CORRELATING ACCOUNTING WITH GST RECENT DEVELOPMENTS IN GST

CORRELATING ACCOUNTING WITH GST & RECENT DEVELOPMENTS IN GST PRESENTED BY: CA KEVIN SHAH

Flow of Presentation 2 Correlating accounting with GST � Introduction. � Configuration. � List of ledgers to be created. � Outward Supply. � Inward Supply. � Entry to be passed after filing GST Returns i. e. Closing Entries. Recent Advance Authority Rulings Returns Common errors in return and manner in which Amendment / corrections / rectification of same need to made Relevant Notification and Circulars Taxable Event

Correlating accounting with GST

Introduction. Every registered person is required to keep and maintain all records at his principal place of business. The GST provision requires every registered taxable person to maintain the accounts and records for at least 72 months (6 years). The period will be counted from the last date of filing of Annual Return for that year. The last date of filing the Annual return is 31 st December of the following year. Further, if the taxpayer is a part of any proceedings before any authority (First Appellate) or is under investigation then he must maintain the books for 1 year after the order of such proceedings/appeal has been passed.

Changes required in Master Records Maintained Mandatory details required in Masters Customer / Vendor Master Name � Address � State � GSTIN � PAN � Items Name � HSN / SAC � Tax rate � Unique Quantity Code �

List of ledgers to be created. Accounts Classification Sales Accounts • Rate Wise Separate accounts (example 18%, 12%, Exempt, Nil Rated) • From Register / Unregister Vendors • From E-Commerce Operator / Direct Sale • Rate Wise Separate accounts (example 18%, 12%, Exempt, Nil Rated) • From Register / Unregister Vendors Customer Accounts • GSTIN Wise separate account Tax Liability Ledger • Rate Wise • Tax wise (CGST, SGST, UTGST, IGST) Purchase Account Tax Credit Ledger Cash Deposited with GST

Outward Supply

Sales Entries – Taxable (Local) Sales Type Particular Dr/ Cr Amount Amoun Reportin t g under Taxable Supplies – Registered Vendor M/s XYZ Co To Sales @18% - B 2 B To 9% Output CGST A/c To 9% Output SGST A/c Dr Cr Cr Cr 118000 GSTR-1 100000 (Table 9000 4 A) 9000 Taxable Supplies – Unregistere d Vendor – B 2 C M/s ABC Co To Sales @18% - B 2 C To 9% Output CGST A/c To 9% Output SGST A/c Dr Cr Cr Cr 118000 GSTR-1 100000 (Table 7) 9000 Taxable Supplies – M/s ABC Co To Sales @18% - Dr Cr 118000 GSTR-1 100000 (Table

Sales Entries – Taxable (Interstate) Sales Type Particular Dr/ Amoun Reportin Cr t t g under Taxable Supplies – Registered Vendor M/s XYZ Co Dr To Sales @12% - B 2 B Cr To 12% Output IGST Cr A/c 112000 GSTR-1 100000 (Table 12000 4 A) Taxable M/s ABC Co Dr Supplies – To Sales @12% - B 2 C Cr Unregistered To 12% Output IGST Cr Vendor –B 2 C A/c 112000 GSTR-1 100000 (Table 7) 12000 Taxable M/s ABC Co Supplies – To Sales @12% - Unregistered B 2 CL Vendor – To 12% Output IGST B 2 CL A/c 112000 GSTR-1 100000 (Table 12000 5 A) Dr Cr Cr

Sales Entries – Exempt / Nil Rated/ Non. GST Sales Type Particular Dr/ Amount Reportin Cr t g under Inter-state Sale –B 2 B M/s XYZ Co To Exempt B 2 B sales. Interstate A/c Dr Cr 300000 GSTR-1 300000 (Table 8 A) Local Sale – M/s ABC Co B 2 B To Exempt B 2 B sales. Local A/c Dr Cr 200000 GSTR-1 200000 (Table 8 B) Inter-state Sale –B 2 C M/s ABC Co To Exempt B 2 C sales. Interstate A/c Dr Cr 100000 GSTR-1 (Table 8 C) Local Sale – M/s ABC Co B 2 C To Exempt B 2 C sales. Local A/c Dr Cr 150000 GSTR-1 (Table 8 D)

