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Latest amendments recommended by GST council

Latest amendments recommended by GST council

Recommendations by the council from council meeting held on 22.12.2018

GST Council at its 31 st meeting held on 22 nd December 2018, has brought some important recommendations under GST. The main highlights of the meeting are narrated as under.
  • Proposal for change in rate of certain items.
  • Proposal for change in date of GST Returns and Audit under the GST Act.

 

1. Important Changes in RATES of items falling under the regime of GST to be made w.e.f. 01/01/2019

Name of Items

HSN Code

 Current Rate

Proposed Rate

Monitors and TVs of upto screen size of 32 inches

8528

28%

18%

Power banks of lithium ion batteries

8507

28%

18%

Digital cameras and video camera recorders

8525

28%

18%

Video game consoles and other games and sports requisites

9504

28%

18%

Musical  Books

4904

12% & 5%

Nil.

Frozen Vegetables, branded and put in a unit container

0710

12% & 5%

Nil.

Vegetable provisionally preserved

0711

12% & 5%

Nil.

Cinema Tickets Above 100 Rs

 

28%

18%

Cinema tickets up to Rs. 100

 

18%

12%

Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY).

 

18%

Nil.

 

2. Proposal for change in due dates of GST Returns and Audit under the GST Act.

Name of Return

Type of Form

Old Date

Proposed due date

Annual Returns

GSTR 9 & 9A

31st March, 2019

30th June,2019

Gst Audit

GSTR 9C

31st March, 2019

30th June,2019

Availment of ITC for invoice issued by the supplier during FY 2017-18.

GSTR-3B

25th October 2018

31st March 2019

Completion of Migration process.

GST REG-26

31st August 2018

31st January 2019

GSTR-1 for the period July 2017 to February 2018/ quarters July 2017 to December 2018 for taxpayers migrating in accordance with the recommendation made by GST council in this regard in its 31st meeting.

GSTR 1

10&11th of Next Month

31st March 2019

GSTR-3B for the period July 2017 to February 2018 for taxpayers migrating in accordance with the recommendation made by GST council in this regard in its 31st meeting.

GSTR 3B

20thof next month

31st March 2019

Returns by e-commerce operator for the month of October, November and December 2018

GSTR 8

10thof next month

31st January 2019


3. Other highlights of the recommendations are as under:

  1. New System of Return filling shall be introduced from 01st April, 2019 and it shall be mandatory from 01st July 2019.
  2. To reduce the physical interaction with Government department while filing the refund Form GST RFD-01A online, all supporting documents shall be attached along with mentioned form electronically. This facility shall be made available soon on GST portal. This may enhance the simplicity while applying for refunds compared to current procedures.
  3. Single cash ledger for each tax head, modalities for implementation would be finalized in consultation with GSTN and the Accounting authorities.
  4. Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B &FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019. This is the most favourable recommendation made from the aspect of the tax payers as this would bring a huge relief in terms of moneys of the tax payers.
  5. Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills. In order to regularize the return filing process, it seems that this recommendation has been made.

 

The above recommendations are in totality more inclining towards the benefit of the tax payers and in huge terms. Awaiting elections!!!

 

-Alay Shaishav Mehta

(E) alay@sdmca.in

 

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Blog article 26-12-2018

Blog article 26-12-2018

A warm Welcome to the website!!
Being the first blog on the website, I am pleased to share some important issues for those interested in stock markets.


Without entering into an amusement park, all the investors are purely facing a ROLLER-COASTER ride in the Indian stock market as of now. Recently, the Dow, which is part of US stock market fell to a low of 22,442 on friday. The same seemed to have come due to hike in interest rates by the central bank of the USA. This was expected to worsen as the President has been discussing the firing of the Federal Reserve Chairman Jerome Powell and as expected the dow further fell to a low of 21,792 falling by 653 points.


The Indian market has been reacting to the global situation and has been going down showing a bearish trend. However, the economic scenario, globally and particularly in USA do not seem to be weak enough for bringing again the 2008 as some people are thinking of it. US President Donald Trump has made a statement, out of which it may be construed that the firing the federal chairman issue has come to a stable stage and has stopped making further flames.


As stated above, in both the situations, (1) the economic data of the US economy is good throughout the year, and (2) the issue of federal chairman has stopped getting more serious, investors may now expect the markets to stop bleeding further.


Accordingly, Indian market could also stop bleeding which had a tremendous impact of global markets. Investors may take this situation as an opportunity for buying stocks at cheap prices. Also, the coming month is a month of financial results of companies. The only thing to be watched will be the impact of trade wars on companies in the 3 rd quarter.


As said, the smart investors may take up fundamentally strong companies for investment and thereby making the optimum utilization of opportunity.


Knowledge enhancer:
Precision Wires India, a company based in Gujarat and listed in indian stock market, is a largest producer of winding wires in India. It is also a largest in South Asia in terms of production of its product with a capacity more than 33,000/- tonnes per annum. It has manufacturing facilities in Silvassa, Dadra Nagar Haveli and third at Palej, all three in Gujarat. Its products are mainly consumed in Electrical and Electronics Industry. A brief analysis of current scenario of the company is : 
Net sales gained a upward of 52% in six months ended September 2018. This resulted in 23% increase in its operating profit (Rs. 49 crores) and 29% increase in Profit after tax (at Rs. 22.04 crores).

 

More blog articles to be followed on the website relating to issues on Audit, Incometax, Corporate laws, GST etc. Comments, suggestions on the website as well as the blog are always welcome.

 

-By Dharit Mehta, FCA

 

Disclaimer:
This information is for educational purposes and is not an investment recommendation nor to be representative of professional expertise, but to be used as a forum for opening discussions around trading. All examples and analysis used her-in are for illustration purposes only, and of the personal opinions of the Original Posts author. All examples and analysis are intended for these purposes and should not be considered as specific investment advice.  The risk of loss in trading securities, options, futures, and forex can be substantial. Readers must consider all relevant risk factors including their own

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profitable or that they will not result in losses. In addition, the indicators, strategies, columns, articles and all other features of Traders Club’s products (collectively, the “Information”) are provided for informational and educational purposes only and should not be construed as investment advice. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments.

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