GST – Notifications & Circulars December 2018 Impact on Industry CA Shankara Narayanan V Chennai

CA Shankara Narayanan V Goods Taxable 234. Following renewable energy devices & parts for their manufacture (a) Bio-gas plant (b) Solar power based devices (c) Solar power generating system (d) Wind mills, Wind Operated Electricity Generator (WOEG) (e) Waste to energy plants / devices (f) Solar lantern / solar lamp (g) Ocean waves/tidal waves energy devices/plants (h) Photo voltaic cells, whether or not assembled in modules or made up into panels CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 24/2018 CTR “Explanation: If the goods specified in this entry are supplied, by a supplier, along with supplies of other goods and services, one of which being a taxable service specified in the entry at S. No. 38 of the Table mentioned in the notification No. 11/2017-Central Tax (Rate), dated 28th June, 2017 [G.S.R. 690(E)], the value of supply of goods for the purposes of this entry shall be deemed as seventy per cent. of the gross consideration charged for all such supplies, and the remaining thirty per cent. of the gross consideration charged shall be deemed as value of the said taxable service.”; CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 24/2018 CTR Effective Tax Rate Goods = 70% * 5% = 3.5% Service = 30% * 18% = 5.4% Total 8.9% CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 27/2018 CTR Transportation of passengers, with or without accompanied baggage, by air, by non-scheduled air transport service or charter operations, engaged by specified organisations in respect of religious pilgrimage facilitated by the Government of India, under bilateral arrangement. 5% - Without ITC on Goods CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 27/2018 CTR Service of third party insurance of “goods carriage” 6% - With ITC Leasing or renting of goods Same rate of central / state tax as applicable on supply of like goods involving transfer of title in goods CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 27/2018 CTR Services by way of admission exhibition of cinematograph films where price of admission ticket is one hundred rupees or less 18% to 12% (iia) Services by way of admission to exhibition of cinematograph films where price of admission ticket is above one hundred rupees 28% to 18% CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 29/2018 CTR RCM – GTA respite for (a) a Department or Establishment of the Central Government or State Government or Union territory; or (b) local authority; or (c) Governmental agencies, which has taken registration only for TDS CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 29/2018 CTR RCM – Additions Service Supplier Recipient CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 86/05/2019 What is the value to be adopted for the purpose of computing GST on services provided by BF/BC to a banking company? Banks agreement with BC specifically prohibits them from directly charging any fee to the customers for services rendered by them on behalf of the bank Bank charges to Customers in Transparent manner CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 86/05/2019 What is the scope of services provided by BF/BC to a banking company with respect to accounts in its rural area branch that are eligible for existing GST exemption? Rural Branch is decided by RBI Exempted if above is satisfied CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 29/2018 CTR RCM – Additions Service Supplier Recipient CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 29/2018 CTR RCM – Security Services respite for (a) a Department or Establishment of the Central Government or State Government or Union territory; or (b) local authority; or (c) Governmental agencies, which has taken registration only for TDS a registered person paying tax under section 10 of the said Act CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 30/2018 CTR Explanation 2.-Nothing contained in this item shall apply to supply of a service other than by way of transport of goods from a place in India to another place in India CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 78/2018 CT Job Work GST - ITC – 04 from July 2017 to December 2018 Due Date – 31st March 2019 CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 74/2018 CT E-Way Bill – Restriction (a) being a person paying tax under section 10, has not furnished the returns for two consecutive tax periods; or (b) being a person other than a person specified in clause (a), has not furnished the returns for a consecutive period of two months CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 74/2018 CT Annual Return Additional liability for the FY 2017-18 not declared in FORM GSTR-1 and FORM GSTR-3B may be declared in this return CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 74/2018 CT Annual Return HSN Summary Upto 1.5 crs – NIL ; 1.5 crs to 5 crs – 2 digits ; > 5 crs – 4 digits only for inward supplies which in value independently account for 10 % or more of the total value of inward supplies CA Shankara Narayanan V

CA Shankara Narayanan V Notification : 73/2018 CT TDS Provided also that nothing in this notification shall apply to the supply of goods or services or both which takes place between one person to another person specified under clauses (a), (b), (c) and (d) of sub-section (1) of section 51 of the said Act CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 85/04/2019 clarified that supply of food and beverages to its students, faculty and staff by the educational institution itself, is exempt by any person under contract – Taxable @ 5% Words ‘School, College’ removed from Notification 11/2017 - CTR CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 84/03/2019 Service of printing of pictures covered under 998386 – 18% Also classifiable under HSN 998912 - “Printing and reproduction services of recorded media, on a fee or contract basis – 12% Explanatory Notes referred Clarified as Taxable under 998386 @ 18% CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 74/48/2018 TCS by Tea Board of India Considered as ECO For Sellers on NET VALUE of Supply of Goods Auctioneers on NET Value of Supply of Services (i.e. Brokerage) CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 76/50/2018 Supply of used vehicles, seized and confiscated goods, old and used goods, waste and scrap by Government departments To Registered Person – RCM To Unregistered Person – Govt. Dept to Register & PAY CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 76/50/2018 Sec 73 (11) Penalty – when GSTR 3B has been filed Tax Due not remitted within 30 days from Due Date - Penalty “provisions of section 73 of the CGST Act are generally not invoked in case of delayed filing of the return in FORM GSTR-3B” Only General Penalty u/s 125 CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 76/50/2018 Debit Note / Credit Note post GST for Supply before GST Shall be Treated as Supply under GST Rate to be taken accordingly CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 76/50/2018 GST on TCS under Income Tax Act Taxable Value to INCLUDE TCS Kerala HC – PSN Automobile Pvt. Ltd - STAY CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 76/50/2018 Sec 129 – Who is owner of Goods If Invoice accompanies – Consignor or Consignee deemed as Owner Otherwise – Proper Officer should determine CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 79/53/2018 Physical submission of refund claims - few simplifications Instead of copies of invoices, a statement of invoices to be submitted Only those invoices not found in FORM GSTR-2A – to be submitted Above can be uploaded – Physical NOT mandatory – Manual Option to continue CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 79/53/2018 Refund of ITC due to Inverted Duty Structure Calculation of Maximum Refund amount After deducting Tax Payable on Inverted Duty Structure Only INPUTS eligible for REFUND CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 79/53/2018 Refund Disbursal – Officers Instructed to give Order of Disbursal within 45 days of ARN To enable payment within 60 days CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 79/53/2018 Refund Application made before 31st Dec 2018 – Physical Copy NOT Submitted ITC Refund cases – ITC Debited shall be RE-CREDITED Other Refund up to Rs. 1,000/- - REJECT & RE-CREDIT Other Refund more than Rs. 1,000/- - EMAIL – 15 days time to Submit CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 79/53/2018 Refund of Compensation Cess Available on Zero Rated Outward Supplies Available from 1st July 2017 Available on Inputs used for making Outputs which are Zero Rated Supplies CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 79/53/2018 Refund of ITC – Invoice Issue Invoice dated August 2017 ITC Availed in September 2017 Refund Claimed in September 2017 Such ITC AVAILED in September SHALL be INCLUDED for Refund calculation CA Shankara Narayanan V

CA Shankara Narayanan V Circular - 79/53/2018 Interpretation of INPUTS inward supplies of stores and spares packing materials etc. shall be available as ITC if other conditions satisfied CA Shankara Narayanan V

CA Shankara Narayanan V Thank You CA Shankara Narayanan V +91 96000 89209 shankar@gpvs.co.in CA Shankara Narayanan V