Month: March 2019

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The last few days of the financial year are crucial for settling many tasks related to GST. Deadline for multiple Compliance including joining the composition scheme from April 1, 2019, continuing zero-rated exports under the Letter of Undertaking, GST Returns before October 2018, Without Letting Fill Fees, Job Work ITC, GST TDS 31 March is. Apart from this, the traders have to take care of this timeframe to revive their income tax returns or to pay advance tax.The government had recently increased the turnover limit from Rs one crore to 1.5 crore for the composition scheme, which will be effective from 1st April, 2019. If a trader’s turnover is less than 1.5 crore in 2018-19 or is expected to live, then he will have to file the GST Form comp -2 online for the next financial year to work as a composition dealer till March 31, 2019. Those who have not filled the last GST returns till now, they can file GST-1 and 3B till October 2018 without the fees of 31 March. After this, the filing fee will be levied.

The deadline for March 31 for exporters is also important. GST Consultant told that exporters have to file aliases for exports without payment of IGST. The Elioti released for the year 2018-19 will expire by March 31 and the new aliooty will be released for the next financial year. So keep in mind the date. To claim input tax credit on job work, it will also have to fill ITC 04 by March 31. Since most of the major jobs have been processed for months, so far its filing has been very low and the government is raising the debt. Since October 2018, the returns of applicable GST TDS are also to be filled by March 31. In the states where GST has notified the new threshold limit, businessmen can also inform the department about estimating their turnover from April 1 to stay or stay in GST.

In the case of income tax, the traders will have to do many compliances till March 31. In addition to returns and revised returns of FY 2017-18, the revised returns of the financial year 2016-17 can also be up to 31. In addition to Advance Tax or Donation Deadlines for the financial year 2018-19, this is also the last date for linking the basis of bank and PAN.

The Income Tax Department has commenced taking actions against unidentified /nameless property and black money. The Department has issued notices to 2000 people who have made cash transactions of more than Rs. 5 lakhs in the purchase of properties. The investigation on cash transactions of more than 20 thousand is also on the verge to begin.

Cash Transactions Not Exceeding Rupees 20 Thousands

The amendments were made in section 269SS of the Income Tax Act to curb black money, in the year 2015. According to the Central Board of Direct Taxes (CBDT), this amendment defines transactions of more than 20 thousand rupees in the purchase and sale of any kind of property, as illegal.

Income tax department will soon initiate the investigations on these transactions as well. For now, these transactions are on hold.

Provision of Penalty Equivalent to the Transaction Amount

According to CBDT, amendments introduced in the section 269SS of Income Tax ACT, after the 1st June 2015, binds the cash transactions of purchase/sale of property exceeding Rs 20,000 with the penalty of an equal amount under section 271D .
That means Section 271D imposes a penalty of the same amount as the value of the property for the transactions which are defined as illegal as per the altered section of 269SS of income tax act.

As per new Finance Minister may consider One time GST Amnesty scheme. The Goods and Services Tax Council may consider One-time amnesty scheme to facilitate exit for ‘nil’ filers and non-filers. Talking about GST non filer numbers there around 25 lack NIL filer of which 2.5 lac approximately. Assesses have never filed GST Return.

As per the law, the person who is registered under GST has to file return anyhow i.e. in any form. Return must be filed by the registered person either monthly (normal supplier) or quarterly (supplier choosing composition scheme). Monthly return must be filed by an ISD (Input Service Distributor) and show the credit distributed details per month. The person who has to collect tax (TCS or Tax Collected at Source) and deduct tax (TDS or Tax Deducted at Source) have to file returns monthly showing the details of collected/deducted and other specified amount. Also, note that a non-resident taxable person has to file the return for the time period on no transaction.

In Amnesty Scheme Late Fee Norms for Defaulters Under GST

Any registered person who did not file the return has to pay the fine as the punishment in the form of late fee. If GSTR 3B is filed late then, the person must pay the late fee of Rs 50 per day i.e. in case of SGST and CGST (in case of any tax debt) Rs 25 per day and Rs 10 in each SGST and CGST (in case of Nil tax debt) i.e. Rs 20 per day subject to a maximum penalty of INR 5,000 from the given due date to the actual date when the returns are finally filed. It is said that the Amnesty scheme may provide relief from such fees.

Under GST, 1.16 crore people are registered as of now including the 64 lakh people who moved from the old system. Before GST reign, VAT/ST was the different pieces for registration in the State, and was low as Rs 1 lakh which could reach up to Rs 20 lakh: the thresholds for Central Excise was ₹1.5 crore and Service Tax was ₹10 lakh. As per the law, all such people were shifted to GST.

Singh said “Traditionally, amnesty schemes have generally resulted in increased compliance and tax revenues. However, the timing of the scheme, immunity from penal consequences and commitment to not initiate any investigations for those who participate in such scheme are some critical aspects on which the success or failure of the scheme hinges”.

As per the notification, the due dates for the furnishing of FORM GSTR-1 for the taxpayers having an aggregate turnover of more than Rs. 1.5 crores for the months of April, May and June 2019 has been prescribed.

It was announced that the extension of GST registration limit i.e. up to 40 lakhs will be applicable form coming 1st April 2019.

Also, the notification stated that the composition scheme for business up to 1.5 crores by the business is now fixed to 1st April 2019. However, the government also notified prescribed for other 2 GSTR forms also including GSTR 1 and GSTR 3B.

While in another notification, the due dates for the furnishing of FORM GSTR-3B for the months of April, May and June 2019 also has been prescribed.

Apart from the due dates, there was a provision for the service providers and the suppliers of both goods and services having turnover up to INR 50 lakhs to become eligible for composition scheme under GST and have to pay 6 per cent GST starting from next financial year. As per the official statement, “There would be two threshold limits for exemption from registration and payment of GST for the Suppliers of Goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits, The Threshold for Registration for service providers would continue to be Rs 20 lakh and in case of Special Category States Rs 10 lakhs”