New Corporate & Professional Update May 2020

New Corporate & Professional Update:

“Ups and downs are part of life, but to change this time of crisis into a time of opportunity is what gives us a special identity”

Holding this in mind, let us begin by reflecting on our mission and dream, and let us ensure that we have made no mistake in complying with the organization. A few General Conformities referred to in the attached photo. The business and the industry that vary in their wise compliance.

KEY PRACTICAL TAKEAWAYS:

Income Tax:

# CBDT has issued Circular No. 12/2020 dated 20.05.2020 in order to exempt B2B suppliers with 95% or more receipts through non-cash mode to not maintain prescribed payment modes as per Section 269SU such as POS, UPI, UPI-QR, etc.

Note-These assesses can disable these facilities if they are not in operation.

# CBDT released Notification No. 25/2020 dated 20.05.2020 to ensure that the ‘Safe Harbor Principles’ applied in the case of Overseas Transactions shall extend to FY 2020-21 in the same manner as those applied in previous years.

# In the case of a company that opts to pay tax under the “New 22% Scheme” under Section 115BAA, the MAT credit standing in the books must be written off because you will not be eligible to claim the same amount.

Note-Carefully opt for the scheme as the blind application of the 22% tax would eventually cause you a loss.

# TDS The rates have been lowered by 25 percent of the current rates, e.g. 14.05.2020. Here are a few clarifications in this regard:

  • The rate cut shall not extend to TDS for non-residents u / s 195.
  • The rate cut does not occur in non-PAN cases (20 percent FLAT rate) or 206AA cases.
  • The decrease in the TDS rate will apply to invoices due or payments made on or after 14.05.2020, even if the invoice date is before 14.05.2020. What you’ve got to do is “Due or Fee.” When all days occur on or after 14.05.2020, the reduced rate will apply.

# The due dates of ITR for FY 2019-20 have been extended to 30.11.2020 for all assesses. In fact, the due date of the tax assessment in the case of ALL the assesses has been extended to 31.10.2020.

Note-In brief, we should assume that irrespective of whether or not the assessee is subject to a tax audit OR TP audit, the above due dates are valid.

# For the calculation of depreciation under the Income Tax Act, 1961 for the year 2019-20, consider the following:

  1. Remember the effect of the “Leap Year” (i.e. 29.02.2020) on the estimate of 180 days. This period taking 100 percent depreciation for assets underuse after “04.10.2019” instead of 03.10 earlier and 50 percent depreciation for assets underuse after “04.10.2019.”
  2. In the case of a company, whether you take the “22% tax limit” or 115BAA, do not take the “additional depreciation” deduction.

Goods & Services Tax:

# The government. Subsequently, the amendment to Section 140 of the CGST Act 2017 was notified in order to provide the legislative authority to have a time limit for the claim of transitional credit and the invalidation of Delhi HC ‘s decision to offer a time limit for the claim of transitional credit until 30.06.2020.

# whilst still trying to prepare GSTR-9 (Annual Return) for FY 2018-19, in scenario you have paid less tax in your GSTR-3B, you will have to pay the balance tax along with Interest by filing DRC-03 through the common portal.

Note-If paid in DRC-03, the auditor shall not recommend any responsibility in GSTR-9C.

# GST Portal has allowed the Input Service Distributor (ISD) facility to change negative ITC to its Units in the event that no ITC is to be delivered for a month and ISD is needed to distribute ITC reversal via CN.

# Filing of GST Return is compulsory along with payment in case of opting for 15 days relaxation of GSTR-3B filing for taxpayers with a revenue of more than INR 5 crores.

Note-If you pay tax under Cash Ledger and do not file GSTR-3B within the due date + 15 days period, you will have to pay interest at 9 percent before 24.06.2020.

Corporate & Allied law:

MSME Definition: MSME is divided into two main categories:

  1. Manufacturing enterprise; and
  2. Service enterprise.

They are described as below in terms of investment in plant and machinery/equipment.

Illustration 1.

  • Investment: 50 Lakhs
  • Turnover: 4 Cr

As investment is less than 1 Cr and Turnover is less than 5 Cr. It fulfilled both conditions of the Micro category. Hence, it is a Micro-Enterprise.

Illustration 2.

  • Investment: 2 Cr
  • Turnover: 4 Cr

As investment is more than 1 Cr. Therefore, it is outside the purview of Micro Enterprise. As investment is less than 10 Cr and Turnover is less than 50 Cr. It fulfilled both conditions of the small category. Hence, it is a Small Enterprise.

Illustration 3.

  • Investment: 2 Cr
  • Turnover: 60 Cr

As turnover is more than 60 Cr. Therefore, it is outside the purview of Small Enterprise. As investment is less than 20 Cr and Turnover is less than 100 Cr. It fulfilled both conditions of the medium category. Hence, it is a Medium Enterprise.

# In the case of a corporation formed between 01.01.2020 and 31.03.2020, there is no annual compliance with FY 2019-20 except for the appointment of an auditor to the Board of Directors (no requirement for ADT-1) and the submission of an ITR. In other words, the following:

  • There is no need to schedule FS for these three months and the first FS will be prepared as of 31.03.2021.
  • There is no need to schedule the first AGM now and the due date of the First AGM will be 31.12.2021.
  • There is no need to file MGT-7 (Annual Return), AOC-4 (FS Filing).

Note-For the tax audit of these firms for these three months, Form 3CB-3CD (not 3CA-3CD) must be used.

# MCA explained w.r.t. timelines and length of name allocation, name transition, and resubmissions as follows:

  • Approved NEW Names from 15.03.2020 to 31.05.2020 will be held until 20.06.2020.
  • Approved CHANGE in Names expiring between 15.03.2020 and 31.05.2020 will be reserved until 30.07.2020.
  • Resubmission of any MCA type on which the last resubmission date expired between 15.03.2020 and 31.05.2020 has been extended until 15.06.2020.

