Team SASG

01/04/2022

Financial New Year Greetings...

13/10/2021

Accountant with knowledge of GST, MS-Office and TALLY required in Pitampura, Delhi.

27/06/2021

22/12/2020

Many of the assessee is getting mesages for QRMP Scheme.

Here is the brief information over this

QRMP or Quarterly Return Monthly Payment Scheme is an optional scheme that CBIC has rolled out for small scale businesses having aggregate turnover up to 5 crore rupees to furnish return on a quarterly basis along with monthly payment of tax.

A registered person who intends to file his GSTR-3B quarterly should indicate the same on GST portal, from the 1st of the second month of the preceding quarter until the last day of the first month of the quarter for which such option is being exercised.

22/12/2020

From Nov 2020 Month

Input Tax Credit can be claimed only when supplier files their respective GSTR1 upto 10 of next month.

If more Input Tax credit Claimed in GSTR3B- It will show warning to recheck data & will get highlighted in RED.
And ♦️ *Scrutiny Chances May Arise*

So Please ensure Supplier is filing their GSTR1 timely for smooth flow of Input Tax Credit.

Avoid Purchasing from such vendors who are Late in filing their GST Compliances.

Also From Next Month *2 Returns to be filed monthly*

🔸First Before 10th of Month &

🔸 Second After 10th of Month

27/03/2020

RBI Governor Presser Highlights :

1. Repo rate reduced by 75 basis points to 4.4%
2. Rev repo reduced by 90 basis points to 4%
3. GDP growth for Q4 19-20 and FY 20-21 to be affected
4. Aggregate demand may weaken
5. Future outlook uncertain and negative
6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores
7. Min daily CRR balance reduced from 90% - 80% till 30/06/2020
8. 3.74 lakh crore liquidity injected
9. 3 month moratorium on payment of instalments of Term Loan outstanding
10. Interest on WC facilities to be deferred by 3 months
11. Such deferment not to be considered for NPA
12. Revised DP calculations by reassessing WC cycle
13. All measures not to effect credit history
14. Total liquidity injection 3.4% of GDP

24/03/2020

Income Tax related announcement

√ The last date for filing Income Tax returns for the financial year 2018-19 has been extended to June 30, 2020. For the delayed payments, interest rate has been reduced from 12 percent to 9 percent.

√ Various other dates for income tax notices, filing have been extended to June 30, 2020.

√ Aadhaar-PAN linking date has been extended to June 30, 2020 from what was March 31, 2020

√ ‘Vivaad Se Vishwas’ scheme extended to June 30, 2020. No 10 percent additional charge till June 30 on ‘Vivaad Se Vishwas’ scheme.

GST-related announcement

√ Last date for filing March, April and May 2020 returns is being extended to June 30, 2020. Different staggering dates will be applicable, but all will be end of June.

√ No interest, no penalty and no late fee will be charged for companies with a turnover of less than Rs 5 crore.

√ Only interest, but no late fee and no penalty for bigger companies.

Central customs and central excise

√ Payment date under the ‘Sabka Vishwas’ scheme, which was for settling disputes in the indirect tax regime, has been extended till June 30, 2020.

√ Customs clearance will operate 24x7 till June 30, 2020

Companies Act Relaxation

√ Applicability of The Companies Auditors’ Report Order 2020, which was supposed to have come into force in 2019-20, has been shift to 2020-21.

√ For newly incorporated companies, there is a requirement to file declaration on commencement within six months. We are giving them additional six months.

√ If there is a company director who does not comply with the minimum residency requirement, it shall not be treated as a violation.

√ It will not be seen as a violation if independent directors cannot hold a single meeting in FY20.

* Insolvency and Bankruptcy Code*

√ The threshold for default is currently Rs 1 lakh. We are raising this to Rs 1 crore.

√ We may consider suspending Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC), at a later stage, if the current situation continues beyond six months.

14/03/2020

*Key decisions by 39th GST Council Meeting*

1. Interest to be paid on net cash liability. Amendment with retrospective effect from 01.07.2017.
2. Due date for GSTR 9 and GSTR 9 C for FY 2018-19 extended to 30.06.2020.
3. GSTR 9 C not to be filed for taxpayers having turnover less than ₹5 crores.
4. Late fees for GSTR 9 and GSTR 9 C waived off for taxpayers having turnover less than ₹2crores
5. GSTR 1 made optional for specified taxpayers.
6. Know your supplier scheme approved.
7. New returns and einvoicing deferred to Oct 2020.
8. Refund for cash and credit in case of excess payment of tax.
9. Refund can now be filed for multiple financial years together by an exporter.
10. Restriction imposed on passing of ITC by new registrants before physical verification and financial KYC.
11. Refunds to be reversed if payment against exports not received as per FEMA provisions.

05/03/2020

Great news for LLPs

MCA has brought LLP settlement Scheme, 2020 : accordingly fees relaxation is given for late filing of the forms

Following forms are covered:
Form 3, 4, 8 and 11.

Applicable 16 March to 13 June - FEE Rs.10/ per day or maximum 5000

04/03/2020

Vivad se Vshwash Bill 2020
The amount payable under the Declaration made under VSV,
The disputed amount may either be on account of
(i) disputed tax or
(ii) disputed interest or
(iii) disputed penalty or
(iv) disputed fee