Thursday, March 7, 2019

Current system of GST Return filling to be continued atleast for 1st Quarter of 2019-20 - CBIC issued notification for due date of GSTR 3B and GSTR 1 for Apr-Jun 2019.


The CBIC had issued a status note on GST Implementation on 1st Feb 2019 which in para 9.2 - Point - P (Page no. 22) specified following:

"The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019."

So accordingly the new return filing system should be in place for a trial period from 1st April 2019 however to the contrary the CBIC has issued notifications specifying the due date of GSTR 3B and GSTR 1 for Apr-Jun 2019 which shall be as follows:

a. GSTR 3B: 20th of the following month Notification 13/2019 CT
b. GSTR 1 ( T/o above 1.5 Crore) : 11th of the following month Notification 12/2019 CT
c. GSTR 1 (T/o below 1.5 Crore): 31st July 2019 Notification 11/2019 CT

We may see a trial period of the new return system from 1st July onwards.

7 comments:

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  3. A new system of GST Return Filing is expected to come into effect from 1st July 2019. This will be a major overhaul of the current system of VAT Return filing, which is being implemented since 1st July 2016.

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  4. Businesses that want to be categorised as MSMEs must register on the udyog adhar card. The MSME, without a doubt, is serving as the foundation of the Indian economy due to their outstanding contribution to the nation's Gross Domestic Product (GDP).

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  5. GST Registration Process - Several feedbacks have been received regarding the advantages and disadvantages of the Goods and Services Tax (GST) since it was implemented. As a comprehensive indirect tax levy, GST serves as a Value Added Tax (VAT) on goods as well as services at the national level.

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  6. GST Audit - Audits under GST aim to verify and check the financial documents maintained and submitted to the tax authority. As per the GST Act, 2017, registered taxpayers must have their account books audited. Therefore, the GST Audit under section 35 (5) of the Act specifies that GST registered taxpayers must submit an audited document of their annual accounts by an accountant appointed by the Commissioner.

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