# The government. Notified lowered PF prices (10 percent instead of 12 percent) for all workplaces for the months of May, June, and July 2020 for both employers and workers. If the employer contribution is still part of the CTC, you will take home 4 percent of the diminished contribution otherwise it will save 2 percent for the company and raise the employee ‘s profitability by 2 percent.

Note-You may also contribute more than 10%.

# In the case of an organisation where up to 100 workers are working and out of which 90 percent are paying less than INR 15,000, no employer and employee payment (24 percent) will be payable and the whole payment will be borne by the State. Before August 2020.

# In the case of other PF companies (not mentioned above), the Contractor and Employee share is expected to be charged at 10% each (means 20% instead of 24%) in June, July and August, 20.

# The government. Plans to extend the ESI Act to all businesses that have 10 or more employees and the region-wise provisions that have already been issued would expire.

# There is no need to file the ADT-1 form in the case of the first appointment of an auditor because the ADT-1 file is regulated by Section 139(1) and the first auditor is named pursuant to Section 139(6) and not pursuant to Section 139(1) of the Companies Act 2013.

# In the event of the termination of the auditor, the new auditor named in place of the previous auditor may hold office only up to the next AGM date and not for a term of five years. You will name such an auditor again at the next meeting of the AGM.

Insolvency (IBC)

  • Debt accrued or sustained in a corona case shall not be included in the default.
  • No current insolvency up to 1 year
  • In the case of small and medium-sized companies, separate insolvency of 240A IBC and a minimum requirement of Rs . 1 Lakes to 1 Crore should be imposed.

Conveyance Deed Cancelled: Flat owners must sign their names in the Land Tax Card / Municipal Registry. This was accepted by the Maharashtra State Cabinet in Principle at its meeting held yesterday.

The New Legislation will be passed to Surpass The Continuation of the Conveyance Contract. Draft New Law will be Available in Few Weeks and the Law will be approved at the Budget Session or Monsoon session of the Maharashtra Legislative Assembly. Now experience Land Ownership along with Flat.

Supreme Court Decision on the transition of Flat to Nominee. Land Mark Judgment

  • Deceased Member Nominee is entirely entitled to Ownership through the transition to the Co-op Society.
  • Society Can’t Challenge the Right to Nominate a Land Law.
  • No legitimate inheritance, no court order or certificate of succession is required.
  • Please Circulate, Essential to Members of the Society and Office Bearers.
  • After the nomination is registered with the organization You Don’t Need
    1. To Prove Legal Heirship.
    2. No Further Court Order Required.
    3. No Succession Certification

Thus, Transfer to Registered Nominee is Automatic.

KEY DUE DATE:

Tax on income:

# 30.06.2020 is the due date for filing Form 61A (SFT Compliance) in the event that you have such substantial financial transactions as the issue of shares worth more than INR 10 lakhs.

Note-In the case of no such SFT activity, the tax audit assesses are required to file the “Preliminary SFT Reponse” on the e-filing platform by the said due date.

# 07.06.2020 is the due date for payment of TDS / TCS for the month of May 2020.

# 30.06.2020 is the due date for the TDS / TCS returns file for Q4 (F.Y. 2019-20).

# 30.06.2020 is the due date for the ITR / Revised ITR register for the 2018-19 fiscal year.

Note-The ITR for FY 2017-18 can not now be submitted as the due date for the paper lapsed.

# 31.05.2020 is the due date for filing Form 61A (SFT Compliance) in the event that you have such substantial financial transactions as the issue of shares worth more than INR 10 lakhs.

Goods and Services Tax

# 04.06.2020 is the due date for filing GSTR-3B for the month of April 2020 in the case of taxpayers with a gross turnover of more than INR 5 crores in the previous year.

Note-You can delay filing above GSTR-3B until 24.06.2020 without any late fees but with 9 percent p.a. Responsibility for interest.

Corporate & Allied law:

# MCA has declared a “Moratorium Period” from 01.04.2020 to 30.09.2020 for the filing of ROC Forms and no further penalties will be paid during this time due to the late submission of any form submitted during this time.

We hope that no deadline will be skipped because of COVID-19.

Please feel free to return should you have any questions or uncertainty.

Post by Rajput Jain & Associates

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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. 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)

NEW CORPORATE AND PROFESSIONAL UPDATE

NEW CORPORATE AND PROFESSIONAL UPDATE

CORPORATE AND PROFESSIONAL UPDATE DEC 26, 2016 |

DIRECT TAX: INCOME TAX:

# The due dates of ITR for FY 2019-20 have been extended to 30.11.2020 for all assesses. In addition, the due date of the tax assessment in the case of ALL the assesses has been extended to 31.10.2020.

Note-In brief, we can say that regardless of whether or not the assessee is subject to a tax audit OR TP audit, the above due dates are applicable.

# For the calculation of depreciation under the Income Tax Act , 1961 for the year 2019-20, know the following:

  • Recognize the effect of the “Leap Year” (i.e. 29.02.2020) on the measurement of 180 days. This year taking 100 percent depreciation for assets under use before “04.10.2019” instead of 03.10 earlier and 50 percent depreciation for assets under use after “04.10.2019.”
  • In the case of a company, if you take the “22% tax rate” or 115BAA, do not take the “additional depreciation” allowance.

# TDS The rates have been decreased by 25 per cent of the current rates, e.g. 14.05.2020. Here are a few clarifications in this regard:

  • The rate decrease shall not apply to TDS for non-residents u / s 195.
  • The rate cut does not extend to non-PAN cases (20% FLAT Limit) u / s 206AA.
  • The change in the TDS rate would refer on invoices due or purchases received on or after 14.05.2020, even though the invoice date is before 14.05.2020. What you’ve got to see is “Due or Payment.” If all dates occur on or after 14.05.2020, the reduced rate will apply.

INDIRECT TAX: GOODS & SERVICES TAX:

# Filing of GST Return is compulsory along with payment in case of opting for 15 days stress relief of GSTR-3B filing for taxpayers with a turnover of more than INR 5 crores.