Sales Entries – Supplies through Ecommerce Operator Sales Type Particular Dr/ Cr Amount Amoun Reportin t g under Taxable Supplies – Registered Vendor M/s XYZ Co To Local E-COM – 18% B 2 B sales A/c To 9% Output CGST A/c To 9% Output SGST A/c Dr Cr 118000 GSTR-1 100000 (Table 9000 4 A) 9000 Taxable Supplies – Unregistere d Vendor – B 2 C M/s ABC Co Dr To Inter State E-COM Cr – 18% B 2 C sales A/c To 18% Output IGST Cr A/c 118000 GSTR-1 100000 (Table 7) Cr Cr 18000

Sales Entries – Ecommerce (TCS) (In the books of Ecommerce Operator) Sales Type Particular Dr/Cr Amount Sales Entry Debtor A A/c To Vendor XYZ A/c Dr Cr 336000 Bank A/c To Debtor A/c Dr Cr 336000 Dr Cr Cr 336000 Receipt Entry Disbursement Vendor XYZ A/c Entry To Bank A/c To Tcs Collected (1% of Taxable Value) Amount Reporting under GSTR-8 336000 GSTR-8 306000 3000

Sales Entries – Ecommerce (TCS) (In the books of Seller) Sales Type Particular Dr/Cr Amount Sales Entry E-commerce Operator A/c To Local E-COM – 12% B 2 B sales A/c To 6% Output CGST A/c To 6% Output SGST A/c Dr Cr 336000 Bank A/c TCS Receivable To E-commerce Operator A/c Dr Dr Cr Receipt Entry Cr Cr Amount Reporting under GSTR-1 300000 (Table 4 A 18000 333000 GSTR-3 (Table 9) 336000

Sales Entries – Exempt / Nil Rated/ Non. GST Sales Type Particular Dr/ Amount Reportin Cr t g under Inter-state Sale –B 2 B M/s XYZ Co To Exempt B 2 B sales. Interstate A/c Dr Cr 300000 GSTR-1 300000 (Table 8 A) Local Sale – M/s ABC Co B 2 B To Exempt B 2 B sales. Local A/c Dr Cr 200000 GSTR-1 200000 (Table 8 B) Inter-state Sale –B 2 C M/s ABC Co To Exempt B 2 C sales. Interstate A/c Dr Cr 100000 GSTR-1 (Table 8 C) Local Sale – M/s ABC Co B 2 C To Exempt B 2 C sales. Local A/c Dr Cr 150000 GSTR-1 (Table 8 D)

Sales Entries – Composition Dealer Sales Type Particular Local Sale – M/s XYZ Co B 2 B To Sales GST Paid under Composition Scheme (Expense Head) To CGST 0. 5% To SGST 0. 5% Dr/ Amount Reportin Cr t g under Dr Cr 300000 Dr 3000 Cr Cr GSTR- 4 300000 1500

Sales Entries – Export & SEZ Sales Type Particular Dr/ Amount Reportin Cr t g under With payment of duty M/s XYZ Co IGST Refund Receivable To Export / Sez Sales A/c To 18% Output IGST A/c Dr Dr Cr 100000 18000 GSTR-1 (Table 100000 6 A) 18000 Without payment of duty M/s ABC Co To Export / Sez Sales A/c Dr Cr 200000 GSTR-1 200000 (Table 6 B)

Advance Receipt and Adjustment thereof Particular Dr/Cr Amount Reporting under Entries at the time of receipt of Advance Bank A/c To Party A/c Dr Cr 118000 GST on Advance A/c To 6% Output CGST A/c To 6% Output SGST A/c Dr Cr Cr 18000 GSTR-1 118000 (Table 11 A) GSTR-1 9000 (Table 11 A) 9000 Entries at the time of Invoicing Party A/c To Sales @18% - B 2 B To 6% Output CGST A/c To 6% Output SGST A/c Dr Cr Cr Cr 118000 6% Output CGST A/c 6% Output SGST A/c To GST on Advance A/c Dr Dr Cr 9000 GSTR-1 100000 (Table 11 B) 9000 GSTR-1 (Table 11 B) 18000 Note : - In Case where Advances Received and Invoice Raised are in the same month, the Tax would be levied on Supply no separate reporting for

Inward Supply

Purchase – Registered Vendor Sales Type Particular Dr/ Amount Reportin Cr t g under Local Purchase – B 2 B Purchases/Exepnses-B 2 B A/c Input CGST – 9% A/c Input SGST – 9% A/c To Creditor A/c Dr Dr Dr Cr 200000 18000 Purchases/Exepnses-B 2 B A/c Input IGST – 18% A/c To Creditor A/c Dr Dr Cr 300000 36000 Inter-state Purchase – B 2 B GSTR-2 (Table-3) 236000 GSTR-2 (Table-3) 336000

