Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Monday, March 11, 2019

Input Tax Credit (ITC) in case of Sales Promotion Activities

The GST Department has recently offered great relief to the FMCG industry by clarifying on a few matters with respect to supply of free articles under schemes such as "Buy One, Get One", where ITC was not being allowed in proportion to the free supplies made by such companies.

The details are as follows.

A. Free Sample and Gifts (No ITC): 

It is a common practice in trade and industry, such as, garment industries which often provide free sample or gifts to increase sales volume and to attract customers without any consideration.

According to section 7(1)(a) of said Act, supply made without any consideration shall be not treated as supply under GST (except in case of activities mentioned in Schedule I of the said Act).

It is clarified that input tax credit shall not be available to the supplier on the inputs, input services and capital goods to the extent they are used in relation to the gifts or free samples distributed without any consideration.

However, where the activity of distribution of gifts or free samples falls within the scope of ‘supply’ on account of the provisions contained in Schedule I of the said Act, the supplier would be eligible to avail of the ITC.

B. Buy One Get One Free Offer (ITC Available):

Offers like ‘buy one soap and get one free’, are actually not an individual supply of free goods but a case where a single price is charged for two or more individual supplies. Taxability of such supply will be dependent upon whether the supply is a composite supply or a mixed supply and the rate of tax shall be determined as per the provisions of section 8 of the said Act.

It is also clarified that ITC shall be available to the supplier for the inputs, input service and capital goods used in relation to supply of goods or service or both as part of such offers.

C. Discounts on the Face of Invoice or Pre-determined (Reduced from Taxable Value):

Sometimes, suppliers give discounts which increase with the increase in purchase volume. For example, 10% discount on purchase of more than Rs. 5000 and 15% discount on purchase of more than Rs. 10000. Such discounts are often given in the invoice itself.

Suppliers also give periodic discounts, generally at end of the season or at the year end. The discounted amount would be excluded to determine the value of supply. Such discounts are passed by the supplier by issuing credit notes.

It has been clarified in this regard that ITC shall be available to the supplier for the inputs, input service and capital goods used in relation to supply of goods or service or both as part of such offers.

D. Secondary Discount (Not Deducted from Taxable Value):

When discount is provided after sale it is termed as secondary discount. For example, M/s A supplies 10000 packets of biscuits to M/s B at Rs. 10/- per packet. Afterwards, M/s A re-values it at Rs. 9/- per packet. Subsequently, M/s A issues credit note to M/s B for Rs. 1/- per packet.

Discounts in cases such as these do not fulfill the conditions laid out in section 15(3)(b) of the Act. It has been clarified in this regard that financial / commercial credit notes can be issued by the supplier even if they don’t fulfill the conditions under the aforementioned section, i.e. credit notes can be issued as a commercial transaction between two contracting parties.

It is also clarified that such secondary discounts shall not be excluded while determining the value of supply since they are not known at the time of supply, and there is no impact on availability or otherwise of ITC in the hands of supplier in this case.



Compiled by:


Shivam Tiwari
Articled Assistant
GST Team
Sandeep Ahuja & Co.

Saturday, March 9, 2019

Completion of Audit Training Workshop

A few Articled Assistants of Sandeep Ahuja & Co. completed a training workshop on Internal Audits on 9th March, 2019 at the Gurgaon office of the firm.

Left to Right (Standing): Ritik Chandel, Saino Susan Varghese, Robin Singh Dhama, Kriti Makker, Amit Soam, Megha Bansal, Vijay Raghav, Pushkar Tayal, Shivam Tiwari, Mayur Sahni, Tanveer Alam, Sahil Sardana, Shivangi Jain, Piyush, Akash Arora, Kashika Ahuja, Aditya Harsh, Lovely Sharma, Harshit Singh

Partners (Sitting): Sarthak Ahuja, Surekha Ahuja, Sandeep Ahuja

Thursday, March 7, 2019

March 2019 - Due Date Calendar

7th March 2019: Income Tax TDS/TCS payment for the month of February 2019.

10th March 2019: Monthly GST-TDS/TCS payment in form GSTR-7 for the month of February 2019 under GST.

11th March 2019: GST Filing of returns by registered person with aggregate turnover more than 1.50 crores (GSTR-1) for February 2019.