Note-If you pay tax under Cash Ledger and do not file GSTR-3B within the due date + 15 days period, you will have to pay interest at 9 per cent before 24.06.2020.

Transitional Forms-Review of Form GST TRAN-01:

  1. The facility to revise Form GST TRAN-01 has been enabled for taxpayers who have already filed it.
  2. If the revision results in downward credit, the taxpayer should only be able to file it if he has a sufficient balance in his credit note.
  3. Taxpayers who register it for the first time will not be able to update it instantly.
  4. The TRAN-01 revision functionality for those who do not meet the above criteria will soon be enabled.

# GST Portal has enabled the Input Service Distributor (ISD) facility to adjust negative ITC to its Units in case no ITC is to be distributed for a month and ISD has to distribute ITC reversal through CN.

CGST: establishes the date for the coming into force of the provisions of Section 128 of the Finance Act 2020 relating to the amendment of Section 140 of the CGST Act, which stipulates the manner and time limit for the taking of transitional loans. In our opinion, they are pushing for this amendment following the judgment of the Delhi High Court of Reliance Electric Works in which it was held that the restriction term (3 years) is to be extended as no time limit has been laid down in the CGST Act.

CORPORATE & ALLIED LAWS:

# In the case of a company where up to 100 employees are working and out of which ninety percent are paying less than INR 15,000, no employer and employee contribution (24 percent) will be payable and the whole payment will be charged by the Government. Until August 2020.

# In the case of other PF organisations (not mentioned above), the Contractor and Employee share is expected to be charged at 10% each (means 20% instead of 24%) in June , July and August, 20.

# The government. Plans to extend the ESI Act to all businesses that have 10 or more employees and the region-wise provisions that have already been issued would expire.

# There is no need to file the ADT-1 form in the case of the first appointment of an auditor since the ADT-1 file is governed by Section 139(1) and the first auditor is appointed pursuant to Section 139(6) and not pursuant to Section 139(1) of the Companies Act 2013.

# In the event of the removal of the auditor, the new auditor appointed in place of the previous auditor may hold office only up to the next AGM date and not for a period of five years. You will name such an auditor again at the next meeting of the AGM.

Key DUE DATE:

# 07.06.2020 is the due date for payment of TDS / TCS for the month of May 2020.

# 30.06.2020 is the due date for the TDS / TCS returns file for Q4 (F.Y. 2019-20).

# 30.06.2020 is the due date for the ITR / Revised ITR file for the financial year 2018-19. Note-The ITR for FY 2017-18 cannot now be filed as the due date for the file lapsed.

# 04.06.2020 is the due date for filing GSTR-3B for the month of April 2020 in the case of taxpayers with a gross turnover of more than INR 5 cores in the previous year.

Note-You can delay filing beyond GSTR-3B until 24.06.2020 without any late fees but with 9 percent p.a. Responsibility for value.

# 31.05.2020 is the due date for filing Form 61A (SFT Compliance) in the event that you have such significant financial transactions as the issuance of shares of more than INR 10 lakhs. Note-In the event of no such SFT transaction, the tax audit assesses are required to file the “Preliminary SFT Response” on the e-filing portal by the said due date.

# MCA has revealed a “Moratorium Period” from 01.04.2020 to 30.09.2020 for the filing of ROC Forms and no additional fees will be charged for that period due to the late filing of any form due within that period.

 

Post by Rajput Jain & Associates

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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. 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)

Key ideas & prospects for CA’s practice to develop in 2020.

Top ideas & opportunities for the practice of New CA to be established in 2020.

Upon completion of the Chartered Accountant exam, candidates may either be working in a corporation as employees or may start their own professional practice. If you want to start your own company, you need to know first about the essential terms and conditions of the company. Many of the eligible CAs have this problem.

  • When I start working as a ca practice or join a job, which one is better for me.
  • How can I expand my CA practice?
  • What I need to do to offer professional services to my customers.
  • How do I keep my staff at my CA firm / LLP

Once you get going, the first thing you can hold in mind is Hard Working and Patience. These are two significant market drivers that will carry you to a new height of success. There are various market opportunities in the country that the Chartered Accountant can launch without spending a large amount of capital.

Working for oneself often seems to be more appealing than working for someone else. In addition to building a work-life harmony, you live and follow your own desires.

Before beginning your practice, it ‘s important to do your homework and ask yourself questions so that you can get a sense of direction and intent. Some of the things you should think about include:

  • Should I have the experience of working for a company and employees?
  • Do I have the capital to start a business?
  • Do I have a good view of my accounting business?
  • Do I have the strength to succeed?
  • Do I have the love of family members?
  • How am I going to set my work apart from that of other businessmen like me?

When you’ve answered these questions and know that you’re starting an accounting firm for all the right reasons,

The Chartered Accountant has played a significant role in the numerous branches of the business, such as auditing, taxation, tax planning, accounting, accounting, administrative management, and financial reporting. Here, we are explaining the right company start-up strategy:

  • Understand why you want to launch a Chartered Accountant profession
  • Create an in-depth strategic strategy
  • Choose the best type of finance;
  • You can obtain a franchise from the Taxation Technology Agency
  • Tax Advisory Services
  • Products with verification competence
  • Outsourcing of services
  • Open the Educational Course for Chartered Accounting
  • The GST market is a driver of funding for Chartered Accountant start-up
  • Subjects one can specialize in your Chartered Accountant practice area

Areas of Expertise in Your CA Practices: There are a variety of topics that you may specialize in, which are listed here:

  • DIRECT TAXES
  • INDIRECT TAXES
  • FEMA
  • FOREIGN TRADE POLICIES
  • CORPORATE FINANCING
  • LABOUR LAW REGULATIONS AND COMPLIANCES THEREOF
  • TURN OUT STRATEGIES
  • INTERNAL CONTROLS, SOX, AND OTHER ALLIED AUDIT SERVICES
  • ESOP AND PAYROLL RELATED SERVICES
  • ASSISTING IN ARBITRATION
  • MERGERS AND ACQUISITIONS M&
  • FORENSIC ACCOUNTING
  • PREPARATION FOR A FINANCIAL DUE DILIGENCE
  • SYSTEMS AUDIT IN A COMPUTERISED ENVIRONMENT
  • SUPPORT SERVICES FOR SOFTWARE DEVELOPMENT, TESTING, AND IMPLEMENTATION
  • MANAGEMENT OF FAMILY RUN BUSINESSES
  • PREPARATION FOR IPO

Note: Combine any of these possibilities together initially to acquire information. While you may have limited knowledge of conducting your Articleship, you may use the aid of qualified Chartered Accountants in different fields of expertise.

