|GST Update: Notification of GST Audit Form, TDS and TCS provisions notified, Extension of Due Dates and Waiver of Late Fees
GST Audit Form Notified
The government vide Notification No. 49/2018-Central Tax dated 13 September 2018 has notified the reconciliation statement to be certified by the auditor, whereby, the taxpayer is required to provide a reconciliation between the audited financial statements and the annual return i.e. GSTR-9. Key items in respect of which reconciliation is to be provided are:
The relevant notification can be accessed here.
- Gross turnover;
- Taxable turnover;
- Tax paid and rate wise liability;
- Net input tax credit.
TDS Provisions Notified
The government vide Notification No. 50/2018-Central Tax dated 13 September 2018 has notified 1 October 2018 as the date for bringing into force provisions requiring government departments, local authorities etc. to deduct tax at source at the rate of 2% from payment made or credited to the supplier of taxable goods or services under a contract exceeding INR 0.25 million. The government has also notified the list of certain additional entities which would have to comply with the TDS provisions including:
TCS Provisions Notified
- Public sector undertakings;
- Society established by the Central Government or the State government or a local authority under the Societies Registration Act, 1860 etc.
The government vide Notification No. 51/2018-Central Tax dated 13 September 2018 has notified 1 October 2018 as the date for bringing into force provisions requiring e-commerce operators to collect tax at source on supplies made through it by other suppliers at the rate not exceeding 2%.
Extension of Due Dates of the GST Returns
The government has issued notifications to extend the due dates of certain GST returns, which have been summarized below:
||Revised due date
|43/2018 - Central Tax dated 10 September 2018
||GSTR 1 (Quarterly) - Taxpayers having an aggregate turnover of up to INR 15 million
||All quarters from July 2017 to September 2018
||31 October 2018
|October 2018 to December 2018
||31 January 2019
|January 2019 to March 2019
||30 April 2019
|44/2018 - Central Tax dated 10 September 2018
||GSTR 1 (monthly) - Taxpayers having an aggregate turnover of more than INR 15 million
||All months from July 2017 to September 2018
||31 October 2018
|All months from October 2018 to March 2019
||11th of the succeeding month
|48/2018 - Central Tax dated 10 September 2018
||GST TRAN 1 - Carry forward of CENVAT credit
||31 March 2019
|GST TRAN 2 - Carry forward of CENVAT credit by a person not having duty paid document (and who are filing GST TRAN 1 as per the revised due date)
||July 2017 to December 2017 (monthly)
||30 April 2019
Waiver of Late Fees
The government, vide Notification No. 41/2018-Central Tax dated 4 September 2018, has waived late fees that are paid by certain taxpayers under the following special circumstances:
||Issues faced by the taxpayers
||Return for the month of October 2017 was submitted but not filed on the common portal, after generation of the application reference number.
||Return for the period October 2017 to December 2017 was filed within due date but the late fee was erroneously levied on the common portal.
||Input service distributor who has paid a late fee for filing or submission of the return for any tax period between 1 January 2018 to 23 January 2018.