15th March 2019: Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,

15th March 2019: Due date for PF and ESIC payment.

20th March 2019: GST monthly return for the month of February 2019 (GSTR-3B) 

25th March 2019: Due date for filing monthly return of PF

30th March 2019: Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.

31st March 2019: Due date for filing of GSTR 3B and 1 from July 2017 to September 2018 without late fees

31st March 2019: Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July 2017 to December 2018.

31st March 2019: Last date for linking Aadhar with PAN.

Tuesday, February 26, 2019

INC-22A: Active Company Tagging Identities and Verification (ACTIVE)

About the Form

The Central Government, vide notification dated 21st February 2019, notified the Companies (Incorporation) Amendment Rules, 2019, in which Rule 25A has been inserted which states that every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE, i.e. Form INC-22A

Applicability of Form INC-22A

Every company incorporated on or before the 31st December, 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE.

However, the Companies which have not filed its financial statements or annual returns (i.e., AOC-4 and MGT-7) shall be restricted from filing INC-22A.

And, the companies that have been struck off or amalgamated or dissolved or under process of striking off or under liquidation as recorded in the register are not required to fill e-Form ACTIVE.

Information required to be furnished in Form INC-22A
1. CIN of the Company
2. OTP sent on the email id of the company
3. List of Directors as on date of filing
4. Details of Statutory Auditors
5. Details of Cost Auditor, Company Secretary and CFO of the company, if applicable
6. Details of the Managing Director or CEO or Manager or Whole-time Director of the company
7. Details of form AOC-4/AOC-4(XBRL) and MGT-7 for FY 2017-18 (SRN)

The form shall be digitally signed by one director in case of OPC, and, in case companies other than OPC, form shall be signed by one director and one KMP or two directors.

The eForm shall also be digitally signed by a Chartered Accountant/ Cost Accountant or a Company Secretary in whole-time practice.

Due Date to file Form INC-22A

The companies, required to file in e-Form ACTIVE, shall file it on or before 25th April 2019.

Consequences of late filing or Non-filing

Late Filing: In case company does not file eForm INC-22A within the time limit, filing of eForm shall be allowed with a fee of Rs. 10,000.

Non-Filing: In case company does not file eForm INC-22A, the Company shall be marked as “ACTIVE-non-compliant” on or after 26th April, 2019. Also, request for recording the following event-based information or changes shall not be accepted by the Registrar from such companies, unless the form is filed:
a. SH-07 (Change in Authorized Capital);
b. PAS-03 (Change in Paid-up Capital);
c. DIR-12 (Changes in Director except cessation);
d. INC-22 (Change in Registered Office);
e. INC-28 (Amalgamation, de-merger)

Attachment required to file Form INC-22A

Photograph of Registered Office showing external building and inside office, also showing therein at least one director/KMP who has affixed his/her Digital Signature to this form.

Friday, February 15, 2019

Taxation in India of Digital Businesses by Non Residents

Update based on the PIB Press Release dated 12-Feb-2019.

To address the challenges posed by the Non Resident enterprises  conducting their business through digital means in the India remotely, the following measures have been taken under the existing law:

1. EQUALISATION LEVY -
a)  A new levy viz. 'Equalisation Levy' was introduced by the Finance Act, 2016 for taxation of the digital economy based on OECD Base Erosion and Profit Shifting (BEPS) suggested measures.
b)  Presently, the levy is charged @ 6% of the amount of consideration for specified services received or receivable by a non-resident not having permanent establishment ('PE') in India, from a resident in India who carries out business or profession, or from a non-resident having permanent establishment in India, where the aggregate amount of such consideration exceeds one lakh rupees (Rs.100000) in a previous year.
c)   The Equalization Levy tax collection exceeded Rs. 550 crore for FY 2017-18.

