FAQs on Gifts Received

• Q.1 Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable?
  ​

  If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*):

  • Sum of money received without consideration.
  • The aggregate value of such sum of money received during the year exceeds Rs. 50,000.

  (*) Refer next FAQ for situations in which sum of money received by an individual or HUF is not charged to tax, i.e., monetary gift is not charged to tax. ​
• Q.2 Are there any cases in which sum of money received without consideration, i.e., monetary gift received by an individual or HUF is not charged to tax?
  ​

  If any sum of money is received on or after 01/10/2009 by an Individual or HUF without any consideration and the aggregate value of which exceeds Rs. 50,000 during the previous year, then the whole of the aggregate value of such sum is chargeable to tax.

  However, in the following cases nothing will be charged to tax in respect of any sum of money received by an Individual or HUF without any consideration, if the same is received:​

  • from any relative or by a HUF from its members; or
  • on the occasion of the marriage of the individual; or
  • under a will/ by way of inheritance; or
  • in contemplation of death of the payer or donor as the case may be; or
  • from a local authority as defined under Explanation to clause (20) of section 10 of the Income-tax Act, 1961; or
  • from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in  section 10 or
  • by any fund, trust, institution, any university, other educational institution, any hospital, other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or  (applicable if the property is received on or after 1st day of April, 2017)
  • from a trust or institution registered under  section 12AA​​; or
  • from a trust or institution registered under section 12A; or  (applicable if the property is received on or after 1st day of April, 2017)
  • from an Individual by a trust created or established solely for the benefit of relative of the Individual.  (applicable if the property is received on or after 1st day of April, 2017)

  any sum received by the way which is not regarded as transfer accordance with section 47.
• 
  
• Q.3 Gift received from relatives are exempt from tax. Who will be considered as relative for the purpose of claiming such exemption?
• 
  
  ​Following persons would be considered as relative ​
  

  (a) Spouse of the individual;

  (b) Brother or sister of the individual;

  (c) Brother or sister of the spouse of the individual;

  (d) Brother or sister of either of the parents of the individual;

  (e) Any lineal ascendant or descendent of the individual;

  (f) Any lineal ascendant or descendent of the spouse of the individual;

  (g) Spouse of the persons referred to in (b) to (f).​
• Q.4 Apart from marriage are there any other occasions in which monetary gift received by an individual will not be charged to tax?
  ​​​Gift received only on the occasion of marriage of the individual is not charged to tax. Apart from marriage there is no other occasion in which gift received by an individual is not charged to tax. Hence, gift received on occasions like birthday, anniversary, etc. will be charged to tax.​​
• Q.5 Are monetary gifts received from friends liable to tax?
  ​

  Gifts received from relatives are not charged to tax.

  (g) Spouse of the persons referred to in (b) to (f).

  Friend is not a relative as defined in the list and hence, gift received from friends will be charged to tax (if other criteria of taxing gift are satisfied).​
• Q.6 Are monetary gifts received from abroad liable to tax?
  ​​If the aggregate value of monetary gift received during the year by an individual or HUF exceeds Rs. 50,000 and the gifts are not covered under the exceptions prescribed in the preceding FAQ, then gifts whether received from India or abroad will be charged to tax.​​
• Q.7 An Individual received different gifts (cash) from his friends, none of the gift exceeded Rs. 50,000 but the total of the gifts received during the year exceeded Rs. 50,000. What will be the tax treatment in such a case?
  ​

  Sum of money received without consideration by an individual or HUF is chargeable to tax if the aggregate value of such sum received during the year exceeds Rs. 50,000.

  The important point to be noted in this regard is the "aggregate value of such sum received during the year". The taxability of the gift is determined on the basis of the aggregate value of gift received during the year and not on the basis of individual gift. Hence, if the aggregate value of gifts received during the year exceeds Rs. 50,000, then aggregate value of such gifts received during the year will be charged to tax.​
• Q.8 If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?
  Sum of money received without consideration by an individual or HUF is charged to tax if the aggregate value of such sum received during the year exceeds Rs. 50,000. Once the aggregate value of monetary gift received during the year exceeds Rs. 50,000, then the aggregate value of gift received during the year will be charged to tax.​
• Q.9 Are there any cases in which the value of immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax?|Are gifts of immovable property received by an individual or HUF charged to tax?
  ​

  Stamp duty of immovable property is chargeable to tax, if immovable property is received by an Individual or HUF without any consideration and the stamp duty value exceeds Rs. 50000.

