Chief Editor CA Manoj Jain
We are at the dawn of New Year 2019 and I wish you all hassle-free and simple GST Filing throughout the year!
In this issue, we’ll be covering the highlights from 31st GST Council Meeting, major amendments and updates thus announced.
We will also share the new features introduced in our GSTN Analyser-Peridot
The Top 10 GST Advance Ruling announced in 2018 is also covered in the newsletter
Team IRIS GST
Highlights: 31st GST Council Meeting
The 31st GST council Meeting was held on 22 December 2018. Following recommendations and rate cuts have been agreed upon in the meeting:
Further, few clarificatory changes, were announced in the formats/instructions according to which the annual return / reconciliation statement is to be submitted by the taxpayers.
Rate changes and clarification in Goods
GST Council Meeting Highlights
GST Rate Changes on Services
Formation of GoM
GST Council in its 31st meeting held at New Delhi has approved the proposal to form a 7 Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the States. The study would include the underlying reasons for deviation from the revenue collection targets vis a vis original assumptions discussed during the design of GST system, its implementation and related structural issues. To read more on the same click here.
The GST collection in Dec has plunged down to ?94,726 crore.
Of the GST collected, almost 51% is IGST which includes collections from imports. 17% and 24% are CGST and SGST respectively and remaining 8% is on account of Cess.
GSTR 3B Returns filed for the month of November up to 31st December, 2018 is 72.44 lakh.
More details are available in the press release here
IRIS Peridot- Your GSTIN Tracker!
In the GST regime, the identity of a business is established with its GSTIN or the GST number which is the business’ legal identity with the government of India. While most businesses comply with their GST schedules, there are few which forego the responsibility of compliance and do not pass the benefits to taxpayers. There have been cases happening wherein the businesses collect GST from taxpayers, but fail to submit the same to government.
IRIS Peridot is your partner in finding out such instances and confirming the legal identities of the business which is collecting tax from you
Here is a quick preview of new features that will be released in next version in the IRIS Peridot mobile app
Get Place of Business Details:
The all new Peridot includes POB (Place of Business) details in addition to principal place of business. This helps the user to know which other establishments being to the same GSTIN
Know if business is eligible to collect tax
Not all GST registered taxpayers are eligible to collect tax. Now when you search a GSTIN, IRIS Peridot will tell you the taxpayer’s eligibility to collect tax.
Additionally, now you can report any non-compliance in GST by any of the taxpayer directly through the application
Top 10 GST Advance Tax Rulings of 2018
There were a lot of changes in the one and a half year old Goods and Services Tax (GST) regime in the year 2018. We have witnessed lots of Advance rulings in 2018. Here is the Top 10 Advance ruling on GST delivered last year.
1. GST Applicability on activities performed by employees at corporate office in the course of or in relation to employment such as accounting, other administrative and IT system maintenance for the units located in the other states. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN KARNATAKA GOODS AND SERVICE TAX Read full ruling here
2. GST Applicable on the value of building constructed and handed over to the land owner in terms of the Joint Development Agreement. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN KARNATAKA GOODS AND SERVICE TAX Read full ruling here
3. GST Applicable on Back offices of multinationals and Indian companies offering back-office services to MNC. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN MAHARASHTRA GOODS AND SERVICE TAX Read full ruling here
4. GST Applicable on Ocean Freight. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN RAJASTHAN GOODS AND SERVICE TAX Read full ruling here
5. GST Applicable on activity involved in the exam support service. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN HARYANA GOODS AND SERVICE TAX Read full ruling here
6. GST Payable on Penal Interest for default in EMI payment. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN MAHARASHTRA GOODS AND SERVICE TAX Read full ruling here
7. GST Applicable on activity of building and mounting of body on BUS Chassis. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN GOA GOODS AND SERVICE TAX Read full ruling here
8. GST Applicable on the applicant of providing complementary tickets. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN Punjab GOODS AND SERVICE TAX Read full ruling here
9. GST Applicable on Post sale discount; GST Refund has been ruled out. Ruling given by THE AUTHORITY ON ADVANCE RULINGS IN MAHARASHTRA GOODS AND SERVICE TAX Read full ruling here
10. GST Applicable on EPC Contract. Contradiction between 2 rulings: THE AUTHORITY ON ADVANCE RULINGS IN MAHARASHTRA GOODS AND SERVICE TAX and THE AUTHORITY ON ADVANCE RULINGS IN Uttarakhand GOODS AND SERVICE TAX
Late fees for filing of GST Returns (GSTR-1, GSTR-3B and GSTR-4) have been waived for all taxpayers for the months / quarters from July 2017 to September 2018 provided the Returns has been filed between the period 22nd December 2018 to 31st March 2019
GSTR 7 - 10th April
GSTR 8 – 10th April
GSTR 1 – 11th April
GSTR 6 – 13th April
IRIS Sapphire is an application built with a highly scalable and secure architecture that aims to help you file your GST without any hassle. With built-in analytics and dashboards, IRIS Sapphire ensures that you stay compliant, while always having a pulse on the process.Book your free demo today!!!
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