2. Significant Economic Presence” OF NON RESIDENTS IN INDIA-
a) Section 9(1)(i) of the Income-tax Act, 1961 as amended introduced the concept of "Significant Economic Presence" (SEP) for establishing "business connection" in the case of non-resident in India. Accordingly, significant economic presence shall mean–


  1. Based on Amount: Any transaction in respect of any goods, services or property carried out by a non-resident in India including provision of download of data or software in India if the aggregate of payments arising from such transaction or transactions during the previous year exceeds the amount as may be prescribed; or


  1. Based on number of Interactions: Systematic and continuous soliciting of its business activities or engaging in interaction with such number of users as may be prescribed, in India through digital means.
(Suggestions/comments of stakeholders and the general public are invited to prescribe the thresholds to establish SEP of a non-resident in India )

3. GAAR Applicability: If digital businesses operated by non-residents are structured to artificially avoid establishment of a "business connection" or "permanent establishment" in India, including by way of claiming the activities carried out in India to be preparatory or auxiliary in nature, the GAAR provisions under the Income-tax Act may become applicable to the income of such digital businesses in India.

4. TAX based on significant economic presence (SEP) on non residents’ income earned by digital businesses IN DTAA & NON DTAA JURISDICTION-

i.  If India does not have DTAA - Tax is expected to increase tax collection by establishing business connection .

ii. If India already has a  DTAA - However if Non resident operating out of jurisdictions with which India already has a DTAA, Tax based on SEP will only be effective after renegotiation of such DTAA which will be based on international consensus.

Monday, February 4, 2019

MSME Form 1 - Reporting of Payments Due Over 45 Days

The Central Government, vide notification number S.O. 368(E) dated 22nd January, 2019, directed that every specified company shall submit a half yearly return in MSME Form I furnishing details of outstanding payment to Micro and Small Enterprise suppliers.

Applicability

All companies shall file Form MSME-1, who:
(a) receive supplies of goods or services from micro and small enterprises; and
(b) the payment for such micro and small enterprises is due for a period exceeding 45 days from the date of acceptance of the goods or services

Definition of Micro Enterprise and Small Enterprise

As per the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006:

Micro Enterprise
1. Engaged in the manufacture of goods, where the investment in plant and machinery does not exceed Rs. 25 lakhs; or
2. Engaged in providing services, where the investment in equipment does not exceed Rs. 10 lakhs.

Small Enterprise
1. Engaged in the manufacture of goods, where the investment in plant and machinery is more than Rs. 25 lakhs but does not exceed Rs. 5 crore; or
2. Engaged in providing services, where the investment in equipment is more than Rs. 10 lakh but does not exceed Rs. 2 crore.

These entities could be any of:
- Company
- Partnership
- Association of Persons
- Hindu Undivided Family
- Co-operative Society
- Proprietorship, etc.

Information to be Reported

1. Details of Company filing the form: CIN, PAN, Address, Email ID
2. Amount due to micro and small enterprises suppliers during the filing period
3. Particulars of the suppliers:
    a) Name
    b) PAN
    c) Amount due
    d) Date since when the payment is due
4. Reasons for delay in payment

Due Date for Filing

April to September - 31st October
October to March - 30th April

First Return

Every specified company shall file in MSME Form I details of all outstanding dues to micro or
small enterprise suppliers existing on the date of notification, i.e., on 22nd January, 2019, within thirty days from the date of publication of this notification, i.e., by 21st February, 2019.

Action Points

1. For swift compliance, the company should take a declaration from all of its vendors about if they fall under the definition of Micro or Small Enterprise as per the MSMED Act.
2. After identifying micro and small enterprises, an ageing of the amount outstanding to them should be prepared.
3. In case of amounts payable to them beyond 45 days, either the same should be paid on priority, or reason for delay should be recorded which will have to be reported in such Form.

*****

Edit (12-Feb-2019)

Remarks for Filing of MSME Form:

1. The definition for MSME is investment in plant & machinery based only. The definition based on turnover is part of the MSME Amendment Bill 2018, but has not been tabled on the floor of the Lok Sabha for passing.

2. Since 2015, the Central Government has mandated obtaining of UAM (Udyog Aadhaar Memorandum). You may ask your suppliers to provide the UAM.

3. The ICAI has issued Guidance Note on reporting of outstanding payments to MSME in the Tax Audit Report. The same guidance may be applied while filing the Form MSME-1 with the ROC. There should not be any inconsistency between MSME reporting in Tax Audit Report and in Form MSME-1. The only difference would be on account of Medium Enterprises as amounts outstanding to them are not to be reported in the ROC Form yet.

