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  • Tax Matters: How can errors made while registering for GST rectified?

    Errors noticed after registering for goods and services tax can be rectified by submiting Form GST Reg-14 along with documents within 15 days

    How can errors that occur while registering for goods and services tax (GST) be corrected?

    — Ranjan P, e-mail

    Error noticed after registering for GST can be rectified. Submit Form GST Reg-14 along with documents within 15 days of such change. The GST officer will verify and approve within 15 days in Form GST Reg-15. The change will take effect from the date of occurrence of the event. If the officer is not satisfied with the documents, he can serve a show-cause notice in Form GST Reg-03 as to why the application should not be rejected.

    The applicant must reply in Form GST Reg-04 within seven days. If the officer is not satisfied with the reply, he can reject the application and pass an order in Form GST Reg -05. If the officer does not take any more action, then it is assumed that the error has been corrected. Change in the name of business or address of the principal place of business does not mean cancellation of registration nor by including an additional place of business. Addition, deletion or retirement of partners or directors, managing committee and CEO, i.e., people who are responsible for the day-to-day affairs of the business in one state will be reflected across all the states.

    Any other changes will be amended immediately on submitting the Form GST Reg- 14 on the common portal. No verification by a GST officer is necessary. Change in mobile number or e-mail address of the authorized signatory will be done only after online verification through the common portal after submitting application in Form GST Reg-14.

    To correct mistake in the permanent account number (Pan), the applicant will have no other choice except to file for a fresh registration in Form GST Reg-01. This is because GST integrated (GSTIN) number is based on Pan.

    I incurred business loss in the assessment year (AY) 2011-12 (financial year 2010-11). I had filed Income Tax Return (ITR)-4 in the year the loss occurred. The return has been allowed by the IT department as per the assessment order under Section 139(1) of the IT Act, 1961. In the current AY, I do not have any business income or loss. Am I still required to file ITR-4? Or will ITR-2 do? I do not have income from capital gains. Will this any way extinguish my earlier loss for claiming against future income under, ‘Business income' till eight years?

    — Abhishek, e-mail

    Many times, after making intra- and inter-head adjustments, loss remains unadjusted. Such unadjusted loss can be carried forward to next year for adjustment against subsequent years' income. Separate provisions have been framed in the IT law for carry-forward of loss.

    Business loss other than speculation loss can be carried forward to the subsequent years for eight AY. Loss can be carry forward and set off even if the business in which it was incurred has been discontinued. Such brought-forward loss can only be set off against business income. Carry-forward of business loss is permissible if the return of income for the year, in which the loss is incurred, is filed in time. Late filing of return should not impact the carry-forward of loss of the earlier years, if any.

    If you have unadjusted business losses, show them while filing return in the current year to carry forward such losses. There is no way to know carry-forward of your losses unless you have added them into your return each year.

    You should file ITR-4 to carry forward your business loss even if you do not have business income or loss and income from capital gain this year.

    Which items will not get input tax credit under goods and services tax (GST)?

    — Deepak, e-mail

    Input tax credits will not be allowed as per Section 17(5) of the GST Act, 2017, on motor vehicles and other conveyances, except when such vehicles are used for sale, transportation of passengers and good and imparting of training on driving, flying, navigating such vehicles or conveyance.

    Input credit cannot be availed on supply of goods or services or both on food and beverages; outdoor catering, beauty treatment, health services, cosmetic and plastic surgery except when dealer is in the business of sale or service of such items; membership of a club, health and fitness centre; rent-a-cab, life insurance, health insurance except when the government notifies the services that are obligatory for an employer to provide to its employees under any law for the time being in force and when the dealer is in the business of sale of service of such items; and travel benefits extended to employees on vacation such as leave travel allowance.

    Credit cannot be availed on work contract services when supplied for construction of an immovable property (other than production and maintenance or P&M), except where it is an input service for further supply of work contract service.

    No credit can be availed on goods or services or both received for construction of immovable property (other than P&M) on own account, even when such good or services are used in the course of furtherance of business. No credit can be availed on goods and services on which tax has been paid under composition scheme and those received by non-resident taxable person except on goods imported. No credit is available on goods and services used for personal consumption credit is also not available on goods.

    Credit is also not available on goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and on account of fraud, willful misstatement or suppression of facts, detention and seizure.

    What is the significance of the goods and services tax (GST) for importers?

    — Sanket Jodhpura, e-mail

    All imports are deemed as inter-state supplies. Accordingly, integrated tax is levied in addition to the applicable custom duties. The Integrated GST Act, 2017, provides that the integrated tax on goods imported into India is to be levied and collected in accordance with the provisions of the Customs Tariff Act, 1975, on the value as determined at the point when duties of customs are levied on the said goods under the Customs Act, 1962.

