Nikhil Rastogi & CO

13/11/2020

14/04/2020

*COVID-19 Update*: *PM address to the Nation on COVID-19*

_PM congratulated the country on fight against Corona Virus_

PM informed regarding various initiative taken by the government to fight against the virus spread. PM informed that in comparison to other developed nations in the world, India is in strong position and the spread is still under control.

*Lock-down Extention*:
Social distancing and lock-down has helped India a lot, althought the lock-down has costed India economically dearly but it has no value in front of life of Indian citizens. Basis discussion, *PM has extended lock-down till 3 May 2020*.

*Relaxations & Restrictions:*
No information has been given by PM regarding any relaxation. Hence it can be concluded that no relaxations has been extended and lock-down shall be extended in "As-Is" form.
In next 7 days, if it is found that any area is green zone with no cases, few relaxations may be extented. But if any lapses were observed, the relaxations will be removed. *Detailed guideline to be released by tomorrow.*

*PM shared "7 baaton mey bharat varsh ka sath" with the nation:*
1. Take special care of elderly
2. Follow Lockdown & social distancing
3. Use Home Made Mask & Increase Immunity
4. Download Arogya Setu Mobile App
5. Help Poor to the extent possible
6. Have empathy towards people working in your business
7. Salute "CORONA WARRIORS" of India.

10/11/2017

Summary of the meeting of November 10, 2017

*Composition scheme expanded*
Threshold for Composition scheme to be increased to Rs. 1.5 Crores. Uniform tax rate of 1% applicable for both traders and manufacturers. Composition suppliers allowed services upto Rs. 5 lakh per annum for eligibility. Exempted supply not to be taxed at 1%.

*Returns*

Filing of Form GSTR 2 and GSTR 3 has been suspended for the current financial year. Only GSTR 1 is to be filed as per the below schedule.

For suppliers having turnvover below 1.5 crores,
For the period of July to Sept - 31st Dec 2017
For the period of Oct to Dec - 15th Feb 2018
For the period of Jan - Mar - 30th Apr 2018

For suppliers having turnvover more than 1.5 crores,
For the period of Jul to Oct - 31st Dec 2017
For the month of Nov - 10th Jan 2018
For the month of Dec - 10th Feb 2018
For the month of Jan - 10th Mar 2018
For the month of Feb - 10th Apr 2018
For the month of Mar - 10th May 2018

Filing of return in Form 3B to be continued till March. For small taxpayers, return to be simplified. It is not clear whether small suppliers will have to file monthly or quarterly (as proposed in the last meeting).

A committee to simplify details of GSTR 2 and GSTR 3 will be setup.

*TRAN-1 date extended *
The due date of TRAN-1 has been extended to December 31, 2017.

*Penalties reduced*
Rate of penalty for delay in filing of returns will be reduced from Rs. 200 per day to Rs. 20 per day for suppliers with nil returns. For others, penalty to be reduced to Rs. 50 per day.

*GSTR-4 extended*

Due date for return of suppliers covered in composition scheme in Form GSTR-4 has been extended to 24th December 2017.

*Changes in Rates*

1. 5% Tax on all Restaurants other than 5-Star *without ITC*

2. Rates reduced for 178 items from 28% to 18% effective Nov 15, 2017.
- Washing Machines
- Air Conditioners
- Make up
- Sanitary Items
- Marble/flooring
- Toiletries

3. Rates reduced from 28% to 12%
- Wet grinders
- Armoured fighting vehicles

4. Rates reduced from 18% to 12% for 13 items, from 5% to 0% for 6 items, from 12% to 5% - 8 items.

CS NIKHIL RASTOGI LLB
9548888558

31/10/2017

Audit extention.....

06/08/2017

https://youtu.be/4mmRxCoo1ok

Penalties up to 25000/- & last fee 100/- per day up to 5000/- and 0.25% of turnover as case may be.

04/08/2017

*ARE YOU READY TO FILE GST RETURN FOR JULY MONTH* ( क्या आप जुलाई माह की GST Return फाइल करने के लिए तैयार है)

जुलाई महीने की GST Return *20th August* तक Form 3B मे फाइल करनी है चूंकी GST की मासिक (monthly) detailed Returns को September मे Postpone कर दिया है।

क्या जरूरी है GST 3B फाइल करने के लिए??
1) Outward Taxable Supply
A) Unregistered persons
B) Composition Taxable persons
C) Others
2) Outward zero rated Supply
3) Outward Nil rated/Exempted Supply
4) Inward Supply (under reverse Charge)
5) Non GST Supply
6) Input Tax Credit (ITC) Available
7) ITC reversed
8) Inward supply
A) from Composition Dealer
B)Nil rated/ Exempt inward Supply
C)Non GST inward supply
9) Payment of Tax
A) Integrated
B) State
C) Central

*First Return of GST*

*Note: If you have no outward supply ( sale) still you have to file return as NiL*

27/07/2017

*Income Tax Returns Update*

CBDT has started accepting the ITR without Linking of PAN & Aadhaar. Due to many issues in Linking of Aadhaar with PAN because of Name, D.O.B., Gender etc. Mismatch; people are facing issue to Link Aadhar & PAN. Considering the Last days to file ITR for non-Tax Audit Returns; Now Income Tax Department is Accepting those Returns where Aadhaar Number is not Linked However you have to Mentioned Aadhaar Number.