Purchase – Unregistered Vendor Sales Type Particular D Amount Reportin r/ t g under Cr Local Purchase – B 2 C Purchases/Exepnses-B 2 B A/c ITC on RCM Receivable To Creditor A/c To 9% Output CGST A/c To 9% Output SGST A/c (In the month of Purchase) Dr Dr Cr Cr Cr 200000 36000 Input CGST – 9% A/c Input SGST – 9% A/c To ITC on RCM Receivable (In the month of Payment) Dr Dr Cr 18000 GSTR-2 (Table-4) 200000 18000 GSTR-2 (Table-4) 36000

Import Purchase Sales Type Particular D Amount Reportin r/ t g under Cr Import purchase Purchases/Exepnses-B 2 B A/c Input IGST To Creditor A/c To 12% IGST A/c Dr Dr Cr Cr Cr 200000 36000 GSTR-2 (Table-5) 200000 18000

Purchase – Supply-Composition/Nil/ Nontaxable Sales Type Particular Dr/ Amount Reportin Cr t g under Purchase from Composition Dealer Purchases/Expenses - A/c To Creditor A/c Dr Cr 200000 GSTR-2 200000 (Table-7)

Transfer of Pre-GST credit under Transitional Provision Particular Dr/ Cr Amoun t t Electronic Credit CGST Ledger A/c Electronic Credit SGST Ledger A/c Ineligible Credit Disallowed To Cenvat Credit To Input Vat Dr Dr Dr Cr Cr 400000 350000 20000 400000 370000

Entries at the time of Filing of Returns

Transfer of Liability Account Particular Dr/ Cr Amoun t t 9% Output CGST A/c 9% Output SGST A/c 18% Output IGST A/c To Electronic Liability Ledger CGST A/c To Electronic Liability Ledger SGST A/c To Electronic Liability Ledger IGST A/c Dr Dr Dr Cr Cr Cr 300000 500000

Transfer of Credit Account Particular Dr/ Cr Amoun t t Electronic Credit CGST Ledger A/c Electronic Credit SGST Ledger A/c Electronic Credit IGST Ledger A/c To Input CGST A/c To Input SGST A/c To Input IGST A/c Dr Dr Dr Cr Cr Cr 150000 50000

Payment of Liability Entry Particular Dr/ Cr Amoun t t Electronic Cash CGST Ledger A/c Electronic Cash SGST Ledger A/c Electronic Cash IGST Ledger A/c To Bank Dr Dr Dr Cr 150000 450000 750000

Balances off-setting entry Particular Dr/ Cr Amoun t t Electronic Liability Ledger CGST A/c Electronic Liability Ledger SGST A/c Electronic Liability Ledger IGST A/c To Electronic Cash CGST Ledger A/c To Electronic Cash SGST Ledger A/c To Electronic Cash IGST Ledger A/c To Electronic Credit CGST Ledger A/c To Electronic Credit SGST Ledger A/c To Electronic Credit IGST Ledger A/c Dr Dr Dr Cr Cr Cr 300000 500000 150000 450000 150000

Recent Advance Authority Ruling

Zaver Shankarlal Bhanushali (Dated: May 22, 2018) Question 1: Is GST applicable on the compensation for alternate accommodation paid to the tenant of the old building by the developer? Answer: - The AAR has held that the act of vacating the premises by the tenant falls under clause 5(e) of the Schedule II, accordingly, GST is applicable on this particular transaction. Question 2 : Is GST applicable on the damages paid by the developer to the tenant of the old building for delayed handover of possession of the new premises? Answer: - The AAR has held that the act to tolerate the delayed handover of premises by the tenant falls under clause 5(e) of the Schedule II, accordingly, GST is applicable on this particular transaction. The clause 5(e) of the Schedule II of CGST Act are enumerated as follows : - “Schedule II [See section 7] ACTIVITIES TO BE TREATED AS SUPPLY OF GOODS OR SUPPLY OF SERVICES 5. Supply of services The following shall be treated as supply of services, namely: — (e) agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act; and”

