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Monday, 25 September 2017

NEW GST Returns Offline Tool Version V1.2.1 CLICK HERE TO DOWNLOAD - Consignment Sales under GST - Sale on Approval Basis under GST - Due Date to File GST TRAN-1 Extended

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NEW GST Returns Offline Tool Version V1.2.1 CLICK HERE TO DOWNLOAD

Release 1.2.1

Bug Fixes
- Issue related to multiple rates entered in excel template
which was not getting imported in the offline tool V1.2.
- Issue related to "Error in Json structure validation"

Release 1.2

Bug Fixes
- Fix the issue of wrong json creation for cgst and sgst tax amount.

Release 1.1

- Offline tool – second tab "Open downloaded return file from GST portal" is active.
- User can download GSTR1 form from online portal; upload the same in offline tool.
  User can edit/delete for all sections.
- User can download GSTR2A form from online portal; upload the same offline tool and
  view for b2b and cdn.
- Bug fixes:
  Export section: If shipping bill is present then shipping bill date should be mandatory.
  Description should not be Case Sensitive.
  AT / ATADJ: Record should have overwritten if same POS is already existing in tool.
  Pre- GST notes getting rejected while import
  Error file: Not able to update invoice numbers/note number – CDNR and CDNUR

Release 1.0

- Creation and Generation of json file for GSTR1 return in offline tool
- Correction of downloaded GSTR1 error file and regeneration of json file in offline tool
- Improved version of GSTR1 Excel template.

Returns Offline Tool Version V1.2.1

Download, extract and run the Returns Offline Tool to collate and upload the invoices and other data in offline mode. Currently this tool is available only for GSTR-1 form.Download 
Your downloaded (Returns Offline Tool) zip file contains:
  • GST Offline tool (Application)
  • Section Wise CSV files
  • GSTR1 Excel Workbook Template
  • User Manual
  • Readme
Important! 
  • Before you extract and run the downloaded file, ensure that the file is not corrupted. How do I know that my file is not corrupt? Click here to know more.
  • Go through the Readme document before you begin installation.
  • Double-click on GST Offline Tool to install the offline tool.

System Requirement

To use the tool efficiently, ensure that you have the following installed on your system:

  1. Operating system  Windows 7 or above. The tool does not work on Linux and Mac.
  2. Browser: You need one of these browsers installed on your system.
    • Internet Explorer 10+
    • Google Chrome 49+
    • Firefox 45+
  3. Microsoft Excel 2007 & above
  4. Alternatively , for any below version the tool will open in a default browser.

 

 

 

 

 

 

 

Source :-  http://blogs.tallysolutions.com/actions-for-submitting-gstr-2/

GST Returns Offline Utility System Requirements

 MORE DETAIL CLICK HERE

Source :-  https://gayatrisolutiongroup.blogspot.in/2017/09/gst-returns-offline-utility-system.html

GST Returns Offline Tool Version V1.2 - Tran-1 5(b) Statutory Form CSV template - GST Notifications & Circulars Quick Links

 MORE DETAIL CLICK HERE

Source :-  https://gayatrisolutiongroup.blogspot.in/2017/09/gst-returns-offline-tool-version-v12.html

Consignment Sales under GST

What is a consignment sale?

A Consignment Sale is a trade arrangement in which a seller sends the goods to a buyer or reseller; but the payment to the seller happens as and when the goods are sold. The seller remains the owner of the goods or, in other words, the title holder of the goods until they are paid for in full and also, after a certain period, takes back the unsold goods. In most of the cases, such resellers work on a commission basis. Consignment sales under GST has a relatively new treatment which need to be evaluated by businesses.

Key features of a consignment sale

  • The relation between the two parties is that of consignor (one who sends the goods for sale) and consignee (one who sells the goods to the end customer), not that of seller and buyer.
  • The consignee is entitled to receive all the expenses in connection with consignment. In few cases, consignee is entitled to a certain percentage in the sale proceeds.
  • The consignee is not responsible for damage of goods during transport or any other procedure.
  • Goods are sold at the risk of the consignor with profit or loss belonging to the consignor only.

