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

GST- Checklists for year-end activities / checks

Particulars	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).

Regards,
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CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

Export - LUT validity upto 31.3.2018

Dear All,

 

It is to inform that UT-1 ( Letter of Undertaking for Export ) taken in the year 2017 -2018 is valid only upto 31.03.2018, hence it is requested to file/submit new letter of undertaking ( UT-1 ) for the year 2018-2019.

It is further inform that UT-1 ( Letter of Undertaking for Export) can also be filed online.

Regards,
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CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

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Breaking: Govt. Notifies National Financial Reporting Authority ( NFRA ) w.e.f. 21.03.2018

Breaking: Govt. Notifies National Financial Reporting Authority ( NFRA ) w.e.f. 21.03.2018

 

The Central Government has notified National Financial Reporting Authority ( NFRA ) with effect from 21.03.2018.

The establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.

The provision will initially apply to all listed companies and unlisted large companies. For others, the existing disciplinary mechanism under the Institute of Chartered Accountants of India (ICAI) will continue.

-Regards
CA.C.V.PAWAR
0253-2319641 MOBILE:9423961209

Alert - CBDT invites suggestions from general public on new direct-tax law

Dear All,

 

A Task Force has been constituted to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country. In this connection, the Central Board of Direct Taxes (CBDT) invites suggestions and feedback from stakeholders and general public by 2^nd April, 2018 in the format attached herewith. The suggestions / feedback may be sent through email at rewriting-itact@gov.in  

 

The CBDT issue questionnaires on broadly 6 categories viz –

 

A)     Filing of Return of Income

B)      Tax Credit

C)      Processing / Scrutiny of return

D)     Litigation and recovery of disputed tax demand

E)      Penalty and Prosecution

F)      Any other suggestions

 

The format and the press release is attached herewith for your reference.

 

Thanks and Regards

 

Fwd: FILING OF MISSING GSTR- 3 B & GSTR-1 -REG

---------- Forwarded message ----------
From: Saurabh1 Yadav <Saurabh1.Yadav@icegate.gov.in>
Date: Thu, Mar 22, 2018 at 12:52 PM
Subject: FILING OF MISSING GSTR- 3 B & GSTR-1 -REG

Dear Taxpayer,

 

It is to inform you that GST Seva Kendras are functioning across field formations in the jurisdiction of Nashik GST & CX Commissionerate. The GST Seva Kendras may be contacted for help regarding filing of GSTR – 3B and GSTR – 1. All necessary support would be extended to the taxpayers.

The important dates for filing of GST Returns are:

1.   If Aggregate Turnover < Rs. 1.5 Crores

a.    GSTR – 1 (Jan - Mar): by 30.04.2018

2.   If Aggregate Turnover > Rs. 1.5 Crores

a.    GSTR – 1 (Jan - 2018): 10.03.2018

b.   GSTR – 1(Feb - 2018): 10.04.2018

3.   GSTR – 3B (Monthly): by 20^th of the succeeding month.

Those taxpayers who have not filed the Returns for the periods earlier to those mentioned above are hereby requested to do so immediately.

 The GST Seva Kendras may be contacted on the following phone numbers:

1.   Nashik – I Division GST Seva Kendra: 0253-2375444

2.   Nashik – II Division GST Seva Kendra: 0253- 2376106

3.   Jalgaon Division GST Seva Kendra:0257-2238147

4.   Dhule Division GST Seva Kendra: 02562-278365

5.   Ahmednagar Division GST Seva Kendra: 0241-2450152

6.   GST Seva Kendra (HQ): 0253-2399934

 

 

Commissioner,

CGST & CX,

                                                                                                    Nashik

The Lok Sabha on Wednesday passed the Finance Bill 2018 with 21 amendments,

The Lok Sabha on Wednesday passed the Finance Bill 2018 with 21 amendments, some of which had to do with the controversial long-term capital gains tax on equity announced in the Budget speech by Finance Minister Arun Jaitley, while others had to do with the tax exemptions available to start-ups.

The Finance Bill was passed without discussion amid much ruckus, following which both Houses of Parliament were adjourned for the day.

Regarding the long-term capital gains tax (LTCG), one of the major amendments made was that the grandfathering of gains till January 31, 2018 will now be incorporated in the computation of LTCG itself, rather than for the purposes of computing tax at the rate of 10%.

"This resolves the ambiguity contained in the language of the Finance Bill 2018 on the need for a duplicated computation viz. first for computing LTCG without grandfathering and then for applying 10% tax rate with grandfathering," Rajiv Chugh, Tax Partner at EY India said in a note.