How to establish a Specialty in CA Practices:

After the practicalities of financial accounting are well known, the next step is to define the field of specialty that will require the following steps:

  • Identifying the content of the analysis in order to achieve an in-depth under-statement of the topic of specialization.
  • Identifying every particular course like crash courses in a given area.
  • Search for ways to teach the desired area of specialty and continue teaching.
  • Being affiliated with a big firm/organization where the preferred subject is still being practiced.
  • Going to attend lectures and sessions on the topic.
  • A person makes your influence known in a number of conferences, conferences on a specific subject by expressing your point of view and challenging conventional thought.
  • Full price Models and interviews with professionals and advisors.
  • Participation of posts to CA journals.
  • Subscribing to specialist journals in the field — domestic and worldwide.
  • Identify and follow best practices constantly

If you’d like to expand your practice to have a high type of expertise, you need to introduce more and more professionals with strong experience. Never add working or working partners. Since they will not be able to contribute to work, but will still have some hope, so you will always have to work harder to satisfy their demands.

Allow a strong difference between trained workers and collaborators, because they will operate on the same activities. Their duty and responsibilities should be explicitly outlined in order to bring an end to any future conflict.

Post by Rajput Jain & Associates

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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. 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)

Covid 19 Relief Package: Top Taxation Relaxation to MSME

Big Moves for MSME sector announcement FM Nirmala Sitharaman Announcements 

What is the new definition of MSMEs?- Business News

  • Collateral Free Instant Loan for MSME. No guarantee is required. It’s been 4 years. No key repayment for 1 year.
  • Strong MSME: Subordinated Debt 20,000 Crore For Stressed MSMEs Rs. 20000 Crores subordinate debts (all NPAs or stressed MSMEs will be eligible)
  • MSME is doing a profitable business: 50,000 cr. Infusion of funds for growth For potential and vibrant MSMEs Rs. 50000 Crores Equity Infusion through the listing
  • For Standard MSMEs: 3 lacs Crores collateral-free loans (automated) up-to 31st October 2020. Borrowers with up-to Rs. 25 Crores outstanding and Rs.100 crores turnover all eligible. These loans to have 4 years term and with 12 months moratorium. 100% credit guarantee cover on principal and interest. This can be availed up-to 31st October 2020.
  • Change the meaning of MSME: Definition of MSMEs Turnover & investment based new definition of MSMEs., Manufacturing and service industry will not be differentiated
    • Micro: Restrict revised upward Expenditure up to 1 c. Or Turnover up to 5 kr.
    • Small: Limit revised upward Investment up to a maximum of 10 cr. Or Turnover up to Cr. 50.
    • Medium: Restrict revised upward Expenditure up to 20 kr. Or Turnover up to 100 C.
    • No gap in the product and service industry for micro-enterprises
  • Government Tenders: International tenders will be rejected up to 200 Cr.
  • E-market linkage for MSME. Within the next 45 days, all payments will be made to MSME.
  • EPF: MEASURES FOR PROVIDENT FUNDS: Rs. 2500 Liquidity relief for Crores shall be provided to all establishments. March, July, and August Monthly payment from the EPF (both employer and employee payment) would be payable by the Government of India. (Deposited for the month of April, May and June)
  • For June, July and August will be paid by the Government (72,22,000 employees will be benefitted). Total of Rs. 2500 benefit cr.
  • EPF: Statutory PF deposit limit reduced from 12% to 10% for the next 3 months. (6,750 cr.) (except CG and PSU’s)
  • NBFC, HFC & MFI; Rs. 30,000 cr. Special liquidity scheme
  • Partial credit guarantee scheme for NBFC: Rs. 45,000 cr scheme. Govt. of India will be a guarantor. 20% will be borne by GOI.
  • Discom: Liquidity crisis Rs. 90000 Equity for these firms against their receivables and on the economy Assurances. This amount will be paid by PFC and REC.
  • Contractors: All Indian Government agencies should be given an extension of up to 6 months in order to comply with the provisions of the deal without any termination provision. Partial relief as bank loans for partly finished communication should be issued up to the point of completion.

Direct Taxes Relief :

-TDS rates decreased by 25% of existing rates from tomorrow to 31.03.2021(Non-salaried to residents and TCS) Payment for- Vivad Se Vishwas Scheme extending to 31.12.2020. Pay with no extra cost.

-Pending refunds for charitable trusts, non-corporate enterprises, enterprises, associations, LLPs and corporations will be issued immediately.

-Date of The return for the Financial year 2019-20

  • Earlier 31.07.2020 and 31.10.2020 Now 30.11.2020
  • Tax audit due date: 30.09.2020 and 31.10.2020

– Date of assessment extended

  • From the barring on 30.09.2020 to 31.12.2020
  • From those barrings on 31.12.2021 to 30.09.2021

Post by Rajput Jain & Associates

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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. 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)

 

New GST refund procedure under the GST regime  

Analysis of Proposed GST Return Applicable from 01st July 2019 Part I

For GST REFUND: we have two scenario 

  1. a) Export with payment of IGST:

Form GST RFD-01/RFD-01A: GST export refund process will require the submission of the form RFD-01 (completely online) or RFD-01A (manual) in specific cases only.

