QUICK REVIEW ON E-WAY BILL

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E -way bill

E-way bill is an electronic way bill for movement of goods which can be generated on GSTN portal. E-way bill contains the details of transported goods besides the name of consignor and consignee of such goods. It is the evidence of genuineness of supply of goods from one place to another.

E-way bill is required to be generated for consignment of goods of value exceeding Rs 50000. (Generating an e-way bill for consignments valuing less than Rs 50000 is optional)

When should an E-Way Bill be generated?

E-way bill is required to be generated for any movement of goods, due to any of following reasons:

  • In relation to supply
  • For reasons other than supply
  • For inward supply from an unregistered persons

Who can Generate GST E-Way Bill?

  • If a taxable person is registered under GST wants to transport goods using own vehicle or hired vehicle as a supplier or to be received in the course of business as a recipient, the taxable person can generate a E-Way Bill in Form GST INS-1 electronically on the GST Common Portal by providing information requested in Part B of FORM GST INS-01.
  • If a transporter is involved in the transfer of Goods, then the taxable person registered under GST must furnish information about the consignment in Part B of FORM GST INS-01 on the GST Common Portal. Using this information, the transporter would then generate a E-Way Bill on the basis of the information provided by the taxable person in Part A of FORM GST INS-01. Transporters are allowed to generate and carry E-Way bill even if the value of the consignment is less than Rs.50, 000.
  • Finally, any unregistered person transferring goods to a taxable person under GST can also generate e-way bill in FORM GST INS-01 on the GST Common Portal

Cancelling a GST E-Way Bill

E-way bill will also be allowed to be generated or canceled through SMS.

When an e-way bill is generated a unique e-way bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter.

Once a GST E-Way Bill is generated but goods were not transported or are not being transported, then the GST e-way bill can be cancelled through the GST portal or through a GST Facilitation Centre within 24 hours of generation of the e-way bill.

Validity of E-Way Bill

Distance Valid for
Upto 100 km 1 day
100 km or more but less than 300 km 3 day
300 km or more but less than 500 km 5 day
500 km or more but less than 1000 km 10 day
More than 1000 km 15 day

Exceptions to E-way bill requirement

No e-way bill is required to be generated in the following cases

  • Transport of goods as specified in Annexure to Rule 138 of the CGST Rules, 2017
  • goods being transported by a non-motorized conveyance;
  • goods being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs
  • in respect of movement of goods within such areas as are notified under rule 138(14) (d) of the SGST Rules, 2017 of the concerned State;
  • Consignment value less than Rs. 50,000/

Goods worth more than Rs.50, 000 are transported from one place to another an e-way bill is required. In case goods are transported without an e-way bill, the goods can be seized by a GST officer and penalty could be levied.

Documents Required for Transport under GST

In addition to the GST E-Way Bill, a person in-charge of conveyance of goods is required to carry the following documents for inspection by authorities at any time:

  • Invoice or bill of supply or delivery challans and invoice reference number from the GST common portal, obtained by uploading a copy of the GST tax invoice issued in FORM GST INV-1.
  • Copy of the e-way bill or the e-way bill number, either physically or mapped to a Radio Frequency Identification Device (RFID) embedded on to the vehicle. in such manner as may be notified by the

CONSOLIDATED E-WAY BILL

Consolidated e-way bill is a document containing the multiple e-way bills for multiple consignments being carried in one conveyance (goods vehicle). That is, the transporter, carrying the multiple consignments of various consignors and consignees in one vehicle wherein he is required to carry one consolidated e-way bill instead of carrying multiple e-way bills for those consignments.

A transporter can generate the consolidated e-way bills for movement of multiple consignments in one vehicle.

Consolidated EWB is like a trip sheet and it contains details of different EWBs which are moving towards one direction, and these EWBs will have different validity periods.

Hence, Consolidated EWB is not having any independent validity period. However, individual consignment specified in the corresponding EWB in the Consolidated EWB should reach the destination as per its validity period of that individual EWB.

Latest updates on e- way bill

The GST council in earlier meeting in October had decided that E-way bill would be introduced in staggered manner from January 1 and subsequently nationwide from April1.

In the recent 25th GST council meeting was finally decided that the e-way bill is now introduced and will be applicable from 1st February 2018 across the nation.

The states can opt to follow the e-way bill system any time before 1st June 2018 From 1st June 2018 e-way bill rules will uniformly apply to all states.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at http://carajput.com/blog/ For any query you can write to info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

 