Please share This News Maximum so that Everyone Can take benefit of this news.

11/07/2017

*JULY 1 WILL CHANGE YOUR WORLD: BE PREPARED FOR CHANGES OTHER THAN GST*

Economic times | Jun 28, 2017, 03.30 PM IST

NEW DELHI: July 1 is set to enter into history books, and not just for the Goods and Services Tax (GST). A number of other major changes will happen from this date.

Here is a list of changes that are coming into effect on July 1:

1=> *No filing of I-T return without Aadhaar*:
The government has made it compulsory to mention Aadhaar for filing of income tax return. Without Aadhaar, you won't be able to file your return after July 1.

2=> *Linking of Aadhaar with PAN becomes mandatory*:
The government has also made it compulsory to link Aadhaar with PAN to stop people using multiple PANs to evade taxes. If a person does not link PAN and Aadhaar as mandated by Section 139AA of the Income Tax Act, his PAN could become invalid.

3=> *No PAN card without Aadhaar*:
Aadhaar becomes must for getting new PAN. You won't be able to get a PAN card after Saturday without your Aadhaar card.

4=> *No passport without Aadhaar card*:
Ministry of External Affairs has listed Aadhaar card as one of the mandatory documents for applying for a passport. So you won't be able to get your passport without Aadhaar from July 1.

5=> *Aadhaar-PAN linking made mandatory from July 1*:
Here's all you need to know
Aadhaar-PAN linking made mandatory from July 1.

6=> *Linking PF account with Aadhaar*:
Employees' Provident Fund Organisation (EPFO) has made it compulsory to link PF account with Aadhaar by June 30. Pensioners are also asked to furnish Aadhaar details. According to EPFO, Aadhaar linking is expected to make the withdrawal and settlement process time much shorter, from existing 20 days to 10 days.

7=> *No concession on railway tickets*:
To plug misuse and leakages, Indian Railways have made it mandatory to quote Aadhaar from July 1 to avail concessions on railway tickets.

8=> *Scholarships for schools and colleges*:
HRD ministry has also issued a notification that school and college students, who want to get government scholarship or are already getting it, should furnish Aadhaar details by June 30. After that, scholarships would not be given to any student who doesn't have Aadhaar.

9=> *No PDS benefit without Aadhaar*:
Public distribution benefits have been linked to Aadhaar. Individuals will have to link Aadhaar with ration cards before July 1 to get all the PDS subsidy benefits.

10=> *No departure form for flyers from July 1*:
Indians flying abroad will not be required to fill departure cards from July 1. The move is aimed at ensuring hassle-free movement and reducing the time required to complete immigration formalities.

11=> *Expat tax in Saudi Arabia from July 1*:
Saudi Arabia is introducing a monthly expatriate levy on the dependents of expatriates from July 1. The fee will be 100 riyals (around Rs 1,721) per dependent this year. It will be doubled to 200 riyals per dependent from July next year, tripled to 300 riyals in 2019 and quadrupled to 400 riyals from July 2020.

12=> *New curriculum for CA*:
Prime Minister Narendra Modi will launch on July 1 a new syllabus for those studying to become chartered accountants. The new syllabus is in accordance with International education standards of the International Federation of Accountants and also includes new taxation system, the GST.

13=> *Online visitor visa for Indians flying to Australia*:
The Australian government has announced that Indian visitors can apply for a visitor's visa online starting July 1. The online visa facility is expected to fasten the approval process.

22/06/2017

Ministry of Corporate Affairs vide notification dated June 22, 2017 has made an amendment to the Companies (Audit and Auditors) Rules, 2014 whereby a relaxation has been provided to the Private Companies with regard to the appointment of Statutory Auditor.

Prior to this amendment, all private limited companies having paid up share capital of rupees twenty crore or more were not allowed to appoint an individual as auditor for more than one term of five consecutive years or an audit firm as auditor for more than two terms of five consecutive years.

Pursuant to the aforesaid notification, the limit of paid up share capital of rupees ‘twenty crore or more’ has been revised to ‘rupees fifty crore or more’ subsequent to which the private companies having paid up share capital of less than rupees fifty crore (Rs.50 crore) shall not be required to comply with the provisions of Section 139(2) regarding rotation of auditors.

19/06/2017

https://youtu.be/QkPAn-6pdsg

18/06/2017

Relief for industry: GST Council gives 2 months relaxation for filing of GST returns.....

“The official implementation of GST will take place on the midnight of June 30th in an official ceremony to be held on the same day,” FM Arun Jaitley said.