Macro Media Digital Imaging Pvt. Ltd. (Dated: May 30, 2018) Question 1: Whether the printed advertisement materials classifiable as ‘supply of goods’? Answer: - The AAR held that in the business of manufacturing and sale of digital printed materials, wherein preparation of such printed material would be undertaken as per the customers specification and except specifying the specifications and designs to be printed, customers does not provide any materials and all required materials for the preparation of the advertisement materials are procured by the supplier, and the supplier is transferring the title in the goods i. e. , printed advertisement materials. Therefore, the instant case of supplying printed advertisement materials amounts to ‘supply of goods’ only. Further the GST department has issued clarification on taxability of printing contracts vide Circular No. 11/11/2017 -GST dated 20 th October, 2017 Also under Pre-GST regime there was case law of M/s AGARWAL COLOR LAB Vs. CCE, RAIPUR in such similar matter.

M/s Giriraj Renewables Private Limited : - Question: Whether supply of turnkey Engineering, Procurement and Construction ('EPC') Contract for construction of a solar power plant wherein both goods and services are supplied can be construed to be a Composite Supply in terms of Section 2(30) of the Central Goods and Services Tax Act, 2017? Answer: - The Authority of Advance ruling in this case had held that supply of turnkey Engineering, Procurement & Construction (EPC) Contract for construction of solar power plant wherein both goods and service does not constitute to be composite supply thereby concluding it to be “work contract”. Whereas the definition of “works contract” specifically requires the work to be done on or result in creation of an immovable property. However, construction of solar power plant does not constitute to immovable property because of it characteristic of movable in nature. Hence, this particular ruling is debatable. Further in AAR of Mr. DINESH KUMAR AGRAWAL discussed in below slide has held a contradictory decision.

Dinesh Kumar Agrawal (Dated: May 8, 2018) Question : - Whether supply of solar power plant under 'Supply Contract' is “supply of goods” or “supply of services” where the assembly, erection, and commissioning of the solar power plant is undertaken by the Applicant under a separate contract? Answer : - The applicant sought a clarification on the liability of division of contract in to two, one is supply of material and other one is erection, commission and there on. , in this regard it is opined that, it depends upon the terms and conditions of the agreements as to whether the split of contract is an artificial and colorable device to avoid the legitimate tax or the requirement of the contractee demands separation of contract for better execution.

Gogte Infrastructure Development Corporation Ltd (Dated: March 21, 2018) Question : - Whether the Hotel Accommodation & Restaurant services provided, within the premises of the Hotel, to the employees & guests of SEZ units, be treated as supply of goods & services to SEZ units or not ? Answer : - It was held that the Hotel Accommodation & Restaurant services being provided by the supplier of service, within the premises of the Hotel, to the employees & guests of SEZ units, can not be treated as supply of goods & services to SEZ units & hence the would be intra state supply and would be taxed accordingly.

Returns

Current Scenario The return in form GSTR-2 And GSTR-3 which was suspended earlier in 23 rd GST Council Meeting held on 10 th November 2017 is not made functional yet and hence presently return are filed only in form GSTR-3 B and GSTR-1. The Due date for filing return in Form GSTR-3 B and GSTR-1 till March 2019 has been notified in Notification no. Central Tax 32/2018 dated 10 th August, 2018 as follows: Return in Form Due Dates GSTR-1 (Aggregate Turnover < 1. 5 crore) 10 th of subsequent month GSTR-1 (Aggregate Turnover > 1. 5 crore) 11 th of subsequent month GSTR-3 B 20 th of subsequent month Note : - In case of Taxpayer having aggregate turnover of less than 1. 5 cr has an option to file return in GSTR-1 on quarterly basis

Upcoming Changes Further in 27 th GST Council Meeting held on 4 th May, 2018 it has been decided that a new ruturn filing design would be introduced and the Key elements of the new return design would be as follows : One monthly Return: All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having Nil transaction shall have facility to file quarterly return. Unidirectional Flow of invoices: There shall be unidirectional flow of invoices uploaded by the seller on anytime basis during the month which would be the valid document to avail input tax credit by the buyer. Buyer would also be able to continuously see the uploaded invoices during the month. There shall not be any need to upload the purchase invoices also. Invoices for B 2 B transaction shall need to use HSN at four digit level or more to achieve uniformity in the reporting system.