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KEY HIGHLIGHTS OF THE COMPANIES (AMENDMENT) BILL, 2017

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  1. Name reservation in case of new company Incorporation shall be valid for 20 days from date of approval instead of 60 days from the date of application.
  1. In case of Change of Name of existing Company, Name Reserved by the ROC shall be valid for 60 days from the date of Approval.
  1. Partnership firm, LLP etc. with 2 or more partners (previously 7) can be converted into Private Limited Company.
  1. Every company shall have registered office within 30 days of incorporation instead of current requirement to have registered office within 15 days.
  1. Notice of every changes of situation of the registered office shall be given to ROC within 30 days instead of 15 days as currently provided.
  2. Sweat equity shares can be issued at any time currently it can be issued after 1 year from commencement of business.
  1. In addition to Directors & KMP, any employee of the company can also authenticate company documents as authorized.
  1. Annual General Meeting of unlisted company can be held anywhere in India.
  1. Wholly owned subsidiary (WOS) of a company incorporated outside of India is now allowed to hold EGM outside India.
  1. No central govt. approval required for payment of remuneration in excess of 11% of net profit.
  1. Money received under the private placement shall not be utilized unless the return of allotment is filled with the ROC.
  1. Companies which have defaulted in repayment of deposits, can also also accept deposits after a period of 5years from the date of making good the default.
  1. An amount being not less than 20 % of the amount of deposits, maturing during the following financial year be deposited on or before the 30th day of April each year and kept in a separate bank bank account [i.e. deposit repayment reserve account].
  1. Central govt. Can provide any other number to be treated as DIN like Aadhar or Pan.
  1. Requirement related to resident director director eased i.e.’stay in India for a total period not less 182 days during the financial year’ .
  1. Requirememt of filing of form DIR 11 (Filing of a copy of resignation to ROC by director itself) made optional.
  1. Where a director incur any of disqualification under section 164(2) due to default of filing of financial statement or annual return or repayment of deposit or pay interest or other mentioned in section, than he shall be vacate office of the director in all the companies other than the company which is in default.
  1. Elegibilty for doing CSR to be determined based on preceding “Financial Year” instead of “three preceding Financial year”;
  1. The requirement related to annual ratification of appointment of auditor by members is omitted.
  1. The Requirement of MGT-9 ie. extract of Annual Return to form part of Board’s Report, has been omitted.Instead the copy of Annual Return shall be uploaded on the website of the Company, if any, and its link shall be disclosed in the Board’s Report.
  1. CG will prescribe an abridged Board Report for One Person Company and small company.
  1. Disclosure which have been provided in the financial statement shall not be required to be reproduced in the Board Report again.
  1. Disclosure by promoters and top 10 shareholders with respect to 2% change in shareholding in a listed company has been omitted.
  1. In case delay in filing documents, fact or information required to be submitted under section 92 (Annual Return) or 137 (copy of financial statement), after expiry of prescribed period a flat additional fee of Rs.100 per day shall be paid instead of slab wise additiinal fee.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at http://carajput.com/blog/ For any query you can write to info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

 

 

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MASSIVE INCREMENT IN PROSECUTION ON TAX EVADERS- ON BLACK MONEY AND MONEY LAUNDERING BY GOVERNMENT OF INDIA

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The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders.

Prosecutions have been initiated for various offences including wilful attempt to evade tax or payment of any tax; wilful failure in filing returns of income; false statement in verification and failure to deposit the tax deducted/collected at source or inordinate delay in doing so, among other defaults.

During FY 2017-18(upto the end of November, 2017), the Department filed Prosecution complaints for various offences in 2225 cases compared to 784 for the corresponding period in the immediately preceding year, marking an increase of 184%. The number of complaints compounded by the Department during the current FY (upto the end of November, 2017) stands at 1052 as against 575 in the corresponding period of the immediately preceding year, registering a rise of 83%. Compounding of offences is done when the defaulter admits to its offence and pays the compounding fee as per stipulated conditions.

Due to the decisive and focused action taken by the Department against tax evaders, the number of defaulters convicted by the courts has also registered a sharp increase during the current fiscal. 48 persons were convicted for various offences during the current year(upto the end of November, 2017) as compared to 13 convictions for the corresponding period in the immediately preceding year, marking an increase of 269%.

A FEW ILLUSTRATIVE CASES ARE HIGHLIGHTED.

  • A Dehradun Court convicted one defaulter for holding undisclosed foreign bank account and sentenced him to two years of imprisonment for wilful attempt to evade tax and to two years for false statement in verification alongwith monetary penalty for each default respectively.
  • The Court of CJM, Jalandhar convicted a cloth trader with 2 years rigorous imprisonment for trying to cheat the Department by fabricating affidavits and gift deeds, in connivance with his advocate and witness, with the motive of evading tax. The Court, while awarding the sentence to the trader, also simultaneously awarded one year’s imprisonment to the advocate notarizing the forged affidavit and also to the witness for aiding and abetting the serious offence,
  • In Bengaluru, the MD of a company engaged in infrastructure projects was found guilty of non-deposit of TDS of over Rs. 60 lakh(within the prescribed time), and was sentenced to rigorous imprisonment of three months alongwith imposition of fine. Similarly, a Mohali resident was held guilty of non-deposit of TDS within prescribed time and sentenced to one year jail alongwith fine.
  • In another case of Hyderabad, the Director of an infrastructure company was sentenced to rigorous imprisonment of six months and fine for wilful attempt to evade tax. She was simultaneously sentenced to rigorous imprisonment for six months alongwith fine for false statement in verification.
  • The Economic Offences Court at Ernakulam sentenced an individual to rigorous imprisonment of three months for selling property to evade payment of taxes of about Rs. 76 lakh despite issuance of the tax recovery certificate by the Tax Recovery Officer.
  • In yet another case reported from Agra, the Special CJM convicted one defaulter with imprisonment of one year & six months for wilful attempt to evade tax and for false statement in verification respectively alongwith fine.