(1) Export of goods: in the case of export of goods subject to payment of tax, no separate refund application is required, as the shipment bill itself will be treated as a refund application. The details entered in the form GSTR-1 will be matched to the details indicated in the shipping bill as filed with ICEGATE. The ICEGATE will then process the refund and credit on the same bank account as the taxpayer has indicated on its portal.

(2) Export of Services: a request for a separate refund in RFD-01A is required. Such a taxpayer must login to the GST portal and select Services > Refunds > Application for Refund > Export Services with Tax Payment > RFD-01A. Details on the export of services will need to be uploaded using the offline utility. It will also be necessary to provide the amount of refund and the bank account number in which the refund is to be credited. Upon successful filing, an Application Reference Number (ARN) will be generated which can be used to track the status of the refund application.

(b) Export without payment of IGST:

The process of refunding the GST for exports involves a different document in this case. The option to export goods without payment of tax may be used either in the context of a letter of undertaking (LUT) or a bond. In such cases, any ITC accumulated on unused input / input services will be available for refund. The LUT option is only available for a select number of exporters that meet the prescribed criteria. The procedure is similar to that for the export of services.

Form GST RFD-11: The LUT can be filed on the common portal in Form GST RFD-11 by accessing Services > User Services > Furnish Letter of Business (LUT). The required details are filled in and uploaded along with the digital signature as per the LUT filing procedure. The GST export refund process will not be complete without this submission.

In the case of a bond, it must be executed manually on a stamp paper, signed and submitted to the Deputy Assistant Commissioner, along with the relevant documents, such as Form RFD-11 on the taxpayer’s letterhead, bank guarantee, letter of authority, etc.

Form GST RFD-01/RFD-01A: Similar to the process of GST refund for exports in the event of a tax payment, this form should be used by taxpayers. Details relating to ITC attributable to zero-rated supplies must be entered and submitted on RFD-01 (completely online) or RFD-01A (manual). The taxpayer should confirm that RFD-11 has been filed. Upload the relevant documents and affix the digital signature to submit the form and the ARN will be generated for tracking.

The invoice declaration procedure in Form GSTR-1 is the same, except that ‘Without payment of tax’ must be selected in the GST Payment field.

GST export refund process under the new GST export refund process

The GST export refund process and the RFD-01A and RFD-11 refund application will remain the same under the new GST return system. In the return, there is a change in the reporting of export details. The following are the forms used to report the export refund details.

Form ANX-1: GST refund mechanism for exports under new GST returns will start with ANX-1. In this form, the export invoice details are to be uploaded in Table ‘3C – Exports with Tax Payment’ and Table ‘3D – Exports without Tax Payment’ depending on whether or not the IGST is paid for the supply.

For the tax period, all such export invoices on which the shipping bills / bill of export are available until the date of filing of the GST returns, i.e. on the 20th of the next month for monthly filers, or on the 25th of the month following the quarter for quarterly filers, must be reported. The remainder will be reported in the next tax year.

The details required in this field would be as follows:

  • Document details (invoice, credit or debit note, serial number, date, value)
  • HSN code (six-digit level)
  • Tax rate and taxable value
  • Relevant tax amounts (in the case of export with payment of tax)
  • Shipping bill / bill of export (no and date)

As soon as implementation begins, separate functionality will soon be b) It will then automate the process of refunding the GST for exports to a massive extent.

FORM RET-1: GST refund process for exports under the new GST return system will continue with the RET-1 declaration. The value and the amount of tax in relation to exports declared in ANX-1 will be auto-populated for outward supplies in Table 3A (rows 3 and 4). Therefore, the taxpayer simply has to verify the same and not re-enter the details.

New amendment return introduced: an amendment to the export details, whether or not with payment of IGST, may be made in ANX-1A to amend the original annex ANX-1 submitted for the tax period, either monthly or quarterly. This can be done by referring to the original details. These are going to be auto-populated to RET-1A. Note that an amendment to the export documents on which the refund has already been successfully claimed is not allowed. On the other hand, those export invoice details which have not been declared in previous periods may be reported in the current ANX-1 period itself.

Has the process of GST refunded for exports become easier?

The major change that can be seen is that there is an auto-population of details entered in ANX-1 to RET-1. It is different from the current / old system where GSTR-1 reporting is independent of GSTR-3B.

There will be an integrated facility for the importation of shipping bill details as well as an entry fee from ICEGATE to the GST portal for exports and imports. This manual document reporting process is temporary since the new GST system will have the portal auto-populating data directly from the ICEGATE database in the respective tables in the ANX-1 and 2 forms.

No changes were observed in the process of applying for refund in RFD-01/01A. When it comes to the export of goods, the filing of the shipping bill is considered to be an application for refund and continues under the new return filing system. In this case, quarterly return filers may have to wait longer for their refund to be processed.

Thus, the overall impact of the export reporting and refund claims under the new return filing system appears to be minor but definitely easier.

Post by Rajput Jain & Associates

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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. 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)

How to Submit NIL GST-Return i.e Through the SMS and Company may file returns of GST without DSC

GST returns may be filed by SMS and Company may file GST returns without DSC

File GST Return Online in India | Types of GST Returns Filing ...

In a circular flow by CBIC, many obstacles to ease of compliance have been removed during the Covid-19 Annual Return Filing Date 2018-2019 extended to 30 September 2018.

Companies may also file GST returns without digital signatures (via EVM): the notification issued by the Board today stated that a registered person registered pursuant to the provisions of the Companies Act, 2013 (18 of 2013), during the period from the 21st day of April 2020 to the 30th day of June 2020, may also submit a return pursuant to section 39 of the FORM GST-3B verified by means of the EVM.

The Nil gst returns can be filed via SMS. : In addition, CGST Rule 67 was also amended and a new clause 67A was inserted, provided that the Board provided a means of providing the return of the short message service facility. According to that provision, a registered person who is required to provide the Nil return for a tax period under section 39 of the FORM GSTR-3B, any reference to electronic furnishings shall include the provision of the said return through a short message service using an officially registered mobile number and the said return shall be verified independently by a registered mobile number based solely on the One Time Password facility.