Consignment sale in the previous regime

In the previous regime, the consignor would send the goods to the consignee without any payment of VAT as there was no sale involved at this stage. Similarly, in the case of interstate transfer of goods for consignment, no CST or Form F procedure was involved. Taxation would come into the picture only when consignee would sell the goods to the end customer.
Now, depending on whether a certificate had been issued by the consignor to the consignee, 2 cases would arise:
Case 1: Consignor had issued a certificate to consignee
In this case, the consignee would pass on to the consignor – the amount collected from the customer (including VAT / CST), minus his commission, and minus the service tax charged on the commission. While filing their returns, the consignor would then pay the VAT component to the respective State government, and the consignee would pay the service tax component to the central government.
Case 2: Consignor had not issued a certificate to consignee
In this case, the consignee would pass on to the consignor – the amount collected from the customer, minus the VAT/CST charged, minus his commission and minus the service tax charged on the commission. While filing returns, the consignee would then pay both – the VAT component to the respective state government, as well as the service tax component to the central government.
Now, the point to be noted is, that, if the consignor was a trader not registered under excise or service tax in the previous regime, he could not avail credit of the service tax charged by the consignee. Also, for the goods sent on consignment basis to other states, there were specific provisions laid down for reversal of a specific percentage of input VAT credit.

Consignment sale under GST regime

Before we delve into the possible impact of GST on consignment sales, we need to be familiar with a couple of definitions, which have been introduced with respect to a consignment sales scenario:
  • Agent – means a person, including a factor, broker, commission agent, arhatia, del-credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another – in other words, the consignee. Agents are required to get mandatorily registered irrespective of the threshold limit.
  • Principal – means a person on whose behalf an agent carries on the business of supply or receipt of goods or services or both. In other words, the consignor.
Now, the key difference, is that as per the GST rules, both agent and principal, although part of the same organisational framework, will be considered as distinct persons as par as taxation is concerned. Thus, if there is a transfer of goods or services between the principal and the agent, GST will be applicable, even if there is no consideration between the two.
Valuation of consignment sales under GST
As per the CGST Act, supply of goods by a principal to his agent even without consideration, is treated as a supply and shall be liable to GST – and thus consignment sales have become taxable under GST. As per GST valuation rules, GST will need to be charged, either on:
  • the open market value, OR
  • 90% of the sale price charged by the agent to the end customer, at the option of the principal.
However, the agent / consignee can avail input credit of the GST charged by the principal / consignor.
GST on consignment sales
As discussed above, the principal / consignor will need to charge GST from the agent / consignee, which he will pass on the government while filing his returns. Similarly, while selling the goods to the end customer, the agent / consignee should charge GST from the customer, post which he will pass on the collected GST to the government, while filing his returns. In addition, the agent / consignee has to charge GST at 18% on the commission, from the principal / consignor and pass that on to the government as well.
However the relief is, that while paying tax to the government, both principal and agent can adjust the same against their input tax credit and the remaining balance, if any, can be paid through cash.
Potential difficulties
Needless to say, since consignment sales under GST has become a taxable supply, the following difficulties are bound to emerge:
  • Working capital of the agent will be blocked as GST needs to be paid at the time of receiving goods from the principal on consignment basis.
  • Working capital of the principal too will be impacted, as GST on the commission will need to be paid to the agent.

Conclusion

Overall, consignment sales in GST seems to be a mixed bag. This poses a pertinent question in front of us – is there an alternative to the consignment sale? Yes, there is – sale on approval, which we will discuss in our upcoming blogs.

Source :- http://blogs.tallysolutions.com/consignment-sales-under-gst/

Sale on Approval Basis under GST


In our previous blog, we had discussed about the impact of GST on consignment sales. In this blog, we will be throwing light to an alternate mode of the similar supply i.e. sale on approval basis under GST.

What is sale on approval?

Sale on Approval is a business arrangement wherein an individual or company who is interested in purchasing a specific item is allowed to use the item for a given length of time. At the end of that time, if the individual is satisfied with the item, they agree to purchase it. However, if the individual is unsatisfied for any reason, they are allowed to return the item and are not committed to purchasing it.

Sale on approval basis under GST regime

Unlike consignment sales, sales on approval basis are not deemed as supplies under GST. Hence, in such a scenario, the principal can send the goods to the agent by issuing a delivery challan instead of a tax invoice, and without charging GST on the same.
However, once the goods are sold by the agent to the end customer, it implies that the agent has accepted the goods received on approval. Once this sale has been ratified by the agent, the principal can then issue the tax invoice, and charge GST. The agent, at his end, can collect the purchase invoice, and avail the input tax credit on the GST paid, while filing his returns and paying the output GST liability to the government. Balance amount of tax if any, can then be paid via cash.
When must tax invoice be issued for Sale on Approval?
The invoice with respect of goods sent on approval basis has to be issued at the earliest of:
  • Before or at the time of supply
  • 6 months from the date of removal of goods from factory / godown etc. (before supply)
If the goods are not approved within 6 months i.e. if the agent has not ratified any sales within 6 months, it will be deemed that sales of the said goods has taken place and a tax invoice will need to be raised by the principal. Another alternative could be the agent returning the goods to the principal within 6 months.

