Friday, May 4, 2018

GST Council meet: Single, monthly return filing system finalised;

GST Council meet: Single, monthly return filing system finalised; GSTN to be 100% govt-owned; decision on sugar cess in two weeks In a media briefing after the meeting, FM Jaitley said the Council has approved making GST-Network (GSTN) a government entity by taking over 51 percent stake held by private entities.

The GST Council headed by Finance Minister Arun Jaitley today finalised a single, monthly return filing system and gave approval for 100 percent government stake in Goods and Services Tax Network (GSTN).
The new return filing system will come in place in a year's time, finance and revenue secretary Hasmukh Adhia said.
GSTN will be given six months to make necessary changes in the software towards to shift to the new return filing format. As a result, companies will have to file the summary form GSTR 3B, and GSTR1 (outward supplies form) for the next months.
In the next six months, input tax will be given to buyers on a provisional basis. And in the final phase, in about a year's time, the new tax filing system will be implemented, which will ensure that tax evasion,
Keeping in view the need to move towards a cashless economy, the Council-- a constitutional body for making recommendations to the Centre and states on issues related to GST--discussed the proposal of a concession of 2 percent in GST rate on B2C supplies, for which payment is made through cheque or digital mode, subject to a ceiling of Rs 100 per transaction.
Jaitley said that the Council has recommended setting up of a group of ministers (GoM) from the states will look into the proposal and make recommendations, before the next meeting.
The Council could not reach consensus on the proposal to impose cess on sugar and recommended setting up of GoM to take a final call.
The recommendations will be presented to the Council in two weeks.


Key Takeaways from 27th GST Council Meeting

Key Takeaways from 27th GST Council Meeting

The 27th GST Council meeting held today at New Delhi through video conferencing. The following are the important decisions taken:

1. Simplification of Returns:
GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. 

2. Increasing Government's Stake in GSTN: Presently, the Central Government and State Government are holding 24.5% equity shares respectively and the remaining 51% are held by non-Governmental institutions and through various mechanisms, GSTN is under strategic control of government. Majority of the GST processes including registration, filing of returns, payment of taxes, processing of refunds is IT driven and GSTN is handling large-scale invoice level data of lakhs of business entities including data relating to exports and imports. Considering the nature of 'state' function performed by GSTN, Council felt that GSTN be converted into be a fully owned government Company. 

3. Incentive for Digital Payments:
Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and SGST rates] on B2C supplies, for which payment is made through cheque or digital mode, subject to a ceiling of Rs. 100 per transaction, so as to incentivise promotion of digital payment. 
The council has recommended for setting up of a Group of Ministers from State Governments to look into the proposal and make recommendations, before the next Council meeting, keeping in mind the views expressed in GST Council. 

4. Sugar Cess:
Keeping in view the record production of sugar in the current sugar season, and consequent depressed sugar prices and build-up of sugarcane arrears, the Council discussed the issue of imposition of sugar cess and reduction in GST rate on ethanol in great detail. 
The council has recommended for setting up of a Group of Ministers from State Governments to look into the proposal and make recommendations, within two weeks, keeping in mind the views expressed in GST Council in this regard.

Saturday, April 28, 2018

Due Dates For Co-Operative Society Audits – Latest Circular

According to the latest circular on Co-Operative Society Audits, below are some important dates:
1. Finalisation of Acts –  15th May
2. Accounts to be handed over for Audit -1st June
3. Audit Completion: 31st July
4. Audit Report Upload – 31st August  or 15th September.
5. AGM Date – 30th Sept (to be held on or before).
6. Mandatory Annual Return by Society – by 30th Sept.
7. Mandatory Return by Society About Auditor Appointment – One month from AGM or 31st October
8. Online Audit Order Generation by Auditor – 31st October.
9. Audit Rectification Report by Society: 3 months from the date of submission of report by auditor.
10. Rectification Report Upload by Auditor through Audit login: Once received from Society

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Saturday, April 7, 2018

CBDT notifies Income Tax Return Forms for AY 2018-19


Dear All,


CBDT notifies Income Tax Return Forms for AY 2018-19 (FY 2017-18).




Thanks and Regards,

Applicability of Standard deduction to Pension received from former employer

Dear All,


CBDT clarifies through Press Release that, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40000/-(Standard Deduction) or amount of pension whichever is less , u/s 16 of the Income Tax Act.


CBDT Press Release is attached herewith for your reference.




Thanks and Regards, 

Sunday, April 1, 2018

CBDT : Clarification on return processing

Dear All,


The Central Board of Direct Taxes (CBDT) on 28th March, 2018 clarified that all the returns for AY 2017-18 and onwards have to be processed under section 143(1) of the Income-tax Act, 1961 (Act) irrespective of the fact whether the cases are under scrutiny or AO contemplating withholding of refund under section 241A of the Act on concern of recovery.


The returns pushed to the AO for processing by the CPC are required to be processed electronically on the Income-tax Business Application Software (IBAS) which is launched by the CBDT and functioning since 31st October, 2017. However, in exceptional circumstances where returns cannot be processed electronically due to technical difficulties, the AO can process the return manually with the prior approval of Pr. CIT.


Also directs that before taking up manual processing, technical difficulties in such cases should be referred to Pr. DGIT (Systems) who shall satisfy himself about the inability of processing returns manually due to technical difficulty within reasonable time and then permit manual processing.


To avoid any arbitrariness, the returns of AY 2017-18 and onwards which are pushed by the CPC to the AO for processing, as far as possible, shall be handled in a chronological manner.




Thursday, March 29, 2018

GST- Important points to be considered at the end of Year - Year end GST Checklist

GST- Checklists for year-end activities / checks

Things to be complied with or taken care of
E-way bill
E-way bill is mandatory for all inter-State supplies from 01.04.2018 if the value of taxable goods therein exceeds Rs. 50,000 
Renewal of LUT
Online renewal of LUTs for the F.Y. 2018-19 (existing LUT would not be valid supplies from 01.04.2018) - 
Cross-charges and issue of invoices
Cross-charge of costs (if any) to be made by 31.03.2018 – typically, for use of common infrastructure / maintenance, corporate office expense to branches or warehouses (etc.)
Reconciliation of outward supplies
Reconcile turnover as per books of account with that of the aggregate details reflected in the returns
Reconcile of input credits
Review of list of input credits claimed in the returns – the amount not claimed (if any) to be claimed on or before filing of returns for September 2018 or date of filing of annual return.
Transactions forming part of the balance sheet
Whether GST has been appropriately discharged - e.g. advances received, deletions to fixed assets, whether transfers between GSTINs of same PAN are nullified in-toto, reversal of credits on loss / destruction of physical stock, etc.
Ageing analysis for reversal of Input Tax Credit (ITC)
If the supplier has not been paid within 180 days, ITC claimed earlier on to be reversed (can be reclaimed as and when paid) - to review the list of ageing of creditors.
Check on suppliers' compliance status
Perform checks on whether the suppliers are filing their returns in time, and to create safeguard measures in case of defaulting suppliers
Analyse impact of exempt supplies
Review of outward supplies for identifying the tax credits that are to be reversed, if any (to the extent it relates to exempt supplies).
New series of Tax Invoices
The serial of the tax invoices should be unique to every financial year.
Review of existing GST registrations
Review of the type of GST registrations to identify shift if any – viz., from composition to regular or vice-versa.
Monthly / Quarterly option
Exercise the option for filing of monthly / quarterly returns (where the aggregate turnover for FY 2018-19 is expected to be below Rs. 1.5 Crore).

0253-2319641. M-9423961209