The Income Tax Department is committed to carry forward the drive against tax evasion and action against tax evaders will continue in all earnest in the remaining part of the current Financial Year. (CBDT PRESS RELEASE, DATED 12-1-2018)

In case you are confused about above article as a business owner, feel free to consult the  our experts at Rajput Jain & Associates,. You can get comprehensive assistance on it.

(Disclaimer:  The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at http://carajput.com/blog/ For any query you can write to info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

 

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MCA HAS LAUNCHED NEW E-FORM RUN(RESERVE UNIQUE NAME)

Image result for ZERO INCORPORATION FEE The government has launched a web service RUN (Reserve Unique Name) for reserving name of a proposed company under the Government Process Re-engineering on this Republic Day to improve ease of doing business in the country.

We can directly submit the application for reserving name online within few minutes (there is no requirement to download e-form like INC-1, and attaching DSC), has been launched for reserving name of new company or for change in name of existing company earlier there was INC-1 for reservation of name of new company or for change in name of existing company.

The initiative is aimed at making the company incorporation process speedy, smooth and simple.

BEFORE RUN

Before RUN (Reserve Unique Name) companies had to apply to reserve their names through Form INC-1. At the most they had six choices from which they needed to pick their names. Applicants also needed to furnish at least one DSC and two DIN.

NOW IN RUN

In RUN web-form, a company name can be reserved very fast and in easy way. Even digital signature is not required for the same, there is no requirement to download e-form like INC-1. The person can apply for a name of his choice. However, only one name choice can be provided at a time.  Application form fee shall be Rs.1000/- per form for reservation of name by using RUN web-form.

No requirement of DSC but you will be able to apply for name reservation only after login and there is also one restriction that SPICe form, INC-12 and INC-24 will be uploaded using same ID

FEE FOR SUBMITTING APPLICATION

Fee is Rs. 1000 and there is no change in fee because earlier also you were required to pay Rs. 1000 while uploading INC-1.

APPROVED NAME IS VALID FOR A PERIOD OF      
(i) 20 days from the date of approval (in case name is being reserved for a new company) or
(ii) 60 days from the date of approval (in case of change of name of an existing company)

Image result for ZERO INCORPORATION FEE MCAPROCESS OF RUN

  • the Entrepreneur must first create a free MCA account. New users are required to create a login account first before using the service. After login, they may click on the icon RUN under the head ‘MCA Services’
  • ENTER CIN -CIN is Corporate Identification Number and it has to be entered only when an existing company wishes to change its name and is using RUNto reserve a new name.
  • User has to enter the name he wants to reserve, for incorporation of a new company or for changing the name of an existing company.
  • User is advised to enter the objects of the proposed company and any other relevant comments in support of the proposed name.
  • On submission of the RUN form with a Rs.1000 fee, the requested name would be checked by MCA personnel at the Central Registration Centre (CRC) against company, LLP and trademarks for tests of similarity

RESUBMISSION

No. Users may please note that the name applied for will either be approved or rejected and no resubmission is allowed. A fresh payment of Rs.1000 has to be made for every application submitted using the RUN service.

zero fee for company incorporation

As Zero fees has been announced for the SPICe form, eMOA and eAOA .However, stamp duty would still be applicable for incorporation as before. Startups/Entrepreneurs would be able to save thousand of rupees on incorporation of a Company fee.

APPLICATION FOR DIN

Any person who wants incorporation of a Companycan apply for DIN only through the SPICe. Details of Directors must be filled into the SPICe form along with their PAN or Passport details. Now DIR-3 form can be used by existing companies for adding a Director. The new DIR-3 form has provision of requesting the CIN of the Company to which the Director would be added

FEE FOR INCORPORATION

Zero fee for incorporation of all companies with authorized capital upto Rs. 10 lakh.

Disclaimer:

(The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at http://carajput.com/blog/ For any query you can write to info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

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FEW WAYS THROUGH – DEPARTMENT IS MONITORING YOUR HIGH-VALUE TRANSACTIONS

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To check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, Mutual Fund Company and Credit Card Company feed the tax department with information regarding your big transactions.

Example of few ways through which the tax department is monitoring your high-value transactions :

1) Your bank will inform the tax department if you have deposited cash, made a demand draft or fixed deposits aggregating up to Rs. 10 lakh or more in a financial year under different accounts.

2) The property registrar is liable to report purchase or sale of immovable property exceeding Rs. 30 lakh.

3) Now, TCS (tax collected at source) at the rate of 1 per cent is deducted and deposited to the tax department by the buyer in case of purchase of property over Rs. 50 lakh. This is just another way of reporting the transaction.

4) If you have made a cash payment of Rs. 1 lakh towards your credit card or Rs. 10 lakh or more through any other mode during the financial year, your credit card company will report the transactions to the tax authorities.

5) Purchase of shares, debentures and mutual funds of Rs. 10 lakh or more will have to be reported by the companies to the tax authorities.

