B-Corporate Compliance Services

03/01/2020

CBIC notifies certain amendments in the CGST Rules, 2017

The CBIC vide Notification No. 02/2020 – Central Tax dated January 1, 2020 has notified certain amendments in the Central Goods and Services Tax Rules, 2017 (“CGST Rules”). The gist of the amendments is discussed hereunder: -

Rule 117: Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day: -
In Rule 117 in sub-rule (1A), with effect from the 31st December 2019, for the figures, letters and word “31st December 2019”, the figures, letters and word “31st March 2020” shall be substituted;
In Rule 117 in sub-rule (4), in clause (b), in sub-clause (iii), in the proviso, for the figures, letters and word “31st January 2020”, the figures, letters and word “30th April 2020” shall be substituted.
Therefore, the due dates for furnishing Form TRAN-1 and Form TRAN-2 by the registered taxpayers has been extended to March 31, 2020 and April 30, 2020 respectively.

Form REG-01: Application for Registration: -
In Form REG-01, in Part-B, serial numbers 12 and 13 and the entries relating thereto, has been substituted.

Form GSTR – 3A: Notice to return defaulter u/s 46 for not filing return: -
In serial number 2 under the heading “Notice to Return Defaulter u/s 46 for not filing Return”, for the words “tax liability will” , the words “tax liability may” shall be substituted;
After serial number 4 under the heading “Notice to Return Defaulter u/s 46 for not filing Return”, the following serial number shall be inserted, namely:-
“5. This is a system generated notice and does not require signature.”;

In serial number 3 under the heading “Notice To Return Defaulter U/S 46 For Not Filing Final Return Upon Cancellation Of Registration”, for the words “tax period will”, the words “tax period may” shall be substituted;
After serial number 4 under the heading “Notice To Return Defaulter U/S 46 For Not Filing Final Return Upon Cancellation Of Registration”, the following serial number shall be inserted, namely:-
“5. This is a system generated notice and does not require signature.”

Form INV – 01: Generation of Invoice Reference Number: -
The complete Form INV – 01 is substituted which can be accessed through this link: http://www.a2ztaxcorp.com/wp-content/uploads/2020/01/Form-INV-01_Substituted-vide-Notification- No.-02-2020-Central-Tax.pdf

Read More at:http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-02-central-tax-english-2020.pdf

Vol I: GST Referencer, Manual for GST Rates & Exemptions as on 01.02.2019, GST Annual Return and Audit as per revised formats etc.

03/01/2020

03/01/2020

As a one-time measure to enable taxpayers to clear the backlog of all GSTR-1 which have not been filed from July 2017 to Nov 2019, a late fee waiver till 10.01.2020 (vide NN 74/2019 dt. 26.12.2019) has been provided.

30/01/2019

Start your own company as Private Limited, register company with ROC and get Name approval, MOA, AOA, ROC Certificate, PAN, TAN Support.

For more detailed please contact bccS Expert Team- Mob No-+91-9910216446,9555534185 or mail to Us @ [email protected]

10/01/2019

Outcome of 32nd GST Council Meeting -FM Arun Jaitley press meet

1. Threshold limit increased to 40 Lakhs :
Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.
*Earlier in a press talk AP FM said increased to 50lakhs, but it is increased to 40lakhs only as said by FM

2. Power to states
Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said.

3. Composition limit increased to 1.5Cr from the present 1 cr
The existing Composition Scheme turnover threshold raised to Rs 1.5 crore.
Those who use the scheme from April 1,2019.

4 Quarterly payment and Annual Return
Now Composition tax payers will pay tax quarterly, but file returns annually.

5 Composition scheme for services
Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be entitled to avail composition scheme.

6 Rate for services under comp scheme @ 6%
Compounding rate for services under composition scheme is fixed at 6 percent.

7 RealEstate
A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley.

8 Calamity cess by Kerela @1%
GST Council lets Kerala levy 1% cess for 2 years on intra-state sales: Finance Minister arun jaitley.


For more detailed please contact bccS Expert Team- Mob No-+91-9910216446,9555534185 or mail to Us @ [email protected]

14/12/2018

Advance Income Tax for Current FY 2018-19(AY 2019-20) : Due Date for 3rd Instalment is 15.12.2018

Dear All,

This is to inform you that the due date for Advance Income Tax for the Third Quarter of FY 2018-19 (AY 2019-20), in case of CORPORATE & EVEN NON- CORPORATE ASSESSEES, is 15th December, 2018.

Kindly deposit the same accordingly in order to avoid payment of interest on late deposit.

Note:

1. Advance Income Tax Provisions come in place in case your total estimated tax- liability NET OF TDS is expected to exceed Rs.10,000/- for the year.



