We know that w.e.f. 09th Oct, 2019, the GST department has restricted ‘the ITC to be claimed in GSTR-3B return to 120% of the eligible credit based on invoices/debit notes uploaded by the suppliers in their GSTR-1 [Rule 36(4) of the CGST Rules, 2017].’ The extract of above rule is as under : “(4) Input […]
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REPLY FORMAT FOR NOTICE UNDER SECTION 16(4) OF THE CGST ACT, 2017
In previous article, we have discussed about the notices send by GST department under section 16(4) of the CGST Act, 2017. After sharing of that article, we have received various queries from professionals across the country that what is required to be done in case of these notices. So, in this article ; we will […]
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GST DEPARTMENT STARTED SENDING NOTICES UNDER SECTION 16(4) OF THE CGST ACT, 2017
We know that the due date of claiming ITC for F.Y. 2017-18 and F.Y. 2018-19 was 30th Apr, 2019 (March, 2019 GSTR-3B) and 20th Oct, 2019 (Sep, 2019 GSTR-3B) respectively [Section 16(4) of the CGST Act, 2017]. Some taxpayers have filed their GSTR-3B for such F.Y. after due date as mentioned above and have claimed […]
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FINANCE MINISTRY ANNOUNCES 3 DIFFERENT DUE DATES FOR FILING GSTR-3B
Considering the difficulties faced by trade and industry in filing of returns, the government has decided to introduce several measures to ease the process. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Presently the last date of filing GSTR-3B returns for every taxpayer is 20th […]
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OUR REPRESENTATION TO HON’BLE FINANCE MINISTER AND GST COUNCIL FOR EXTENSION OF DUE DATE FOR GSTR-3B OF DEC, 2019
Ref : TC/19-20/3 ; Date : 20th January, 2020 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 – 110 […]
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FROM ACADEMICS TO CA FINAL : THE INSPIRATIONAL STORY OF A CHARTERED ACCOUNTANT
From Academics to CA Final : The Inspirational Story of A Chartered Accountant The harder you work, the luckier you get. Because there is no shortcut to success and in the end, everything is worth it! Today I chase my passion for writing, I am developing a start up for some fintech company and work […]
Posted inINCOME TAX
AWARE FOR YOUR IDENTITY DETAILS : RS. 3.49 CRORE IT NOTICE TO SALARIED PERSON
BHOPAL : A 29-year-old man from Bhind district of Madhya Pradesh, presently working with a Business Process Outsourcing (BPO) company in Ludhiana is in a state of shock following an Income Tax department notice, asking him to pay Rs 3.49 crore penalty for alleged transactions worth Rs 132 crores done via a current account in […]
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NOTE ON SOLE PROPRIETORSHIP
About : A business that is owned and managed by a single person. There is no such thing as registration with any statutory Law like Company Law / LLP Law / Partnership Act etc.; Proprietorships are recognized by other registrations, such as a service tax registration or GST or MSME or Shop and Establishment Act. Features of […]
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INCOME TAX SLABS & RATES FOR THE A.Y. 2020-21 (F.Y. 2019-20)
For : Individual resident (Aged below 60 years) or Any NRI or HUF or AOP or BOI or AJP Income Slab Income Tax Upto Rs. 2,50,000 NIL Rs. 2,50,000 – Rs. 5,00,000 5% Rs. 5,00,000 – Rs. 10,00,000 20% Above Rs. 10,00,000 30% Surcharge( subject to Marginal Relief ) 10% (If taxable income > Rs. […]
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PRESENTATION ON NEW GST RETURNS
With the aim to simplify GST returns for both the taxpayers as well as the professionals, the Central Board of Indirect Taxes and Customs has introduced a NEW GST RETURN System which would be applicable from April, 2020. After the approval of the new system in GST Council Meeting, many of you might be having […]
Posted inCOMPANY LAW, GST, INCOME TAX
CORPORATE UPDATES FOR THE PERIOD 1st JANUARY TO 10th JANUARY, 2020
Good Evening Professionals! This is new Knowledge Initiative by our author CS Lalit Rajput to promote Corporate Governance. We will provide corporate updates after every 10 days to empower professionals. MCA/ROC UPDATE : (1.) Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under […]
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DUE DATE FOR FILING GSTR-1 FROM JULY, 2017 TO NOV, 2019 FURTHER EXTENDED
The GST council in its 38th meeting on 18th Dec 2019 had recommended that late fee chargeable on filing of statements of output supplies in Form GSTR-1s, be waived for the GSTR-1 pertaining to period July, 2017 to Nov 2019 if the same are filed by 10/01/2020 The response to this waiver has been very […]
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IS A PERSON SUPPLYING ONLY EXEMPTED GOODS LIABLE TO PAY TAX UNDER RCM ?
