CBDT extends due date for filing returns for 5 days, up to 05-08-2017.
Month: July 2017
TDS: No TDS on GST paid/payable on Services
CBDT vide circular no.23/2017 dated 19-7-2017 amending circular no. 1/2014, which states that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVIl-B of the income tax Act, 1961 (the Act) on the amount paid or payable without including such Service Tax
component.
In the circular no. 23/2017, the words service tax is substituted by GST. It is also mentioned that GST includes CGST, SGST & IGST. The same will be applicable only in case GST is mentioned separately in the invoice.
To see the notification please click the link below:
Know your due dates for statutory compliance – July 2017
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Jul-17 |
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| DATE | COMPLIANCE REQUIRED | FORM NO. / CHALLAN NO. |
| 06/07/2017 | EXCISE: E-PAYMENT OF EXCISE DUTY FOR JUNE 2017 | GAR 7 |
| EXCISE: E-PAYMENT OF EXCISE DUTY FOR THE QUARTER ENDING 30TH JUNE 2017 BY SSI’s | ||
| SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR JUNE 2017 BY CORPORATES | ||
| SERVICE TAX: E-PAYMENT OF SERVICE TAX FOR QUARTER ENDING 30TH JUNE 2017 BY NON CORPORATES | ||
| 07/07/2017 | INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING JUNE 2017 | 281 |
| INCOME TAX: DEPOSIT OF TDS/TCS COLLECTED DURING THE QUARTER ENDED 30TH JUNE 2017 WHEN ASSESSING OFFICER PERMITTED QUARTERLY DEPOSIT OF TDS U/S 192, 194A, 194D OR 194H | 281 | |
| 10/07/2017 | EXCISE: MONTHLY RETURNS FOR PRODUCTION AND REMOVAL OF GOODS AND CENVAT CREDIT JUNE 2017 | ER 1 |
| EXCISE: MONTHLY RETURNS OF EXCISABLE GOODS MANUFACTURED & RECEIPT OF INPUTS & CAPITAL GOODS BY UNITS IN EOU, STP, HTP FOR HUNE 2017 | ER 2 | |
| EXCISE: MONTHLY RETURNS OF INFORMATIONS RELATING TO PRINCIPAL INPUTS FOR JUNE 2017 BY MANUFACTURER OF SPECIFIED GOODS WHO PAID DUTY>=RS. 1 CRORE DURING FY 2016-17 BY PLA/CENVAT/BOTH | ER 6 | |
| EXCISE: QUARTERLY RETURNS OF ASSESSEES PAYING 1% OR 2% EXCISE AND NOT MANUFACTURING ANY OTHER GOODS FOR QUARTER ENDING JUNE 2017 | ER 8 | |
| 15/07/2017 | INCOME TAX: DUE DATE FOR ISSUE OF TDS CERTIFICATE FOR TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF MAY 2017 | 26QB |
| INCOME TAX: QUARTERLY STATEMENT IN RESPECT OF FOREIGN REMITTANCES BY AUTHORISED DEALERS FOR QUARTER ENDING 30TH JUNE 2017 | 15CC | |
| INCOME TAX: QUARTERLY STATEMENT OF TCS DEPOSITED FOR THE QUARTER ENDING 30TH JUNE, 2017 | 27EQ | |
| INCOME TAX: FURNISHING OF FORM BY AN OFFICE OF GOVERNMENT WHERE TDS FOR THE MONTH OF JUNE 2017, HAS BEEN PAID WITHOUT CHALLAN | 24G | |
| EPF: PAYMENT OF EPF CONTRIBUTION FOR JUNE 2017 | ||
| EPF: CONSOLIDATED STATEMENTS OF DUES AND REMITTANCES UNDER EPF AND EDLI FOR JUNE 2017 | 12A | |
| EPF: MONTHLY RETURNS OF EMPLOYEES WHO JOINED/LEFT THE ORGANISATION IN JUNE 2017 | 05-Oct | |
| KERALA VAT: MONTHLY RETURNS OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS RS.10 LAKHS & ABOVE | 10, 10B, 10C, 10D, 10E, 10F | |
| 20/07/2017 | CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JUNE 2017 IF THE MODE OF PAYMENT OF VAT AND CST IS BY CASH/CHEQUE/DD | FORM 1 / FORM I |
| KERALA VAT: MONTHLY RETURNS OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS MORE THAT RS.2 LAKHS AND LESS THAN RS.10 LAKHS | 10, 10B, 10C, 10D, 10E, 10F | |
| 21/07/2017 | ESI: DEPOSIT OF ESI CONTRIBUTIONS AND COLLECTIONS FOR JUNE 2017 | |