Procedure Filing Nil GSTR-1 Return –

Different categories of taxpayers are required to file different types of GST returns. As an illustration, we provide the procedure for filing the NIL GSTR-1 return in the following steps.

In order to file the NIL GST-1 return under the GST, one must follow the steps –

  1. Visit https:/www.gst.gov.in/;
  2. Provides the appropriate username and password;
  3. Navigate the Services path > Returns the Dashboard;
  4. Month and year to file a return must be selected from the drop-down list; 5. Select ‘Prepare online;’
  5. mention the fact the details of the Aggregate Turnover for the financial year and the Aggregate Turnover for the period;
  6. Select ‘B2C (Other)’ under ‘GSTR-1 Other details’ and provide details;
  7. Select the POS i.e. under the next screen. Place of Supply in the drop-down list;
  8. Click the back button;
  9. Click Generate GSTR – 1 Summary;
  10. Choose the checkbox and select ‘Preview;’
  11. Click the Submit button;
  12. Return can be filed using either DSC or EVC.

Penalty for non-filing of the Nil return –

penalty / late fee provisions are laid down in section 47 of the Central Goods and Service Tax Act, 2017. Penalty / late fee for failure to file a GST return as set out in section 47 is as set out in – The default taxpayer is required to pay a late INR 100 fee for each day that such failure continues. However, the maximum penalty / late fee may not exceed INR 5,000.

On the same line, as stated in Notice No. 6/2018 – Central Tax dated 23 January 2018, the penalty / late fee payable in case of return in FORM GSTR – 5A to INR 50 per day (INR 25 CGST and INR 25 SGST) has been reduced. In addition, it was clarified in that notice that, in the event that the total amount of integrated tax payable in return is NIL, i.e. in the particular case of NIL, the late fee payable would be INR 20 per day (INR 10 CGST and INR 10 SGST).

The Goods and Service Tax Council has approved an SMS system that will allow the registered taxpayer to file a NIL return via SMS. Businesses who are NIL filers, where there is no supply or purchase within a quarter, may file their quarterly return via SMS.

It should be noted that the above system for filing NIL returns through SMS is actually currently not in force and is likely to be implemented as of 1 January 2019.

Post by Rajput Jain & Associates

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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. 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)

Taxpayers to watch out for common GST websites and bogus GST refund messages: GSTN Alert

GSTN alerts taxpayers to beware of looking similar websites and fake messages on GST Refund

Kindly Pay attention to taxpayers!

Goods and Service Tax Network issued an alert dated May 03, 2020 to taxpayers on fake messages on GST Refund and to protect taxpayers from fake messages on GST Refunds.

BEWARE of FRAUD https:/onlinefilingindia.in website. BAIT is trying to reveal personal and bank details to taxpayers. Don’t respond to messages, mails and look-alike websites that ask for your personal details.

Pay attention to tax payers! – Safeguard yourself from fake messages on GST refunds. It has been noted that some fraudulent messages are being circulated on WhatsApp, Email and SMS, claiming to process GST refunds. It clearly shows that some miscreants have begun to take undue advantage of the Covid-19 crisis by sending out fake messages with phishing links. One such link is to the portal claimed to have been developed by Goods and Service Tax Network ,. The same is false and only www.gst.gov.in has been notified by the Government as a common portal under the GST legislation.

Through such links, taxpayers are asked to fill in important information such as personal details, Address, Refund Details and KYC Verification, which may not only cause financial losses to taxpayers but also enable such unscrupulous elements to steal their personal data for unfaithful purposes.

Please be advised that GST refunds can only be claimed through the GST portal www.gst.gov.in. for any other source, a portal with a similar interface, a message falsely claiming to process GST refunds is completely fraudulent. Please also note that GST Network does not ask for sensitive personal information, refund details and identity verification of KYC via email, WhatsApp or SMS or any other website.

Rajput Jain & associates advice:  Do’s and Don’ts regarding Refund Applications

What’s to be Do’s about GST Refund Applications

  1. Remember that GST Network will never call detailed personal information and refund details via email, WhatsApp or SMS
  2. Make sure that: Use only the GST portal www.gst.gov.in to claim refunds
  3. For any information on GST refund claims, please read https:/www.gst.gov.in/help/refund
  4. take into consideration that: Stay up-to-date with the News & Update section of www.gst.gov.in for any official and authorized information
  5. In case of confusion, please call GST Helpdesk 1800-103-4786.

What’s Need not to Do with GST Refund Applications

  1. Kindly Do not open a link or attachment in the message
  2. Make sure that Don’t call the number mentioned in the message
  3. Remember that Do does not reply to any message calling for the processing of GST refunds
  4. Make sure -Never fill in any personal details or other information on any platform other than the GST portal to claim refunds
  5. take into consideration that Does not trust information from any source other than the GST portal that uses similar portal names and interfaces.

    Post by Rajput Jain & Associates

    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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. 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)

All you Know about documents required under the  GST Refund System

All you Know about documents required under the  GST Refund SystemDetails on GST Refund Process: GST Refund Claim Process Simplified ...

GST Refund System

As the Goods and Services Tax or GST emerged, various refund schemes and processes were also set in place. Subsequently, several requests for compensation were made by taxpayers and a generic form was adopted.

The conditions for cash flow and working capital of suppliers and exporters may be negatively affected if the refund were postponed. As a consequence, one of the goals of introducing the GST is to ensure that the refund process is simpler so that producers and exporters do not face difficulties due to delays. Through ensuring that the refund process is completed easily, tax administration can become more efficient.

The GST law includes rules on refunds and seeks to streamline and standardize the processes for refunds under the GST law. A uniform method has now been developed to make requests for refunds. The appeals process can be performed electronically in a timely manner.