"The amended Finance Bill 2018 clears the air on several ambiguities and anomalies on new LTCG regime, cost base for depreciation allowance on stock in trade converted into capital asset, valuation of securities held as inventory by scheduled banks and public financial institutions, due date for CbCR (Country by Country Reporting) compliance by Indian constituent entity of non-resident parent entity and turnover cap for eligible start-ups."

However, tax experts say that ambiguities on other proposals continue to exist, such as the deemed dividend taxation of accumulated profits of an amalgamating company, potential extension of SEP to physical transactions, applicability of prosecution for non-filing of returns of income to foreign companies whose incomes are fully covered by withholding tax, restrictive relief from Minimum Alternate Tax (MAT) for non-resident companies under presumptive basis of taxation.

"Markets were expecting some relief from the government like deferment of new capital gains tax or increase in the threshold limit from ₹1 lakh to ₹2 lakh for levy of capital gains tax at the rate of 10%," Naveen Wadhwa, DGM, at Taxmann.com said. "However, the Finance Bill 2018 as passed by the Lok Sabha didn't make any significant change in the original proposal."

"The only noteworthy change is that of allowing the indexation benefit to shares which were unlisted as on January 31, 2018 but are listed on the date of transfer which happens to be on or after April 1, 2018," Mr. Wadhwa added.

The amended Finance Act also made changes to the rules regarding how start-ups can avail of tax deductions on profits.

Previously, start-ups were allowed 100% deduction of profits for any three out of seven years from the year of incorporation. To avail of this incentive, the start-ups were required to comply with a condition that stipulated that their turnover could not exceed ₹25 crore in those seven years.

"This was considered restrictive, as exceeding the turnover threshold in later years could have jeopardised the claim for earlier years (even though the conditions were met in those years)," Jiger Saiya, Partner - Tax and Regulatory Services at BDO India said in a note.

"In an amendment to the Finance Bill as passed by the Lok Sabha today [Wednesday], the condition is relaxed largely to the effect that turnover should not exceed the prescribed limit for the year for which 100% deduction is claimed by the start-up. The linking of turnover limit directly to year of claim is welcome."

Chandrashekhar V. Chitale

-Regards
CA.C.V.PAWAR
0253-2319641 MOBILE:9423961209

Brief About E-Assessments under Income Tax Act

As a part of e-governance initiative to facilitate conduct of assessment proceedings electronically, Income-tax Dept. has launched 'E-Proceeding' facility. 
Under this initiative, CBDT has made it mandatory for the tax officers to take recourse of electronic communications for all limited and complete scrutiny. 

In June, 2017, CBDT had issued the formats for issuing a notice to the taxpayers for conducting the scrutiny assessments. Now, CBDT issues an instruction for conducting the scrutiny assessments electronically. 

As per the instruction, except search related assessments, all scrutiny assessments shall be conducted only through the 'E-Proceeding' functionality available at e-filing website of Income-tax Dept.

Through this instruction, the Board has laid down the procedures to be followed by the tax officers to conduct the scrutiny assessment electronically. 

Ten-things to know about this instruction and e-Proceeding facility of Income-tax Dept. are as under.

1. All the communications with the taxpayers shall be signed digitally by the tax officer and it will be delivered to a taxpayer in his e-filling account.

2. On receipt of Dept. communication, taxpayer would be able to submit the response along with the attachments by uploading the same on e-filing portal.

3. All the submissions and replies should be made by the taxpayer till office hours on the date stipulated for compliance.

4. The response submitted by the taxpayer can be viewed by the concerned tax officer electronically in Income-tax Business Application (ITBA) Module.

5. The facility for electronic submission of documents shall be automatically closed 7 days before the time barring date.

6. Upon conclusion of hearing in assessment proceedings but before passing the final order, the concerned tax officer shall close the e-submission facility.

7. Not all proceedings shall be carried out electronically. A few proceedings can also take place manually, i.e., examining the books of accounts, examination of witness, etc.

8. The case-records and note sheets of proceedings is required to be maintained by the tax officer electronically.

9. These electronic proceedings shall be carried out by the tax officers for Limited Scrutiny (in case of CASS1), Complete Scrutiny (in case of CASS) and Compulsory Manual Scrutiny.

10. The taxpayer friendly measure would substantially reduce the compliance burden for the taxpayers as it would enable them to submit response to the Departmental queries electronically as per their convenience. 

 

Regards,
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CA.C.V.PAWAR