30th September is the last date to claim ITC

*30th September is the last date to claim ITC for FY 17-18*

In GST Act, provisions in relation to claiming of the unclaimed ITC are given. As per Sec 16(4)of the CGST Act, “A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier.”

In this section it is specified that, if any ITC of a tax invoice remains unclaimed by the taxpayer, he can claim that ITC-

1) Before the due date of filing the return for September month of the next financial year i.e 20th October 2018. Or

2) Before the filing of the relevant annual return i.e 31st December 2018, whichever is earlier.

Ex. If a taxpayer forgets to claim ITC in relation to a purchase invoice dated 23rd Dec 2017, then in such case he can claim ITC in relation to this invoice, any time before filing of the annual return or filing any return on or before the return of September month. It is to be noted that this credit can be claimed in any return but before filing September month’s return, As Annual return is not yet made available.

If the unclaimed ITC for the period July, 2017 to March, 2018 has not been claimed by the taxpayer upto filing of the return of September month, then it would lapse i.e to say cannot be claimed . After the return of September, 2018 has been filed, the taxpayer would not be able to claim this ITC in any of the return filed afterwards.

Taxpayer need to reconcile the Books of accounts and returns uploaded on the GST portal, for the financial year 2017-18. Also, taxpayer should download and match GSTR 2A for a relevant period with their books to find out  unclaimed credit if any. Discrepancies if any, may be adjusted in the return filed before September 2018 or in the September 2018 return.

prima facie the provision of Section 16(4) seems to be wrong. Because the annual return is not yet made available. If there is any addition or reduction of ITC over the period, then the best possible suggestion to correct the same is doing so upto filing of the annual return.

As it would become difficult to adjust the unclaimed ITC in the return of the September month. The government must grant time period for this adjustment, at least upto filing of the annual return i.e GST audit report, taking into consideration that GST was a new introduction in the middle of the financial year.

Due date calendar of August 2018

Due date calendar of August 2018 | GST Due date calendar for August 2018

Due date	Due date relates to:	Who needs to do the compliance	Relevant provision
7th August 2018	Due date for deposit of Tax deducted/collected for the month of July 2018.	All persons responsible for deducting TDS	You May Also Refer :  [ Due Dates for E-Filing of TDS/TCS Return FY 2017-18 | AY 2018-19 ]
10th August 2018	GSTR-1 for the month of August 2018	Taxpayers having turnover of more than 1.5 crs	Section 37(1) of CGST Act 2017
14th August 2018	Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of June 2018	Every person responsible for deduction of tax under section 194-IA shall furnish the certificate of deduction of tax at source in Form No. 16 B to the payee.	Rule 31 (3A) of Income Tax Rules read with Section 194-IA
	Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of June 2018	Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form No. 16 C to the payee.	Rule 31 (3B) of Income Tax Rules read with Section 194-IB
15th August 2018	PF Monthly PF payment for May 2018	Employer responsible for deducting Provident Fund	Section 38(1) of The Employees’ Provident Fund Scheme, 1952
	ESIC payment for the month of May 2018	Employer responsible for payment of ESIC	ESIC-Notification-15-th-contribution-date
	Due date for Issuance of Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2018	Every person responsible for deduction of tax shall furnish the certificate of deduction of tax at source in Form No. 16A to the payee.	You May Also Refer :  [ Due Dates for E-Filing of TDS/TCS Return FY 2017-18 | AY 2018-19 ]
	Due date for furnishing of Form 24G	Office of the Government where TDS for the month of July, 2018 has been paid without the production of a challan	You May Also Refer :  [ Due Dates for E-Filing of TDS/TCS Return FY 2017-18 | AY 2018-19 ]
20th August 2018	Due date of GSTR-5 for the month of July 2018	Non-resident Taxable person	As per Rule 63 of CGST Rules 2017
	Due date of GSTR-5A for the month of July 2018	Non-resident Taxable person to supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient	As per Rule 64 of CGST Rules 2017
	Due date of GSTR-3B for the month of July 2018	All registered Tax Payers	Notification No. 16 /2018 – Central Tax
30th August 2018	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA for the month of July 2018
30th August 2018	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of July 2018
31st August 2018	Due date of Income Tax Return for the assessment year 2018-19	All Income Tax assessees other than :	Section 139(1) of Income Tax Act [The due date has been extended to 31st August vide order dated 26th July 2018]
		(a) corporate-assessee or
		(b) non-corporate assessee (whose books of account are required to be audited) or
		(c) working partner of a firm whose accounts are required to be audited or
		(d) an assessee who is required to furnish a report under section 92E.
	Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future	Trusts (if the assessee is required to submit return of income on or before August 31, 2018)	Explanation to Section 11(1) of Income Tax act
	Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(2) of Income Tax Act	Trusts (if the assessee is required to submit return of income on or before August 31, 2018)	Section 10(21) or 11(2) of Income Tax Act
	Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2017-18 and of foreign tax deducted or paid on such income in Form no. 67.	(If the assessee is required to submit return of income on or before August 31, 2018.)	Notification Number 9 dated 19th September 2017
31st August 2018	Due date for furnishing DIR-3 KYC

