A DIVAY & CO

*Recommendations made during 31st Meeting of the GST Council:*

*KEY POINTS:*

*1. Annual Return due date further extended:*
The due date for furnishing the annual returns (GSTR 9 & 9A) and reconciliation statement (9C) for the FY 2017 – 2018 further extended till *30th June 2019.*

*2. Late fee waiver:*
Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B &FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished *after 22.12.2018 but on or before 31.03.2019.*

*3. E-way bill:*
Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills.

*4. Time limit extended for ITC on 2017-18 Invoices:*
ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March, 2019, subject to specified conditions.

*5. New Return filing system on trial basis:*
The new return filing system shall be introduced on a trial basis *from 01.04.2019 and on mandatory basis from 01.07.2019.*

*6. Single Cash Ledger:*
There would be a single cash ledger for each tax head.

*7. Single Authority for Disbursing Refund:*
A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis.

*8.Changes in Annual Return:*
- Amendment of headings - supplies - ‘made during the year’ and not ‘as declared in returns filed during the year'
- All returns in FORM GSTR-1&FORM GSTR-3B to be filed before filing of GSTR 9 series
- HSN code may be declared only for inward supplies value 10% or more of total inward
- Additional payments, if any, required, can be done through FORM GST DRC-03 only in cash
- ITC cannot be availed through FORM GSTR-9 & FORM GSTR-9C
- All invoices pertaining to previous FY (irrespective of month in which such invoice is reported in FORM GSTR-1) would be auto-populated in FORM GSTR-9
- Value of “non-GST supply” shall also include the value of “no supply” and may be reported in Table 5D, 5E and 5F of FORM GSTR-9
- Verification by taxpayer who is uploading reconciliation statement would be included in FORM GSTR-9C.

*9.Due date extension:*
- FORM GSTR-8 by e-commerce operators for the months of October, November and December, 2018 shall be extended till 31.01.2019.
- FORM GST ITC-04 for the period July 2017 to December 2018 shall be extended till 31.03.2019.

*The requisite Notifications/Circulars for implementing the above recommendations of the GST Council shall be issued shortly....🙏🏻

MCA Update:
10/09/2018

now mandatory for unlisted public companies

Notification regarding Companies (Prospectus and allotment of securities) 3rd Amendment Rules 2018 dated 10.09.2018.

http://www.mca.gov.in/Ministry/pdf/CompaniesProspectus3amdRule_10092018.pdf

General Circular regarding Clarification in filing BEN-1 under CA 2013
dated 10.09.2018.

http://www.mca.gov.in/Ministry/pdf/GCCircularBen_10092018.pdf

www.mca.gov.in

Regards
CS Divay Arora

www.mca.gov.in