Businesses can file returns, pay taxes for July on GSTN portal
Businesses can start filing their first tax return under the new Goods and Services Tax (GST) regime as the GST Network has started the facility for return filing and paying taxes on the portal.
"The window for filing GSTR-3B has opened on August 5 and is fully functional now. Taxpayers can log into their account at the GST Portal and file their GSTR-3B return any time. They can also make tax payment using internet banking at the portal," GSTN Chairman Navin Kumar said.
The GST returns for July and August will be filed on the Goods and Services Tax Network (GSTN) portal by filling up GSTR 3B form in which the taxpayer needs to provide consolidated details of outward supplies and input credit.
The taxpayer has to file a summary of self-assessed liabilities, input tax credit (ITC) and details of tax payment.
The last date of the filing the GSTR-3B for July 2017 is August 20, 2017, and the same for the month of August 2017 is September 20.
The GSTN, in a statement said, that in GSTR-3B a taxpayer has to provide details under three sections.
In the first section, the summary details of liabilities on outward supplies and inward supplies subject to reverse charge including tax paid on zero-rated supplies are to be provided. Also, the taxpayer has to give details of interstate supplies and the integrated goods and services tax (IGST) paid.
In the second section, the taxpayer has to declare self-assessed ITC available, ITC reversals and ineligible ITC.
In the third section, the taxpayer has to declare the details of payment of tax with accumulated ITC and/or cash available in cash ledger.
"The taxpayer is required to file his return by electronically signing either using DSC (compulsory for companies) or through Electronic Verification Code (EVC) sent on taxpayer's registered mobile," GSTN said.
Later, when the taxpayer files GSTR 1 and GSTR 2, the details furnished in GSTR-3B would be compared with the details generated from the declarations in GSTR 1 and GSTR 2 and in case of short payment of tax, the taxpayer will have to pay any additional amount along with interest through GSTR 3, it added.
Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal and over 15 lakh new assessees have registered on the portal.
The final GST returns for July will have to be filed by these businesses by September 5 instead of August 10.
Companies will have to file sale invoice for August with GST Network by September 20 instead of September 10 earlier.
The sales returns for September will have to be filed by October 10.
'Online travel agents liable to deduct TCS'
Travel agents providing online ticketing and other services will be liable to deduct 1 per cent tax at source under the GST regime as they have been classified as e-commerce operators, the CBEC said on Tuesday.
Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to collect 1 per cent of the net value of taxable supplies made through it. The amount so collected is called tax collected at source or TCS but this provision has been kept in abeyance for the time being.
Online travel agents have been classified as e-commerce operators (ECO) and so they have to deduct TCS.
The Central Board of Excise and Customs (CBEC), in a fresh set of frequently asked questions (FAQs), said the TCS requirement would not apply to someone selling own products through a website. Only applicable GST for the goods would be levied in that case.
Electronic commerce or e-commerce means supply of goods or services, including digital products, over electronic network and an e-commerce operator is a person who owns operates or manages the electronic platform for e-commerce, it said.
"Online travel agents providing services through digital or electronic platform will fall under the category of ECO (e- commerce operator) liable to deduct TCS under Section 52 of the CGST Act, 2017," the CBEC said.
CBEC also clarified that the benefit of threshold exemption is not available to an e-commerce operator or a supplier on the e-commerce platform. Businesses with turnover up to Rs 20 lakh are otherwise exempt from GST.
According to the Central GST (CGST) Act, e-commerce companies have to deduct 1 per cent TCS while making payment to suppliers under the GST regime.
The CBEC said that every e-commerce operator is liable to collect taxes on behalf of supplier and the tax has to be collected during the month in which the amount of collected from the recipient.
Besides, the tax amount collected by the operator will have to be paid to the government within 10 days after the end of the month in which the amount was collected.
Besides, the CGST Act empowers tax officials to seek information on supply or stock details from e-commerce operators.
"Any officer not below the rank of Deputy Commissioner may issue a notice to the electronic commerce operator to furnish such details within a period of 15 working days from the date of service of such notice," the CBEC said.
It further clarified that suppliers selling their own products through a website hosted by him will also fall under the definition of an e-commerce operator, but there they need not deduct TCS.
"In cases where someone is selling their own products through a website, there is no requirement to collect tax at source... These transactions will be liable to GST at the prevailing rates," the CBEC said.
Besides, every e-commerce operator will be required to furnish an electronic statement within 10 days of the next month giving details of outward supplies of goods or services, including supplies returned through it and the amount collected as TCS during the month.
Topics on CSR, GST added to ICAI revised syllabus
Chartered accountants' apex body ICAI has revised its education and training system by including several contemporary topics – GST and CSR, Parliament was informed on Tuesday.
"The curriculum of the Chartered Accountants (CA) courses has been recently revised by the Institute of Chartered Accountants of India (ICAI)," Minister of State for Corporate Affairs Arjun Ram Meghwal said to the Rajya Sabha.
He further said that several contemporary and relevant topics including Goods and Services Tax (GST); integrated as well as Corporate Social Responsibility (CSR) reporting; and global financial reporting standard have been included in the syllabus.
Also, chapters have been introduced on islamic finance, start-up finance, small and medium enterprise (SME).