Chief Editor CA Manoj Jain
1st February 2019, Interim Budget was announced. The budget appears to be a good budget with a mix of populist and pragmatic statements. A move welcomed by farmers and middle class taxpayers.
In this issue, we'll be covering the key amendments in GST Act effective from February 01, 2019, and Difference between GSTR 9 and 9C preparation, which one applies to you
We will also share the new feature introduced in our E-way Bill Software – IRIS Topaz
Team IRIS GST
Key Amendments Under GST w.e.f. Feb. 1, 2019
The President of India gave assent on 29th August 2018 to make amendments to following GST laws:
The GST council in its 31st GST Council Meeting has announced that the effective date of applicability of amendments will be from 1st February 2019.
Some of the key changes are mentioned below:
Key GST Amendments
Effective January 21, 2019, “The e-way bill generation in respect of movement of goods originating and terminating in the State of Bihar shall not be required where the consignment value does not exceed One Lac Rupees”.
IRIS Topaz - "You have received an Alert"
To be better than before, faster than the need and smarter than the rest has always been our goal at IRIS GST. And so we always strive to introduce innovative features to ease your compliance procedures.
One such feature recently introduced in IRIS Topaz is the Alert Mail Feature. Adding yet another feat to IRIS Topaz, the Alert mailer helps you keep track of your expiring EWAy bills. Now, you receive an alert mail daily at 8 a.m. with regards to all the expiring E-way bills for the day. This mailer entails three download links, which consist of:
These download links are available for 12 hours.
So, how can this help you?
Keeping a track of EWay bill validity is a tedious task for big organizations. Besides, any movement of goods on expired EWay bill even calls for penal actions. But, with IRIS Topaz, the onus falls on us. IRIS Topaz keeps you on tap with your upcoming expiries along with the details of the transporter or generator of the bill. A stitch in time saves nine. You have enough time left to decide on extending the validity or regenerating new ones. You can also check the details on the extended and expired Eway bills, and thus plan your goods movement accordingly.
The alert mailer is a big relief for the unthankful job of keeping track of eWay bill validity. We request you all to use this utility and share your feedback with us on firstname.lastname@example.org
IRIS Topaz is an end-to-end solution for all your E-way Bill requirements. IRIS Topaz provides you with a collaborative and workflow-oriented process for managing your tasks which can be accessed through multiple interfaces i.e. web portal, desktop & direct integration with source or ERP systems, thus allowing a seamless management of your E-way bills on the go. Sign up for a demo here: https://irisgst.com/iristopaz/
GSTR-9 vs GSTR-9C: Which one to Prepare?
Author: Ashwini Gorhe
Since the day annual return filing has been announced in GST lobby, the taxpayers are perplexed on the applicability of the form type to them. Should they be filing GSTR 9 or GSTR 9 C or both? And who is to file what?
To start with, annual return is a statement of return which is required to be filed annually by each registered person (except few specified categories of persons) under GST giving summarized details of outward supply and taxes paid thereon, input tax credits claimed, taxes paid and refund claimed in the financial year in respect of which such monthly/quarterly returns are filed. This annual return has to be filed with the GSTN using form GSTR 9.
Now the GSTR 9 in itself is categorized in various form types based on taxpayer entities. Read here to know the tax entities.
While GSTR 9 is an annual return form filing, GSTR 9C is essentially a reconciliation statement to be prepared by taxpayers whose aggregate turnover exceeds Rs. 2 crore and have undergone GST audit. Such businesses have to file their CA certified audited financial statements along with GSTR 9C. So, ideally, GSTR 9C is dependent on preparation of your GSTR 9 return.
Additional point to note here is that there are no revision provisions for the annual return yet. Hence, the return should be prepared with complete accuracy.
IRISGST, a robust GST filing platform is now equipped with GSTR 9 filing utility. With IRISGST you can easily bulk-fetch auto-drafted details from GSTN servers, compare auto-drafted details using GSTR 1 and 3B and your ledgers.
You can review table-wise GSTR 9 data and get exhaustive reports based on GST returns and reconciliation results to prepare the data for additional sections of GSTR 9. For more details and/or schedule demo, please visit https://irisgst.com/gstr9/
As per Legal provision of Section 44(1) of CGST Act, every registered person shall be required to file GSTR-9. Hence, irrespective of the Turnover, every registered person under GST is required to file GSTR-9. However, the expanse of GSTR 9 C filing is less.
As per section 47(2) of CGST Act, Late fee for belated filing of GSTR-9 is Rs.100 per day subject to maximum of 0.25% of turnover in a state/UT. Similar provision is there in SGST Act also. In a situation where a registered person files only GSTR 9, but fails to file GSTR 9C, the filing of GSTR 9C is not considered to have been defaulted. However, For GSTR 9C there may be consequences of default in complying with the provisions of Section 44(2).
It is mandatory to file all your FORM GSTR-1 and FORM GSTR-3B for the FY 2017- 18 before filing this GSTR 9 return. The details for the period from July 2017 to March 2018 are needed to be provided in this return.
To know more on the difference between the two forms – GSTR 9 and GSTR 9 C, read here.
GSTR 7 (Jan 19’) - February 10, 2019*
GSTR 8 (Jan 19’) – February 10, 2019*
GSTR 1 – February 11, 2019
GSTR 6 – February 13, 2019
*the due date for filing GSTR 7 and GSTR 8 (Oct 2018 – Dec 2018) has been exended to Feb 28, 2019.
Taxpayers registering as Normal/OIDAR/NRTP, while applying for a fresh registration application, are now required to give bank details. They can give these details later on by filing a non-core amendment of registration application.
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