The recently held 31st GST Council meeting was marked with rate cuts, date extensions and a host of clarifications with respect to goods and services. It also announced the date of introduction of the new and simplified GST returns model, which is set to make a debut in April 2019 on a trial basis. We hope you would have read about the same in detail in our previous blogs. Here’s presenting our last blog of 2018 – the GST latest notifications on specific forms and refunds.

GST Latest Notifications – Forms

The following were the GST latest notifications issued with respect to certain forms –

  • Amendment of Form Headings – Amendments will be made in the headings of the annual return forms i.e. Form GSTR 9 and Form GSTR 9A, to indicate that the return will be in respect of supplies “made during the year”, instead of the existing “as declared in returns filed during the year.”
  • Sequence of Filing Returns
    • Form GSTR 1 & Form GSTR 3B will have to be filed before filing of Form GSTR 9 and Form GSTR 9C
    • Form GSTR 4 will have to be filed before Form GSTR 9A
  • HSN Code in FormsHSN code may be declared only for those inward supplies whose value independently account for 10% or more of the total value of inward supplies
  • Additional Payments – Additional payments, if any, should be done via Form GST DRC 03 and only in cash
  • ITC Restrictions – ITC cannot be availed through Form GSTR 9 and Form GSTR 9C
  • Invoices of Previous Financial Year – All invoices pertaining to the previous financial year, irrespective of the month in which the invoices may have been reported in Form GSTR 1, will be auto-populated in Table 8A of Form GSTR 9
  • Non-GST Supplies – The value of non-GST supplies shall also include the value of “no supply” and may be reported in Table 5D, 5E and 5F of Form GSTR 9
  • Verification Facility – A facility of verification by the taxpayer who is uploading reconciliation statement will be included in Form GSTR 9C

GST Latest Notifications – Refunds

The following were the GST latest notifications issued with respect to GST refunds

  • Single Authority for Refund Disbursement – A scheme of a single authority for disbursement of the refund amount sanctioned by either Centre or State tax authorities will be implemented on a pilot basis. The modalities of the same shall be finalized shortly.
  • No Need for Physical Submission of Refund Claim – All the supporting documents or invoices related to a GST refund claim in Form GST RFD 01 shall be uploaded electronically on the GST common portal, at the time of filing the refund application itself. Thus, there will be no need for a taxpayer to physical visit a tax office to submit these documents.
  • Online Refund Application – The following types of refunds shall also be made available via Form GST RFD 01A –
    • Refund on account of Assessment / Provisional Assessment / Appeal / any other order
    • Tax paid on an intra-state supply which is subsequently held to be inter-state supply and vice versa
    • Excess payment of tax
    • Any other refund
  • Refund Application Management (before rollout of online system) – In case of applications for refund in Form GST RFD 01A (except those relating to refund of excess balance in the cash ledger), which are generated on the common portal before the roll out of the online functionality, and which have nor been submitted in the relevant tax office within 60 days of ARN generation –
    • The claimants shall be sent communications on the registered e-mail IDs containing information on where to submit the said refund applications
    • If the applications are not submitted within 15 days of the date of the e-mail, the said refund applications shall be summarily rejected, and the debited amount, if any, shall be re-credited to the electronic credit ledger of the claimant
  • GST Refund Clarifications – In the coming few days, clarifications shall be issued on certain refund related matters, such as –
    • Refund of ITC accumulated on account of inverted duty structure
    • Disbursal of refunds within the stipulated time
    • Time allowed for availing ITC on invoices
    • Refund of accumulated ITC of compensation cess etc.

With that, we wish you – our esteemed readers a very happy new year 2019. We do hope, you stay subscribed to our blog, and that we continue to guide you with important updates from the world of business, accounting, inventory, GST and much more – which will help you to increase efficiencies and drive growth in your business.

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Pramit Pratim Ghosh

Author: Pramit Pratim Ghosh

Pramit, who has been with Tally since May 2012, is an integral part of the digital content team. As a member of Tally’s GST centre of excellence, he has written blogs on GST law, impact and opinions - for customer, tax practitioner and student audiences, as well as on generic themes such as - automation, accounting, inventory, business efficiency - for business owners.