  However, in the following cases nothing will be charged to tax in respect of immovable property received on or after 01/10/2009 without any consideration, even if the stamp duty value exceeds Rs. 50,000:

  • from any relative or by a HUF from its members; or
  • on the occasion of the marriage of the individual; or
  • under a will/ by way of inheritance; or
  • in contemplation of death of the payer or donor as the case may be; or
  • from a local authority as defined under Explanation to clause (20) of section 10 of the Income-tax Act, 1961; or
  • from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in  section 10(23C); or
  • by any fund, trust, institution, any university, other educational institution, any hospital, other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or  (applicable if the property is received on or after 1st day of April, 2017)
  • from a trust or institution registered under  section 12AA ; or
  • from a trust or institution registered under section 12A; or  (applicable if the property is received on or after 1st day of April, 2017)

  • by way of transaction not regarded as transfer:   (applicable if the property is received on or after 1st day of April, 2017)

  1. property received by way of distribution at the time of total or partial partition of HUF [sec. 47(i)]  
  2. property received by an Indian subsidiary company, if the parent company or its nominees hold the whole of the share capital of the subsidiary company [sec. 47(iv)]   (Inserted by Finance Act, 2018 i.e. w.e.f 01.04.2018)
  3. property received by an Indian holding company, if the whole of the share capital of the subsidiary company is held by the holding company [sec. 47(v)]  (Inserted by Finance Act, 2018 i.e. w.e.f 01.04.2018)
  4. property received by amalgamated company from amalgamating company in the scheme of amalgamation, if amalgamated company is an Indian company. [sec. 47(vi)]
  5. property received by resulting company from demerged company in the scheme of demerger, if resulting company is an Indian company. [sec. 47(vib)]
  6. property received by a banking institution from banking company in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949)  [sec. 47(viaa)]
  7. property received by successor co-operative bank from predecessor co-operative bank in a business reorganisation.  [sec. 47(vica)]
  8. from an Individual by a trust created or established solely for the benefit of relative of the Individual.  (applicable if the property is received on or after 1st day of April, 2017)

  
  
• Q.10 An individual received gift of three properties from his friend. The value of none of the property exceeded Rs. 50,000, but the aggregate value of these three properties exceeded Rs. 50,000. What will be the tax treatment of gift in this case?
  ​​In case of immovable property received without consideration by an individual or HUF, the limit of Rs. 50,000 is to be applied transaction-wise and all immovable properties received as gift during the year are not to be clubbed for applying the limit of Rs. 50,000. Hence, if the total stamp value of immovable properties received as gift during the year exceeds Rs. 50,000 but the stamp value of none of the property exceeds Rs. 50,000, then nothing will be charged to tax.
• Q.11 Are immovable properties received as gift from friends liable to tax?
  ​

  Gifts received from relatives are not charged to tax. Relative for this purpose means:

  (a) Spouse of the individual;

  (b) Brother or sister of the individual;

  (c) Brother or sister of the spouse of the individual;

  (d) Brother or sister of either of the parents of the individual;

  (e) Any lineal ascendant or descendent of the individual;

  (f) Any lineal ascendant or descendent of the spouse of the individual;

  (g) Spouse of the persons referred to in (b) to (f).

