GST Updates

Yes.  As per present GST Law, a composition dealer is liable to file both GSTR 4 (Return for a Financial Year) and GSTR 9A (Annual Return) for financial Year 2019-20. GSTR 4 is filed as per Rule 62 and GSTR 9A is per Rule 80. However, when we login to the GST Portal, GSTR 4 is given in Annual Return Option. Moreover, form GSTR 9A is not available in GST Portal as of now. Therefore, Government need to clarify this point immediately. ........ Now, on 01.09.2020, GST Portal says.......... GSTR 4 is an Annual Return.... The relevant parts are given below: Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal 01/09/2020 What is Form GSTR4 Annual Return:- With effect from 1st April, 2019,  all  Composition  Taxpayers are required to file Form GSTR-4 Annual Return ,  on  annual basis , for  each  financial year..... Conclusion: GST is very simple...... WE have two GST laws.... First one is GST Acts and the second one is GSTN Acts !!!

 As per Section 67(2), during inspection and search, Proper Officer can seize ......Goods, Documents, Books or things..... The Question was whether cash can be seized?  Is cash is falling within the meaning of 'things'? Recently, Madhya Pradesh HC held that money/ cash is also falling within the meaning of 'things' and cash can be seized during inspection / search..............

Now, we can see that the IGST paid on import of goods is getting reflected in GSTR 2A. We can access this data from October, 2017 onwards........... Therefore, before availing ITC on Import of goods, verify and Reconcile this data too......

 Now, We can check the total GST Return filing history of the suppliers....... We can see GSTR 3B, GSTR 1 and Annual Return filing history of the suppliers... This can be verified in Portal in Search tax Payer Option.....

GSTR 2B is activated in GSTN Portal for testing purposes only. Government has to make Rules and introduce the GSTR 2B form in law.. Till then Tax Payers can test it............

 A New facility, GSTR 2 B, is started in GST Portal. This is an Auto Drafted ITC Statement, which is going to help the tax payers to comply with Rule 36(4). Presently, this facility is not made applicable. It is just a facility Govt going to implement in future to control ITC misuse..

 So far, we cannot file single refund application for multiple years. Now, such facility is made available on the GST Portal. Circular 135 allowed tax payers to file single application for more than one year.

Till this time, this data was not available. Now we can see the import of goods details also in GSTR 2A

In this GST Meeting, it is expected that the deliberations will be mainly on the Compensation Cess. It is expected that the Cess rates of some products, mainly, tobacco products are likely to be increased. Increasing the Cess collection for few more years is also likely to be considered....

 Aadhar Authentication is not mandatory. However, if it is not done, there are two problems... 1. Registration will take more time......... around one month delay.. 2. Proper Officer will physically inspect the premises......... If Aadhar Authentication is done, taking Registration become easy and fast........

 Refund application RFD 01.... for the month of July, 2017............ is now activated in the GST Portal..... Though the time limit to file refund for the month July, 2017 is already expired, this may be activated to allow to file Nil application..... so as to allow refund application for any subsequent months........

 Table 8A is activated in GST Portal. This will help the tax payer to Reconcile the Data reflected in GSTR 2A with Data reflected in Table 8A in GSTR 9 (Annual Return)....

With effect from 21.08.2020, Aadhar Authentication is started at the time of taking new GST Registration. Notification 62/2020 CT dated 20.08.2020 is issued ....  Advisory also given in GST Portal.......

The actual due date was 07.02.2020.   A person can file GSTR 9 for FY 2017-18 even after 07.02.2020 with late fees. However, filing of GSTR 9 is made optional for FY 2017-18 if the Aggregate Turnover is less than 2 Crores. Moreover, As per GST Council recommendation, Late Fees for financial Year 2017-18 is waived for small Tax payers (having aggregate Turnover less than 2 Crore). However, the Notification for such late fees waiver is not yet Notified by Central Government. Based on above, the Answer is given below: If Aggregate Turnover is above Rs. 2 Crore - It is mandatory to file Annual Return with late fees. If Aggregate Turnover is less than 2 Crores - Filing of Annual Return is Optional. However, if a person wish to file Annual Return, he can file even after 07.02.2020 without late fees after the relevant Notification has come for waiver of late fees as per GST Council recommendation.