In order to get clarity regarding this concept we need to go through registration provisions under CGST Act. Section 22 of the CSGT Act (PERSON LIABLE FOR REGISTRATION) – It provides that every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from […]
Posted inINCOME TAX
FAQs ON NEW SECTION 269SU OF THE INCOME TAX ACT, 1961
Finance Act, 2019 inserted new Section 269SU after section 269ST of the Income-tax Act, with effect from the 1st day of November, 2019. We will discuss about this new section in this article. Acceptance of payment through prescribed electronic modes : Every person, carrying on business, shall provide facility for accepting payment through prescribed electronic […]
Posted inCOMPANY LAW
CHANGES IN THE ELIGIBILITY CRITERIA OF ‘APPOINTMENT OF WHOLE TIME COMPANY SECRETARY’ AND ‘SECRETARIAL AUDIT’
(1) Compulsory appointment of Company Secretaries in companies : From 1st April, 2020, every listed company, every other public company and private company having a paid-up share capital of Rs. 10 crore or more shall have a whole -time company secretary. Previously, every company which has a paid-up share capital of Rs. 5 crore or […]
Posted inCOMPANY LAW, GST, INCOME TAX
HIGHLIGHTS OF NATIONAL TAX CONFERENCE HELD ON 4th AND 5th JAN, 2020 AT JODHPUR
At Sun City, Jodhpur, 2 days National Tax Conference event (4th and 5th Jan, 2020) has held jointly by the Rajasthan Tax Consultants’ Association, Jaipur (RTCA) and Tax Bar Association, Jodhpur. The evant has held at Dr. S.N. Medical College Auditorium, Residency Road, Jodhpur. Hon’ble Chief Minister of Rajasthan Sh. Ashok Gehlot was the Chief […]
Posted inCOMPANY LAW
COMPLIANCE RELATED TO FOREIGN COMPANY UNDER THE COMPANIES ACT, 2013
Definition of Foreign Company : As per definition given under Section 2 (42) of the Companies Act, 2013 ; “FOREIGN COMPANY” means any company or body corporate incorporated outside India which,— (a) has a place of business in India whether by itself or through an agent, physically or through electronic mode; and (b) conducts any […]
Posted inCOMPANY LAW, EPFO, GST, INCOME TAX
CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF JANUARY, 2020
ABOUT THIS ARTICLE : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance Requirement Under : Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015 SEBI Takeover […]
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THE NEW YEAR HAS COME WITH TWO IMPORTANT CHANGES IN GST ACT
Happy new year to all, have a great year ahead. In this article, we are going to discuss about the amendment in Rule 36(4) and the insertion of Rule 86A w.e.f. 01.01.2020 Amendment in Rule 36(4) of CGST Rules, 2017 : Rule 36(4) was first introduced by Notification No. 49/2019 – Central Tax, Dated 09.10.2019, […]
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WHAT IS SUO MOTO CANCELLATION AND HOW TO FILE APPLICATION FOR REVOCATION OF SUO MOTO CANCELLATION
Suo Moto Cancellation : Suo Moto Cancellation of GST Registration means cancellation of registration by GST Officer on its own. There must be a valid reason for initiation of proceeding for Suo moto cancellation as specified under Section 29(2) of the CGST/SGST Act. Any liabilities prior to the date of suo moto cancellation will have […]
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MAJOR OUTCOMES OF 38th GST COUNCIL MEETING
38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of Ministry of Finance. The GSTCouncil recommended […]
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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 […]
Posted inINCOME TAX
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 […]
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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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NOW YOU CAN REVISE GSTR-3B AFTER ITS SUBMISSION BUT BEFORE FILING
The Central Board of Indirect Taxes and Customs (CBIC) has enabled ‘RESET option’ for GSTR-3B on GST Portal. This facility can be used on GST Portal where GST Return submitted but it is not filed. All Pictures are attached below :
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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 […]
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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 […]