Short Term GST Loss- A summary of notifications issued – CA. Keshav R Garg

Short Term Memory  GST Loss – CA. Keshav R Garg

At new year eve when world was busy celebrating, the GST department was serving its own feast. They released over 50 documents in total as a new year gift for the consultants, taxpayers and other stakeholders. These 50 documents include 35 notifications, 12 circulars and 3 orders. These in total make a literature of around 125-150 pages on which the minds of the professionals have started running. But one thing is certain that level of confusion and anxiety it creates for the outside world, the same level of confusion and anxiety persists within the GST department. It is meant to be so, after all it is an election year. With Next GST council meeting round the corner, the authorities might have to refill the ink to sign the forthcoming documents. This gamut of notification and circulars not only create confusion but might cause Short Term Memory oops GST Loss for many. Human RAM looks like choking continuously pushing us to create more room for understanding.

But anyhow as a responsible citizen and honest taxpayer we have to go along with what is happening, despite knowing the fact that honestly is hardly paid in country like ours. It’s the world of dishonestly and laid back attitude which makes one successful in our country. Lets now make a brief of the notifications (at-least this we can do) which will help us understand these documents in organised manner:

Here is the summary of documents issued by government:

Central Tax Notifications:
S. No.	Notification Number	Purpose	Type of Taxpayer Impacted	Importance	Details
1.	67/2018 68/2018 69/2018 70/2018 71/2018 72/2018 31.12.2018	Extension of Date	Newly migrated whose migration could not be completed	Least	The Date for migration procedure extended from 31.08.2018 to 31.01.2019. Seeks to extend date for newly migrated taxpayers – New ones till 31.03.2019 and already migrated – 31.01.2019 Seeks to extend due date for filing GSTR 1 by newly migrated taxpayers.
2.	73/2018 31.12.2018	Extension of Date	Government Entities	Moderate	Seeks to exempt supplies made by Government Departments and PSUs to other Government Departments and vice-versa from TDS
3.	74/2018 31.12.2018	Amendment to Rules	Every Taxpayer	Very Important	Amendment to CGST Rules 2017
4.	75/2018 76/2018 77/2018 31.12.2018	Waiver of Late Fees	Every Taxpayer	Moderate	Seeks to fully waive the amount of late fees leviable on account of delayed furnishing of FORM GSTR-1, GSTR 3B, GSTR 4 for the period July, 2017 to September, 2018 in specified cases
5.	78/2018 31.12.2018	Extension of dates	Person getting job work done	Moderate	Extension of due date for filing of ITC-04 from 31.12.2018 to 31.03.2019
6.	79/2018 31.12.2018	Amending Jurisdiction for Section 73,74, 75,76	GST Department	Moderate	Amends jurisdiction for Section 73,74,75 and 76.
Central Tax  Rate Notifications (all dated 31.12.2018):
7.	24/2018	Amending Rate of Tax on Goods	All Taxpayers	Important	Amends the rate of tax on goods
8.	25/2018	Exemption to various Goods	All Taxpayers	Important	Introduces exemption for goods
9.	26/2018	Exemption of tax	Nominated Agencies	Least	Seeks to exempt central tax on supply of gold by nominated agencies to registered persons.
10.	27/2018 30/2018	Amending Rate of Tax on Services	All Taxpayers	Important	Amends the rate of tax on services Explanation added to Notification 11/2017
11.	28/2018	Exemption to various services	All Taxpayers	Important	Introduces exemption for services
12.	29/2018	Introducing Reverse Charge on Various Services	Security Service providers	Moderate	Specify services to be taxed under Reverse Charge Mechanism (RCM)
Integrated Tax Notifications (on 31.12.2018) :
13.	04/2018	Amending Place of Supply	All Taxpayers	Important	Seeks to amend the IGST Rules, 2017 so as to notify the rules for determination of place of supply in case of inter-State supply under sections 10(2), 12(3), 12(7), 12(11) and 13(7) of the IGST Act, 2017. Clarifies the method and manner of apportionment of value of supply where two or more states/UTs are involved for provision of services.
Integrated Tax  Rate Notifications (all dated 31.12.2018):
