Barmer Business Updates

Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner

From now onwards, 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.

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.

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.

The Finance Ministry said that the necessary notification in this regard would be issued later by the competent authority.

The Ministry said that it has taken a note of difficulties and concerns expressed by the taxpayers regarding filing of GSTR-3B and other returns and the same has been discussed by the GSTN with Infosys, the Managed Service Provider, which has come out with above solution to de-stress the process as a temporary but immediate measure. For further improving the performance of GSTN filing portal on permanent basis, several technological measures are being worked out with Infosys and will be in place by April 2020.

Barmer Loksabha election - on 29 April 2019

THE WAIT IS OVER NOW...
Govt. has issued Notification for:
1. Composite tax payers- For Enhanced Turnover limit of Rs. 1.5 Crore from 1 April 2019.
2. Composition scheme for Service- Turnover upto 50 Lacs in preceding financial year with tax rate of 6%(3+3) from 1 April 2019.
3. Threshold Exemption limit for GST registration enhanced to 40 Lacs from existing 20 lacs limit.

Due date calender for Feb 2019

TAXATION HIGHLIGHTS OF BUDGET 2019

1. Full Tax rebate upto 5 lakh annual income after all deductions.(No increase in basic exemption limit of 2.5 lakh. Only limit of Rebate U/s Section 87A is increased from 2500 to 12500).
2. Standard deduction has increase from 40000 to 50000.
3. Exempt on tax on second self-occupied house
4. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000.
5. Ceiling Limit of TDS on rent income u/s 194I has increased from 180000 to 240000
6. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.

: Highlights of 32nd meeting of GST council:

GST registration threshold turnover limit increased from 20 Lakhs to 40 Lakhs, applicable from 1 April 2019 (But option has been given to States to decide within a week for this increase.)

The existing Composition Scheme turnover threshold raised from Rs. 1 crore to Rs 1.5 crore from April 1,2019. Composition tax payers will pay tax quarterly, but file returns annually.

Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be entitled to avail composition scheme. Rate for services under comp. scheme @ 6% (3% CGST + 3% SGST). They will also pay tax quarterly, but file returns annually. Applicable from 1 April 2019.

GST Council levy cess on intra-state sale within the state of Kerala only, for 2 years @1%.

10% reservation to Economin weaker section was announced.

: For TRUST/CHARITABLE INSTITUTIONS...

GST is payable on the supply of spiritual products (Murti, Agarbatti, books, CDs, etc.) by the Trust, as the services provided by the Charitable and religious trusts are not specifically exempted under the new tax regime.

A Trust generates income from the sale of goods, which provides for accommodation and foods in various Shibir/Satsang on payment/chargeable basis.

Satsang is the only activity provided by the applicant free of cost to the participant.

The 32nd meeting of the GST Council, will be held on January 10th, 2019 in New Delhi.
May be a good news for CEMENT INDUSTRY !!!

Compliance calendar for Corporate and non corporate firms for January 2019.

: Late fee waive off and Due date extension

Notification No. 78 /2018 -Central Tax- Due Date Extension of FORM GST ITC-04 to 31st March 2019 Tor Period July 2017 to Dec 2018.

Notification No. 77/2018- Central Tax- Late Fee Waived off for Form GSTR- 4 filled alter 22 Dec 2018 to 31 March 2019 for Period July 2017 to Sep 2018.

Notification No 76/2018- Central Tax- Late Fee Waived off for Form GSTR- 3B filled alter 22 Dec 2018 to 31 March 2019 for Period July 2017 to Sep 2018.

Notification No 75/2018- Central Tax- Late Fee Waived off for Form GSTR- 1 filled alter 22 Dec 2018 to 31 March 2019 for Period July 2017 to Sep 2018.

:
Requirement of bank account details has been removed at the time of GST Registration.
Now it is required after first login because normally a bank account cannot be opened before commencement of business.
Bank account details can be added vide amendment of non-core field.

: CBIC has issued order no 02/2018 Central Tax dated 31.12.2018, thereby allowing time limit to claim ITC for FY 2017-18 and also to rectify the wrong invoices and any error or ommission while filling GST returns for FY 2017-18 till filing of return for the month of March 2019 or for the quarter January, 2019 to March, 2019

:
These tabs now activated from January Month.
Govt. is taking steps towards Invoice level matching.

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