A T P & Associates

A T P & Associates chartered accountant firm

MSME update :Now whole sale and retail traders can register as MSMEs
02/07/2021

MSME update :

Now whole sale and retail traders can register as MSMEs

This is to clarify that today is the last date to file ITR for FY18-19 ( AY19-20) and not for FY19-20. The last to file ...
30/11/2020

This is to clarify that today is the last date to file ITR for FY18-19 ( AY19-20) and not for FY19-20.

The last to file ITR for FY19-20 is 31st December, 2020 and in case of Tax Audit, the same is 31st January, 2021.

11/11/2020

👆🏻 *Important points from above Notifications:*

Notification No 82,83,84,85 and 86/2020:

*Below updates are effective from 01.01.2021:*

*GSTR-1 related:*

- Quarterly return filers can file their *first and second month B2B invoices* in Invoice Furnishing Facility (IFF) on or before 13th of 1st month in next qtr

- Total value for such B2B invoices is capped to 50 lakhs per month

- No need to report invoices again in GSTR-1 if already reported in IFF

- Due date of GSTR-1 for quarterly filers is 13th of 1st month in next qtr

- *HSN/SAC codes shall be mentioned mandatorily in GSTR-1* ( 5Cr- 6 digit)

*GSTR-2 related:*

- The invoices reported in IFF shall be made available to recipient in their GSTR-2A/2B

- Notified FORM GSTR-2B

*GSTR-3B related:*

- Rule 61(6) was inserted to provide due date for filing GSTR-3B for the months of Oct 2020 to Mar 2021 as 20th of next month if TO > 5 Crores

- Quarterly return filers shall deposit tax in electronic cash ledger on or before 25th of next month for first and second months

*87/2020:*

- Due date for filing ITC-04 (Job worker return) for the period July 2020 to September 2020 is extended to 30th November 2020

*88/2020:*

*E-invoicing* is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate TO in any of the FY from 17-18 exceeds *100 Crores*

05/10/2020

*42nd GST Council Meeting Key Recommendations: Highlights*

1. Quarterly filing of GSTR-1 & GSTR-3B for taxpayers with aggregate turnover of less than Rs. 5 Crores from 1st January, 2021. However, payment of tax would be made monthly through challan.

2. For the taxpayers filing quarterly returns as above, a facility to only upload outward supply invoices would be provided.

3. For taxpayers with aggregate turnover of more than Rs. 5 Crores, HSN code to be mentioned at 6-digit level and for those with aggregate turnover of less than Rs. 5 Crores making B2B supplies, HSN code to be mentioned at 4-digit level.

Further, for notified classes of supplies, 8 digits is required to be mentioned.

4. From 1st January, 2021, refund would be disbursed to only those bank accounts which are validated with PAN and Aadhar. Further, refund applications can now be signed through Aadhar authentication via OTP.

5. Satellite launch services are to be exempted to promote start-ups making satellites..

6. With respect to compensation to States with revenue shortfall, another meeting would be held on 12th October 2020 to reach ultimatum.

Please refer https://pib.gov.in/PressReleseDetail.aspx?PRID=1606432 for details.

28/09/2020

The Ministry of Corporate Affairs had introduced a new scheme known as the Companies Fresh Start Scheme, 2020, valid from 01.04.2020 to 30.09.2020 to enable companies to make good their previous defaults. This Scheme has now been extended till 31.12.2020.

The MCA had also introduced a new scheme known as the LLP Settlement Scheme, 2020 which was valid from 01.04.2020 to 13.06.2020 and was later extended till 30.09.2020. The Scheme has been further extended to 31.12.2020 to enable LLPs to make good their previous defaults.

CBDT launches the system today, in continuation of "Transparent Taxation ". Gazette notification in S.O. 3296(E) dt 2...
25/09/2020

CBDT launches the system today, in continuation of "Transparent Taxation ". Gazette notification in S.O. 3296(E) dt 25th September, 2020 issued.
Detailed press release available at https://bit.ly/3j52c6F

21/09/2020

*List of Notifications issued on 21st September by CBIC:*

*Notification No. 66/2020-CT:*
Time limit for issuance of invoice in case of goods being sent on approval basis which falls during the period from 20th March, 2020 to 30th October, 2020 has been extended up to 31st October 2020.