14.	25/2018	Amending Rate of Tax on Goods	All Taxpayers	Important	Amends the rate of tax on goods
15.	26/2018	Exemption to various Goods	All Taxpayers	Important	Introduces exemption for goods
16.	27/2018	Exemption of tax	Nominated Agencies	Least	Seeks to exempt central tax on supply of gold by nominated agencies to registered persons.
17.	28/2018 31/2018	Amending Rate of Tax on Services	All Taxpayers	Important	Amends the rate of tax on services Explanation added to Notification 8/2017
18.	29/2018	Exemption to various services	All Taxpayers	Important	Introduces exemption for services
19.	30/2018	Introducing Reverse Charge on Various Services	Security Service providers	Moderate	Specify services to be taxed under Reverse Charge Mechanism (RCM)
Similar Notifications (7 Nos) have been issued under                                                 UTGST Rate from 24/2018 to 30/2018
Circulars:
20.	76/2018	Various Misc. issues	All Taxpayers	Important	Clarification on certain issues (sale by government departments to unregistered person; leviability of penalty under section 73(11) of the CGST Act; rate of tax in case of debit notes / credit notes issued under section 142(2) of the CGST Act; applicability of notification No. 50/2018-Central Tax; valuation methodology in case of TCS under Income Tax Act and definition of owner of goods) related to GST
21.	77/2018	Reg – Composition Scheme	Composition Taxpayers	Moderate	Denial of composition option by tax authorities and effective date thereof
22.	78/2018	Export of Services	Exporter of Services	Moderate	Clarification on export of services under GST
23.	79/2018	Refund Related issues	Person eligible for refund	Moderate	Clarification on refund related issues
24.	80/2018	Reg: Rates & Classification of Goods	All Taxpayers	Important	Clarification regarding GST rates & classification (goods)
25.	81/2018	GST Rate on Sprinkler & Drip Irrigation System	--	Least	Seeks to clarify GST rate for Sprinkler and Drip irrigation System including laterals
26.	82/2019 dated 01.01.2019	GST on various prog of IIM	--	Least	Applicability of GST on various programmes conducted by the Indian Institutes of Managements (IIMs).
27.	83/2019 dated 01.01.2019	GST on Asian Development Bank (ADB) and International Finance Corporation (IFC).	--	Least	Applicability of GST on Asian Development Bank (ADB) and International Finance Corporation (IFC).
28.	84/2019 dated 01.01.2019	--	--	--	Clarification on issue of classification of service of printing of pictures covered under 998386.
29.	85/2019 dated 01.01.2019	GST rate applicable on supply of food and beverage services by educational institution	Educational Institutions	Moderate	Clarification on GST rate applicable on supply of food and beverage services by educational institution.
30.	86/2019 dated 01.01.2019	GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company.	Banking Sector	Moderate	GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company.
Removal of Difficulty orders dated 31.12.2018
31.	2/2018- Central Tax	Due date for claiming ITC for FY 2017-18	All Taxpayers	Important	Date extended for claim of ITC in respect of invoice/debit notes pertaining to FY 2017-18 to 31.03.2018. The reconciliation between GSTR 3B and GSTR 2A turns out to be litigative
31.	3/2018-Central Tax	Extension of Due date for annual returns of FY 2017-18	All Taxpayers	Important	Dates for Annual Return (GSTR 9, GSTR 9A) and audit/reconciliation (GSTR 9C) for FY 2017-18 extended to 30.06.2019
32.	4/2018– Central Tax	Extension for filing GSTR -8 for Qtr. ending December 2018	E-Commerce Entities	Moderate	Seeks to extend the due date for furnishing the statement in FORM GSTR-8 by e-commerce companies for the months of October to December, 2018 till 31.01.2019.

We hope that the above compilation of the documents released on new year eve would help you to a very large extent.

Regards

CA. Keshav R Garg

(B.Com, FCA, CS, ISA(ICAI))

Author: Bharat's GST Ready Reckoner

            A Handbook on GST

Member: Indirect Tax Committee of CII, 

Founder: MyGst.MyTax Foundation

Adviser: Industries Association of Chandigarh

Adviser: Chambers of Chandigarh Industries

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