| 22/07/2017 | CST/TN VAT: MONTHLY RETURNS AND PAYMENT OF CST AND VAT COLLECTED DURING JUNE 2017 IF THE MODE OF PAYMENT OF VAT AND CST IS BY ELECTRONIC MODE | FORM 1 / FORM I |
| 25/07/2017 | KERALA VAT: MONTHLY RETURN OF EVERY DEALER WHOSE ANNUAL NET TAX PAYABLE FOR THE PRECEDING YEAR WAS LESS THAN RS.2 LAKHS | 10, 10B, 10C, 10D, 10E, 10F |
| 30/07/2017 | INCOME TAX: DUE DATE FOR FURNISHING OF CHALLAN-CUM-STATEMENT IN RESPECT OF TAX DEDUCTED UNDER SECTION 194-IA IN THE MONTH OF JUNE 2017 | 26QB |
| INCOME TAX: QUARTERLY TCS CERTIFICATE FOR THE QUARTER ENDING JUNE 30,2016 | 27D | |
| 31/07/2017 | INCOME TAX: QUARTERLY STATEMENT OF TDS FOR QUARTER ENDING JUNE 2016 | 24Q/26Q |
| INCOME TAX: ANNUAL RETURN OF INCOME FOR THE ASSESSMENT YEAR 2017-18 FOR ALL ASSESSEE OTHER THAN (A) CORPORATE ASSESSEE (B) NON-CORPORATE ASSESSEE WHOSE BOOKS OF ACCOUNT ARE REQUIRED TO BE AUDITED (C) WORKING PARTNER OF A FIRM WHOSE ACCOUNTS ARE REQUIRED TO BE AUDITED (D) AN ASSESSEE WHO IS REQUIRED TO FURNISH A REPORT UNDER SECTION 92E | ITR 1,2,3,4,5 | |
| INCOME TAX: QUARTERLY RETURN ON NON-DEDUCTION OF TAX AT SOURCE BY A BANKING COMPANY FROM INTEREST ON TIME DEPOSITS IN RESPECT OF THE QUARTER ENDING 30TH JUNE 2017 | ||
| INCOME TAX: STATEMENT BY SCIENTIFIC RESEARCH ASSOCIATION, UNIVERSITY, COLLEGE OT OTHER ASSOCIATION OR INDIAN SCIENTIFIC RESEARCH COMPANY AS REQUIRED BY RULES 5D,5E AND 5F (IF DUE DATE FOR SUBMISSION OF RETURN ON INCOME IS JULY 31,2017) | 3AD/STATEMENTS | |
| INCOME TAX: APPLICATION FOR EXERCISING THE OPTION AVAILABLE UNDER EXPLANATION TO SECTION 11(1) TO APPLY INCOME OF PREVIOUS YEAR IN THE NEXT YEAR OR IN FUTURE (IF THE ASSESSEE IS REQUIRED TO SUBMIT RETURN OF INCOME ON OR BEFORE JULY 31,2017) | 9A | |
| INCOME TAX: STATEMENT TO BE FURNISHED TO ACCUMULATE INCOME FOR FUTURE APPLICATION UNDER SECTION 10(21) OR 11(2) (IF THE ASSESSEE IS REQUIRED TO SUBMIT RETURN OF INCOME ON OR BEFORE JULY 31,2017) | 10 | |
| GST:LAST DATE FOR CANCELLATION OF PROVISIONAL REGISTRATION (FOR PERSONS REGISTERED IN EARLIER LAWS AND WHO ARE NOT REQUIRED TO GET REGISTERED UNDER GST LAW) | GST REG-29 | |
| GST: LAST DATE FOR SUBMISSION OF COMPOUNDING APPLICATION | GST CMP-01 | |
GST: Interest on Late Payments/Refunds
The CBEC has issued notification for Interest on delayed payments, taking excessive input credit or reducing output tax liability and interest on refunds receivable from the department. Please see the table below for the details:
| Sl no | Instances where interest if payable | Rate of Interest |
| 1 | Failure to pay tax or a part there of within prescribed period | 18% |
| 2 | A taxable person who makes an undue or excess claim of input tax credit or undue or excess reduction in output tax liability | 24% |
| 3 | Interest on refunds (in case with hold by the Commissioner in case of appeals or by any other reason) | 6% |
| 4 | Interest on delayed refunds (in case of refunds not paid within 60 days from the date of receipt of refund application) | 6% |
| 5 | Interest on delayed refunds where any claim of refund arises from an order passed by an adjudicating authority or Appellate Authority or Appellate Tribunal or court which has attained finality and the same is not refunded within sixty days from the date of receipt of application filed consequent to such order |
9% |
Please click the link below for the notification.