Upcoming Changes Simple Return design and easy IT interface: The B 2 B dealers will have to fill invoice-wise details of the outward supply made by them, based on which the system will automatically calculate his tax liability. The input tax credit will be calculated automatically by the system based on invoices uploaded by his sellers. Taxpayer shall be also given user friendly IT interface and offline IT tool to upload the invoices. No automatic reversal of credit: There shall not be any automatic reversal of input tax credit from buyer on non-payment of tax by the seller. In case of default in payment of tax by the seller, recovery shall be made from the seller however reversal of credit from buyer shall also be an option available with the revenue authorities to address exceptional situations like missing dealer, closure of business by supplier or supplier not having adequate assets etc. Due process for recovery and reversal: Recovery of tax or reversal of input tax credit shall be through a due process of issuing notice and order. The process would be online and automated to reduce the human interface. Supplier side control Unloading of invoices by the seller to pass input tax credit who has defaulted in payment of tax above a threshold amount shall be blocked to control misuse of input tax credit facility. Similar safeguards would be built with regard to newly registered dealers also. Analytical tools would be used to identify such transactions at the earliest and prevent loss of revenue.

Upcoming Changes Transition: There will be a three stage transition to the new system. Stage I shall be the present system of filing of return GSTR 3 B and GSTR 1. GSTR 2 and GSTR 3 shall continue to remain suspended. Stage I will continue for a period not exceeding 6 months by which time new return software would be ready. In stage 2, the new return will have facility for invoice-wise data upload and also facility for claiming input tax credit on self declaration basis, as in case of GSTR 3 B now. During this stage 2, the dealer will be constantly fed with information about gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them. After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.

Other Returns Similarly the other returns are now streamlined and the due dates for filing the same are as follows: Returns Category of tax payer Manner of filling Due dates GSTR – 4 Composition Supplier Quarterly 18 th of the month succeeding the said quarter GSTR – 5 Non – resident taxable person Monthly 20 th of subsequent month GSTR – 5 A Online Information and Data Access and Retrieval Services provided from outside India Monthly 20 th of subsequent month GSTR – 6 ISD Jul 31 st, 2018 ( For the tax period from Jul'17 to Jun'18)

Reduction in late filing fees Late fee for the following months has been waived � � � July 2017 August 2017 September 2017 Currently the late fee chart is as under: Late fees “Tax Liability” under GSTR-3 B “Nil” liability under GSTR-3 B Minimum late fees CGST – ₹ 25 + SGST – ₹ 25 per day CGST – ₹ 10 + SGST – ₹ 10 per day Maximum late fees CGST - ₹ 5, 000 + SGST - ₹ 5, 000 per month Further, vide notification no 22 /2018 – Central Tax dated 14 th May, 2018, late fees for the month of October 17 to April 18 is waived off on fulfilment of following conditions: � whose declaration in FORM GST TRAN-1 was submitted but not filed on the common portal on or before the 27 th day of December, 2017 and subsequently filed the declaration in FORM GST TRAN-1 on or before the 10 th day of May, 2018 and the return in FORM GSTR-3 B for each of such months, on or before the 31 st day of May, 2018.

Relevant Notification and Circulars Vide notification no. 4/2018 -Central Tax (Rate) dated 25 th January, 2018 the liability to pay tax on supply of development rights to a developer, builder, construction company or any other registered person against consideration, wholly or partly, in the form of construction service of complex, building or civil structure; and construction service of complex, building or civil structure to supplier of development rights against consideration, wholly or partly, in the form of transfer of development rights (i. e. in case of redevelopment project), shall arise at the time when the said developer, builder, construction company or any other registered person, as the case may be, transfers possession or the right in the constructed complex, building or civil structure, to the person supplying the development rights by entering into a conveyance deed or similar instrument (for example allotment letter).

Relevant Notification and Circulars Vide notification no. 1/2018 -Central Tax (Rate) dated 25 th January, 2018 the benefit of lower rate of tax has been extended to low-cost houses up to a carpet area of 60 square metres per house in an affordable housing project which has been given infrastructure status vide notification of Government of India, in Ministry of Finance, Department of Economic Affairs vide F. No. 13/6/2009 -INF Extract of notification F. No. 13/6/2009 -INF read as follows “With the approval of the Competent Authority, an updated Harmonized Master List of Infrastructure Sub-sectors (Annexure -I) is hereby notified. The new list incorporates the following change to the notification dated 1 st August, 2016: 1. Under the category of “Social and Commercial Infrastructure” a new sub-sector – Affordable Housing” is added. ”

