♦ Tax payment & GST Return Filing by 6% Composition Scheme dealers
♦ Businesses with turnover over Rs 2 Cr can now start filing GST Audit Reports
♦ Seeks to make Third amendment, 2019 to the CGST Rules
♦ Advisory to GST Taxpayers on Invoice Series to be used wef 1st April, 2019
Seeks to notify procedure for quarterly tax payment and annual filing of return for taxpayers availing the benefit of Notification No. 02/2019– Central Tax (Rate), dated 7th March, 2019 i.e. for dealers who opted 6% Composition Scheme vide Notification No. 21/2019 – Central Tax Dated 23rd April, 2019.
Special Procedure for Return filing by Composition Taxpayers
• Notifies the registered persons paying tax under the provisions of section 10 of the CGST Act or by availing the benefit of notification No. 02/2019– Central Tax (Rate), dated the 7th March, 2019, as the class of registered persons who shall follow the special procedure for furnishing of return and payment of tax
• Quarterly Statement in form GST CMP-08 by 18thof the month succeeding such quarter, for payment of self-assessed tax
• Annual Return in GSTR-4 by 30thApril following the end of such financial year
From the FY-2019-2020 and onward all taxpayers under composition scheme (Traders, Manufacturers, Restaurant Owners, Service Providers etc) need to file two GST returns as below:-
| GST Return | Frequency | Due date | Late Fees |
|---|---|---|---|
| CMP-8-Payment of self assessed tax | Quarterly | Within 18th of next month ending the quarter | Rs.20.00 per day (10+10) for Nil return Rs.50.00 per day (25+25)for taxable |
| GSTR-4 | Annually | Within 30 April after ending the FY | Rs.20.00 per day (10+10) for Nil return Rs.50.00 per day (25+25)for taxable |
Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Indirect Taxes and Customs
G.S.R. 322(E).— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017(12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons paying tax under the provisions of section 10 of the said Act or by availing the benefit of notification of the Government of India, Ministry of Finance, Department of Revenue No. 02/2019– Central Tax (Rate), dated the 7th March, 2019, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i) vide number G.S.R. 189 , dated the 7th March, 2019, (hereinafter referred to as “the said notification”) as the class of registered persons who shall follow the special procedure as mentioned below for furnishing of return and payment of tax.
2. The said persons shall furnish a statement, every quarter or, as the case may be, part thereof containing the details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods and Service Tax Rules, 2017, till the 18th day of the month succeeding such quarter.
3. The said persons shall furnish a return for every financial year or, as the case may be, part thereof in FORM GSTR-4 of theCentral Goods and Services Tax Rules, 2017, on or before the 30th day of April following the end of such financial year.
4. The registered persons paying tax by availing the benefit of the said notification, in respect of the period for which he has availed the said benefit, shall be deemed to have complied with the provisions of section 37 and section 39 of the said Act if they have furnished FORM GST C P-08 and FORM GSTR-4 as provided in para 2 and para 3 above.
Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal.
The audit report for 2017-18, the first year of the goods and services tax (GST) implementation, is to be filed by June 30.
The ministry on December 31, 2018, notified the annual returns forms GSTR-9, GSTR-9A and GSTR-9C. The GST Council in December extended the last date for filing these forms by three months to June 30. GSTN has now made available offline utility of GSTR-9C which can be filled up by taxpayer and uploaded on the portal.
GSTR-9 is the annual return form for all taxpayers registered under GST, GSTR-9A is for composition taxpayers.
GSTR-9C is a reconciliation statement, duly verified and signed by a chartered accountant or a cost accountant and required to be furnished along with filing of annual return by the taxpayer whose turnover is above Rs 2 crore during a financial year.
Attention of all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters – hyphen or dash and slash symbolized as “-” and “/” respectively, and any combination thereof, unique for a financial year.
This rule implies that with the start of new financial year 2019-20 (w.e.f. 01/04/2019), a new invoice series, unique for the financial year is to be started by the GST taxpayers. Similar provision is there in Rule 49 of the CGST Rules 2017, in respect of issue of Bill of Supply by registered taxpayers availing Composition Scheme or supplying exempted goods or services or both.
If the provisions of Rule 46 or Rule 49 are not adhered to, apart from being a compliance issue, taxpayers may face problem while generating E-Way Bill on E-way bill system or furnishing their Form GSTR 1 or for applying for refund on GST Portal. It is therefore necessary that suitable modification may be made by the taxpayers in this regard in their invoices or bill of supply, to avoid any inconvenience in the future.
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