2. Amount to be deposited now should cover 75% of your Annual Tax Liability (after TDS)



For more detailed please contact bccS Expert Team- Mob No-+91-9910216446,9555534185 or mail to Us @ [email protected]

12/07/2018

bccS Update>>

FAQ on GST Audit:

Query: Whether any prior intimation is required before conducting the audit?

Answer: Yes, prior intimation is required and the taxable person should be informed at least 15 working days prior to conduct of audit

MCA Update :

DIR-3 KYC notified vide Companies(Appointment and Qualification of Directors) Fourth Amendment Rules, 2018 dated 5th July 2018 would be made available shortly for filing purposes.

RBI Update :

The National Centre for Financial Education (NCFE) was set up with support from all financial sector regulators i.e. RBI, SEBI, IRDAI and PFRDA for implementation of the National Strategy for Financial Education (NSFE).

The date of registration for the Entity Master has been extended from July 12,2018 to July20,2018.

Direct Tax :

Gujarat HC sets-aside order of Settlement Commission ('ITSC') treating assessee's settlement application as abated, relies on SC ruling in Star Television News Ltd. to hold that Settlement Application would not abate if there is no delay attributable to the applicant; Notes that though in earlier round of proceedings, assessee had agreed to abide by outcome of decision of SC in Prabhu Dayal case, SC in that case had allowed withdrawal of petition without ruling on merits, however, the Settlement Commission treated the assessee's Settlement applications as abated relying on SC ruling in Prabhu Dayal case; [TS-368-HC-2018(GUJ)]



Delhi ITAT rules that consideration received by assessee (Investment management company) during AY 2005-06 for retiring as Principal Asset Management Company (‘AMC’) of Sun F&C Mutual Fund,is taxable as capital gains; Notes that total 14 schemes were transferred by assessee pursuant to its retirement, out of which 12 schemes were floated by assessee-company and remaining 2 were acquired (on which assessee claimed depreciation @ 25% treating it as intangible asset); [TS-370-ITAT-2018(DEL)]

20/06/2018

Important Note:

Exemption from reverse charge on supplies from unregistered persons u/s 9(4) was only till 30.6.18. Unless this is extended, exemption will lapse.

20/05/2018

GST AUDIT -- Section 2(13):*

It is an examination of records, returns and other documents maintained by the registered person under this Act to verify:
• the correctness of turnover declared,
• taxes paid,
• refund claimed and
• input tax credit availed, and
• to assess his compliance with the provisions of this Act or the rules made thereunder;

COMPULSARY AUDIT OF GST – SECTION 35(5):*

• every registered person
• whose turnover during a financial year exceeds Rs. 2 crores
• gets his accounts audited by a CA or CWA

ANNUAL RETURN (GSTR 9C) SECTION – 44(2)*

GSTR 9 should be filed by the regular tax payers filing GSTR 1, 2, & 3 whereas, the registered person *who is liable to get their accounts audited* under this act shall file return in form *GSTR 9C.* alongwith:
• copy of audited annual accounts and
• Reconciliation statement of tax already paid and tax payable as per audited accounts.

PENALTY:*

*1. In case of failure to file annual return:* Rs. 100 per day per act subject to maximum of 0.25% of state turnover.
*2. In case of failure to get accounts audited from CA:* upto Rs. 25,000/-


For detailed and Legal Provision for e-filing of GSTR 3B please contact bccS Expert Team- Mob No-+91-9910216446,9555534185 or mail to Us @ [email protected]

18/05/2018

Extention in filling of GSTR-3B



The due date for depositing GST tax liabilities and filling of GSTR-3B return for the month of April 2018 has been extended to 22th May 2018 for all registered persons as highlighting on the website.For detailed and Legal Provision for e-filing of GSTR 3B please contact bccS Expert Team- Mob No-+91-9910216446,9555534185 or mail to Us @ [email protected]

10/05/2018

Contents of PART - A of the Form EWB - 01 can't be edited or modified once generated. PART - B can be updated with Vehicle details/ RR/Airway Bill etc.

Consolidated e-Way Bill can be generated for vehicle carrying multiple consignments.

The Validity of e-Way Bill is fixed as one day for every 100 Kms or part thereof. The validity can be extended online before the expiry.

The e-Way Bill with consignment should have the latest vehicle number which is carrying the said consignment.

The Users can create their own masters like the list of Customers, Suppliers, Products, and HSN etc.

For detailed and Legal Provision on e-Way Bill contact bccS Expert Team- Mob No-+91-9910216446,9555534185 or mail to Us @ [email protected]