Last date for filing of GST returns extended-for Jul, Aug

Government today extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August so businesses will have more time to file the final GST returns.

Now sales return or GSTR-1 for July will have to be filed by September 10 instead of September 5 earlier and purchase returns or GSTR-2 would be filed by September 25 instead of September 10 earlier.

GSTR-3, which is the match of GSTR-1 and GSTR-2, will have to be filed by September 30, in place of September 15.

With regard to August, the date for filing GSTR-1, GSTR-2 and GSTR-3 has been extended to October 5, October 10 and October 15 from earlier September 20, September 25 and September 30, respectively.

Notifications issued for the extension is under:

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)

Notification No. 29/2017-Central Tax

New Delhi, the 5th September, 2017

G.S.R. 1129(E).— In exercise of the powers conferred by the second proviso to sub-section (1) of section 37, first proviso to sub-section (2) of section 38 and sub-section (6) of section 39 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and in supersession of notifications No. 18/2017-Central Tax, dated the 8th August, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 994 (E) dated the 8th August, 2017, No. 19/2017-Central Tax, dated the 8th August, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 995 (E), dated the 8th August, 2017 and No. 20/2017-Central Tax, dated the 8th August, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 996 (E), dated the 8th August, 2017, the Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing the details or return, as the case may be, specified in subsection (1) of section 37, sub-section (2) of section 38 and sub-section (1) of section 39 of the said Act as specified in column (3) of the Table below for the month as specified in column (2) of the said Table, till the time period as specified in the corresponding entry in column (4) of the said Table, namely:—

TABLE

Sl No.	Month	Details/Return	Time period for furnishing of details/Return
(1)	(2)	(3)	(4)
1.	July, 2017	FORM GSTR-1 FORM GSTR-2 FORM GSTR-3	Up to 10th September, 2017 11 – 25th September, 2017 Up to 30th September, 2017
2.	August, 2017	FORM GSTR-1 FORM GSTR-2 FORM GSTR-3	Up to 5th October, 2017 6 – 10th October, 2017 Up to 15th October, 2017

[F. No. 349/74/2017-GST]

SHANKAR PRASAD SARMA,

                                                                                                             Under Secretary to the Government of India

Notification Link :Notification for due date extention

Read Also:Due-date-of-filing-gst-returns-july

Due Date of filing GST Returns: July & August 2017

As we all know that GST has been rolled out w.e.f. July 1st 2017 and first return for the month of july 17  is  due in august but a GST is new to us both the user and authorities so there are lots of difficulties faced by the user first during the registration and later on in billing etc. So to ease out the hardships caused due in the transition phase, the CBEC has provided the relaxation vide Notification No. 18/2017, 19/2017, 20/2017 & 21/2017- Central Tax dated 8th August, 2017 in filing GST returns for the initial two months (viz. July’17 & August’17) post GST implementation. Resultant, the tax payable would be paid based on the form GSTR-3B to be filed by the 20th of the succeeding month. However, the invoice wise details to be furnished as per the rules in GSTR-1 & GSTR-2 can be filed later as scheduled below:

Return Form		What to File		By Whom & When		for July' 17		for August'17
GSTR-1		Details of Outward Supplies of Taxable goods and/or services effected in layman language known as  Sales Return		Registered Taxable Supplier, 10th of Next Month		Can be filed by 5th September,17		Can be filed by 20th September '17
GSTR-2		Details of Inward supplie of Table goods and /or services effected claiming input tax credit in layman language known as Purchase Return		Registered Taxable Recipient, 15th of the Next Month		Can be filed by 10th September,17		Can be filed by 25th September '17
GSTR-3		Monthly return on the basis of finalization of details of outward supplies and inward supplies along with payment of amount of Tax		Registerd Taxable Person, 20th of Next Month		Can be filed by 15th September,17		Can be filed by 30th September '17
GSTR-3B		Summary Monthly Return only for July and August,2017		Registerd Taxable Person		(i).  By 25th August'17 if transitional credit not taken   (ii). By 28th August'17 if transitional credit is taken		Can be filed by 20th September '17

FILE YOUR GST RETURN

As we are aware that the GST made applicable with effect from 1st July 2017. Last date of return filing for various return for the month of July 17 as under:

1. GSTR 3B - 20th August 2017

2. GSTR-1 - 5th Sep 2017

3. GST- 2 - 10th Sep 2017

As these are the first returns under GST regime tax will be paid on self assessment basis.