6) If you are earning more than Rs. 50 lakh a year, you have to report your assets and liabilities in a new ITR (income tax return) form this year.

7) Now reporting of PAN is mandatory for making any purchase of goods and services of more than Rs. 2 lakh. Also, a TCS (tax collected at source) has been introduced from June 1 in case of purchase or sale of any goods and services for Rs. 2 lakh and more in cash.

8) According to experts, TDS is another way of tracking income of tax payers. Banks deduct TDS if interest income on fixed deposits is more than Rs. 10,000 in a year.

9) A 1 per cent luxury tax is levied on purchase of car priced over Rs. 10 lakh. It will be deducted by the seller of the car and will be applicable on ex-showroom price. However, this extra payment could be set off against the total tax liability of the buyer.

10) You also have to give your PAN for the following transactions:

  1. a) Sale or purchase of vehicles other than two-wheelers
  2. b) Opening a bank or a demat account; applying for credit card
  3. c) Opening a fixed deposit of more than Rs. 50,000
  4. d) Payment of more than Rs. 50,000 towards insurance premium
  5. e) Paying more than Rs. 50,000 in cash towards restaurant or hotel or foreign trip bills
  6. f) Purchase of mutual funds, debenture, bonds worth more than Rs. 50,000
  7. g) Depositing cash or more than Rs. 50,000 in bank

The tax department compares this information with the income tax return filed by Assesse. Through Income tax reporting the income tax department is amylase and come out to compare your overall income with your expenses and investment along with tax paid to assess the correct tax liability and investments and finally the get the tax evasion there if any,

In case you are confused to a business owner, feel free to consult with our experts at Rajput Jain & Associates, You can get comprehensive assistance on Income tax online.

(Disclaimer:  The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at http://carajput.com/blog/ For any query you can write to info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

 

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DON’T WORRY, CONTACT US FOR TOTAL GST RETURN SOLUTION

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Not able to file your GST Return – Don’t worry, contact us for total GST Return solution- file your GSTR-1 now with a per day penalty of Rs 50/-.

GST RETURNS

Owing to the issues with GSTR online portal and much to the relief of tax payers, the due date for filing of FORM GSTR-1 has been extended videNotification No. 71/2017-Central Tax and 72/2017-Central Tax dated 29thDecember 2017. The previously announced due date of 31st December 2017 has been extended to 10th January 2018. The relief has been provided to assessees with aggregate turnover upto 1.5 crore as well as those with aggregate turnover over 1.5 crore.

For assessees with aggregate turnover upto 1.5 crore, the period for which extension has been granted is July to September 2017. There is no modification in due dates for the quarter of October to December 2017 and January to March 2018. On similar lines, extension for assessees with aggregate turnover exceeding 1.5 crore is for the period July to October 2017 and no changes have been provided in due dates of subsequent months. Revised due dates for furnishing FORM GSTR-1 is summarized below-

If you have not been able file GSTR-1 for some problem or other please contact us for immediate solution. You can file your GSTR-1 now with a per day penalty of Rs 50/-.Our panel of Technical expert are able to resolve all the error in your return.

Due date for GSTR-1 for turnover uptoRs 1.5 cr

Period (Quarterly)Due dates

  1. no       Months involved Due Date for filing GSTR-1
  2. July – September 2017           10th January 2018
  3. October – November 2017     15th February 2018
  4. January – March 2018           30th April 2018

Due date for GSTR-1 for more than Rs 1.5 cr

  1. No.      Months involved      Due Date for filing GSTR-1
  2. July – November 2017     10th January 2018
  3. December 2017       10th February 2018
  4. January 2018           10th March 2018
  5. February 2018         10th April 2018
  6. March 2018           10th May 2018

GSTR-2  and GSTR-3 . GSTR-2 and  GSTR-3 have been putt off till Mach 2018 . GSTR-6 which is required to be filed monthly by ISD (Input Service Distributes) is open now the govtportal . Last date for GSTR-6 for July is also 31st December.

Others GSTR filing extensions

Return Revised Due Date Old Due Date
GSTR-5 (for Non Resident) 31st Jan 2018 11th Dec 2017
GSTR-5A(By person supplying OIDAR) 31st Jan 2018 15th Dec 2017
GSTR-4 (for Composition Dealers) 24th Dec 2017 18th October 2017
GSTR-6 (for Input Service Distributor) 31st Dec 2017 13th August 2017

All taxpayers would file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.

Details of inputs or capital goods sent and received back from the job worker need to be furnished by the taxpayers on a quarterly basis in Form GST ITC-04. For preparing and uploading of this statement, an excel offline tool has been made available on GST Portal. GST Council Recommends Extension ST ITC-04 (Details of goods/ capital goods sent to job worker and received back) for the quarter July 2017 to Sept. 2017 Unto 31 Dec. 2017. 

GSTR-3B Return

GSTR-3B return will have to be filed by all taxpayers in addition to GSTR-1, GSTR-2 and GSTR-3 return.Earlier, GSTR-3B returns were to be filed for the month of July to December 2017.

 IN 23rd council meeting, it has been announced that GSTR-3B return must be filed for all months from July 2017 to March 2018. The due date for GSTR-3B return will be the 20th of every month. 