  Friend is not a relative as defined in the above list and hence, gift received from friends will be charged to tax (if other criteria of taxing gift are satisfied).​
• Q.12 Are gifts of immovable property located abroad liable to tax?
  ​​If the aggregate value of monetary gift received during the year by an individual or HUF exceeds Rs. 50,000 and the gifts are not covered under the exceptions prescribed in the preceding FAQ, then gifts whether received from India or abroad will be charged to tax.​
• Q.13 An Individual received gift of a flat from his friend. The stamp duty value of the flat is Rs. 84,000. In this case whether the total value of gifted property will be charged to tax or only the value in excess of Rs. 50,000 will be charged to tax?
  ​​If the conditions discussed in earlier FAQ (regarding the taxability of gift of immovable property) are satisfied, then the entire value of immovable property received without consideration, i.e., received as gift will be charged to tax. Once the taxability is attracted, i.e., value of property received as gift exceeds Rs. 50,000 then the entire value of the property is chargeable to tax. Hence, in this case entire value of property, i.e., Rs. 84,000 will be charged to tax.​
• Q.14 Would any taxability arise if an immovable property is received for less than its stamp duty value?
  ​

  If an Individual or HUF receives (on or after 1st day of October, 2009 but before April 1, 2017) and any person receives (After April 1, 2017), in any previous year from any person or persons any immovable property(being land or building or both):

  • without consideration, the stamp duty value of which exceeds Rs. 50,000 then the stamp duty value shall be chargeable to tax.
  • for a consideration, if stamp duty value exceeds the amount of consideration and the difference between stamp duty value and consideration is more than Rs. 50,000, then such difference is chargeable to tax. (applicable from A.Y 2014-15 to A.Y 2018-19).
  • for a consideration, if stamp duty value exceeds 105% of the amount of consideration and the difference between stamp duty value and consideration is more than Rs. 50,000, then such difference is chargeable to tax. (applicable from A.Y 2019-20)
    
    Provided that where the date of an agreement and date of registration are not same, Stamp Duty will be considered as applicable on the date of agreement. This will be applicable only when the amount of consideration is received by account-payee cheque or bank draft or online transfer before the date of agreement.
    
    Provided that if the stamp duty value of immovable property is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155shall apply in relation to stamp duty value of such property as they apply for valuation of a capital asset under those sections.

  
  
• Q.15 Are gifts of movable property received by an individual or HUF charged to tax?
  ​​

  If the following conditions are satisfied then value prescribed for movable property (*) received by an individual or HUF will be charged to tax​:

  • Prescribed movable property is received without consideration (i.e., received as gift).
  • The aggregate fair market value of such property received by the taxpayer during the year exceeds Rs. 50,000 
    
    In above case, the fair market value of the prescribed movable property will be treated as income of the receiver.

  (*) Prescribed movable property means shares/securities, jewellery, archaeological collections, drawings, paintings, sculptures or any work of art and bullion, being capital asset of the taxpayer.

  Considering the above definition, nothing will be charged to tax in respect of gift of any item being a movable property other than covered in the above definition, e.g., Nothing will be charged to tax in respect of a television set  received as gift, because  a television  set  is not covered in the definition of prescribed movable property.

  ($) Refer next FAQ for situations in which prescribed movable property received without consideration by an individual or HUF, i.e., received as gift is not charged to tax.​
• Q.16 Are there any cases in which the value of prescribed movable property received without consideration, i.e., received as gift by an individual or HUF is not charged to tax?
  ​​​​​​

  If the conditions given in preceding FAQ are satisfied, then value of prescribed movable property received without consideration, i.e., received as gift by an individual or HUF is charged to tax. However, in the following cases nothing will be charged to tax in respect of prescribed movable property received without consideration:

  • Property received from relatives.
  • Property received by a HUF from its members.
  • Property received on the occasion of the marriage of the individual.
  • Property received under will/ by way of inheritance.
  • Property received in contemplation of death of the donor.
  • Property received from a local authority as defined under section 10(20​) of the Income-tax Act).

  • Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C).
  • Property received from a trust or institution registered under section 12AA​.
  • Any shares received by an individual or HUF, as a consequence of business re-organisation of co-operative bank or demerger or amalgamation of a company [as referred to in clause (vicb) or clause (vid) or clause (vii) of Section 47]
  • 
    
• Q.17 An individual received gift of jewellery from his friends. The total value of jewellery received during the year as gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gift in this case?
  ​If the aggregate fair market value of prescribed movable property received by an individual or HUF without consideration during the year exceeds Rs. 50,000, then the total value of such properties received during the year without consideration will be charged to tax. In this case the total value of jewellery received during the year exceeds Rs. 50,000 and hence, Rs. 84,000 will be charged to tax.​
• Q.18 Does any taxability arise if prescribed movable property is received by an individual or HUF for less than its fair market value?
  ​

  If the following conditions are satisfied then prescribed movable property (*) received by an individual or HUF will be charged to tax ($):

  • Prescribed movable property is acquired by an individual or HUF.
  • The aggregate fair market value of such properties acquired by the taxpayer during the year exceeds the consideration of these properties by more than Rs. 50,000. In other words, the aggregate fair market value of all such properties is higher than the consideration and the difference is more than Rs. 50,000.

