Key Updates In Goods & Services Tax (GST) – TDS & TCS

In our endeavor to keep you updated on the ongoing updations in GST, please find a brief on the amendments for the month of October 2018.

TDS provisions under GST to be implemented Central Government vide notification has decided to implement the TDS provisions under section 51 of CGST Act, 2017 from 1st October 2018. TDS provision will apply on the following category of registered persons: 1. an authority or a board or any other body, – (i)  set up by an Act of Parliament or a State Legislature; or (ii) established by any Government, with fifty-one percent or more participation by way of equity or control, to carry out any function TCS provisions under GST to be implemented Central Government vide notification has decided to implement the TCS provisions under section 52 of CGST Act, 2017 from 1st October 2018. It should be noted that under the GST law E-commerce operators are responsible for collecting and depositing tax at the rate of 1% (0.50% each CGST & SGST) from each of the transaction. New due date for filing of GSTR 1 Central Government vide notification has extended the time limit for furnishing the details of outward supplies in FORM GSTR-1 (Both Monthly & Quarterly) for each month/quarter during the period July 2017 to September 2018 till 31st October 2018. Due Date of GSTR 3B for taxpayers not migrated earlier Central Government has notified the FORM GSTR-3B to be filed for the period from July 2017 to November 2018 by the taxpayers who have obtained Goods and Services Tax Identification Number (GSTIN) in terms of notification No. 31/2018 – Central Tax dated the 06th August 2018 before the 31st December 2018. Extension in due date for filing of GSTR TRAN-1

1. CBIC by the notification has allowed the following: a. The Commissioner on the recommendation of Council may extend the date of filing of GST  TRAN-1 for a period not beyond 31st March 2019; b. The abovementioned recommendation would be made only in those cases where the GST TRAN-1 could not be filed on account of technical difficulties on the common portal and council has made a recommendation for such extensions;

The government notified the GST Annual Returns and Reconciliation Statement

1. Central Government vide notification has notified the below GST forms- a. GSTR -9 – Annual Return for normal taxpayers b. GSTR -9A- Annual Return for taxpayers under composition scheme c. GSTR -9C- Reconciliation Statement to be filed along with Annual Return

The due date for filing of Annual return is 31st December following the end of the relevant financial year.

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Tag: Goods and Services Tax India, GST, GST India