Eligibility Criteria

Any registered taxable person, other than an input service distributor / component taxpayer / TDS deductor / TCS Collector, may claim the refund of taxes paid on exports under the following conditions:

  • The taxpayer who filed the form GSTR-1, providing the export details in Table 6A of GSTR-1, together with the Integrated Tax details of the shipment, may claim the refund.
  • The taxpayer who filed the form GSTR-3B shall be the return of the relevant tax period for which the refund may be claimed.

GST REFUND IN EXPORTS CASE WITHOUT PAYMENT OF IGST

The refund of the input tax credit is granted as follows:-

Refund Amount = (Turnover of zero rated supply of goods + Turnover of zero rated supply of services) x Net ITC Amount = Adjusted Total turnover

Where,

  1. “Refund amount” means the maximum refund which is admissible;
  2. “Net ITC means an input tax credit applied to inputs and input services during the relevant period;
  3. “Turnover of zero rated service delivery” means the value of zero rated service delivery made without payment of duty under bond or LUT
  4. “Turnover of zero rated service delivery” means the value of zero rated service delivery.
  5. “Adjusted total turnover” means the turnover excluding the value of exempt supplies, other than zero, during the relevant period
  6. The relevant period shall be the period for which the request for refund has been filed.

What is the deadline to claim the refund?

The time limit to claim the refund shall be 2 years from the date of the refund.

In each case, the relevant date is different.

Reason for GST Refund-                                         Relevant Date

  1. Overpayment of GST- Date of payment
  2. Export or deemed export of goods or services – Date of dispatch / loading / passing the border
  3. ITC accumulates as output is tax-exempt or zero-rated- The last date of the financial year to which the credit belongs
  4. Finalization of the provisional assessment- The date on which the tax is adjusted

Also, if the refund is paid with delay, the interest shall be 24 per cent p.a. It’s due to the government.

List of Documentary evidence required for GST Refund Processing

Exports of goods without payment of IGST

The application shall be accompanied by any of the following documentary evidence in the form of GST RFD-01, as applicable:

  1. Copy of the form RFD 01 A filed on the common portal & RNA (Application Reference Number).
  2. GSTR-3B / GSTR-3/GSTR 1 of the specific month
  3. Copy of the undertaking as referred to in Circular 24/2017
  4. Copy of the undertaking of no prosecution pursuant to Rule 91(1) of the CGST Rules of 2017.
  5. Statement 3 (Rule 89(2)(b) and (c)) 6. Statement 3A Rule 89(4) (Calculation of refunds).
  6. Invoices for export & invoices for input service 8. Bank Certificate / Foreign Inward Remittance Certificate Details.
  7. Copy Statement 1: Application for refund has not been filed with any other authority.
  8. 10. Copy Statement 2: No refund has been claimed against the respective invoices (ITC)
  9. Copy Declaration 3: Applicant did not contravene Rule 91(1) of the CGST Rules 2017 Requirement of no prosecution for the last 5 years
  10. Copy of Declaration 4:as per GST RFD-01
  11. Copy of Declaration 5: Drawback not used
  12. Copy of Declaration 6: Declaration on unfair enrichment

Export of services with or without payment of IGST

The application shall be usually accompanied, as generally applicable, by any of the following documentary evidence in the form GST RFD-01:

  1. Copy of the form GSTRFD-01 A filed on the common portal A&ARN print out.
  2. GSTR-3B / GSTR-3 print out of a given month.
  3. Statement-2 as provided for in Rule 89(2)(c) of the CGST Rules 2017
  4. Copy of the undertaking by the applicant pursuant to Circular 24/2017
  5. Copy of the Export & Input Services Invoice.
  6. Copy of the BRC / FIRC to export services
  7. Proceedings of no prosecution Rule 91(1) of CGST Rules 2017
  8. Filing of the declaration in accordance with GST RFD-01 of
  9. Filling the Declaration No Drawback was made available to
  10. Filling the declaration No export duty shall apply to exports
  11. Filling the declaration of unjust enrichment along with the CA certificate if the amount is more than 2 lakes.

Zero Rated Supplies to Special economic zone Unit / Special economic zone Developers

The request shall be accompanied by any of the following documentary evidence in the form GST RFD-01, as applicable:

  1. Copy of the form RFD 01 A filed on the common port & ARN.
  2. GSTR-3B / GSTR-3 Print of a special month.
  3. Copy of Statement-4 in accordance with Rule 89(2)(d) and (e)
  4. Copy of the undertaking by the applicant pursuant to paragraph 2.0 of Circular 24/2017
  5. Property officer’s endorsement of receipt of goods in SEZ (Provision Rule 89 of CGST Rules 2017).
  6. Copy of the undertaking of no prosecution pursuant to Rule 91(1) of the CGST Rules 2017.
  7. Tax invoices as laid down in Rule 46 of the CGST Rules 2017 8. Copy of the undertaking by SEZ developer / Unit as not claimed by ITC.

 Deemed exports

  1. Declaration of GST RFD-01 – (Claimed not to exceed ITC)
  2. Copy of the undertaking as referred to in Notice No. 49/2017 by receipt of the Supply stating no claims by Refund & ITC
  3. Statement-5B Rule 89(2)(g) of the CGST 2017 Rules 4. Printout GSTR-3B / GSTR-3
  4. Copy of GSTR RFD-01 & /ARN
  5. Copy of undertaking no prosecution Rule 91(i)
  6. Copy of the undertaking by the applicant as provided for in 24/2017

ITC accumulated as a result of the inverted tax structure

  1. Copy of the form RFD 01 A filed on the common port & ARN
  2. GST-3B / GST-3 of the month
  3. Copy of the undertaking as indicated in Circular 24/2017
  4. Copy of the undertaking of no prosecution pursuant to Rule 91(1) of the CGST Rules 2017.
  5. Refund Amount as provided for in Rule 89(5) of the CGST Rules 2017:
  6. Copy of the Statement 1 Rule 89(2)(h) of the CGST Rules 2017 and Article 54(3)(ii) of the CGST Act 2017
  7. Self-declaration of unwarranted enrichment along with the CA certificate if the amount is more than 2 lakes

Excess cash available in the cash ledger

  1. Copy of the form RFD 01 A filed on the common port & AMN
  2. Copy GSTR-3B/3 of the month
  3. Statement 7 pursuant to Rule 89(2)(k)
  4. Copy of Cash & Credit Ledger

 Post by Rajput Jain & Associates

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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. 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)

Corporate and Professional Updates on 11th May 2019

Direct Tax Updates:

Image result for direct tax Hd pics
  • CBDT vide order dated 30th April 2019 stated that  Income Tax dept. to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR.
  • India has notified the inter-governmental agreement with the US for exchange of country-by-country reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion.
  • The Income Tax Department will now share information such as reported turnover and gross income declared with the Goods and Services Tax Network to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central Board of Direct Taxes has said the agreement will include provisions for confidentiality, a mechanism for safe preservation of data and timelines for furnishing information.