  (*) Prescribed movable property means shares/securities, jewellery, archaeological collections, drawings, paintings, sculptures or any work of art and bullion, being capital asset of the taxpayer.

  Considering the above definition, nothing will be charged to tax if any movable property (other than those covered in the above definition) is received for less than its fair market value e.g., Nothing will be charged to tax in respect of a television set received for less than its fair market value because a television set is not covered in the definition of prescribed movable property.

  ($) Refer next FAQ for situations in which prescribed movable property received for less than its fair market value is not charged to tax.​
• Q.19 Are there any cases in which prescribed movable property received for less than its fair market value by an individual or HUF is not charged to tax?
  ​​​​​

  If the conditions given in preceding FAQ are satisfied, then prescribed movable property received (i.e. acquired) by an individual or HUF for less than its fair market value is chargeable to tax. However, in the following cases nothing will be charged to tax in respect of prescribed movable property received for less​ than its fair market value:

  • Property received from relatives (*).
  • Property received by a HUF from its members.
  • Property received on the occasion of the marriage of the individual.
  • Property received under will/ by way of inheritance.
  • Property received in contemplation of death of the donor.
  • Property received from a local authority as defined under section 10(20) of the Income-tax Act.

  • Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C).
  • Property received from a trust or institution registered under section 12AA​.
    
    (*) Relative for this purpose means:

  (a) Spouse of the individual;

  (b) Brother or sister of the individual;

  (c) Brother or sister of the spouse of the individual;

  (d) Brother or sister of either of the parents of the individual;

  (e) Any lineal ascendant or descendent of the individual;

  (f) Any lineal ascendant or descendent of the spouse of the individual;

  (g) Spouse of the persons referred to in (b) to (f).

Need any assistance than 

https://www.taxdeal.in

Download ITR Forms (PDF) for A.Y. 2019-20 & Applicability

CBDT has vide Notification No. 32/2019-Income Tax Dated 01/04/2019 released Form Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V. This post provide links to download such ITR and who can file such ITR.

Also Read-

Rule 12 of Income Tax Rules wef 1st April 2018 related to ITR of AY 2019-20

Quick Analysis of Income Tax Forms Released for AY 2019-20

Form No. ITR-1 SAHAJ For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand	Download Form No. ITR-1 SAHAJ
Form No. ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession	Download Form No. ITR-2
Form No. ITR-3 For individuals and HUFs having income from profits and gains of business or profession	Download Form No. ITR-3
Form No. ITR-4 Sugam For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE	Download Form No. ITR-4 Sugam
Form No. ITR-5 For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7	Download Form No. ITR-5
Form No. ITR-6 For Companies other than companies claiming exemption under section 11	Download Form No. ITR-6
Form No. ITR-7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only	Download Form No. ITR-7
Form No. ITR-V Acknowledgement	Download Form No. ITR-V Acknowledgement

Step of Filling GST Audit Report In Form GSTR 9C

Update Category: GST Audit Report in Form GSTR 9C - Introduction and Filing process
Update Source: GSTR 9C Audit Report under GST
Release No.: TM/GST/029 dated 17th April 2019

Recently on 14th April 2019, GSTN opened the filing window for GST Audit Report in Form GSTR 9C. We have examined the various aspects for filing of GSTR 9C and studied the off-line template released by GSTN for filing of FORM GSTR Introduction and Filing process on preparation and filing aspect of Audit Report in Form GSTR 9C.