Late fees for GSTR-3B of July, Aug. and Sept waived. Any late fees paid for these months will be credited back in electronic cash ledger under Tax and can be utilized to make GST payments

 Reduction of GST Return Penalty

In addition to the waiver of GST Return Penalty, the Government has also announced a reduction in GST return penalty for NIL GST returns. From October 2017, the GST return penalty for not filing NIL GST return has been reduced to Rs.20 per day instead of Rs. 200 per day. 

GST on Advances Received

In 22nd GST Council, it has now been decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores will not be required to pay GST at the time of receipt of advances on account of supply of goods.

E-Way Bill

As per E-Way bill rules, any transportation of goods with a value of more than Rs.50, 000 would require an e-way bill. The GST council in earlier meeting in October had decided that E-way bill would be introduced in staggered manner from January 1 and subsequently nationwide from April1.

In the recent 24th GST council meeting was finally decided that the e-way bill is now introduced and will be applicable from 1st February 2018 across the nation. The nationwide e-way bill system will be ready to be rolled out on trail basis latest by 16 January 2018. Trade and transporters can start using thi system on voluntary basis from 16 January 2018.

GST REGISTRATION

Registration under GST was mandatory for entities undertaking inter-state supply of goods and/or services, irrespective of aggregate annual turnover.In the 22nd GST Council, it has been decided to exempt service providers from this condition. Hence, service providers will now be allowed to undertake inter-state sales of upto Rs.20 lakhs without obtaining GST registration.Further, this is exemption is also available for service providers supplying services through an e-commerce operator.

But person supply goods will still be required to obtain GST registration mandatorily (in case of inter -state supply)

 GST COMPOSITION SCHEME

This scheme is intended for small businesses where compliance less.22nd GST Council has decided to increase the aggregate turnover to Rs.1 crore. (The aggregate turnover threshold for special category States, has also been   increased to Rs. 75 lacs from Rs. 50 lacs excepts J&K and Uttarakhand)

Person opting for composition scheme was restricted from providing any exempted/taxable service .but now a composite can provide exempted service also. 

In 23rd GSTcouncil meeting the due date for enrolling under the increased threshold has been made available to both migrated and new taxpayers up to 31.03.2018.

The GST rate payable by GST Composition dealers has been harmonized for all taxpayers (traders or manufactures) at 1%. However, not change has been announced on the GST rate for composition scheme for restaurants.

GSTR 4 return must be filed by taxpayer registered under the GST composition scheme. GSTR4 is a quarterly return that was originally due on the 18th of month following respective quarter. But in 23 council meeting composition returns, GSTR-4 due date extended to 24 /December/2017 for July-September quarter

Reverse Charge Mechanism

Registered taxpayers were required to pay GST on reverse charge basis when they purchased from an unregistered person, the 22ndGST Council has decided to suspend the reverse charge mechanism till 31.03.2018. Now, registered taxpayers can purchase from unregistered persons without having to pay GST on reverse charge basis.

TDS and TCS Provisions Postponed

The Government has decided to postpone the TDS/TCS registration and operationalization to 31st March 2018.

Email us on info@carajput.com or vist on www.carajput.comfor guaranteed GSTR filing solution. List of services we offer and charges involved in it.
1. Return filing assistance for Return GSTR 3B – Rs. 3000/- for monthly.

2. Return filing assistance including invoice upload from xls up to 200 inv /month
(a) Rs. 5000/- (3 monthly pack)
(b) Rs. 18000/- (Annual Pack)
(c) Rs. 3000/- (Monthly Pack)
3. Return filing assistance including invoice upload from xls from 201 to 500 inv /month
(a) Rs. 8000/- (3 Monthly Pack)
(b) Rs. 25,000/- (Annual Pack)
(c) Rs. 5000/- (Monthly Pack)

 

4. Return filing assistance including invoice upload from xls from 501 + per month –
(a) Rs. 30,000/- (3 Monthly Pack)
(b) Rs. 50,000/- (Annual Pack)
(c) Rs. 10,000/- (Monthly Pack)

5.GSTR 4 – Rs15000/- (Yearly pack)
6.GSTR 6 – Rs. 15000/- (Yearly pack)
7.ITC-04 – Rs. 15000/- (Yearly pack)
8. One-time assistance- Rs.5,000/-

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

 

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CORPORATE AND PROFESSIONAL UPDATES 27-JAN-2018

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Direct Tax:

Kerala HC upholds ITAT’s deletion of interest charged u/s. 234B(3) for AY 1992-93, but rejects ITAT’s reasoning that  if there is no interest payable under sub-section (1) of Sec. 234B there would be no liability under sub-section (3); [TS-28-HC-2018(KER)]

Delhi ITAT rules that amount received by the assessees (who have formed a consortium for the purpose integrated township development) on account of transfer of development rights in the underlying land during AY 2008-09, not chargeable to tax u/s. 2(47)(v), being not accrued to assessees in subject AY;  [TS-26-ITAT-2018(DEL)]

Indirect Tax:

CBEC extends the time limit for furnishing the return by an Input Service Distributor in FORM GSTR-6 under sub-section (4) of section 39 of the said Act read with rule 65 of the Central Goods and Services Tax Rules, 2017, for the months of July, 2017 to February, 2018, till the 31st day of March, 2018. Vide notification no 8/2018, dated 23rd January 2018.

