Question: 892

i had applied the New GST Registration 16/04/2024. We had also done the aadhar authentication and same day ARN no has been generated. department asked for query and we also reply the query. Always office and department has been added.

Please guide us to take the New GST registration.

Is there change in the registration procedure, please share the notification/circular/SOP?

Ans: There is no change in procedure for registration. One should visit and check why application is pending

Question: 891 WHEN ITC 04 FORM APPLICABLE & WHAT PENALTY FOR NON FILING OF ITC 04

Ans:

As per GST law, the tax payer is required to report the details of challans in respect of goods dispatched to a job worker or received from a job worker in FORM GST ITC-04 on or before the twenty-fifth day of the month succeeding the said period.

Form GST ITC-04 was required to be filed quarterly for tax periods, until September 2021. However, with effect from 1st October 2021, it is required to be filed on a yearly or annual basis depending upon the aggregate turnover of the preceding financial year.

There are no specific penalties or late fees prescribed for the delay in filing GST ITC-04. However, as per Section 125 of The CGST Act, 2017, any person, who contravenes any of the provisions of this Act or any rules made thereunder for which no penalty is separately provided for in this Act, shall be liable to a penalty which may extend to twenty-five thousand rupees.

Ques: 890: One of my client is a real estate agent, primarily he is earning income from commission on sale of proerties. Occassionaly he is booking underconstruction flats from builders and then in a span of 5-10 months he sells those bookings to end user/homebuyer by registering buyer's name in builder's records (transaction called -builder transfer), in the course of this transaction he gets some extra amount called as premium from buyers that is over and above what he has already paid to builder.
Till now, Client is not booking these transactions under GST i.e. not asking builder to report such supplies under b2b on his GST.
Please advise GST provisions on such transaction, on premium part as well as on gross consideration.

Ans: This activity will not fall under GST ambit. It’s sale or purchase of immovable property.