GSTR-2 Excel Export and Import Utility from GST

Recently, Govt. has released new GST Offline Tool utility Version 2.1 which is compatible with Excel.   It can export data in excel and have capacity to import from Excel directly.  Overview detail of the same if given below :- 

Overview

The Offline Tool version 2.1 has been designed to enable taxpayers to prepare GSTR-1 and GSTR-2 return by adding invoice and other details and by taking action on the auto-drafted counterparty submitted details in the tool in offline mode(without internet).

The Offline Tool version 2.1 supports

GSTR-1: New Invoice and Other details Addition/Deletion

Registered Business to Registered Business (B2B), Business to Consumer inter-state for amount exceeding Rs 2.5 Lakhs (B2CL), Business to Consumer less than Rs. 2.5 Lakhs (B2CS), Exports, Credit/ Debit Note (CDNR) and Credit/ Debit Note for unregistered Persons (CDNUR), Advances (AT), Advance Adjustments (ATADJ) and HSN Summary. The data for sections Nil Rated/ other Exempted/ Non GST and Documents issued has to be entered on the GST portal directly.

GSTR-2:

Missing Invoice (New and Saved) and Other details addition/Deletion

Registered Business to Registered Business (B2B), Unregistered Person to Registered Business (B2BUR), Import of Services (IMPS), Import of inputs/Capital Goods from Overseas/SEZ (IMPG), Credit/ Debit Note (CDNR) and Credit/ Debit Note for unregistered Persons (CDNUR), Advances (AT), Advance Adjustments (ATADJ), Supplies from composition taxable person and Nil supplies (Exemp), ITC reversal/reclaim (ITCR) and HSN Summary. ISD credit received will be included in GSTR 2 on the portal and will be part of preview.

Take Action (Accept, Reject, Pending and Modify) on submitted counterparty details 

Registered Business to Registered Business (B2B), Credit/ Debit Note (CDNR)

Main features of Offline Tool:

• Direct Data entry of invoice data and other details in the tool as required under various categories for selected return type into the tool.
• The tool has functionality to check duplicate records in file created for the lot.
• Taxpayer can input data of invoices using Excel Workbook (*.xlsx/xls) with separated worksheets for each section of return for inputting invoice data and import the same into the tool. Data of all sections can be imported in the tool in one go.
• Data can also be copied from the excel template in the window provided in the offline tool
• Taxpayer can also use the CSV file (Comma delimited (*.csv)) to import section wise invoice details into the tool.
• Taxpayer can download the invoice and other details from GST portal and take action on submitted counterparty invoices in the tool.
• Taxpayer can export the downloaded details from offline tool to Excel for taking the actions of Accept/Reject/Modify/Pending on auto-populated submitted invoices/debit/credit note and addition of missing invoices and auto-populated saved details.
• One of the above four actions need to be taken mandatorily on all submitted invoices otherwise GSTR 2 submission will throw an error.
• The GST portal will not permit addition of invoices which are available with submitted status in a taxpayers GSTR 2.
• Tool generates a file in JSON format, which needs to be saved for later upload on the GST Portal.
• Uploaded details can be corrected by downloading and editing or deleting the invoices. Invoices can be deleted in through bulk selection. All data of a section can also be deleted in one go.
• The file generated by tool will have to be uploaded on the GST portal. At this time internet connectivity will be required.

E-filing of your return (GSTR-1 and GSTR-2) consist of following steps:

• Generation of JSON file with invoice data and other details as per the selected return type in the offline tool.
• Upload of generated JSON file to GST Portal (www.GST.GOV.IN)
• Creation of your return summary for all data, uploaded in multiple tranches, on GST Portal and this will be an online activity.
• Verifying the summary on the Portal through preview and if correct submitting the return
• Filing the return with applicable electronic signature ( DSC/EVC)
• Important Note: If the JSON file size is more than 5MB the tool creates multiple JSON files in a ZIPPED format. The Zipped file needs to be unzipped and the multiple JSON file need to be uploaded on the portal, one at a time.

Benefit of Excel functions :- 

• Now data can save/accept/reject/pending  partially in Excel and work later.  
• Consultants can handover detailed excel file to their clients for working.
• Easy to select Accept / Reject or Pending in Excel.

Source: TDSTAXINDIA

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Last date for filing GSTR-2 & GSTR-3 for July, 2017 extended to 30th Nov. & 11th Dec., 2017

GSTR-2 and GSTR-3 for July, 17 due date extended to 30th Nov.17 and 11th Dec.17

Recently Government has extend the last date for filing of GSTR-2 and GSTR-3 for July, 2017 to 30th Nov., 2017 and 11th December 2017 respectively in order to give more time to taxpayers and businesses for filing the return

In this regard Government will be issued a notification soon - to facilitate about 30.81 lakh taxpayers for filing GSTR-2 for month of July, 2017.