GST updates

CBEC notifies www.gst.gov.in as GST Electronic Portal for registration, payment of tax, furnishing of returns and computation and settlement of integrated tax and www.ewaybillgst.gov.in as GST Portal for furnishing electronic waybill.

GST Refund: officers appointed under the respective State GST Act, 2017 or the UTGST Act, 2017 are authorized for the purpose of sanction of refund filed in FORM GST RFD-01.

E-commerce firms may get 6-month tax breather for provision of tax collected at source (TCS) imposed on suppliers as the recommendation by the law review committee.

Transporter/ other person carrying goods in conveyance must carry Tax Invoice/ Bill of Supply where e-way bill not required. Rule 55A, CGST Rules

FAQ on GST: 

Query:  In an amalgamation supplies effected for the period effective date and the date of order of the court between the companies inter-se is liable to tax?

Answer:  Yes. In terms of Section 87(1) of the CGST Act, 2017, the supplies between the companies inter-se for the period starting effective date and the date of order of the court is liable to tax and supply and receipt shall be included in the turnover of supply or receipt of the respective companies.

MCA Update:

MCA has introduced the provisions of Section 1 and section 4 of the companies (Amendment) Act, 2017 (1 of 2018) which shall come into force from 26th January 2018. Dated 23rd January 2018.

Key Dates:

GSTR-5A (Non-Resident Foreign Taxpayers) July to December, 2017-31/01/2018

Payment of TDS on purchase of Property for December: 30/01/2018

Other Updates:

SEBI investigation of money laundering by Indian nationals through foreign capital markets seems to have hit a hurdle. Sebi has sought several key pieces of evidence from foreign agencies, but a majority of these requests have been pending for months.

Quotes of the day:

Ego is like a dust in the eyes, without clearing that dust you can’t see anything clearly…!!!

In life you’ll realize that there is a purpose for everybody you meet. Some are there to test you. Some will use you. Some will teach you, and some will bring out the best in you.

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, VALUE ADDED TAX,GOODS AND SERVICE TAX, Excise, Department of Consumer Affairs, Etc for resolving their doubts or for clarifications.

 

 

 

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How to apply for VAT Registration in UAE

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All the businesses who have a place of residence in the state of UAE and whose value of supplies in the member states in previous 12 months has exceeded AED 375,000 should mandatorily register under UAE VAT. Also, if the businesses anticipate that the total value of supplies will exceed the mandatory registration threshold of AED 375,000 in the next 30 days, then they too will have to register under UAE VAT

Calculate the VAT Turnover threshold 

The value of taxable supply of Goods and Service include -all the supplies of goods and services made in UAE on which VAT is levied at the standard rate of 5% including zero-rated supplies. This does not include the notified supplies which are exempted from VAT.

ADD-The value of reverse charge Supplies

ADD-Imports

STEPS FOR REGISTRATION

You have to create an e-Services account and then you have to complete the VAT registration process.

  1. Click on Sign up and furnish the details such as e-mail Id, password, security code and security question in the sign-up form.
  2. You will receive an email at your registered email address asking you to verify your email address
  3. Log in to your account with your credentials (User Name and password)

To apply for VAT registration, you need to login to your e-Service account using your login credentials

The VAT registration online form contains 8 sections under which details need to be furnished for completing VAT registration. The portal will allow you to move to next sections only when details are captured in all the mandatory fields

Online VAT registration form.

About the applicant

Details of the applicant

Contact details

Banking details

Business relationships

About the VAT registration

Declaration

Review & submit

Documents required for VAT registration in UAE

  1. Trade license
  2. Certificate of incorporationor registration certificate
  3. Article of association/ partnership agreement or any other document showing ownership information about the business.
  4. Copy of passport and emirates ID of the manager
  5. Detail of manager
  6. Copy of passport and emirates ID of the manager
  7. Physical office location of the business
  8. Contact details
  9. Bank account details
  10. List other business(es) of the directories/ partners in UAE in last five years along with their trade license copies

Declaration about:

  • business activities of the applicant
  • actual or estimated financial transaction values
  • turnover in last 12 months with supporting document
  • Details about expected turnover in next 30 days
  • Details about expected exempt supplies
  • imports and exports
  • GCC activities of the business
  • Details about customs registration

Each person who has registered for VAT, a unique number is issued by the authority known as Tax Registration Number. In short, it is called as TRN

VAT number is expected to mention his VAT Registration Number in various documents such as VAT returns, Tax Invoice, Tax Credit Note and in all other documents as prescribed by the UAE VAT LAW and Executive Regulations.

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, VALUE ADDED TAX,GOODS AND SERVICE TAX, Excise, Department of Consumer Affairs, Etc for resolving their doubts or for clarifications.

