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*#GSTUpdates #GSTAmendments #31stCouncilMeeting* Good Morning, I would like to share the extracts of the crucial decisions taken in the 31st GST Council Meeting: . *. Rationalization of interest chargeable on delayed payment of tax* It has proposed to amend Section 50 of the CGST Act to provide that the interest chargeable on delayed payment of tax would be calculated on the net tax liability of the taxpayer after accounting for admissible ITC. This is in line with the position under the erstwhile indirect tax regime whereby the interest on delayed payment of tax was calculated on the net cash liability. *Regards* *Follow Links for more updates* https://goo.gl/vvsiDh

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*#GSTUpdates #GSTAmendments #31stCouncilMeeting* Good Morning, I would like to share the extracts of the crucial decisions taken in the 31st GST Council Meeting: *1. New return filing system* The new return filing system would be introduced on a trial basis from 1 April 2019 and would be made mandatory from 1 July 2019. *2. Restriction of generation of e-way bills* Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills. This is an important measure by the GST Council targeting non-compliant businesses with a view to plug revenue leakages. *Download GST Amendments Act’2018* *CGST*: https://bit.ly/2Vujfnj *IGST*: https://bit.ly/2Fcy9sv *Regards* *Join Most Trending GST Group* https://goo.gl/vvsiDh

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*"Query of a Member"* While filing RFD-01A for refund on supplies made to Sez with payment of tax.Even though the data filled is in the same format as required the following Error is displayed showing "Valid Gstin and return period is mandatory" Please help him out. *To Join the Largest GST Broadcast group* https://goo.gl/vvsiDh

*Compliance Calendar* – January 2019 > *Payment of TDS/TCS* deducted/collected in DEC : 07/01/2019 > *Submission of Forms* received in DEC to IT Commissioner : 07/01/2019 > *Return of Outward Supplies for Dec by Regular & Casual Suppliers. (Turnover exceed 1.50cr.)*: 11/01/2019 > *ISD return for the month of Dec* : 13/01/2019 > *Issue of TDS certificate in case of payment /credit made in Nov for purchase of property u/s 194IA*: 14/01/2019 > *Issue of TDS Certificate for tax deducted under Sec.194IB for the month of Nov* : 14/01/2019 > *Payment of ESI of Dec* : 15/01/2019 > *E-Payment of PF for Dec* : 15/01/2019 > *Composition Dealer* : 18/01/2019 > *GSTR Return Summary forn December* : 20/01/2019 > *Return of Inward & Outward Supplies for Dec by Non-Resident foreign taxable person.*: 20/01/2019 > *Challan-cum-statement in respect of tax deducted under Sec.194IB & 194IB for the month of Dec* : 30/01/2019 > *Payment of TDS for Purchase of Property for Dec* : 30/01/2019 > *Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores* : 31/01/2019 > *TDS/TCS* : 31/01/2019 Regards *TEAM GST TAX ONLINE* *TO Get Added to the list.* : ⬇ https://goo.gl/vvsiDh *Send your Name , Qualification*

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ATTENTION TAXPAYING TRANSPORTERS Section 44AE of The Income Tax Act, 1961 was amended by Finance Act, 2018 to prescribe higher presumptive income for heavy tanker i.e. The profits and gains from each goods carriage being a heavy goods vehicle, shall be an amount equal to one thousand rupees per ton of GROSS VEHICLE WEIGHT OR UNLADEN WEIGHT, AS THE CASE MAY BE, for every month or part of a month during which the heavy goods vehicle is owned by the assessee in the previous year or an amount claimed to have been actually earned from such vehicle, whichever is higher…” It is not yet clarified from the above bold and underlined words that how tanker owner should calculate his income? The tanker has 2 criteria in its RC: • Gross Vehicle Weight • Unladen Weight Let us look at the above situation with a simple example, say, Mr. RAM has 1 tanker. Vehicle’s RC mentions both the weights i.e.: • Gross Vehicle Weight 35 Tons and • Unladen Weight 18 Tons This means that Loading Capacity of tanker will be 17 Tons Now the question arises is that what shall be the income of the tanker owner? Gross Vehicle Weight i.e. 35 tons * 1000/month * 12 months = 4,20,000 per year per vehicle. Unladen Weight i.e. 18 tons * 1000/month * 12 months = 2,16,000 per year per vehicle. Or I should say, Carrying Capacity i.e. 17 tons * 1000/month * 12 months = 2,04,000 per year per vehicle. According to me, one thing that is clear from the above points is that the minimum income under presumptive taxation scheme per tanker shall be 2,04,000/- per tanker instead of 90,000/-. This will definitely increase the amount of tax payable in the hands of the assessee. An early clarification is expected from the Income Tax Department but till then the transporters are requested to plan accordingly and prepare proper books of accounts. There may be chances that most of the transporters will voluntarily get their accounts audited and does not file their returns under presumptive taxation scheme. Regards: TEAM GST ONLINE For updates https://goo.gl/vvsiDh For Tax Lectures Free Of Cost https://goo.gl/fXRre5

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