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GST Form "Tran-I file date extended to 30th Nov.17

Recently, Finance Deparmtnet has been issued a notification to extend the date of filing of GST Form "Tran-I" to 30th Nov., 17.  The detailed information regarding this notification is as under :

F. No. 349/58/2017-GST

Government of India

Ministry of Finance

Department of Revenue

Central Board of Excise and Customs

***

New Delhi, the 28th October, 2017

Order No.07/2017-GST

Subject: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017

In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017, and in supersession of Order No. 03/2017-GST dated 21st September, 2017, the Commissioner, on the recommendations of the Council, hereby extends the period for submitting the declaration in FORM GST TRAN-1 till 30th November, 2017.

(Upender Gupta)

Commissioner (GST)

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Last date for opting composition levy would be July 21, 2017

GST – CLARIFICATION ON MIGRATION, NEW REGISTRATION, OPTING FOR COMPENSATION SCHEME AND ISSUE OF BILLS OF SUPPLY

PRESS RELEASE, DATED 8-7-2017

The Rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These Rules have been brought into effect from 22nd June, 2017. The intent of notifying these rules is to start the process of issue of registration certificate, called Goods and Services Tax Identification Number (GSTIN), to taxpayers who have already been issued provisional ID for registration(PID) as well as to the new taxpayers.

Any person who has been granted PID and who opts for composition scheme, should submit an intimation of option in a prescribed form on GSTN on or before 21st July, 2017.

Any persons who has PID may submit the required documents on GSTN for getting the certificate of registration. It is clarified that a period of three months is allowed to complete this procedure i.e. the formalities can be completed on or before 22nd September, 2017. In the interim, they can issue tax invoice using the PID already allotted to them.

A person seeking fresh registration can apply for registration within thirty days from the date on which he becomes liable for registration. They can also opt for composition scheme at the time of filing of registration form.

The applicant for grant of new registration can issue a bill of supply for supplying goods or services during the period from the date of liability to obtain registration till date of issuance of the registration certificate, if he has applied for registration within thirty days from the date he has become liable for registration. On grant of certificate of registration, he can issue revised tax invoices for the supplies made during this period.

Source: Taxmann

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GST Enrollment Guide Excise and Service Tax releases - CBEC

As you are aware, the draft Model GST Laws and Rules have been placed in the public domain and CBEC is making all efforts for smooth implementation of GST by 1st April, 2017.  One of the priority tasks in this regard is the migration of existing CENTRAL EXCISE/SERVICE TAX Assessees to GST.

As per Sec.166 of the draft CGST Act read with relevant rules, every Central Excise/Service Tax assessee having a valid PAN shall be granted registration under GST regime on a provisional basis.  For such  assessees, GSTN shall generate provisional IDs and communicate the same to the assessees through CBEC for migration to the GST regime.  The Directorate General of Systems, CBEC has made necessary arrangement of communicating the provisional IDs along with passwords to the respective assessees in a secured manner through the ACES portal (www.aces.gov.in).  The entire procedure is described in the Guidance note to Departmental Officers at Annexure A to this letter.

Awareness companions/outreach programmes such as seminars and workshops may be arranged for taxpayers to facilitate this exercise.  Details, including photographs, of such seminars/workshops may be uploaded in the CBEC's INTRANET PORTAL-ANTARANG (https://antarang.icegate.gov.in) by the Zonal Chief Commissioners on a daily basis.  A separate TAB (titled: MIGRATION TO GST) is being created in ANTARANG to enable Chief Commissioners to upload the details of Seminars/Workshops.  Nodal Officers may be appointed at the Zonal/Commissionerate/Divisional level to assist the assessees in the migration process.  A communication to taxpayers is also enclosed (Annexure B) which may be shared to them at your level.
 

I would urge that you bestow your personal attention on this very important task and suitably guide the jurisdictional assessees to migrate to GST well in time.  Your personal involvement and monitoring would enable seamless migration of existing Central Excise/Service Tax Assessees to GST by the end of January, 2017.

Click Here for Details

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Latest e-Hand Book on Revised GST Law - CA Pritam Mahure.

The Central Government is targeting to implementation the new indirect tax system w.e.f. April 1st, 2017, its called GST.

"The revised drafts of the Model GST Law, iGST Law, GST Compensation Law have been uploaded on our website (Central Board of Excise and Customs). These laws will be considered by the GST Council on December 2-3 and finalized,"

The revised drafts of three Goods and Service Tax laws have been released after incorporating suggestions from stakeholders, the government said on Saturday. These will now be placed before the Goods and Services Tax Council in its next meeting on December 2 and 3.