 

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CORPORATE AND PROFESSIONAL UPDATES 24-JAN-2018

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DIRECT TAX UPDATE

  • Tax Payers can login onto new Self Help Portal, https://selfservice.gstsystem.in/ to report issues of GST System. And email:helpdesk@gst.gov.in is being discontinued after the start of Self Help Portal.
  • Income Tax Dept sends Notice to 10000 Bit coin Holders. As a nationwide survey revealed that more than $3.5 billion worth of transactions have been conducted over last one and a half year.
  • Cash transaction between close family members for giving a support and help not amount to ‘Loan’ u/s 269SS of the Income Tax Act: Kolkata ITAT.
  • The Delhi High Court has upheld the constitutional validity of the second proviso to Section 5(1) of the Prevention of Money-laundering Act, 2002 (PMLA).
  • CBDT has issued a Circular u/s 119 of the IT Act prescribing the procedure for Processing of ITRs (1~6) u/s 143(1)(a)(vi), i.e. relating to Form 26AS/ Form 16A/ Form 16 which has not been included in computing. Circular No. 01/2018 dt. 10 Jan. 2018
  • CBDT has issued a circular w.r.t processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-l to 6 & applicability of Section 143(1) (a) (vi).
  • Income from Sub-letting Property under Leave and License Agreement is taxable as “Other Income” under Income Tax Act: Kolkata ITAT.
  • Tis Hazari Court, Delhi has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case.

INDIRECT TAX UPDATE

GST UPDATE :

  • The period for migration of tax payers from VAT / Service Tax and Central Excise, by filing up Form GST REG-26, got over on Dec 31, 2017. The said facility is thus withdrawn from GST Portal.
  • Extension for Today 22.01.2018 of last date to pay GST & file GSTR-3B for Dec 2017. Source- GST Portal.
  • W.e.f 25.1.2018, late filing fee of 20 per day for Nil returns & 50 for others for GSTR-1, 5 & 5A. For GSTR-6, late filing of 50 even for Nil returns.
  • No GST on Retention Fee charged by Hospitals: Council clarifies Exemptions available to Medical Sector under GST.
  • GSTN has provided an Off Line Tool for preparing GSTR-11. Taxpayers having Unique Identification Number (UIN) can now file details of inward supply of goods & services, refund amount claimed etc.
  • GSTN has enabled the functionality to save, submit, and file GSTR-4 for Oct-Dec 2017 quarter at GST portal.
  • GSTN has provided an online facility at GST portal to lodge complaints / grievances related to processes (application), ledger etc.
  • Persons registered under the composition scheme must mention the words “GST Composition Taxable Person” on every notice or sign board displayed at a prominent place at both the principal and the additional place of business.
  • It is mandatory to display the Certificate of Registration (Form GST REG-06) in a prominent location at the principal place of business and at every additional place of business.
  • It is mandatory to display the GSTIN on the name board exhibited at the entry of the principal place of business and at every additional place of business.
  • GSTN has clarified that food prepared in office kitchens and served there shall be taxed at 5% without ITC.
  • Get orders from transporters for services to GTA and receive the commission out of truck hire fixed with GTA from transporters are liable to get GST registration if the aggregate amount of commission exceeds the threshold limit.
  • GSTN is launching a Self Help Portal (https://selfservice.gstsystem.in/) as a single platform where tax payer call log tickets for any issues or concerns and for quick resolution. This will be live from 22 Jan 2018.
  • In GST Council meeting held on Jan 18, 2018 GST has been slashed on 29 items, 54 services; GST return filing will be made simpler.
  • GST: Check List for Availing LUT for export of Goods and Services. IEC code certificate is required in case of Export of Service.
  • GST Council meeting recommended the Central Government to exempt legal services provided to Government, Local Authority, Governmental Authority and Government Entity. The Council also exempted supply of services by way of providing information under RTI Act, 2005 from the levy of GST.
  • The late fee for delayed filing of GSTR-1, GSTR-5 & GSTR-5A is being reduced to Fifty Rupees per day and shall be Rupees Twenty Five in case of Nil returns. The late fee for delayed filing of GSTR-6 shall be Rupees Fifty per day.
  • Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
  • The last date for filing of Form GST REG-29 for cancellation of registration by migrated tax payers is being extended to March 31, 2018.
  • 29 Handicraft items have been put in 0% slab. GST rates have also been reduced in few agricultural products.
  • The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices.
  • Rates revised for 29 goods, 53 services categories.
  • CBEC has issued Clarification regarding GST on College Hostel Mess Fees. Supply of food or drink provided by a mess or canteen is taxable at 5% without Input Tax Credit. It is immaterial whether the service is provided by the institution itself or outsources to outside contractor.
  • The following policy changes have been recommended by the GST Council in 25th meeting held on Jan 18, 2018:-
  •  Tax payers need to file online application for cancellation of GST registration within 30 days from the date from which registration is liable to be cancelled, in case of voluntary cancellation.
  •  The composition dealers, who opt out of composition scheme and opt to pay as regular tax payers can file ITC-01, to take credit of input tax in respect of input tax held in stocks, input tax contained in semi finished goods or finished goods held in stock or on capital goods on the day immediately preceding the date on which he becomes liable to pay tax under Sec 9. Please refer Sec 18(3) of the CGST Act).
  • GST Taxpayers have now being provided with a facility to lodge grievance related to processes (application), ledgers etc on the GST Portal.  https://t.co/4BfQcNH7ZH

MCA UPDATE

  • MCA had decided to strike off the names of 120,000 more companies from the official records for various noncompliances as part of its continuing fight against the black money menace. Nearly 226,000 firms have been deregistered and around 309,000 directors associated with these entities have been disqualified.
  • New Name Reservation Service to be available on MCA by 26.01.18. Stakeholders are requested to use SPICe for incorporation immediately instead of Form INC-1.
  • MCA has issued circular on its website stating that process for ‘reactivation’ of the DINs in respect of disqualified Directors has been completed and the status of the relevant DINs are now reactivated.

