UPDATED TOOL FOR GSTR-9 AND 9C WILL BE AVAILABLE BY 17th DEC : GSTN

GSTN has amended its alert message for GSTR-9 and 9C which was originally issued on 28.11.2019, is as under : “Government has made some changes in the forms of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) vide Notification No. 56/2019 dated 14.11.2019. These changes do not impact the current tools required for preparation and filing of …

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DUE DATE FOR 3rd INSTALLMENT OF ADVANCE TAX EXTENDED FOR NORTH EASTERN REGION OF INDIA

In view of the recent disturbances in the North Eastern region of India, CBDT has decided to extend the date for payment of 3rd installment of Advance Tax for FY 2019-20 from 15th December, 2019 to 31st December, 2019 for the North Eastern Region. Notification will follow. To read the official tweet of income tax …

DUE DATE FOR 3rd INSTALLMENT OF ADVANCE TAX EXTENDED FOR NORTH EASTERN REGION OF INDIA Read More »

ELECTRONIC INVOICING UNDER GST : SUMMARY OF 5 NEW NOTIFICATIONS

Govt. has issued notifications 68/2019 to 72/2019 – Central Tax, Dated 13th December, 2019, which are related to E-Invoicing under GST.  Summary of all these notifications is as mentioned below – Notification No. & Date of issue Subject Summary Notification No. 72/2019-Central Tax ,dt. 13-12-2019 Seeks to notify the class of registered person required to issue …

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GST E-WAY BILL UNDER GST

BLOCKING OF E-WAY BILL FACILITY & VICE VERSA

Blocking of EWB generation facility : Blocking/unblocking of EWB generation facility has been implemented on EWB Portal from 2nd December, 2019. Meaning of blocking : The blocking of E Way Bill generation facility means disabling taxpayer from generating E Way Bill (EWB), in case of non-filing of 2 or more consecutive GSTR 3B Return on GST Portal. …

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EXCEL SHEET FOR CALCULATION OF ITC TO BE CLAIMED AS PER RULE 36(4) (i.e. GSTR-2A BASED ITC RULE)

Extract of Notification No. 49/2019 – CGST, Dated 9th Oct, 2019 Following new sub-rule (4) has been inserted in Rule 36 dealing with conditions for claiming input tax credit: “(4) Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded …

EXCEL SHEET FOR CALCULATION OF ITC TO BE CLAIMED AS PER RULE 36(4) (i.e. GSTR-2A BASED ITC RULE) Read More »

CLARIFICATION REGARDING OPTIONAL FILING OF GSTR-9

Circular No. 124/43/2019 – GST, Dated – 18.11.2019 (1.) Attention is invited to Notification No. 47/2019-Central Tax dated 9th October, 2019 providing for special procedure for those registered persons whose aggregate turnover in a financial year does not exceed two crore rupees and who have not furnished the annual return. (2.) Vide the said notification …

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NEWS OF GSTN SYSTEM NOT FUNCTIONING ON 19th & 20th OCT ARE INCORRECT : GSTN

GSTN statement on filing of GSTR-3B (October 2019) –  Dated 20th Nov. 2019 New Delhi : Certain complaints made yesterday on the social media regarding GSTN system not functioning are incorrect. GSTN assures that the GST Return filing system was working within expected limits. Had it not been so, how more than 11.52 lakh GSTR 3B (October) returns …

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AS THE EXTENDED DUE DATE FOR ANNUAL RETURN (F.Y. 2017-18) IS 31st DEC., YOU HAVE TO KNOW ALL ABOUT THIS

As you all might be aware about the notification issued by the CBIC regarding relaxation in filing of annual GST returns. So many of you might be having some questions in their mind. So I have tried answering some of these questions by way of FAQs. Q. What is GSTR-9 ? Ans. GSTR-9 is an …

AS THE EXTENDED DUE DATE FOR ANNUAL RETURN (F.Y. 2017-18) IS 31st DEC., YOU HAVE TO KNOW ALL ABOUT THIS Read More »

GUJARAT HC ISSUES NOTICE TO GST COUNCIL & GSTN FOR ‘20% ITC RULE IN GST’

The Central Board of Indirect Taxes & Customs (CBIC) tweaked the ITC norms by bringing in a new rule ‘36(4)’ in the Central Goods and Services Tax Rules, 2017 and it was notified on October 9. This section has been challenged in the High Court of Gujarat. After the first hearing, the Court issued notices …