Rate Changes In 27 th GST Council Meeting held on 4 th May, 2018 following rate changes are to be implemented: Incentive to promote Digital Transactions � Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and SGST rates] on B 2 C supplies, for which payment is made through cheque or digital mode, subject to a ceiling of Rs. 100 per transaction, so as to incentivise promotion of digital payment. � The council has recommended for setting up of a Group of Ministers from State Governments to look into the proposal and make recommendations, before the next Council meeting, keeping in mind the views expressed in GST Council. Imposition of Sugar Cess over and above 5% GST and reduction in GST rate on ethanol: � Keeping in view the record production of sugar in the current sugar season, and consequent depressed sugar prices and build-up of sugarcane arrears, the Council discussed the issue of imposition of sugar cess and reduction in GST rate on ethanol in great detail. � The council has recommended for setting up of a Group of Ministers from State Governments to look into the proposal and make recommendations, within two weeks, keeping in mind the views expressed in GST Council in this regard.

Common errors in return and manner in which Amendment / corrections / rectification of same need to made

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List of GST Notifications Rescinded / Superseded under Central Tax Notification No. Rescinded / Superseded Date Notification No. by which Rescinded / Superseded Date 19/2018 28 -03 -2018 25/2018 31 -05 -2018 08/2018 23 -01 -2018 19/2018 28 -03 -2018 06/2018 23 -01 -2018 13/2018 07 -03 -2018 74/2017 29 -12 -2017 11/2018 02 -02 -2018 62/2017 15 -11 -2017 08/2018 23 -01 -2018 61/2017 15 -11 -2017 69/2017 21 -12 -2017 60/2017 15 -11 -2017 68/2017 21 -12 -2017 58/2017 15 -11 -2017 72/2017 29 -12 -2017 57/2017 15 -11 -2017 71/2017 29 -12 -2017 44/2017 13 -10 -2017 67/2017 21 -12 -2017 43/2017 13 -10 -2017 62/2017 15 -11 -2017 42/2017 13 -10 -2017 61/2017 05 -11 -2017 40/2017 13 -10 -2017 66/2017 15 -11 -2017 30/2017 11 -09 -2017 58/2017 15 -11 -2017 29/2017 05 -09 -2017 30/2017 11 -09 -2017 26/2017 28 -08 -2017 31/2017 43/2017 11 -09 -2017 13 -10 -2017 25/2017 28 -08 -2017 42/2017 13 -10 -2017 20/2017 08 -08 -2017 29/2017 05 -09 -2017 19/2017 08 -08 -2017 29/2017 05 -09 -2017 18/2017 08 -08 -2017 29/2017 05 -09 -2017 16/2017 07 -07 -2017 37/2017 04 -10 -2017 04/2017 19 -06 -2017 09/2018 23 -01 -2018 Central Tax : (RULE)

GIST OF NOTIFICATIONS UNDER CGST Not. No. Date Gist 01/2017 19/06/2017 Certain Sections were effective except charging section. 02/2017 19/06/2017 Jurisdictions were specified by the board 03/2017 19/06/2017 CGST Rules, 2017 was published [Rule 1 to 26] 04/2017 Specifies gst. gov. in portal for facilitating registration, payment of tax, furnishing of 19/06/2017 returns, computation and settlement of tax and E-way bill 05/2017 Person liable to pay RCM are exempted from obtaining registration for income earned 19/06/2017 from such transactions, if they are only engaged in making such supplies 06/2017 CBEC notifies Aadhar based EVC and Bank account based OTP as the modes of 19/06/2017 verification for the purpose of authentication of documents 07/2017 27/06/2017 CGST Rules, 2017 are amended 08/2017 Ice cream and other edible ice/Pan masala/tobacco products manufacturer are not 27/06/2017 eligible for composition scheme 09/2017 28/06/2017 Charging section alongwith other sections was made effective from 01/07/2017 10/2017 28/06/2017 Other CGST Rules alongwith relevant forms were published [Rule 27 to 138] 11/2017 28/06/2017 EVC generated through net banking has to be considered 12/2017 28/06/2017 Display of HSN code in invoice