Outside GST

Updates on GST Returns

*Updates on GST Returns*

👉 GSTR1 and GSTR3B continues till 31.03.2019 vide Notification no 33/2018 and 34/2018 dated 10-08-2018

_*Due dates*_

*GSTR 1- Monthly*

Monthly GSTR1's  - by 11th of next month (from July 18 to Mar 19) vide Not no 32/2018 dated 10-08-2018

*GSTR 1- Quaterly*

Quarterly Gstr 1's  - 31Oct/31Jan/30Apr

*GSTR 3B*

GSTR3B - 20th of next month

Gst 29th council meeting updates

Summary of GST meeting 4th August 2018:

1. GOM for MSME Issues:
a. GST Council constitutes a Group of Ministers (GoM) to look into issues of MSME’s.
b. Finance Minister’s of Assam, Delhi, Punjab & Kerala will be part of this GoM.
c. Finance Minister of State – Shri Shiv Pratap Shukla ji will be head of this GoM.

Further a Sub-Committee to be formed under this GoM. This Committee will interact with MSME’s and listen to issues like
i. Return filing with Turnover upto Rs. 1.50 Crores
ii. Competition & Benefits of co’s with turnover upto Rs. 1.50 Crores

Further another sub-committee named fitment committee will submit report and will provide suggestions where rate changes are required.

2. Adding more MSME in GST Network
a. After GST Council meeting Mr. Sushil Modi, Finance Minister of Bihar, stated that it was also discussed to add more MSME to the GST Network.
b. He also discussed that steps would be taken in next meeting to benefit MSME’s.

3. Cash Back Facility:
a. GST Council gives approval for Pilot Project to promote Digital Payments through cash back of GST.
b. 20% cash back of GST paid to be proposed. Subject to maximum Rs. 100/-.
c. Cash Back applicable on payments through RuPay Debit Card, Bhim, USSD etc.
d. It’s on wish of States to launch this incentive scheme or not.

4. West Bengal opposes idea of Digital incentivization of GST!!
a. West Bengal Finance Minister Mr. Amit Mitra opposes the idea of Digital incentivization.
b. He said that these incentives will come from the GST's revenue that was collected dearly.
c. He also says that total revenue loss in Q1 has been Rs 43,000 cr.

5. Next meeting to be held on month end of September’18 at Goa.

GST-PMT

*#GST Tantra*

GSTR-3B to get replaced by GST-PMT...

GST-PMT is a declaration form of just 1 page...n contains just 4 parts...n 5th part is authentication..
And Very soon GSTR-3B will be discontinued..

GST-PMT also have an additional features to edit / modify sales/purchase but on quaterly basis...i.e it can be edited while filing GSTR-1.

Gst updates

Regards
Sushil Pathak
(7838553900)