Income Tax Return Filing in Chennai - Kanakkupillai

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Updates Highlights - 31st GST Council Meeting

• www.kanakkupillai.com

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31st GST Council meeting 

• The GST Council met for the 31st time on 22nd
  December 2018, Saturday at Vigyan Bhavan, New
  Delhi.
• It was chaired by the Finance Minister Shri Arun
  Jaitley.
• Highlights were Rate tweaks, relief in the form
  of due date extensions, clarity on GST 2.0
  Implementation and streamlining of GST compliance
  like return filing, registration and refund
  procedure on the portal.

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GST 2.0 to be implemented - trial basis

• New return filing system to be started on a
  trial basis from April 1, 2019, and will be
  implemented by July 1, 2019.
• E-way bills norms made stern
• Taxpayers cannot generate e-way bill if
  they do not file GST returns for two consecutive
  tax periods.

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Announcements on Present GST return filing

• Late fee waiver for all the GST returns yet to be
  filed as on 22nd December 2018 up to 31st March
  2019, for the months July 2017 up to September
  2018.
• Further time to claim the Input tax credit for FY
  2017-18 allowed up due date of filing GSTR-3B of
  March 2019, subject to conditions.
• There is going to be single tax ledger for each
  Tax head. For example- The cash ledgers for each
  tax heads will be merged into one single cash
  ledger for all tax head such as IGST, SGST/UTGST
  CGST and Cess.

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Simplification of Form GSTR-9 GSTR-9C

• ITC cannot be availed through FORM GSTR-9 and
  FORM GSTR-9C.
• Verification by a taxpayer who is uploading the
  reconciliation statement would also be included
  in FORM GSTR-9C.
• All monthly/quarterly GST Returns must be filed
  before filing Annual returns
• If any additional payments are to be made they
  can be done through the FORM GST DRC-03 in cash.

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Due date extensions recommended

• The due date for filing of GST Annual Return
  (GSTR-9) and Reconciliation statement ( GSTR-9C)
  after GST Audit to be extended till 30th June
  2019.
• GSTR-8 to be filed by e-commerce operators for
  the period 1st October 2018 to 31st December 2018
  will be extended to 31st January 2019.
• Filing of ITC-04 for the months July 2017 to
  December 2018 to be extended to 31st March 2019.

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GST Rates rationalised

• No change in tax rate on Cement 13 items of
  automobile parts, 8 items of the cement industry
  still remain under 28 GST Slab.
• Third party insurance lowered to 12 per cent GST
  Slab from the earlier 18.
• 6 goods and 1 service have been removed from the
  28 GST Slab tax bracket under the Good Services
  Tax (GST) regime.
• GST for cinema tickets being less than Rs 100 has
  a reduced tax rate from 18 to 12 GST Slab, for
  tickets equal to or above Rs 100, GST reduced
  from 28 to 18.

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• Lithium-ion batteries charges, video games
  consoles, small sport related items, accessories
  for carriages for disabled removed from 28 slab.
• Items claimed to be used by the upper segments
  such as Air conditioners, dishwashers will remain
  at 28 GST Slab.
• Bank charges (savings bank), and Pradhan Mantri
  Jan Dhan Yojana has been exempted from GST.
• GST rate on special flights for pilgrims slashed
  for the economy to 5 per cent and business class
  to 12 per cent. These include travel by
  non-scheduled/chartered operations for religious
  pilgrimage, which is facilitated by GoI under
  bilateral agreements.

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Miscellaneous

• Changes in the filing of Form RFD-01 A
• Documents to be annexed to the form can now be
  uploaded online.
• Types of the GST refund that can be applied in
  this form shall include Excess tax paid, refund
  by assessment orders, Tax paid on an intra-State
  supply which is consequently held to be
  inter-State supply and vice-versa.
• Window to complete GST migration process is
  opened till 31st January 2019. Such taxpayers
  have time till 31st March 2019 to file the GST
  returns in GSTR-1 and GSTR-3B for the period July
  2017 till February 2019.

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Most Expected 31st GST Council Meeting

• Deliberations on announcing GST rates on Petrol
  and Diesel.
• GST Rate cut highly likely for Housing sector
  with two proposals before the Council1. To
  slash GST rate from the existing 12 to 8, in
  order to bring it at par with the affordable
  housing with ITC claim option2. To slash the GST
  rate to 5 without the ITC claim option
• Decision to be taken on the reports submitted by
  the sub-committees formed for analysing GST on
  Sugar and Cess in case of exigencies.

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GST Registration Online in Chennai

• We knew the difficulties of GST Filling in
  Chennai but the expertise accountants at
  Kanakkupillai does it in an easy way and also at
  the shortest span. Ask any successful businessman
  about GST filing in Chennai, they would always
  whisper the single brand, Kanakkupillai. The
  citys leading Best  GST Registration services
  are provided by Kanakkupillai at an affordable
  cost. To contact call us at 7305345345 and get
  free consulting.

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Contact Us Kanakkupillai.com

• CHENNAI OFFICE
• No 13/22 2nd floor, Yatra, TNGO Colony,
  West Karikalan street, Adambakkam, Chennai 88
• Phone [phone]
• Email support_at_kanakkupillai.com
• https//www.kanakkupillai.com/

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