Refer below link for further info.

File First GST Return on GSTN from 5th Aug.

CBDT issues FAQs for computing book profits under MAT for Ind-As Compliant Companies

Dear All,

The Indian Accounting Standards (IndAS) have been applicable to companies covered under Phase I of transition to IndAS w.e.f. 1st April, 2016.Accordingly, the Finance Act, 2017, amended the provisions of Seciton 115JB of the Income Tax Act, 1961 for IndAS compliant companies w.e.f. 1st April, 2017 (A.Y.2017-18).To assist the stakeholders and provide clarity on computing income as per Section 115JB for IndAS Financial Statements, CBDT has issued  clarifications by way of FAQs vide Circular No. 24/2017 dated 25th July, 2017.



 FAQ.


Question 1: The profit for the period may include Marked to market (MTM) gains/ losses on account of fair value adjustments on various financial instruments recognised through profit or loss (FVTPL). A situation may arise where the losses on account of fair value adjustments could be added back in view of clause (i) of Explanation 1 to section 115JB (2) of the Act. Whether the losses on such instruments require any adjustment for computing book profits for the purposes of MAT? 

Answer: Since MTM gains recognised through profit or loss on FVTPL classified financial instruments are included in book profits for MAT computation, it is clarified that MTM losses on such instruments recognised through profit or loss shall not require any adjustments as provided under clause (i) of Explanation 1 to section 115JB(2) of the Act. 

However, in case of provision for diminution/ impairment in value of assets other than FVTPL financial instruments, the existing adjustment of clause (i) of Explanation 1 to section 115JB (2) of the Act shall apply. 

It is further clarified that for financial instruments where gains and losses are recognised through Other Comprehensive income (OCI), the amended provisions of MAT shall continue to apply. 

Question 2: For the purposes of section 115JB of the Act, what shall be the starting point for computing Book profits for Ind AS compliant companies? Whether Profit before other comprehensive income [Item number XIII in Part 2 (Statement of Profit and Loss) of Division 2 II of Schedule III to the Companies Act 2013] or Total Comprehensive Income(including other comprehensive income)[Item number XV in Part 2 (Statement of Profit and Loss) of Division II of Schedule III to the Companies Act 2013] shall be the starting point? 

Answer: Starting point for computing Book profits for Ind AS compliant companies shall be Profit before other comprehensive income [Item number XIII in Part 2 (Statement of Profit and Loss) of Division II of Schedule III to the Companies Act 2013].

Question 3: As per Explanation to Section 115 JB (2C) of the Act, the convergence date is defined as the first day of the first Indian Accounting standards reporting period as defined in Ind AS 101. The Memorandum explaining the provisions of the Finance Bill 2017mentions that the adjustment as on the last day of the comparative period is to be considered. It may be clarified as to what would be the appropriate manner for computation of transition amount on convergence date, 1st April i.e. at the start of the day or at the end of the day? 