SEBI & RBI UPDATE

  • SEBI has approached PMO and MCA to look into its proposal mandating listed companies to make public disclosures within a day of loan defaults. According to sources, the market regulator is keen on implementing its initial proposal with certain changes.
  • SEBI issued Circular on Online Filing System for Offer Documents, Schemes of Arrangement, Takeovers and Buy Backs dt 19-01-2018; SEBI Circular Participation by Strategic Investor(s) in InvITs and REITs dt 18-01-2018;
  • SEBI has clarified that NBFCs can invest 25% in REITs: To make real estate investment trusts (REITs) and infrastructure investment trusts (InvITs).
  • BSE has directed all listed companies to henceforth file all corporate announcements in machine readable format only, i.e. searchable PDF format only.
  • RBI released draft directions on hedging of commodity price risk and freight risk in overseas markets. Comments on the draft directions are invited from banks, market participants and other interested parties by January 31, 2018.
  • Govt and RBI may postpone the implementation of IndAS for banks because of the legislative changes and additional capital requirements the process would entail.
  • RBI said that Banks in India must improve pricing of loans based on risk assessment, a skill that would have helped them avoid non-performing assets.
  • FDI Policy eased for Single Brand Retail, Pharma, Construction, Civil Aviation & Power Exchanges.
  • IBC (Amendment) Act, 2017 has received the assent of the President on 18th Jan. 2018 and has been published in Official Gazette on 19th Jan. 2018.
  • IBBI has issued a circular w.r.t Fees payable to insolvency professional and to other professionals appointed by insolvency professional.

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, VALUE ADDED TAX,GOODS AND SERVICE TAX, Excise, Department of Consumer Affairs, Etc for resolving their doubts or for clarifications.

 

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DON’T GET CONFUSE WITH E-WAY BILL GENERATION  

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E -way bill

E-way bill is an electronic way bill for movement of goods which can be generated on GSTN portal. E-way bill contains the details of transported goods besides the name of consignor and consignee of such goods. It is the evidence of genuineness of supply of goods from one place to another.

E-way bill is required to be generated for consignment of goods of value exceeding Rs 50000. (Generating an e-way bill for consignments valuing less than Rs 50000 is optional)

Who can Generate GST E-Way Bill? 

  • If a taxable person is registered under GST wants to transport goods using own vehicle or hired vehicle as a supplier or to be received in the course of business as a recipient, the taxable person can generate a E-Way Bill in Form GST INS-1 electronically on the GST Common Portal by providing information requested in Part B of FORM GST INS-01.
  • If a transporter is involved in the transfer of Goods, then the taxable person registered under GST must furnish information about the consignment in Part B of FORM GST INS-01 on the GST Common Portal. Using this information, the transporter would then generate a E-Way Bill on the basis of the information provided by the taxable person in Part A of FORM GST INS-01. Transporters are allowed to generate and carry E-Way bill even if the value of the consignment is less than Rs.50, 000.
  • Finally, any unregistered person transferring goods to a taxable person under GST can also generate e-way bill in FORM GST INS-01 on the GST Common Portal

Validity of E-Way Bill

Distance Valid for
Upto 100 km 1 day
100 km or more but less than 300 km 3 day
300 km or more but less than 500 km 5 day
500 km or more but less than 1000 km 10 day
More than 1000 km 15 day

 CANCELLING OF GST E-WAY BILL

Once a GST E-Way Bill is generated but goods were not transported or are not being transported, then the GST e-way bill can be cancelled through the GST portal or through a GST Facilitation Centre within 24 hours of generation of the e-way bill.

Exceptions to E-way bill requirement

No e-way bill is required to be generated in the following cases

  • Transport of goods as specified in Annexure to Rule 138 of the CGST Rules, 2017
  • goods being transported by a non-motorized conveyance;
  • goods being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs
  • in respect of movement of goods within such areas as are notified under rule 138(14) (d) of the SGST Rules, 2017 of the concerned State;
  • Consignment value less than Rs. 50,000/

Goods worth more than Rs.50, 000 are transported from one place to another an e-way bill is required. In case goods are transported without an e-way bill, the goods can be seized by a GST officer and penalty could be levied.

Mistake or wrong entry in the e-way bill

If there is mistake, incorrect or wrong entry in the e-way bill, then it cannot be edited or corrected.

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, VALUE ADDED TAX,GOODS AND SERVICE TAX, Excise, Department of Consumer Affairs, Etc for resolving their doubts or for clarifications.

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