4. If the vendor neither provides UAM/EM/SSI number, nor discloses whether or not it has applied for UAM within a reasonable time, then one may presume that they are not covered under the definition of MSME. However, such a disclaimer may be given in the form filed with ROC. Also, one should have documentary proof that the vendors have been asked to provide UAM, but they haven't responded or failed to provide it.

*****

Edit (15-Feb-2019)

Format of Letter to be obtained from Vendors to establish their MSME status.


The Accounts Department
<Name of Company>
<Address>                                                                                     Date:

                Sub:       Vendor Classification as per MSME Act, 2006

Dear Sir,

We certify the following details about our enterprise as requested by you.

Name

Address

PAN

GSTIN

Nature of Enterprise
(Tick correct option)

Also, specify nature of activity

1.       Manufacturer

2.       Trader

3.       Service Provider

Classification as per MSMED Act 2006*
(Tick appropriate box)

1.       Micro Enterprise

2.       Small Enterprise

3.       Medium Enterprise

4.       None of the Above

If classified as Micro or Small Enterprise as per above, please attach self-attested copy of either of the following:
a)      MSME Registration Certificate or
b)      Udyog Adhaar Memorandum (UAM) or
c)       Declaration confirming the same


Thanking you.
Yours sincerely,



Signature
Name:                                                               Place:
Designation:                                                       Date:

Form DPT-3 - Return of Deposits

The Ministry of Corporate Affairs, vide notification dated 22nd January 2019, has notified Companies (Acceptance of Deposits) Amendment Rules 2019, in which sub Rule 3 in Rule 16A states that every company other than government company is required to file an e-form DPT 3, furnishing details of outstanding loans or receipts which are not in the nature of deposits.

Applicability of Return of Deposits

Every company, other than government company, to which Companies (Acceptance Of Deposits) Rules, 2014 applies, shall have to file Form DPT-3.

The list of companies required to file DPT-3 is as follows.
a) Private Companies
b) Public Companies
c) Small Companies
d) Dormant Companies
e) Section 8 Companies
f) One-person Companies

Due Date of Filing Form DPT-3

The companies shall file Form DPT-3 within 90 days of publication of notification in the Official Gazette that is on or before 22nd April 2019 along with the fee as provided in Companies (Registration Offices and Fees) Rules, 2014.

Thereafter, by 30th June every year, the company has to furnish information as on 31st March of that year, being the audited balance sheet date.

Types of Outstanding Loans and Receipts to be Reported

Companies having loan whether Secured/ Unsecured or External Commercial Borrowings from:
a) Central Govt (CG), State Govt (SG), amount received from local authority or amount received from statutory authority constituted under an act of Parliament or State legislature.
b) Foreign Banks, Governments, Institutions, Corporates, Credit agencies, citizens, authorities.
c) Any banking company, SBI, Banking Institutions.
d) Public Finance institutions notified by CG, Regional Financial institutions, Insurance Companies and Scheduled Banks.
e) Amount received against issue of commercial paper or any other instrument.
f) Inter Corporate borrowings
g) Amount received towards subscription to any securities including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of securities applied for.
h) Amount received from the person who at the time of receipt was Director or relative of Director of Private Company.
i) Amount raised by the issue of Bonds and Debentures secured by first charge and Bonds or debentures compulsorily convertible into shares within ten years.
j) Amount raised by issue of non-convertible debentures not constituting any charge on the assets of company listed on recognised stock exchange.
k) Amount received from an employee of the company not exceeding his annual salary under a contract for employment with the company in the nature of non-interest-bearing security deposit.
l) Non-interest-bearing amount received and held in trust.
m) Amount received for the purpose of business of the company-