*Notification No. 67/2020-CT:*
Late fees payable in case of delayed filing of GSTR-4 (for composition dealers) for the period July 2017 to March 2020 has been waived fully in case of Nil Return, and restricted to Rs. 500 per return in other cases if such GSTR-4 is furnished from 22th September, 2020 to 31st October, 2020.

*Notification No. 68/2020-CT:*
Late fees payable for delayed filing of Final Return (GSTR-10) has been restricted to Rs. 500 if such GSTR-10 is furnished from 22th September, 2020 to 31st December, 2020.

Due date of Annual general meeting (AGM) for the companies have been extended by Gujarat RoC.
08/09/2020

Due date of Annual general meeting (AGM) for the companies have been extended by Gujarat RoC.

06/09/2020

GST changes Recently:-

1. GSTR-2B Launched- A new facility to view the GST Input Credit.

2. Search GST Taxpayer ;- This option now showing your type of Business, activities with HSN Code in which you are dealing, GST9, 9C,3B and 1 Filing Detail.

3. GSTR 3B :- Now GSTR 3B can be viewed auto filed (System Computed) and accordingly you can file with require editing ..This move will help to minimize your error.

4. GSTR 2A:- This will also show the Import of Goods detail..How much Tax you have paid on import of Goods.

29/08/2020

GST Update :

GSTN enables GSTR-2B on the portal

The statement will show details of eligible/ineligible credits and reversals required thereof based on GSTR-1, 5 and 6 furnished by vendors/ISD and from ICEGATE, however the same is only recommendatory and not necessarily binding on tax payers.

27/08/2020

*Income Tax Update*

*TCS on Sale of Goods under Income Tax Laws w.e.f 01.10.2020*

Every seller, whose total sales, gross receipts or turnover from the business carried on by him exceed ₹ 10 Crores during the FY 2019-20 & onwards, who receives any amount as consideration for sale of any goods (excluding exports) of the value or aggregate of such value exceeding ₹ 50 Lakhs in any previous year shall at the time of receipt of such amount collect a sum equal to 0.1% of the sale consideration exceeding ₹ 50 Lakhs as Tax Collected at Source (TCS) from the buyer.

*Upto 31st March 2021 TCS Rate 0.075% instead of 0.1%*

*Regards*
*CA Arpit Parikh*

21/08/2020

📢 *TODAY - 21.08.2020*

✅ *GST Updates*

*🎯New Registration Procedure in GST- Aadhaar Authentication w.e.f. 21st Aug, 2020.*

1. w.e.f. 21st August, 2020, undergo authentication of Aadhaar number and the date of submission of the application in such cases shall be the date of authentication of the Aadhaar number, or 15 days from the submission of the application in Part B of FORM GST REG-01 whichever is earlier.”.

2. Fails to undergo authentication of Aadhaar number as or does not opt for authentication of Aadhaar number, the registration shall be granted only after physical verification of the place of business in the presence of the said person.

3. As per Point No. 2, Notice in FORM GST REG-03 may be issued not later than twenty one days from the date of submission of the application.

4. Registration deemed to be granted if proper officer fails to take any action in 3 days/15 days/21 days/7 days as the case may be.

Address

408, Vandematram Arcade, Vandematram Cross Road
Ahmedabad
382481

Opening Hours

Monday 10:30am - 7pm
Tuesday 10:30am - 7pm
Wednesday 10:30am - 7pm
Thursday 10:30am - 7pm
Friday 10:30am - 7pm
Saturday 10:30am - 7pm

Telephone

+919409043054

Website

Alerts

Be the first to know and let us send you an email when A T P & Associates posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Practice

Send a message to A T P & Associates:

Shortcuts

Share