The year gone by was a transitional year and undoubtedly, a roller coaster ride in terms of fire fighting with the complexities in GST regime. The new financial year could bring a stable GST regime.

Top Trends

  • Authority for Advance Rulings (AAR) constituted in various states have begun to pronounce their decisions.
  • Return simplification –Action underway with the Group of Ministers (GoM) inviting stakeholders consultations for the design of new return filing mechanism.
  • Exemption of IGSTand compensation cess available under Advance Authorisation (AA), Export Promotion Capital Goods (EPCG) and Export Oriented Unit (EOU) till 1 October 2018.
  • Letter of Undertaking (LuT) (for exports without payment of IGST):

    • Application of LuTfor the financial year 2018-19 has been made online. No manual submission of any documents required;
    • Late filing of LuTin the financial year 2017-18 -condoned and the facility for export under LuTcan be allowed on a retrospective basis taking into account the facts and circumstances of the case (Circular No. 37/11/2018-GST).
  • Action points for assesses in the new financial year:

    • Determine the periodicity of GSTR-1
    • New invoice series
    • e-Way Bill for inter-state movement of goods (>INR 50,000)
    • Annual reconciliation of books and GST returns
    • ITC reversal as per Section 16(2) of the CGSTAct (Payment within 180 days).

Judicial Pronouncements

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