Answer: In the first year of adoption of Ind AS, the companies would prepare Ind AS financial statement for reporting year with a comparative financial statement for immediately preceding year. 
As per Ind AS 101, a company would make all Ind AS adjustments on the opening date of the comparative financial year. The entity is also required to present an equity reconciliation between previous Indian GAAP and Ind AS amounts, both on the opening date of preceding year as well as on the closing date of the preceding year. The amounts as on start of the opening date of the first year of adoption should be considered for the purposes of computation of transition amount. 
For example, companies which adopt Ind AS with effect from 1st day of April 2016 are required to prepare their financial statements for the year 2016-17 as per requirements of Ind AS. Such companies are also required to prepare an opening balance sheet as of 1st day of April 2015 and restate the financial statements for the comparative period 2015-16. In such a case, the first time adoption adjustments as of 31st day of March 2016 should be considered [i.e. the start of business on 1st day of April 2016 (or, equivalently, close of business on 31st day of March 2016)] for computation of MAT liability for previous year 2016-17 (Assessment year 2017-18) and thereafter. 

Question 4: As per Indian GAAP, proposed dividend was required to be recognized in the financial statements for the year for which it pertained to even though these were declared in the subsequent year. Section 115JB of the Act already provides for adjustments for dividend for computation of book profit. As per Ind AS, the amount of proposed dividend (including dividend distribution taxes) is required to be recognized in the year in which it has been declared rather than the year for which it pertains to. Accordingly, on transition to Ind AS, the amount of proposed dividend for FY 2015-16 which was recognized in profit and loss account in FY 2015-16 is required to be reversed and credited to Retained Earnings. For the computation of MAT, whether these balances would form part of the transition amount and thus be adjusted over a period of 5 years? 

Answer: Adjustment of proposed dividend (including dividend distribution taxes) shall not form part of the transition amount. 

Question 5: Under Ind AS, adjustments on the transition date may have a corresponding impact on deferred taxes. Should the deferred taxes on such amounts be considered for the purpose of transition amount? 

Answer: Any deferred taxes adjustments recorded on the transition date shall be ignored for the purpose of computing Transition Amount. 

Question 6: As mentioned in Question No.1, clause (i) of Explanation 1 to Section 115JB(2) of the Act provides for adjustments for computation of book profit for the amount or amounts set aside as provision for diminution in the value of any asset. Convergence date adjustments may include adjustment for Provision for Bad and Doubtful Debts (Expected Credit Loss adjustment) at the time of transition. Whether these adjustments would form part of the transition amount referred to in section 115JB(2C) of the Act? 

Answer: Adjustments relating to provision for diminution in the value of any assets other than the ones mentioned in Question Number 1 above, shall not be considered for the purpose of computation of the Transition Amount. Therefore, adjustments relating to provision for doubtful debts shall not be considered for the purpose of computation of the transition amount. 

Question 7: Under Section 115 JB of the Act, transition amount has been defined as the amount or the aggregate of the amounts adjusted in the ‘Other Equity’ (excluding capital reserve and securities premium reserve) on the convergence date. Whether changes in share application money on reclassification to ‘Other Equity’ would form part of the Transition Amount? 

Answer: Share application money pending allotment which is reclassified to Other Equity on transition date shall not be considered for the purpose of computing Transition Amount. 

Question 8: Under Ind AS, Investments in preference share is considered to be a liability and the corresponding dividend expense is debited to Profit and loss account as interest cost. Should such interest expenses on preference shares be deducted for the purpose of MAT computation? 

Answer: For the purpose of computation of MAT, profit/Transition Amount shall be increased by dividend/interest on preference share (including dividend distribution taxes) whether presented as dividend or interest. 

Question 9: How do we account for items such as equity component, if any, of financial instruments like Non-Convertible debentures (NCDs), Interest free loan etc. included in other equity as per Ind AS for the computation of transition amount under MAT? 

Answer: Items such as equity component of financial instruments like NCD’s, Interest free loan etc. would be included in the Transition Amount. 

Question 10: Where revaluation/ fair value adjustments have been made to items of Property, Plant & Equipment (PPE) under Ind AS, as per section 115JB of the Act, the book profit of the previous year in which the items of PPE are retired, disposed or realised shall be increased or decreased, as the case may be, by the revaluation amount relatable to such items of PPE. Whether the revaluation amount to be considered for adjustment should be the gross amount of the revaluation or the amount after adjustment of the depreciation on the revaluation amount? 