GUJARAT HC ISSUES NOTICE TO GST COUNCIL & GSTN FOR ‘20% ITC RULE IN GST’ Read More »

MAJOR CHANGES IN GSTR-9 AND 9C FOR EASE OF COMPLIANCE

Major Changes in GSTR-9 Suitable amendments for F.Y. 2018-19 wherever there is reference for F.Y. 2017-18 For F.Y. 2018-19, GSTR-2A as on 01.11.2019 will be auto populated. Other simplifications/relaxations for F.Y. 2017-18 & 2018-19 Table Particulars Relaxation 4B to 4E outward taxable supply Option to fill net of credit/debit notes & amendments 5D, 5E & …

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extened due date of income tax and gst

GSTR-9 & 9C MORE SIMPLIFIED AND DUE DATE EXTENDED

The Government has decided today (14.11.2019) to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to 31st December 2019 and for Financial Year 2018-19 to 31st March 2020. The Government has also decided to simplify these forms by making various fields of these …

GSTR-9 & 9C MORE SIMPLIFIED AND DUE DATE EXTENDED Read More »

COMPLIANCE MONITORING SYSTEM BY MCA (MCA-CMS PORTAL)

MCA-21 is one of the first e-governance initiative from Government of India implemented way back 2006. MCA 21 has gone through various overhauling process during last 13 years.  In may 2019, Government of India has announced that the Ministry of Corporate affairs is planning to implement a Version 3 for ease of doing process.  “The …

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STEP BY STEP PROCESS TO FILE ECR

HOW TO ACTIVATE UAN (Universal Account Number) FOR YOUR EPF ACCOUNT

To use the various online services related offered by the EPFO related to your EPF account, your UAN must be activated. There are many services that can be accessed through the online portal of Employees’ Provident Fund Organisation (EPFO). Some of these services include making nomination for your Employees’ Provident Fund account (EPF) and Employees …

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SC JUDGEMENT : ONLY CHANGE OF ADDRESS IN ITR IS NOT ENOUGH. ASSESSING OFFICER MUST BE SPECIALLY INTIMATED

Supreme Court : The 3-judge bench of UU Lalit, Indira Banerjee and MR Shah, has held that mere mentioning of the new address in the return of income without specifically intimating the Assessing Officer with respect to change of address and without getting the PAN database changed, is not enough and sufficient. The Court said …

SC JUDGEMENT : ONLY CHANGE OF ADDRESS IN ITR IS NOT ENOUGH. ASSESSING OFFICER MUST BE SPECIALLY INTIMATED Read More »

OUR REPRESENTATION TO HON’BLE FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR CLAIMING ITC FOR THE F.Y. 2018-19

Ref : TC/19-20/2                                                                                                                Date : 18th October, 2019 To, Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance, Govt. of India & Chairperson – GST Council ; 134, North Block, New Delhi – 110 001 The Office of GST Council Secretariat, 5th Floor, Tower II, Jeevan Bharat Building, Janpath Road ; Connaught Place, New Delhi …

OUR REPRESENTATION TO HON’BLE FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR CLAIMING ITC FOR THE F.Y. 2018-19 Read More »

GOOD NEWS TAXPAYERS! INCOME TAX DEPARTMENT CAN NOT ISSUE YOU A NOTICE OR ORDER WITHOUT DOING THIS

In a bid to provide better services to taxpayers and ensure greater accountability and transparency in tax administration, the Central Board of Direct Taxes (CBDT) has announced the launch of Documentation Identification Number (DIN), which from now onwards will have to be carried in every communication of the Income Tax Department. This means that in …

GOOD NEWS TAXPAYERS! INCOME TAX DEPARTMENT CAN NOT ISSUE YOU A NOTICE OR ORDER WITHOUT DOING THIS Read More »

NEW FUNCTIONALITIES ON NATIONAL CAREER SERVICE (NCS) PORTAL

National Career Service (NCS) Portal (www.nsc.gov.in) is initiative by the Directorate General of Employment, Ministry of Labour and Employment (MoLE) Government of India.As you are aware that NCS brings together job seekers and employers with an aim to provide the employer with suitable candidates.From entry-level workers to mid management level executives, NCS enables employers to …

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GST WEEKLY UPDATE

DIFFERENT ASPECTS OF NOTIFICATION NO. 49/2019-CT, DATED 09.10.2019

APPLICABILITY The notification has been published in the official gazette on 09.10.2019 It is an alert for taxpayers who have chosen not to file GSTR-9 for F.Y. 2018-19. They have to claim the accurate provisional ITC in Sep, 2019 return. The CBIC could clarify on the applicable return period for this rule to clear the …

