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 […]
Posted inGST
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 […]
Posted inGST
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 […]
Posted inGST
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 & […]
Posted inGST
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 […]
Posted inCOMPANY LAW
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 […]
Posted inEPFO
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 […]
Posted inINCOME TAX
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 […]
Posted inGST
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 […]
Posted inINCOME TAX
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 […]
Posted inEPFO
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 […]
Posted inGST
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 […]
Posted inGST
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 […]
Posted inGST
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 […]
Posted inTC
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 […]
Posted inGST
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 […]
Posted inTC
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 […]
Posted inTC
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 […]
Posted inINCOME TAX
HIGH TAXATION SYSTEM ON SUPER RICH
The maximum marginal rate of income tax for super-rich in India, having an annual total income above Rs. 5 crore (Rs.50 million), has been raised to 42.74% (see Table 1). If one compares the new effective rate in India with some other countries, one finds that there are countries with even higher rate of super-rich tax […]
Posted inINCOME TAX
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 […]
Posted inGST
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, […]
Posted inINCOME TAX
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 […]
Posted inGST
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 […]
Posted inGST
GENERAL PROVISIONS IN CASE OF DETERMINATION OF TAX (SECTION 75 OF CGST ACT)
Exclusion of stay period in case which is stayed by court or tribunal for purpose for caluclating time limit for passing order u/s 73 or 74 In case of notice issued u/s 74 for fraud cases but for such fraud cases could not be estabilshed then PO will proceed u/s 73 by deeming to be […]
Posted inGST
SECTION 17 OF CGST ACT AMENDED IN ORDER TO FURTHER EXPAND THE ELIGIBILITY OF INPUT TAX CREDIT (ITC)
In this article, we will discuss the latest amendments in section 17 of CGST Act, 2017 (Apportionment of credit and blocked credit). Newly inserted explanation to Section 17(3) : ‘Explanation.—For the purposes of this sub-section, the expression ‘‘value of exempt supply’’ shall not include the value of activities or transactions specified in Schedule III, except […]
Posted inTC
FAQs ON CERTIFIED COPIES UNDER RTI
Our Member & Author Mr. Vinay Reddy is receiving many queries and most of them are similar. After analyzing 100’s of queries received through comments to his article, mails and WhatsApp messages, he prepared 15 FAQ’s – Frequently Asked Questions with respect to certified copies under RTI. We hope, your queries were addressed through below […]
Posted inGST
LAST CHANCE FOR AVAILING ITC AND RECTIFICATION OF ANY ERRORS/OMISSION IN DISCLOSURES MADE IN THE RETURNS RELATING TO F.Y. 2018-19
Most of us are busy in F.Y. 17-18 itself. However we may miss the bus for compliance for F.Y. 18-19 It would be important to note the following important due dates for the F.Y. 2018-19 :- (A) In terms of section 16(4) of the CGST Act, 2017, the due date for availing input tax credit […]
Posted inGST
PROVISIONS OF CGST ACT, 2017 APPLICABLE TO E-COMMERCE OPERATOR AT A GLANCE
E-commerce Operator : E-commerce operator who is liable to collect only TCS, then registration is mandatory ; otherwise threshold limit is applicable. Eg : Titan selling own watches in his own website. He is qualified as a E-Commerce operator as per amended provisions. If he is not liable to collect TCS then registration u/s 24(x) […]
Posted inTC
ICAI PROVIDES ACCESS TO CERTIFIED COPIES OF ANSWER SHEETS UNDER RTI ACT AT FREE OF COST
Big win and proud moment for the entire CA students’ fraternity. The Institute of Chartered Accountants of India (ICAI) provides access to certified copies of answer sheets under RTI Act, 2005 at Free of Cost. After CBSE, ICSI, University of Delhi and ICMAI ; ICAI has now implemented the Supreme Court’s landmark judgement in the […]
Posted inGST
GUJARAT HC GRANTED INTERIM RELIEF IN WRIT CHALLENGING LATE FEE FOR DELAYED FILING OF GSTR-3B
Synopsis : The Hon’ble Gujarat High Court in the matter of AAP & Co. vs Union of India has grants interim relief in writ challenging imposition of late fees for late filing of GSTR-3B under Section 47 of the CGST Act. Facts : M/s AAP & Co. (‘the Petitioner’) filed writ petition before the Hon’ble […]