Revised GST law containing :

• Revised Model CGST /SGST Law
• Revised IGST Law
• GST Compensation Cess Law
• GST Rules for registration, payment, return, refund and invoices.

To Download Latest Free e-Handbook on Revised GST Law Click Here

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GST Bill, 2016 with Constitutional Amendment cleared in Rajya Sabha

On Aug 3, 2016, Rajya Sabha discussed amendments to Constitution Bill for Goods and Service Tax i.e. Constitutional (One Hundred and First Amendment) Bill, 2016 and finally the most crucial bill passed in Rajya Sabha.GST will be introduced in the country after a long journey of 13 years as it was first discussed in the Kelkar Task Force report on indirect taxes in 2003.

This amendment bill was cleared since Government agreed to drop 1% additional tax and gave assurance that it will compensate States for any revenue loss incurred due to GST rollout. There will be a huge impact of GST on common man. Goods like Small Cars, Two wheeler, Movie Tickets, Electronic Items, etc., will be cheaper. But Air Travel, Insurance, Textile, Jewellery, Mobile Calls, Cigarettes will be costlier.

Click here to read CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) BILL, 2016
Click here to read Relevant Amended PROVISIONS OF CONSTITUTION OF INDIA

Source: TAXMANN

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Goods & Service Tax (GST) – Key Features

In continuance of our earlier series titled GST Knowledge Series# 1, Understanding the Mechanics of Goods & Service Tax, we have discussed the basic DNA of Goods & Service Tax popularly known as GST. These features as applicable to India were:

1. DUAL GOODS AND SERVICE TAX

2. APPLICABILITY OF GST TO ALL TRANSACTIONS

3. DESTINATION BASED MULTI POINT LEVY

4. COMPUTATION OF GST ON THE BASIS OF INVOICE CREDIT METHOD

5. PAYMENT OF GST

6. UNIFORM PROCEDURE FOR COLLECTION OF GST

In this Article, we will take the discussion forward and discuss in detail about other Salient Features of GST.

1. THRESHOLD LIMIT

The present threshold limits prescribed in different State VAT Acts below which VAT is not applicable varies from State to State. A uniform State GST threshold across States is desirable and, therefore, it is considered that a threshold of gross annual turnover of Rs.10 lakh both for goods and services for all the States and Union Territories may be adopted with adequate compensation for the States.The issue is still debated and there is no consensus till date.

2. COMPOSITION SCHEME UNDER GST

The States are also of the view that Composition/ Compounding Scheme for the purpose of GST should have an upper ceiling on gross annual turnover and a floor tax rate with respect to gross annual turnover. The first discussion paper suggests that there would be a compounding cut­off at Rs. 50 lakh of gross annual turnover and a floor rate of 0.5% across the States. The scheme would also allow option for GST registration for dealers with turnover below the compounding cut­off. In reference to Composition scheme, the task force has recommended rate of 1% each on account of CGST and SGST for dealers with the turnover between Rs 10 lacs to Rs 40 lacs.

3. REGISTRATION & TAX PAYER IDENTIFICATION NUMBER

All the taxable entities with turnover above the threshold limit will be required to register and obtain GST registration number. The taxable entities with lower turnover will also have the option to register. As per First Discussion paper, each taxpayer would be allotted a PAN­linked taxpayer identification number with a total of 13/15 digits. This would bring the GST PAN­linked system in line with the prevailing PAN­based system for Income tax, facilitating data exchange and taxpayer compliance. There will be single GST registration number for all branches in a State.  Therefore, a dealer having branches across States will have as many GST registration numbers as the number of States in which he operates.

4. INPUT TAX CREDIT (ITC) SET OFF

Since the Central GST and State GST are to be treated separately, taxes paid against the Central GST shall be allowed to be taken as input tax credit (ITC) for the Central GST and could be utilized only against the payment of Central GST. The same principle will be applicable for the State GST. Further, the rules for taking and utilization of credit for the Central GST and the State GST would be aligned.

5. CROSS UTILIZATION OF ITC

Cross utilization of ITC between the Central GST and the State GST would not be allowed except in the case of interState supply of goods and services under the integrated goods and service tax (IGST) model.

6. CREDIT ACCUMULATION ON ACCOUNT OF REFUND

Ideally, the problem related to credit accumulation on account of refund of GST should be avoided by both the Centre and the States except in the cases such as exports, purchase of capital goods, input tax at higher rate than output tax etc. where, again refund/adjustment should be completed in a time bound manner.