GIST OF NOTIFICATIONS UNDER CGST Not. No. Date Gist 13/2017 14/2017 15/2017 16/2017 17/2017 28/06/2017 Interest rates are specified [offence wise] 01/07/2017 Authorities were specified by the board 01/07/2017 CGST Rules, 2017 are amended 07/07/2017 Conditions for LUT 10/07/2017 Corrigendum was issued to amend status holder from para 5 to para 3. 20 & 3. 21 27/07/2017 Rule 24, 34, 46, 61, 83, 89, Form TRANS - 1 & 2 were amended 18/2017 08/08/2017 GSTR-1 dates are extended for the month of July & August 19/2017 08/08/2017 GSTR-2 dates are extended for the month of July & August 20/2017 08/08/2017 GSTR-3 dates are extended for the month of July & August 21/2017 08/08/2017 GSTR-3 B dates are extended for the month of July & August 22/2017 17/08/2017 Rule 3, 17, 40, 44 A, 61, 87, 103, FORM REG -1 & 13 are amended 23/2017 17/08/2017 GSTR-3 B dates are extended for the month of July 24/2017 21/08/2017 GSTR-3 B dates are extended for the month of July 25/2017 26/2017 27/2017 21/08/2017 Extension of due date for filing returns under OIDAR services till 15 th Sept 28/08/2017 ISD returns extended 30/08/2017 E-way bills are published

GIST OF NOTIFICATIONS UNDER CGST Not. No. Date 28/2017 29/2017 30/2017 31/2017 Gist 34/2017 01/09/2017 Waiver of late fee for non-filing of GSTR - 3 B for the month of July 05/09/2017 GSTR-1, 2 & 3 for the month of July and August extended 11/09/2017 GSTR-1, 2 & 3 for the month of July extended 11/09/2017 Time limit for filing ISD returns extended to 13 th Oct Casual taxable person making taxable supplies of handicraft goods as the category of 15/09/2017 persons exempted Govt appoints 18 th Sept as the effective date for TDS provisions however by way of a 15/09/2017 proviso it has been stated that actual date for deducting TDS would be notified. Rule 3 A, 120, 122, 124, 127, 138, FORM TRAN-1, FORM GSTR-4 & FORM GST EWB-01 15/09/2017 are amended 35/2017 15/09/2017 GSTR-3 B dates are extended for the month of Aug - Dec 36/2017 29/11/2017 Rule 24, 118, 119, 120 A, FORM REG-29 are amended 37/2017 04/10/2017 LUT conditions amended The definition of handicraft goods is amended by making suitable amendements in not 13/10/2017 32/2017 Officers of SGST/UTGST who are authorised as propoer officers by Comm of such acts 13/10/2017 are authorities for refund under CGST except export No GST is payable on advances executed for outward supply of goods for persons not 13/10/2017 opting composition scheme and having a turnover less that Rs. 1. 5 crore 32/2017 33/2017 38/2017 39/2017 40/2017

GIST OF NOTIFICATIONS UNDER CGST Not. No. Date 41/2017 Gist 43/2017 13/10/2017 FORM GSTR-4 for the quarter July - September 2017 is till 15 th November 2017 Form GSTR-5 A for the month July, Aug & Sept 2017 for OIDAR services from outside 13/10/2017 India to non-taxable online recipient is extended till 20 th November 2017 Form GSTR-6 for ISD for the month of July, Aug & September is extended till 15 th 13/10/2017 November 2017 44/2017 13/10/2017 Form ITC-01 for the month July, Aug & Septmeber is extended to 31 st Oct 2017 45/2017 13/10/2017 Rule 3 A, 46 A, 54, 62, FORM CMP-02, FORM GSTR-1 A & FORM GSTR-4 46/2017 T/o Limit for Composition dealers increased from 75 lakhs to 1 crore [75 lakhs for 13/10/2017 special cateogory states] 47/2017 18/10/2017 Rule 89, 96 A, Form RFD-01 48/2017 Supply against advance authorisation, of cap goods against EPCG, to EOU, gold bank or 18/10/2017 PSU against Advance authorisation 49/2017 18/10/2017 Evidence required for deemed exports 50/2017 24/10/2017 For the month of August & September 2017 late fee for GSTR-3 B is waived 51/2017 28/10/2017 Rule 24, 45, 96 & 96 A are amended 52/2017 28/10/2017 44/2017 is amended to extend due date for filing ITC-01 to 30. 11. 2017 42/2017

