Vistra Insights

Vistra India Update 387

November 01 - November 15, 2019

GOODS AND SERVICES TAX

1.    Due date of filing of GSTR – 9 & 9C  extended

The Central Board of Excise and Customs (CBEC) vide Order No. 08/2019 – Central Tax has notified that the Annual Returns for the period from July 2017 to March 2018 shall be furnished on or before the 31st December, 2019 and the annual return for the period from the 1st April, 2018 to the 31st March, 2019 shall be furnished on or before the 31st March, 2020.

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2.    Changes in GSTR 9 & 9C

The Central Board of Excise and Customs (CBEC) vide Notification No. 56/2019 – Central Tax has further made changes in GSTR 9 & 9C to simplify the return for taxpayers. Following are few changes carried out.

1.    Credit /Debit note/Amendments which were required to be reported separately is now made optional as the tax payer can report as net of Credit /Debit note/Amendments.
2.    Bifurcation was required for ITC as Input, Capital goods or services and RCM which hitherto is required to be disclosed under  registered or unregistered classification, can now be shown under single head “Inputs”.
3.    Previously ITC availed in next FY which belongs to Current year was to be mentioned, but now it is optional.
4.    Disclosure of HSN Summary outward & inward is now made optional.

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3.    Clarification on restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017

The Central Board of Excise and Customs (CBEC) vide Circular No. 123/42/2019 – GST has clarified on restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017 to ensure uniformity in the implementation of the provisions of the law across the field formations.  This being a new provision, the restriction is not imposed through the common portal and it is the responsibility of the taxpayer that credit is availed in terms of the said rule and therefore, the availment of restricted credit in terms of sub-rule (4) of rule 36 of CGST Rules shall be done on self-assessment basis by the tax payers. Various issues relating to implementation of the said sub-rule have been examined and the clarification have been issued.  Following are few points where clarifications are issued.

1.    What are the invoices / debit notes on which the restriction under rule 36(4) of the CGST Rules shall apply?
2.    Whether the said restriction is to be calculated supplier wise or on consolidated basis?
3.    FORM GSTR-2A being a dynamic document, what would be the amount of input tax credit that is admissible to the taxpayers for a particular tax period in respect of invoices / debit notes whose details have not been uploaded by the suppliers?
4.    How much ITC a registered tax payer can avail in his FORM GSTR-3B in a month in case the details of some of the invoices have not been uploaded by the suppliers under subsection (1) of section 37.
5.    When can balance ITC be claimed in case availment of ITC is restricted as per the provisions of rule 36(4)?

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CUSTOMS

1.    Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 81/2019 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 8th of November 2019.  

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