7. ZERO RATING OF EXPORTS

The first discussion paper has suggested that the exports would be zero­rated. Similar benefits may be given to Special Economic Zones (SEZs). However, such benefits will only be allowed to the processing zones of the SEZs. No benefit to the sales from an SEZ to Domestic Tariff Area (DTA) will be allowed.

8. GST ON IMPORTS

Imports will be brought under the scope of GST with necessary Constitutional Amendments. They will treated at par with inter­state transactions and Integrated goods and service tax (IGST) will be levied on imports. The incidence of tax will follow the destination principle and the tax revenue will accrue to the State where the imported goods and services are consumed. Full and complete set­off will be available on the IGST paid on import on goods and services.

9. SPECIAL INDUSTRIAL AREA SCHEME

After the introduction of GST, the tax exemptions, remissions etc. related to industrial incentives should be converted, if at all needed, into cash refund schemes after collection of tax, so that the GST scheme on the basis of a continuous chain of set­offs is not disturbed.

10. MAINTENANCE OF RECORDS

A taxpayer or exporter would have to maintain separate details in books of account for availment, utilization or refund of Input Tax credit of CGST, SGST and IGST.

11. PERIODICAL RETURNS

The taxpayer would need to submit periodical returns, in common format as far as possible, to both the Central GST authority and to the concerned State GST authorities.

12. ADMINISTRATION OF GST

The administration of the Central GST to the Centre and for State GST to the States would be given. As per the recommendation of Task force report on GST, The Central Board of Excise and Customs(CBEC) shall be responsible for implementation of CGST and state tax administrations will be separately responsible for implementation for SGST.

13. ASSESSMENT

Keeping in mind the need of tax payer's convenience, functions such as assessment, enforcement, scrutiny and audit would be undertaken by the authority which is collecting the tax, with information sharing between the Centre and the States. The various tax administrative functions such as assessment, enforcement, scrutiny and audit should be undertaken by the CBEC in respect of the CGST and by the State tax administration in respect of the SGST. All procedures under CGST and SGST should be uniform. The Central Government will be responsible for establishing a taxpayers information network (TINXYS) keeping in view the information requirement of CBEC and the State tax administration. The TIN will be shared between the Centre and the States. The information furnished through periodical returns shall be stored in a common database with access to both the CBEC and the State tax administrations.Since the tax base will be common, there should be a common appellate authority. Similarly, the Authority for Advance Ruling will also be common. No authority should have any power to make preventive detention for the purposes of CGST and SGST.

14. GOODS AND SERVICE TAX COUNCIL

As per the Constitution Amendment Bill, 2014 (‘Bill’), there will be a Goods and Service Tax Council who shall make recommendation to the Union and the States. The Bill provides that the administration of GST would be the responsibility of the GST Council which would then become the apex indirect tax policy making body of the country.  This GST Council would be formed by the Central and State level ministers in charge of the finance portfolio.

Source: CA Club India

Read Other post by CA. Chitresh Gupta

B. Com(H), FCA, IFRS (Certified), IDT (Certified)

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GST Constitutional Amendment Bill Pased by 2/3 Majority in Lok Sabha.

Amid stiff resistance followed by walk out by the Congress Members, the Lok Sabha today, on May 6, 2015 has passed the much awaited Constitution (122nd Amendment) Bill, 2014 on Goods and Services Tax (“GST”) with 2/3rd majority.

The Hon’ble Finance Minister, Mr Arun Jaitley, has indeed been working hard for the smooth passage of the GST Constitutional Amendment Bill tabled in the last session of the Parliament in December, 2014 [calling it the “Single biggest tax reform since Independence”], but he was taken aback by the sudden vociferous stand coupled with aggressive and brisk walk­out from the House by the main Opposition Party.

As the Lok Sabha took up discussion on the GST Constitutional Amendment Bill on Tuesday, Finance Minister Mr. Arun Jaitley ‘requested’ the Opposition to help clear the Bill and not to insist on sending it to the Standing Committee, otherwise the planned roll out of GST from April 1, 2016 will be delayed by another fiscal.

Meanwhile, Mr. Arun Jaitley said that GST will reduce prices in the long run and will boost economic growth. He further added that the Central and State Governments are not interested in imposing higher GST rates that could hurt people.

"I don't forsee any state losing revenue after roll out of GST," Mr. Arun Jaitley added.

The GST Constitutional Amendment Bill paves the way for a pan­India Tax regime and a unified market across the Country, ending the multiplicity of Central and State Taxes. Because it seeks to amend the Constitutional, it needs two­thirds of both houses to vote in its favour.