GIST OF NOTIFICATIONS UNDER CGST Not. No. Date Gist 53/2017 54/2017 ITC-01 for goods dispatched to a job-worker for the period July - Sept has to be filed by 28/10/2017 30 th Nov 2017 55/2017 30/10/2017 Time limit for filing GSTR-2 is extended to 30 th November & for GSTR-3 to 11 th Dec Rule 43, 54, 97 A, 109 A, 124 & RFD 01 A [for manual filing of refund claim] is 15/11/2017 amended 56/2017 15/11/2017 Form GSTR-3 B for the month of Jan, Feb & March have to be filed 57/2017 58/2017 15/11/2017 Quaterly filing for person below aggregate turnover of Rs. 1. 5 crore 15/11/2017 Filing of GSTR-1 for persons above aggregate turnover of 1. 5 cr [monthly filing] 59/2017 15/11/2017 GSTR-4 extended to 24 th Dec 2017 60/2017 15/11/2017 GSTR-5 for months till Oct has to be filed by 11 th dec 2017 61/2017 15/11/2017 GSTR-5 A for months till Oct has to be filed by 15 th dec 2017 [Amend to Not 42/2017] 62/2017 15/11/2017 GSTR - 6 extended till 31 st Dec [Amendment to Not 43/2017] ITC-01 for goods dispatched to a job-worker for the period July - Sept has to be filed by 15/11/2017 31 st Dec 2017 [Amendment to Not 53/2017] 63/2017 64/2017 65/2017 66/2017 15/11/2017 For the month of Oct 2017 late fee for GSTR-3 B is waived [check not for details] Seeks to exempt suppliers of services through an e-commerce platform from obtaining 15/11/2017 compulsory registration No GST is payable on advances executed for outward supply of goods for persons not 15/11/2017 opting composition scheme and having a turnover above Rs. 1. 5 crore

GIST OF CIRCULARS UNDER CGST Cir No. Date Gist 01/2017 02/2017 03/2017 26/06/2017 Designation of the proper officer for registratoin and Compostion levy Issues related to furnishing of Bond/ Letter of Undertaking for Exports and filling FORM 04/07/2017 GST RFD - 11. 04/2017 05/07/2017 Designation of the proper officer for other than registratoin and Compostion levy Issues related to furnishing of Bond/ Letter of Undertaking for Exports without 07/07/2017 payment of IGST 05/2017 06/2017 11/08/2017 Details of Eligibility to export under LUT, Form for LUT, Time for acceptance of LUT, etc. 27/08/2017 Classification and the GST rate of lottery prescribed 07/2017 01/09/2017 Furnishing of info. In GSTR - 1, GSTR - 2 with GSTR - 3 B. 08/2017 04/10/2017 Exports clarification Officer have authorized to approve or reject of GST practitioner application (FORM GST 18/10/2017 PCT - 1) Supply or transportation of goods from one state to another state on approval basis 18/10/2017 with delivery challan along with e-way bill. Clarification about the Printing goods like books, pamphlets, brochures, envelopes etc 20/10/2017 are composite supply or not. GST payable by the refinery on the value of net quantity of superior kerosene oil (SKO) retained for 26/10/2017 the manufacture of Linear Alkyl Benzene (LAB). 09/2017 10/2017 11/2017 12/2017

GIST OF CIRCULARS UNDER CGST Cir No. Date Gist 13/2017 27/10/2017 Clarification regarding Unstitched Fabrics. 14/2017 06/11/2017 Deemed Exports Compliance 15/2018 06/11/2017 Extension of due date for generation of GSTR 1 A & GSTR 2 A. 16/2017 Clarifications regarding applicability of GST and availability of ITC in respect of certain 15/11/2017 services 17/2017 Manual filling and processing of refund claims in respect of Export without paymnet of 15/11/2017 IGST amt (zero rated). 18/2017 Fabric manufacturer is eligible for refund of unutilized of GST paid on inputs in respect 18/11/2017 of manufacture and exports. 19/2017 Milling of paddy into rice on job work basis, is liable to GST on the processing charges 20/11/2017 (not on the entire value) 20/2017 GST rate on Terracotta idols is NIL and may be is leviable on repairs and maintenance 22/11/2017 done for such goods 21/2017 22/11/2017 Clarification on interstate movement of rigs, tools and spares etc

Thank You Contact Details: Kevin Shah & Co 328 -332, 3 rd Floor, Linkway Estate, Link Road, Malad (West), Mumbai – 400 064 CA Kevin Shah (M) : +91 9664 29 4346 Email : cashahkevin@gmail. com; Have a nice week ahead