Delhi, the 15th November, 2017


G.S.R. (E):— In exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the Act) and in supersession of notification No. 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, except as respects things done or omitted to be done before such supersession, the Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing the details of outward supplies in FORM GSTR-1 under sub-section (1) of section 37 of the Act for the months as specified in column (2) of the Table, by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, till the time period as specified in the corresponding entry in column (3) of the said Table, namely:-




Table SR. No.
Months for which the details in FORM GSTR-1 are furnished
Time period for furnishing the details in FORM GSTR-1
(1)
(2)
(3)
1
July - October, 2017
31st December, 2017
2
November, 2017
10th January, 2018
3
December, 2017
10th February, 2018
4
January, 2018
10th March, 2018
5
February, 2018
10th April, 2018
6
March, 2018
10th May, 2018