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ELECTRONIC INVOICING IN GST FROM 1st JANUARY, 2020

The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on a voluntary basis. Since there was no standard for e-invoice existing in the country, standard for the same has been finalized after consultation …

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ANALYSIS OF GST NOTIFICATIONS ISSUED BY THE CBIC ON 09th OCT, 2019

Further Changes Pursuant to The 37th GST Council Meeting in GST Law and Rules vide CBIC Central Tax notification No. 44 to 49/2019 dated 9th October 2019. Pursuant to the decisions taken at the 37th GST Council meeting, following changes have been made via issuance of notifications dated 09th October, 2019. A. DUE DATES FOR MAKING THE …

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WHO IS KUMAR SHANU AND PARAS JAIN ? WHY MILLIONS OF STUDENTS SHOULD INDEBTED TO THEM FOR THEIR TIRELESS WORK ?

KUMAR SHANU Kumar Shanu is an advocate and a social activist. Kumar Shanu, the co-founder of Whistle for Public Interest (WHIP), is by known in India for his Public Interest Litigation and effective use of the Right to Information Act. WHIP is a platform for law students and young lawyers to put their advocacy skills …

WHO IS KUMAR SHANU AND PARAS JAIN ? WHY MILLIONS OF STUDENTS SHOULD INDEBTED TO THEM FOR THEIR TIRELESS WORK ? Read More »

A COMPLETE GUIDE TO INPUT TAX CREDIT (ITC) UNDER GST

What is Input Tax Credit (ITC) :ITC means deducting the tax paid on Inputs and Inputs Services from the tax payable on final output. What are the conditions for claiming ITC (Section-16) :There are flat twelve conditions for claiming input tax credit under GST law. All the twelve must necessarily be satisfied for claiming input …

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LEGAL NOTICE TO ICAI FOR GROSS NEGLIGENCE IN EVALUATION OF ANSWER SCRIPTS

Today, a legal notice was sent to ICAI by Adv. Paras Jain and Adv. Kumar Shanu for gross negligence in evaluation of answer scripts from the side of Institute. The words of legal notice are as under : To,President, Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, Post Box No. 7100, New Delhi-110002 …

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PROTEST AGAINST ICAI

On Sep 23rd, 2019, CA Aspirants and Candidates protested against ICAI to seek some reforms from the side of Institute. In reply, The representatives of institute said that “Kindly submit your written representation and institute will consider the same”. However, the reason for which they have protested, is as under – Questions raised on ICAI …

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FACELESS INCOME TAX E-ASSESSMENT SCHEME : AN INITIATIVE FOR PAPERLESS PROCEEDINGS AND ENSURING GREATER TRANSPARENCY IN THE SYSTEM

Finally, the wait for new Assessment Scheme has come to an end. As per the CBDT notification dated 12th September, 2019, a new faceless income tax scrutiny Assessment Scheme has been announced. The said scheme will be rolled out from 8th October,2019 on the occasion of “Vijayadashmi – a festival of good over evil”, signifying …

FACELESS INCOME TAX E-ASSESSMENT SCHEME : AN INITIATIVE FOR PAPERLESS PROCEEDINGS AND ENSURING GREATER TRANSPARENCY IN THE SYSTEM Read More »

OUTCOME OF 37th GST COUNCIL MEETING HELD ON 20.09.2019

The GST Council, in its 37th meeting held at Goa, recommended the following : Relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under : Waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and Filing of FORM GSTR-9 for those taxpayers, …

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SOFTWARE ENGINEER POSED HIMSELF AS PRACTICING CA TO EARN COMMISSION ON TAX REFUND

This week, Rs.17 crore IT Refund scam was unearthed in Nashik and the suspect was named as CA Rajendra Patil. However it has been noted that Mr.Patil is a Software Engineer who posed himself as a Practicing CA. Mr. Patil has filed IT returns of over 1,800 Salaried individuals and facilitated more refunds than what …

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RACKET OF FAKE INVOICES WITHOUT ACTUAL SUPPLY OF GOODS BUSTED IN DELHI

CLICK HERE TO INSTALL OUR APP FOR IT, GST, MCA/ROC UPDATES CGST Delhi West and CGST Delhi North in a joint operation busted a racket of issuance of invoices without actual supply of goods. The taxpayer availed fraudulent Input Tax Credit for seeking IGST Refunds from Customs formations. Investigations revealed a novel modus operandi wherein …

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