Sale on approval in GST transition period

With the advent of GST on 1st July 2017, businesses had good reason to worry about the taxability of goods sent on approval basis before GST and returned after 1st July. To make the process seamless, certain rules have been specified by the GST Council. The first thing to note here is, that the following rules will be applicable, only on those goods which were sent on approval basis not earlier than 6 months before the date of implementation of GST i.e. not earlier than 31st of January, 2017.
There can be two cases possible:
Goods returned within 6 months from GST implementation
For those goods, which have been sent on an approval basis, but are returned or rejected within a maximum of six months from the appointed day i.e. 1st July, no tax will be payable. However, the specified period of 6 months can be extended by a maximum of 2 months by the commissioner if there is sufficient cause.
Goods returned after 6 months from GST implementation
For those goods, which have been sent on an approval basis, but are returned after 6 months, GST will be applicable. However, who bears the GST will depend on whether the agent is a registered or unregistered dealer:

Case 1: Agent is a registered dealer

In case the person or agent returning the goods is a registered dealer, GST will be payable by the agent and the return of the goods will be deemed to be a supply by the agent to the principal.

Case 2: Agent is an unregistered dealer

In case the person of agent returning the goods is an unregistered dealer, GST will be payable by the principal or the person who has sent the goods on approval basis on ‘Reverse Charge Mechanism’.
GST forms to be submitted
As per the initial GST rules, every principal / consignor who had sent goods on approval basis under the previous law, was required to submit the details of such goods in FORM GST TRAN -1 within ninety days of the appointed day of GST implementation i.e. 1st July – in other words by 30th Sept. However, the date has been extended to 31st October, 2017, post recent discussions.

Conclusion

In summary, sale on approval basis under GST – will become purchase and sale transaction and there is no need to separately charge the GST on commission earned by the agent. This could reduce the compliance burden also when compared to the consignment sales method under GST. Under sale on approval basis, GST ensures that the working capital is not blocked on the tax amount unlike consignment sale, making it a more feasible option for businesses.

Source :- http://blogs.tallysolutions.com/sale-on-approval-basis-under-gst/

Due Date to File GST TRAN-1 Extended

Through the press release of the 21st GST Council meeting held in Hyderabad on 9th September 2017, it had been clarified that that the due date to file GST TRAN-1 has been extended till 31st October, 2017. The decision was applauded by most businesses, since it provided an additional month’s time to prepare and file TRAN-1 in the GST Portal. Also, it was decided to allow businesses to revise the details submitted in TRAN-1.
However,  the circular dated 18th September, 2017 on extension of the last date to file GST TRAN-1 has started creating confusion among taxpayers on the correct due date to file GST TRAN-1.

What was the circular on extension of time to file GST TRAN-1 all about?

The circular issued on 18th September, 2017, extends the time limit  for submitting the declaration in GST TRAN-1 till 31st October, 2017, under rule 120A of the CGST Rules, 2017. The rule 120A (newly amended) relates to revision of details already submitted in GST TRAN-1. This implies that that the extension of time till 31st October, 2017 is only for allowing  businesses to revise the details furnished in GST TRAN-1. It is not for extending the due date to submit GST TRAN-1.

What was the confusion?

As the circular dated 18th September, 2017 clearly pointed to the rule onrevision of GST TRAN-1, businesses were confused about the last date to file GST TRAN-1. They were in a dilemma about whether to consider 30th September or 31st October, 2017 as the due date to file GST TRAN-1.

What is the Due date to File GST TRAN-1?

On 21st September, 2017, one more circular was issued on extension of time limit for submitting the declaration in GST TRAN-1 under rule 117 of the CGST Rules, 2017. This circular clearly points to rule 117, which relates to the time period for filing GST TRAN-1. This circular  notifies that the time period for filing original GST TRAN-1 is extended till 31st October, 2017.

Now, what is the relevance of the previous circular issued on 18th, September, 2017?

The circular dated 18th September, 2017 on extension of time till 31st October, 2017 is for  revision of GST TRAN-1. This means that the due date for submission of original GST TRAN-1 and revisionof already submitted GST TRAN-1, both, is 31st October,2017. Please note, though time for revising GST TRAN-1 is given till 31st October, 2017, revision can be done only once.
GST TRAN-1 Due Date
Original Return        31st October,2017
Revised Return 31st October,2017
Considering the extent of details required to be furnished in GST TRAN-1, the extension of due date will give you the much needed time to prepare an accurate GST TRAN-1. It would be recommended that you submit GST TRAN-1 before the last date to avoid the last minute rush and technical glitches in the GST Portal.

Source :- http://blogs.tallysolutions.com/due-date-to-file-gst-tran-1-extended/

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