A. key aspects in filling GST Audit Report – FORM GSTR-9C For the Financial Year 2017-18.

The same is summarized in below table for ease of understanding:

N

1.Complete filing of all pending returns - GSTR I and GTSR 3B from July 2017 to March 2018 (Reach out to GSTN help desk for any technical glitch in filing)
2. File Annual Return in Form GSTR 9 - Annual Return in Form GSTR 9 for is to be filed before filing GST Audit Report in Form GSTR 9C

3. Keep the figures for Annual Return handy (keep soft copy or print out) - Since the Audit report requires details of annual return to be provided in GSTR 9C, keeping the same ready shall come handy.
_____
4. Scan and keep a copy of Profit & Loss (or Income and Expenditure Statement) and Balance Sheet
- Scan the reports in PDF or JPEG format (Max size of each file 5 MB)
5. Re-check all details before filing - Remember, Audit Report once filed cannot be amended. Hence it is advisable to cross check all figures before proceeding to file Audit report.

B. System Requirements for preparing and filing GST Audit Report:

1.     Operating system –MS windows 7 or above

2.     Microsoft Excel 2007 and above

C. Pre – requirement for filling Form GSTR-9C:

Before you proceed to file GST Audit Report, below details, data or requirement is to be prepared and handed over to Auditor for conclusion of Audit-

1 Bifurcate the books of accounts for each GSTIN - If you operate in multiple locations having more than one GST Registration, books of accounts is to be prepared for each GSTIN - Outward supplies, ITC, Payment, Expenses, etc

2. Invoice-wise outward supply Statement - Reconcile outward supply turnover of books and returns

3. ITC details (GSTR 2A, Books of Accounts and GSTR 3B ) - Reconcile Input Tax Credit availed as per returns and those appearing in books and those auto-populated in GSTR 2A

4 Expense head wise lit details - Prepare statement containing basic value, ITC and Eligible ITC for the list of expenses provided in the audit report. This is to be prepared for each GSTIN.

5 Details of all payments made under each rate of tax - Under Forward Charge and Reverse Charge
6. Reasons for Differences - Identify any difference in Annual return and Books of Accounts for Total Turnover, Taxable Turnover and ITC and prepare reasons for same to be handed over to Auditor.

7. Pay the Recommended Liability - In case of any liability suggested by Auditor and accepted by the entity, please pay the same by using the form DRC 03. Facility to pay the same before filing Audit Report is also available in the login

D. Guide for filing GST Audit Report (Summary) –

The Offline excel utility to file GSTR 9C has following Tabs -

1. Open GSTR-9C JSON file downloaded from GST Portal: To open Form GSTR-9C details (uploaded earlier) file - downloaded from GST portal into the Offline Tool. Upon successful import of file, the details would be populated to respective tables of Excel workbook.

2. Open GSTR-9C JSON Error File Downloaded from GST Portal: To open file downloaded from GST portal from the ‘Processed with error’ link Upon successful import of the rile details ‘processed with error’ records would be populated to respective tables of Excel workbook. The GST portal errors would be marked as red and can be shown in hover at red marked field.

3. Generate JSON File to Upload GSTR-9C details on GST Portal: To generate JSON rile for upload of Form GSTR-9C details prepared offline on GST portal. The error file will also require to be signed by auditor again.

4. Generate Preview PDF file to view Draft GSTR-9C form: To preview in PDF format, Form GSTR-9C details as prepared offline on GST portal.

5. Validate Sheet: To Validate the data entered in respective worksheet of this offline Tool. Successful validation is notified to Taxpayer via pop-up while on failure of validation the cells that rail validation would be marked in Red.


E. High Level Process flow for GSTR 9C preparation using off-line template

1. Validate the details filled in various tables using ‘validate’ button at the top of every sheet. The validation error if nay is to be rectified before proceeding.

2. Generate JSON using ‘Generate JSON File to Upload’ option

3. Upload the generated JSON on GST Portal. Preview the details uploaded and File return on the GST portal. Check the tables in the GSTR 9C on screen.

4. Open saved version (Yes/No) Select ‘No’ option for not viewing the saved data (if you select No then date in the file shall get erased) and if you select ‘Yes’ then saved data will be available in the respective worksheets.