Now, after being passed in the Lok Sabha, the GST Constitutional Amendment Bill requires to be passed with 2/3rdmajority in the Rajya Sabha as well followed by its ratification by at least 50% of the States before it becomes law of the land.

In the Rajya Sabha, where the ruling BJP is in a minority, the Congress has said it will insist on sending the Bill to a Parliamentary committee for review. Thus, the GST Constitutional Amendment Bill is likely to face stiff opposition at the Rajya Sabha and may be routed to the Standing Committee.

Following are the salient features of the GST Constitutional Amendment Bill:

• Insertion of new Article 246A conferring simultaneous power to the Union and the State legislatures to legislate on GST.
• Insertion of new Article 279A for the creation of a Goods & Services Tax Council, which will be a joint forum of the Centre and the States. This Council would function under the Chairmanship of the Union Finance Minister.
• To do away with the concept of ‘declared goods of special importance’ under the Constitutional.
• Central Taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST.
• At the State level, Taxes like VAT/ Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
• The Centre will compensate States for loss of revenue arising on account of implementation of the GST for a period up to five years (The compensation will be on a tapering basis, i.e., 100% for first three years, 75% in the fourth year and 50% in the fifth year).
• All Goods and services, except alcoholic liquor for human consumption, will be brought under the purview of GST. However, it has also been provided that petroleum and petroleum products shall not be subject to the levy of GST till notified at a future date on the recommendation of the GST Council. The present taxes levied by the States and the Centre on petroleum and petroleum products, i.e., Sales Tax/VAT, CST and Excise duty only, will continue to be levied in the interim period.
• Both Centre and States will simultaneously levy GST across the value chain. The Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.
• The Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter­State supply of Goods and Services. There will be seamless flow of input tax credit from one State to another. Proceeds of IGST will be apportioned among the States.
• GST is a destination­based tax. All SGST on the final product will ordinarily accrue to the consuming State.
• GST rates will be uniform across the Country. However, to give some fiscal autonomy to the Centre and States, there will a provision of a narrow tax band over and above the floor rates of CGST and SGST.
• It is proposed to levy a non­vatable Additional Tax of not more than 1% on supply of goods in the course of inter­State trade or commerce for a period not exceeding 2 years, or further such period as recommended by the GST Council. This Additional Tax on supply of goods shall be assigned to the States from where such supplies originate.
• The term "Services" is proposed to be exhaustively defined as "anything other than goods".

Source: www.caclubindia.com/

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Effects and Key features of Proposed GST

As per the dual tax regime that has been announced for GST in India, there will be a Central stream for taxes and a State stream for the same taxes.In order to allow this model of taxation both the Centre and States will have to make policy changes. It is expected that the proposed concurrent dual GST system would p reserve and protect the fiscal powers and at the same time rationalize the indirect tax structure by subsuming a plethora of Central and Local Taxes into a consolidated levy.

Central GST may subsume the following indirect taxes/duties on supply of goods and services:

• Central Excise Duties (CENVAT)
• Additional Excise Duties including those levied under Additional Duties of Excise (Goods of SpecialImportance)Act, 1957
• Additional Custom Duties in the nature of countervailing duties, i.e., CVD, SAD and other domestic taxes impose on imports to achieve a level playing field between domestic and imported goods although, under the GST regime all the imports will suffer a reverse charge. 
• Cesses levied by the Union viz., Cess on rubber, tea, coffee etc.
• Service Tax
• Central Sales Tax – to be completely phased out
• Surcharges levied by the Union viz., National Calamity Contingent Duty, Education Cess, Special Additional Duties of Excise on Motor‐Spirit and High Speed Diesel (HSD).

State GST may subsume the following State taxes

• Value Added Tax
• Purchase Tax
• State Excise Duty (except on liqu or)
• Entertainment Tax (unless it is levied by the local bodies)
• Luxury Tax
• Octroi
• Entry tax in lieu of Octroi
• Taxes on Lottery, Betting and Gambling

Taxes/Duties not to be subsumed in GST:‐

In Central GST

• Basic Customs Duty
• Excise Duty on Tobacco products
• Export Duty
• Specific Cess
• Specific Central Cess like Education and Oil Cess.

In State GST

• Taxes on Liquors
• Toll Tax
• Environment Tax
• Road Tax
• Property Tax
• Tax on Consumption or Sale of Electricity – Not certain
• Stamp Duty – Not certain

Certain components of petroleum, liquor are likely to be outside the GST structure.  Further, State Excise on liquor may also be kept outside the GST. In other words, in such circumstances, all taxes and duties on these goods will be outside the scope of GST.

Source: www.caclubindia.com

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