Chief Editor CA Manoj Jain
A Happy Makar Sankranti and Pongal to all! May this day mark the end of errors in your GST compliance and onset of easy and hassle-free filing period!
In this issue, we’ll be covering the highlights from 32 nd GST Council Meeting, major updates thus announced, Provisional Assessment in GST and Difference between GSTR 9 and 9C preparation, which one applies to you
We will also share the new features introduced in our GST Filing Software – IRIS Sapphire
Team IRIS GST
Provisional Assessment in GST
Contributor: Anushree Joshi Aparajit
Council Meeting For any tax liability, the major determinants are the tax rate and the value on which tax is to be calculated. However, sometimes it might not be possible to determine the value of goods/ services. In such scenarios, the Asst. Commissioner/Dy. Commissioner of Central Tax provisionally determines the amount of tax payable by the supplier and is subject to final determination. This is in general called as Provisional Assessment in GST. Today we answer 9 questions around provisional assessment:
GST Council Meeting Highlights
Highlights: 32nd GST Council Meeting
The 32nd GST Council Meeting happened on 10th January 2019 in Delhi and it gave approvals to following:
Other important announcements in the meeting were:
Due date for furnishing requisite details for persons, who did not complete Form GST REG-26 filing but received only Provisional ID till 31st December 2017 has been extended till 31st January 2019. Read here.
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IRIS Sapphire – A Step Ahead
In the GST regime, every taxpayer is identified by its unique GST Identification Number i.e. GSTIN and what’s more, a business needs to obtain GSTIN separately for every state in which it operates in. Thus a business, which so far has been typically identified by a single PAN, now, has one or more GSTINs associated
While all the return filing and reporting for GST is done at GSTIN level, it is also important to know all the GSTINs associated with a PAN. This will help in tracking the transactions with one counterparty having operations across the country and to identify cases where there has been crossreferencing of GSTINs within a business i.e. PAN.
That’s where our feature of searching GSTINs for a PAN comes to your aid.
Now, in addition to doing a bulk search of GSTINs, you can also get GSTINs by providing a PAN. Once you input the PAN, for all the GSTINs found you can get the general information i.e. legal and trade name, registration date, taxpayer type etc. and also the for every return filed month by month for every GSTIN. All these details come to you in a spreadsheet format.
Please note that there are no direct APIs made available by GSTN. The search results for PAN to GSTIN is based on an algorithm developed by IRIS and returns maximum possible GSTINs registered under the searched PAN. There could be a remote possibility of some GSTINs not picked up in the list
We request you all to use this utility and share your feedback with us on firstname.lastname@example.org
IRIS Sapphire is an easy and smart way to prepare your GST Reports. From GSTR 1 and GSTR 3 B preparation to reconciliation between your GSTR 2A and your purchase data, the application has it all. What more, it has GSTR 9 utility and advance reconciliation utilities to help your GSTR 9 prepare in time with little disruption to your day-to-day business. Sign up for a demo here: www.irisgst.com
Rectification of GST Report
Crores of GST Input Tax Credit has been denied to taxpayers because of errors in their GST reporting. This is mounting on judiciary and complicating the usual process of tax credit movement. A lot of these errors are unintentional non-technical errors. Hence, the government is looking to amend the rules and allow rectification of non-IT errors in GST Returns. This will help in faster resolution of Input Tax Credit Cases.
THe GST Council has formed an IT grievance redressal committee to develop a standard operating procedure for cases where high courts have given a direction, the amount has been wrongly entered or the concerned jurisdictional commissioner has made a recommendation.
The GST law does not provide for any appeal on issues related to TRAN1 or TRAN2 (specified for claiming past credits) and thus many taxpayers filed writs in high court and also secured favourable orders holding the view that bona fide errors should be considered by the government
GSTR 4 Oct’18-Dec ’18 (Composition Dealer) – 18th Jan’19
GSTR 3B Dec’18 (All Registered Taxpayers) – 20th Jan’19
GSTR 5 Dec’18 (Non-resident Taxable Person) – 20th Jan 2019
GSTR 5A Dec’18 (Non-resident Taxable person to supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient) – 20th Jan’19
GSTR 7 Oct’18, Nov’18, Dec’18 (TDS Returns) – 31st Jan’19
Return e-com operator Oct'18- Dec’18 has been extended till 31st Jan’19
GSTR1 Oct’18, Nov’18, Dec’18 (taxpayers - less than 1.5 Cr Turnover)– 31st Jan’19
ITC-04 due date for Jul’17 - Dec 18 extended till 31st Mar’19
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Composite Dealers & GST
Dealers under Composition Scheme are not required to charge GST from purchasers. The revenue department is planning to make it mandatory for composition dealers and service providers to declare their GST registration status in invoices to ensure that they do not charge any tax from buyers. The measure, once implemented, would check the widespread practice of composition dealers of charging GST from purchasers and not depositing it with the government.
eWay weds NHAI’s FASTTag
Central tax officers have detected 3,626 cases of GST evasion/violations involving Rs 15,278.18 crore during April-December period involving eway bills. Hence, the GST e-way bill system is likely to be integrated with NHAI's FASTag mechanism from April 2019 to help track movement of goods and check GST evasion
Some transporters complete multiple trips on a single e-way bill. An integration of NHAI’s FASTag with eway bill will help authorities know the exact location of the vehicle and when and how many times it has crossed NHA’s toll plaza.
The move would improve operational efficiencies across the country's logistics landscape.