Answer: The book profit of the previous year in which the items of PPE are retired, disposed, realised or otherwise transferred shall be increased or decreased, as the case may be, by the 4 revaluation amount after adjustment of the depreciation on the revaluation amount relatable to such asset. This has been explained by an illustration as under:
 Particulars Erstwhile Indian GAAP Ind-AS (considering fair value/revaluati on adjustment on PPE) Fair Value/Revaluat ion Adjustments and corresponding depreciation WDV/Deemed Cost as on 1 April 2015 100 1000 900 Depreciation @ 10% for F.Y. 2015- 16 10 100 90 WDV as on 1 April 2016 90 900 810 Depreciation @ 10% for F.Y. 2016- 17 9 90 81 WDV as on 1 April 2017 81 810 729* Sale value as on 1 April 2017 900 900 Profit on sale credited to P&L 819 90 Adjustment for MAT - revaluation amount after adjustment of the depreciation 0 729* Profit on sale to be considered for MAT 819 819 

Question 11: How should adjustments for service concession arrangements be treated for the purpose of computation of book profit under MAT? 

Answer: Adjustments on account of Service Concession arrangements would be included in the Transition Amount and also on an ongoing basis.

 Question 12: Existing clause (iii) of explanation to section 115JB(2) of the Act provides for deduction of lower of the amount of loss brought forward or unabsorbed depreciation as per books of account for computation of book profits. In case where, on adjustment of transition amount, the losses as per books of account gets wiped off, whether deduction for the said amount would be available for assessment year 2017-2018 onwards? 

Answer: For assessment year 2017-2018, the deduction of lower of depreciation or losses shall be allowed based on the position as on 31 March 2016. For the subsequent periods, the position as per books of account drawn as per Ind AS shall be considered for computing lower of loss brought forward or unabsorbed depreciation. 

Question 13: How Capital Reserves or Securities Premium existing as per old Indian GAAP reclassified to Retained Earnings/ Other Reserves on Convergence date be treated for MAT purpose. 

Answer: The Capital Reserves or Securities Premium existing as on the convergence date as per the erstwhile Indian GAAP which are reclassified to Retained Earnings/ Other Reserves under Ind AS and vice versa, shall not be considered for the purposes of Transition Amount. It is further clarified, that even after such reclassifications, the amount of revaluation reserve shall continue to be considered as revaluation reserve for the purposes of computation of book profit and shall also include transfer to any other reserves by whatever name called or capitalised. 

Question 14: Companies which follow accounting year other than March, 2017 ending for Companies Act purposes and are required to transition to Ind AS will have to prepare financial statements for MAT purposes for FY 2016-17 partly under Indian GAAP and partly under Ind AS. How should such companies compute MAT on transition to Ind AS? 

Answer: In view of second proviso to section 115JB (2) of the Act, companies will be required to follow Indian GAAP for the pre-convergence period and Ind AS for the balance period. For example, a Company following December ending will be required to prepare, accounts for MAT purposes under Indian GAAP for 9 months upto December 2016 and under Ind AS for 3 months thereafter. The transition amount will be calculated with reference to 1st January, 2017.


The Circular can be accessed at the link provided hereunder:
Clarifications on computation of book profit for the purposes of levy of (MAT)

File First GST Return on GSTN from 5th Aug.

The first GST returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today. 

Businesses can start filing their first GST returns and pay taxes for July on the portal of GST Network -- the IT infrastructure provider for the new indirect tax regime, beginning August 5, he told PTI here.

To make compliance easy for businesses, the GST Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST rollout.




Source : http://economictimes.indiatimes.com/news/economy/policy/businesses-can-start-filing-july-returns-on-gstn-from-august-5/articleshow/59897352.cms