Indirect Tax Updates:

Image result for indirect Tax hd Pics
  • Gujarat High Court in the matter of Octagon Communications Pvt Ltd Vs Union of India allows filing of GSTR-3B without payment of GST.
  • Input Tax credit is admissible even if Consideration is paid through Book Adjustments. In re Senco Gold Ltd GST AAR West Bangal.

Other Updates:

  • FinMin may raise cap on 59-minute loans to Rs 3-5 cr
  • CBI’s Look Out Circulars against Bhushan steel boss
  • ISB to set up repository to store all public data
  • Companies get more time to submit ACTIVE form
  • Auditors have questions to answer, says govt
  • ONGC gets green nod for Rs 240 cr project in Assam
  • India, UK in talks to build aircraft carrier : Report
  • Lupin, Zydus Pharma recall products in the US
  • Sebi may be asked to relax 75% promoter stake norm for PSBs
  • Govt to give financial aid to minority investors filing class action suits
  • Sebi’s co-location order delays announcement of NSE’s FY19 results
  • Govt sees little scope for Jet Airways revival as bidders stay away: Report
  • Vodafone Idea promoters contribute Rs 17,920 crore to rights issue
  • Infibeam sacks auditor for sharing unpublished price-sensitive information
  • IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
  • Ipca Labs inks pact to acquire Ramdev Chem for Rs 108.5 cr
  • Non-filers of GST returns to be barred from generating e way bills from June 21
  • Rupee falls by 24 paise on strong dollar demand
  • Sensex rallies 490 points; Nifty reclaims 11,700-mark
  • Self-assessed GST return permitted.
  • Adani Group to invest Rs 57,594 crore to expand Mundra port
  • Ashok Leyland sales up seven per cent in April at 13,626 units
  • Hindustan Zinc’s profit down 24%
  • SBI to consider Jet staff’s billion-dollar bid after May 10
  • India has secured additional oil supplies to tide over Iran sanctions
  • SAT sets aside NSE’s 2017 order against OPG Securities in co-location case
  • TPG Growth-backed Asia Healthcare Holdings acquires Nova IVI Fertility

Key Due Dates:

  • Payment of TDS Deducted in April is 7th May 2019.
  • GSTR-1 Due Date for the month of April 2019 is 11th May 2019.
  • GSTR-3B for the month of April 2019 is 20th May 2019.

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 decision do consult your professional /tax advisor for their 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 & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@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- 9555555480.

Corporate and Professional Updates on 10th May 2019

Direct Tax Updates:

Image result for hd pics on direct tax
  • ITAT Pune in the matter of Ayushi Patni Vs DCIT Has decided that Date of possession of flat is date of actual purchase for claiming exemption u/s 54F of the Income Tax Act.
  • CBDT released data that after clocking steep growth of 25% in the three years to FY18, the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% lower than 6.74 crore filed in FY18.
  • Income tax department has released the software utility in excel format for filing ITR2 for FY2018-19. It is to be used by individuals having capital gains or more than one house property but not by those individuals having income from business and profession.

Indirect Tax Updates:

Image result for hd pics on indirect tax
  • Central Board of Indirect Taxes and Customs (CBIC) clearly stated that Homebuyers will not have the option to choose between old and new goods and services tax rates as the choice only lies with builders.
  • File your GST Return for the month of April 2019 before 15th of May 2019.

Other Updates:

  • Almost 1 million being evacuated as Cyclone Fani nears India
  • Samsung to make more in India, invest Rs 2,500 cr
  • PMO reviews 59-minute loan scheme, Rs 37,870 crore disbursed
  • CIL plans 530 mn tonnes of fuel for power plants in FY20
  • PNB Housing Finance to mop up $1 billion from foreign markets
  • Air traffic growth hits 5-yr low in FY19 at 11.6%; cargo at 6%
  • Amrapali’s lawyers given flats & penthouses: Forensic auditors to SC
  • Kamdhenu Ltd net profit up 43% to Rs 22 crore in FY19
  • Shapoorji Pallonji Real Estate partners with Lokhandwala Infra.
  • CLP may buy Morgan Stanley’s wind assets
  • Tesla plans to raise $2 billion from stock, bond offerings
  • Bombay Dyeing posts net profit of ₹1,253.33 crore in March quarter
  • BSE to conduct mock trading session for various segments on May 4
  • TPG’s Asia Healthcare agrees to buy Nova IVI.
  • Uncertainty makes Brexit worse than Y2K for customers, says Infosys
  • JSW group enters paints business with Rs 600-cr investment
  • PepsiCo withdraws IPR infringement case against Gujarat potato farmers
  • CIL plans 9% increase in coal allocation to power plants
  • Adani Group to invest Rs 57,594 crore to expand Mundra port
  • Ashok Leyland sales up seven per cent in April at 13,626 units.

Key Due Dates:

  • Payment of TDS Deducted in April is 7th May 2019.
  • GSTR-1 Due Date for the month of April 2019 is 11th May 2019.
  • GSTR-3B for the month of April 2019 is 20th May 2019.

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 decision do consult your professional /tax advisor for their 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 & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@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- 9555555480.