  1. As an advance for supply of goods or services and such advance is appropriated against supply of goods or provision of services within a period of three hundred and sixty-five days from the date of acceptance of such advance.
  2. As an advance received in connection with consideration for immovable property under an agreement. Provided that such advance is adjusted against such property.
  3. As security deposits for performance of contact of supply of goods or provision of services.
  4. As an advance received under long term projects for supply of capital goods except received in connection with consideration for immovable property under an agreement. Provided that such advance is adjusted against such property.
  5. As an advance towards consideration for providing future services in the form of warrant or maintenance contract, if period for providing such service does not exceed five years from the date of acceptance of such service.
  6. As an advance received and allowed by any sectoral regulator or in accordance with directions of CG or SG.
  7. As an advance for subscription towards publication, whether print or in electronic to be adjusted against receipt of such publications.
  8. Amount brought in by promoters in the form of unsecured loans.
  9. Amount received by Nidhi Company under Section 406 of this act.
  10. Amount received by way of subscription in respect of chit under Chit Funds Act 1982
  11. Amount received under any collective investment scheme in compliance with SEBI regulations.
  12. Amount of 25 Lacs or more received by start-up company by way of convertible notes, in a single transaction from a person.
  13. Amount received from Alternative investment funds, Domestic venture capital funds, Infrastructure Investment trusts, Real state investment trusts, Mutual funds registered with SEBI.
Period to be Covered for Filing of DPT-3

The period which is covered for filling this return is from 1st April, 2014 to 22nd Jan, 2019.

Attachments with DPT-3

The following documents needs to be attached with the Form DPT-3.
a) Auditor’s Certificate
b) Copy of Trust Deed
c) Copy of Instrument creating charge
d) List of Depositors
e) Details of liquid assets
f) Optional attachments, if any


The form notified by the MCA can be viewed here:
http://www.mca.gov.in/MCA21/dca/downloadeforms/eformTemplates/NCA/Form_DPT-3.pdf

Interim Budget 2019 - Highlights

The following are the proposed highlights of the Interim Budget announced by the Finance Minister, Mr. Piyush Goyal, on 1st February 2019.

Direct Tax

1. Individuals earning Annual Total Income up to Rs. 5 lakhs will be exempt from Income Tax.

2. Standard Deduction for Salaried Employees increased from Rs. 40,000 to Rs. 50,000

3. TDS on Rent threshold increased from the current annual rent of Rs. 1,80,000 to Rs. 2,40,000

4. Notional rent chargeable on more than one self-occupied house property is exempted for one more self-occupied house property i.e. 2 house properties can be self-occupied

5. Interest on savings account exempt under section 80TTA - exemption limit increased from Rs. 10,000 to Rs. 40,000

6. Benefits under Section 80IB has increased to one more year that is 2020.

7. Capital gains Exemptions under Section 54 to be available for two house properties.

8. Within two years, tax assessment to be done electronically.

Indirect Tax

9. Indian Customs to fully digitize Export Import transactions and leverage RFID for logistics.

10. Government has abolished duties on 36 capital goods.

11. Group of Ministers to suggest ways to reduce Goods and service Tax on home buyers. Immediate steps will be undertaken.

12. Assesses with less than Rs. 5 crore annual turnover will be allowed to file quarterly returns of GST.

Economy

13. The government has revised the fiscal deficit targets to 3.4 percent in FY 19.

14. Anti-black money measures have brought an undisclosed income amounting to Rs. 1.30 lakh crore, and 3.38 lakh shell companies were unregistered.

15. Divestment target of Rs. 80,000 crores.

16. Target for expenditure for Financial Year 2020 set at Rs. 27.84 lakh crore and capital expenditure set at Rs. 3.36 lakh crore.

17. Focus on debt consolidation along with fiscal consolidation.

Agriculture

18. Farmers occupying land less than two hectares to be offered Rs. 6,000 per year as direct transfer under Prime Minister Kisaan Samman Nidhi. The amount will be transferred directly into bank account of beneficiary farmers in three installments of Rs. 2000 each. Government has allocated Rs. 75,000 crores for this scheme.

19. Minimum Support Price (MSP) has been increased 1.5 times to fulfill the aim of doubling farm income. A fund of Rs. 60,000 crores has also been allocated to Mahatma Gandhi National Rural Employment Guarantee Act.

20. About two percent interest subsidy to be given to farmers involved in animal husbandry activities via Kisaan Credit Card Scheme.

21. All the farmers affected by natural calamities will continue to get two percent interest subsidy and an additional three percent subsidy will be paid on timely payment of loans.

22. Rashtriya Kamdhenu Aayog to be set up and separate department of fisheries created, two percent interest subsidy for those in fisheries.

Employees

23. Central Government has launched a pension scheme named Pradhan Mantri Shram Yogi Mandhan. Under this, workers in unorganized sector will get a monthly pension of Rs. 3000 per month after 60 years per month.