GST: Important points and immediate action required
The few important point and actions to be taken by a business immediately is given below:
- Migration to GST: If you are a existing tax payer under VAT, Central Excise, Service tax etc, and if you are not migrated to GST, do it immediately. If you didn’t migrate, you may end up in trouble at the time of movement of goods.
- Branches: If you have branches in different states, you have to take separate registration in each state. Ensure that separate registration is taken already, if not take immediate steps for the registration.
- GST Registration number: Provisional ID given to you at the time of migration is your GSTIN.
- Communicate: Communicate your GSTIN to all your suppliers, bankers and your service providers.
- Supply from Unregistered Persons: Ensure that the supply from unregistered persons (either individually or collectively) does not exceed Rs.5000/- in a day. If the total supply (both goods and services) exceeds reverse charge will apply. In case the total supply exceeds Rs.5000/- in a day ensure that the same is related to services part only.
Eg., if you are undertaking a repair in your business premises, and you are employing a local contractor for the works who is a unregistered person. It’s advisable to purchase the materials required in your name and pay for the labour charges only to the contractor. In this case you will be incurring reverse charge only on labour charges and you will be eligible to take input credit of materials as well as the labour charges you had paid on reverse charge. If it’s a composite contract, you will lose the benefit of input tax on materials
- Payment to Goods Transport Agency: These payments will attract reverse charge if you are a registered person in GST. Please ensure proper documentation is maintained.
- Availability of Input Credit: Input credit will be available on almost all expenses you are incurring for furtherance of business. Please be cautious that reverse charge will be applicable on all expenses if it’s from persons, subject to daily limit of Rs.5000/-. You will be eligible to take input credit on such reverse charge payments, if the same is eligible to take credit.
- Composition Scheme: Those registered persons who are opting for composition scheme needs to file intimation, on or before July 30, 2017. Input credit is not available for those opted for composition scheme.
- CGST, SGST & IGST: All your intra state (with in state) supply will attract CGST and SGST and you have to show the same in your invoice. If the GST rate is 18%, the CGST will be 9% and the SGST also will be 9%. For interstate supply (outside the state), the tax applicable is IGST. IN case of interstate supply, the entire tax should be shown as IGST. In the above example, the IGST will be 18%.
- Transfer to Branches: Transfer of goods between places of business outside the state will attract IGST. GST will not be applicable for stock transfer within the state.
- Advance Taxable: Advances received from clients for supply of goods or services will attract GST. Please ensure GST is collected and paid on advances.
- Returns under earlier laws: Ensure that the all the returns under the VAT, Central excise etc is filed and the same is fully reconciled with the books of accounts.
- Credit of Duty on stocks: Ensure that, the stock records are updated as on 30-06-2017 and ensure that the required returns for claiming credit of duty paid is filed within the time limit prescribed.
- Unregistered Dealers: The registered dealers may prefer to deal only with the registered persons, as they have to pay tax on reverse charge basis if they take goods or service from unregistered persons. Also those who are not registered and the annual turnover is below the threshold of Rs.20 Lakhs, may do a cost benefit analysis and decide to proceed with registration or not.
The above points is for guidance only. To know more GST updates please visit our blog http://www.karthikandsunil.wordpress.com
Karthik & Sunil 