F. Step-wise procedure to file GST Audit Report - Form GSTR 9C –

1. Down the latest version of GSTR-9C Offline Tool from the GST portal
https ://wvw gst. gov.in/download/returns

 2. Open the GSTR-9C Excel based Offline Tool and navigate to worksheet named ‘GstWorking ’ in the excel template.
3. For opening the Offline tool with the previous data which you entered, Click “Yes” when the dialogue box prompts “Open Saved Version?”. Else clicking “No” will clear all values in all the sheets.
4 Enter taxpayers GSTIN in GstWorking sheet. Entered GSTIN would be validated only for correct structure.
5. Select the applicable Financial Year from the drop-down (mandatory field).

6. Enter details as applicable in various worksheets. The worksheet for which no details need to be declared can be left blank
.
7. Click Validate Sheet to check the status of validation. In case of validation errors - please check for cells that have failed validation and correct errors as per help text.

8. Click on ‘Generate SJSON File to Upload ‘to generate JSON file and sign using DSC (Digital Signature Certificate). Dialogue box prompt to sign using DSC on the utility

9. Auditor shall pass this signed GSTR 90 JSON file to taxpayer for upload.

Taxpayer to complete this step onwards

1.Login to GST Portal and select ‘Returns Dashboard’.
2. Select applicable Financial Year and Tax-period.
3. Click on Prepare Offline.
4 Upload the JSON prepared using offline Tool using upload option.
5. The uploaded JSON file would be validated and processed.
6. In case of validation failure of one or more details in the uploaded JSON an error file (returns_R9C_error Report. json) would be generated with status of uploaded JSON file as ‘Processed with Error’!
7. Taxpayer shall share this error file to auditor to correct the error and re—sign the same.
8. Auditor to open the error file in offline tool using ‘Open GSTR-9C JSON Error file downloaded from GST Portal’. All records along with errors to be populated in respective worksheets with errors description in column ‘GST Portal Validation error(s)’ for the records which have error. Post correction of errors, sign the statement using DSC and generate the JSON file and send it to the taxpayer to upload the same in GST portal.

9. Post successful upload of data on GST portal Taxpayer to Preview the form and file GSTR-9C

NOTE: Please ensure HTML file name ‘wsweb’ and ‘GSTR_9C_Offiine_Utility’ should be in Same folder to generate the JSON

G. Additional details to be considered while filing GST Audit Report in Form GSTR 9C -
1 Follow instruction in ‘GSTR-9C offline tool’ to add details and generate JSON file for upload.

2. Clicking on ‘DOWNLOAD GSTR-9C TABLES DERIVED FROM GSTR-9 (PDF)’ to fill the GSTR-9 related figure in GSTR-9C offline tool. This is only for reference for preparing the Reconciliation Statement (GSTR-9C) by Auditor.

3. Facility to preview draft (PDF) can be used to check the details filled up in the GSTR-9C,

4 GSTR-9C shall be prepared in Offline Tool and required to be digitally signed by a Chartered Accountant or a Cost Accountant.

 5. Verify that documents uploaded are duly signed by Chartered Accountant or Cost Accountant and are not tampered.

6. Click on ‘Prepare Offline’ to initiate upload of Form GSTR-9C (signed JSON file shared by Auditor) and click on ‘Upload’ tab to upload JSON file with the help of instruction available there.
.
_ 7. Supporting documents like audited financial statements and other required documents, if any also needs to be uploaded by clicking on ‘Initiate Filing’ button along with the reconciliation statement (JSON file) on the portal.

8. You may make payment if you have any additional liability through GST DRC-03 link. (This is available in ‘Initiate Filing’ page)

9. ‘Proceed to File’ button shall be enabled only after successful uploading of Reconciliation statement (JSON file) and audited annual accounts.

10. Click on ‘Proceed to File’ and Click on ‘File GSTR-9C’ with DSC/EVC.

11 Neither amendment nor revision of GSTR-9C can be made after filing the same

Note: This is for information only. For exact details of changes, the Notification/circular may please be referred to, as and when they are issued.