    The integrated tax on goods is in addition to the applicable basic customs duty (bcd) levied as per the Customs Tariff Act.

    In addition, GST compensation cess can also be levied on certain luxury and demerit goods under the GST (Compensation to States) Cess Act, 2017.

    The value of the goods for levying integrated tax is assessable value plus customs duty levied under the Act and any other duty chargeable on the said goods under any law for the time being in force as an addition to, and in the same manner as, a duty of customs. The integrated tax paid is not to be added to the value for the purpose of calculating cess.

    The importer is not required to pay the integrated tax while removing the goods from a customs station to a warehouse. Input tax credit of the integrated tax paid while importing is available to the importer. It can be utilized as input tax credit for payment of taxes on outward supplies.

    The bcd, however, will not be available as input tax credit. The place of supply of goods, imported into India will be the location of the importer.

     

    My chartered accountant made me pay service tax for June before end June 2017 for the quarter though it could have been paid by 6 July 2017. Why?

    — Harsshil Patel

    Under the Finance Act, 1994, service tax on import of services (i.e., services received from overseas service providers located outside India) and specified domestic services (such as works contract services, rent-a-cab services, legal consultancy services, manpower recruitment services, goods and travel advisory services and sponsorship services) is payable by the service recipient under the reverse charge mechanism.

    The credit of such service tax paid under the reverse-charge mechanism is available only in the month in which the service tax is actually paid (provided such services are eligible to avail as Central value-added tax or Cenvat credit).

    For June 2017, the due date for payment of service tax was 6 July 2017. If the payment of service tax liability under the reverse- charge mechanism is made on or after the goods and services tax (GST) appointed date, such credit of service tax will technically be available after June 2017 as payment was not made in June 2017.

    In the GST law, there is no specific transition provision to allow a company to avail credit of services for which service tax has been paid under the reverse-charge mechanism post the appointed date, i.e., 1 July 2017.

    Hence, liability arising on account of service tax payable under the reverse-charge mechanism on or before 30 June 2017 has to be discharged on or before 30 June 2017 (at least for services for which credit is available under the Cenvat Credit Rules). Thus, the purpose of carry-forward of the instant credit in June 2017 will be served as it will be legally available and can be appropriately availed in the returns filed for the April–June 2017 period on or before 15 August 2017.

     

    Earlier, I had centralized the registration of my three offices in three different states. Why should I not get the same benefit under the goods and services tax (GST)?

    — Raunak Tank, e-mail

    Service providers now have to grapple with a completely new set of facts. The GST law requires service providers to register in every state they operate. As a result, many of them are going to be assessed in several states. Many will have to obtain registration in new states they are not familiar with.

    There is no need to register in a state merely because services are provided in that particular state. It is only when there are operations in a state, that is the place of business or office, the need to register in that state arises.

    Earlier, even if there were operations in 20 states, only one registration, for the place where there are headquarters, was required. Now, there is need to break down the tax into relevant states and pay it to the relevant state.

    In the GST regime, supply of services or goods can be inter-state or intra-state. GST tax has to be accounted in each state of India. Hence, provision for centralized registration appears to be remote.

    Industry bodies tried to persuade the Union government to continue with centralized registration for some services sectors. However, the states did not agree. As per the bargain, the Centre had agreed with the states that they will be able to tax services. If centralised registration is allowed, there is hardly anything left for the states to tax.

    The replies are only in the nature of guidelines. The tax counsellors and the publication are not responsible for any decision taken by readers on the basis of the same.
    Readers may e-mail their queries on direct taxation to: tax-matters@capitalmarket.com

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Flash News 23-Nov-2017
  •  ( 17:07) Sensex rises 26.53 points or 0.08% to settle at 33,588.08  
  •  ( 15:47) Market closes near flat line  
  •  ( 14:37) TCS says Eastern Communications implements TCS HOBS  
  •  ( 13:49) European stocks drop  
  •  ( 12:35) Arrow Greentech secures product patent in US  
  •  ( 12:35) Healthcare Global to issue preferential shares  
  •  ( 12:35) Biocon launches cancer drug KRABEVA in India  
  •  ( 10:15) Winter session of Parliament likely from 15th Dec: Reports  
  •  ( 08:54) Asian stocks mixed  
  •  ( 08:54) Most US stocks end lower, Nasdaq hits record  
  •  ( 08:53) Govt constitutes task force for drafting new direct tax law  
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