24. The gratuity limit has been increased from Rs. 10 lakhs to Rs. 30 lakhs.

25. The Employee Provident Fund limit has been increased from Rs. 2.5 lakhs to Rs. 6 lakhs, in case of demise of the employee.


Monday, January 21, 2019

Highlights of Companies (Amendment) Ordinance 2019


  1. Commencement Certificate is mandatory now to be obtain within 6 months of Incorporation without which, it can not commence its business activity or borrow money.
  2. The ROC can strike off a company if the address of Regd Office is bogus or incomplete/ improper address. 
  3. Conversion of Public Ltd to Pvt Ltd matters shifted from NCLT to Regional Director.
  4. Company cannot issue shares at discount - heavy penalty imposed on violation. 
  5. Alteration of Authorised Capital to be intimated within 30 days, default - penalty Rs. 1000 per day or Rs. 5 Lakh, whichever is less.
  6. Creation of charge filing with ROC -  time limit reduced from 300 days to 60 days. 
  7. Wrong statement/ information in filing Charge forms with ROC may lead to misrepresentation and jail.
  8. Annual Return should be filed within 60 days from AGM, failure to this, penalty of 100 per day to Company and directors max 5 Lakh apart from ROC delay charges is applicable. 
  9. Penalty of Rs. 5 lakh to Company Secretary certifying wrong Annual Return. 
  10. Explanatory statement to be given with Notice of General Meeting must contain all details as required by Law, if no detail/short detail/misleading - penalty for Company, Directors and KMP is Rs. 50,000
  11. Filing of Resolutions with ROC - Penalty for delay increased. Rs. 500 for each day of delay up to a maximum of Rs. 25 Lakh
  12. Filing of Balance sheet with ROC within time limit - Failure is costly for Company + Directors both. Penalty of Rs. 100 per day and Rs. 1 lakh to Company and Director each. 
  13. Resignation of Auditor must be filed by the resigning Auditor within 30 days, failure to which the resigning Auditor is liable for penalty of Rs. 50,000 and Rs. 500 per day. 
  14. A director can not become director in  more than 20 companies. If he continues, he becomes disqualified. 
  15. Appointment of CS on payroll (Pvt Co having paid-up capital 5 crore and above) is mandatory.
  16. ROC may strike off a company if subscribers have not paid initial share capital after incorporation of a Company within 6 months.

Thursday, January 10, 2019

GST - Changes in Turnover Threshold and Composition Scheme

The GST Council held its 32nd meeting on 10-Jan-2019 and took the following decisions.

Changes in Composition Scheme

Increase in turnover threshold: The limit of annual turnover in the preceding financial year for availing composition scheme for goods shall be increased from the existing Rs. 1 crore to Rs 1.5 crore. Special category States will decide, within one week, about the composition limit in their respective States.

Composition Scheme for Services: A composition scheme shall be made available for suppliers of services (or mixed suppliers) with a tax rate of 6% (3% CGST + 3% SGST) having an annual turnover in preceding financial year up to Rs 50 lakhs.

The said scheme shall be applicable to both service providers as well as suppliers of goods and services, who are not eligible for the presently available composition scheme for goods.

Reduced Compliance: File only one annual return. However, payment of taxes would remain quarterly along with a brief declaration.

Changes for Regular Dealers

Higher Exemption Turnover Threshold for Goods Supplier: There would be two threshold limits for exemption from registration and payment of GST for the suppliers of goods i.e. Rs 40 lakhs and Rs 20 lakhs. States would have an option to decide about one of the limits within a weeks’ time.

Turnover Threshold for Service Providers: The threshold for registration for service providers would continue to be Rs 20 lakhs and in case of Special category States Rs 10 lakhs.

Effective Date

The above changes shall be made operational from the 1 st of April, 2019.

Other Proposed Matters for Future

1. Free Accounting and Billing Software shall be provided to small taxpayers by GSTN.
2. Composition scheme for residential real estate sector.
3. GST rate structure on lotteries.

Revenue mobilization for natural calamities: GST Council approved levy of cess on intra-state supply of goods and services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.

These changes would be given effect to through Gazette notifications/circulars in a few days.