Need any assistance than 

https://www.taxdeal.in

CBIC extends due date of GSTR 3B for the month of March 2019 to 23rd April 2019

There is a Good news for taxpayers who were struggling for filing GSTR-3B Return for the month of March 2019 on GST Portal since Morning.
CBDT has finally extended due date of Filling the GSTR 3B return for the month of March 2019 to 23rd April 2019.
 Earlier the due date was 20th April 2019 and the same stands extended now. The extension was necessary as taxpayers were facing problems due to slow portal speed. Also many taxpayer faced problems in depositing tax as 17th and 19th April 2019 were bank holidays on account of Mahavir Jayanti and Good Friday. As of Now the news can be found on GST Portal. Soon this will be notified by CBIC as well.

Tags : CBIC extends due date of GSTR 3B for the month of March 2019 to 23rd April 2019, Due date of GSTR 3B extended, GSTR 3B due date for March 2019

Need any assistance than 

https://www.taxdeal.in

Compliance of GST Returns made easy by Government!

We all know that government has put enormous efforts in bringing us the compatible GST Systems in order to encourage the habit of compliance and simplify the existing compliance complications. In its first step, it brought an exhaustive reporting system of uploading the invoices where the intension is to digitalise the document process and create an evidence for tax authorities. They intend to but failed in bringing the system of uploading invoices by supplier and accepting the same by recipient of supplies where the input credit will be transferred with authorization and under surveillance. At present, the system is functioning at half of their idea of implementation, whereby the acceptance of recipient is not in operation. Simultaneously, to address issues raised by various stakeholders on the current working model of returns, they have been stating in recent past council meetings and now the proposed model of returns is in front of us to adapt to it. Let us have a brief look on it.

Two options available based on Periodicity – Monthly (or) Quarterly

Monthly – One type of Return i.e. “GST RET – 1”

Quarterly – Three types of Returns.

1. Normal i.e. “GST RET – 1”
2. Sahaj i.e. “GST RET – 2” and
3. Sugam i.e. “GST RET – 3”

A key point to be noted is the above specified returns are similar to existing GSTR 3B. The nomenclature of GSTR 1 and GSTR 2 will be modified to GST ANX – 1 and GST ANX – 2 and are going to be just forms removing the procedure to file these returns. On filing of the applicable GST RET 1/2/3, it is deemed that the GST ANX – 1 and 2 are filed.

Which one to file??

Turnover during preceding financial year more than ₹. 5 Crores? – Monthly option (in default).

Turnover less than ₹. 5 Crores? – Option available to choose Monthly (or) Quarterly.

If you have chosen quarterly option, you will have a choice to opt Sahaj, Sugam or Normal.

Sahaj can be opted only if you have

1. outward supplies under B2C category and
2. inward supplies including supplies attracting reverse charge only.

Sugam can be opted only if you have

1. outward supplies under B2B & B2C categories and
2. inward supplies including supplies attracting reverse charge only.

It is to be noted that the above two options block reporting of

1. Exports, Supplies to SEZ units and deemed exports in case of outward supplies.
2. Imports, claim of ISD credits and provisional claim of inputs not uploaded by suppliers in case of inward supplies.

Hence taxpayers who opted Sahaj (or) Sugam cannot claim input credit on missing invoices.

Normal returns allow reporting of all types of inward and outward supplies.

Nil rated, exempted and Non-GST supplies needn’t be declared in any type of returns.

When to opt??

Unless you opt for quarterly option, the return will be in monthly option.

For newly registered taxpayers, can opt for any one option.

Switching between Monthly and Quarterly option: Once an option is selected, it can be changed only in the next financial year before filing first return of that year.

Switching from Normal to Sugam (or) Sahaj (under Quarterly option): Only once in a financial year at the beginning of any quarter.

Switching from Sugam to Sahaj (under Quarterly option): Switching option available only once in a financial year at the beginning of any quarter.

Switching from Sugam to Normal (under Quarterly option): Switching option available more than once in a financial year at the beginning of any quarter.

Switching from Sahaj to Sugam (or) Normal (under Quarterly option): Switching option available more than once in a financial year at the beginning of any quarter.

While opting for any type of return, a questionnaire needs to be answered. Hence taxpayers need to answer the questionnaire carefully in order to comply with returns procedure in line with their businesses.

Need any assistance than 

https://www.taxdeal.in