Chandresh Anurag & Co.

28/10/2023

17/08/2018

Reporting under Point no 30C and point no 44 of 3CD ( Tax audit report) is deffred till 31st March 2019.

26/07/2018

Due date for ITR filing for non audit case taxpayers is extended to 31st August, 2018.

21/07/2018

GST Council Updates 21-07-2018

1. Quarterly Returns approved for taxpayers with turnover less than Rs 5cr ( *tax payments to continue on monthly basis*)

2. Sanitary Napkins exempted from GST going forward

3. No decision on 1% sugar cess

4. GST on bamboo flooring reduced to 12%

5. GST on hotels would now be on actual tariff & not declares tariff

6. Ethanol for Oil Marketing Companies now at 5% vs 18% earlier

7. 5% GST ceiling on footwear raised from Rs 500 to Rs 1000

8. GST on paints & varnishes, wall putty cut from 28% to 18%

9. GST on all leather items cut from 28% to 18%

10. GST on consumer electronics - *TV (up to 27"), Washing Machine, Refrigerator, mixer, juicer, grinder* cut from 28% to 18%

11. GST on special purpose vehicles, work truck, trailer cut from 28% to 18%

22/02/2018

*Filing GSTR-3B is now made more User friendly -EVC facility starts for pvt ltd*

1. Fill either CGST or SGST/UGST amount, other tax will get auto filled.

2. You can now save the Form on confirming details filled in the Table.

3. You can fill balance
details later.Preview Form or download it for cross verifying saved details in any table(s) anytime.

4. No more Submit requirement to freeze details and know the liability.

5. Changes in any table can be made before making payment towards liabilities.

6. Once you proceed to payment, you can also see details of existing balances in cash and
credit ledgers (Table 6.1 - Payments Table).

7. Wow! System suggested Tax Credit (ITC) is already filled for discharging liability.

8. Beaware, it is only suggestion. You can edit the same before finalizing the Return.

9. Once you confirm ITC and cash utilization for payment of tax liability in Payments Table,system does automatic calculation for shortfall in cash ledger.

10. Once you are Ok with shortfall, System will generate pre-filled challan for shortfall andnavigate to payments option

11. Once you make online payment, system will navigate back to Payments Table.

12. Satisfied with the details filled, click "Proceed to file", select authorized signatory,

13. Submit with EVC or DSC.

14. Your Return is filed!

15. You can Track Return status as well as download the Return from through Track Return Status
functionality available at your dashboard

Refer User Manual for detailed steps for filing

*Still following issues surfaced yesterday which require resolution at the earliest*

1. It failed to addressed the problem of old inter account deposits .

2. It require to be resolved as their refund ( for excess payments or intra account transfer ) procedure is not working. Not a single person has got his money back after filing refund on line.

3. Today we had an instance where, in the payment window of GSTR-3B, the ITC was auto populated and the balance figure were posted in the cash column. However IGST was not auto populated for set off with CGST liability. That had to be done manually. So although it's mostly automated, some glitches still exists.

4. Unfortunately return which were submitted yesterday are not getting filed. Getting error 'save the form after page loads' Moreover removing the facility to edit to those 3B forms submitted yesterday is not understandable.

5. Now portal pop up *error as "NET ITC Provided is not equal to ITC Available - ITC Reversed. If error persists quote Error Number RET3B91404 when you contact customer care for quick resolution".*

This error gets generated due to the system error and is not because of any wrong input on the users part. So kindly contact helpdesk

21/02/2018

Act 2017
Under GST Audit would be done in Two Ways:
Section 65 (compulsory audit by tax authorities)
Section 66 (special audit by chartered accountant or cost accountant)

What is an Audit?

As per Section 2(13) of CGST Act, 2017'audit' means the examination of records and other documents maintained or furnished by the registered person under this Act or rules made there under or under any other law for the time being in force 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 there under.

Compulsorily Audit [Section 35(5) of the CGST Act, 2017 read with rule 80(3) of the CGST Rules, 2017]

Section 35(5) of CGST Act 2017: Every registered person whose turnover during a financial year exceeds the prescribed limit (2 crore) shall get his accounts audited by a Chartered Accountant or a Cost Accountant and shall submit

a copy of the audited annual accounts,

the reconciliation statement under sub-section (2) of section 44 and

such other documents in such form and manner as may be prescribed.

Reconciliation statement reconciling the value of supplies declared in the return furnished for the financial year with the audited annual financial statement and such other particulars as may be prescribed.

As per Rule 80(3) of the CGST Rules, 2017,every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.

GSTR 9C should be filed by the taxpayers whose annual turnover exceeds Rs 2 crores during the financial year.

Section 65 of CGST Act 2017 Audit by Tax Authorities:

The commissioner or any officer authorized by him by way of a general or specific order, may undertake audit of any registered person for such period at such frequency and in such manner as may be prescribed.

The officers referred to in sub-section (1) may conduct audit at the place of business of the registered person or in their office.

The registered person shall be informed by way of a notice not less than fifteen working (15) days prior to the conduct of audit in such manner as may be prescribed.

The audit under sub-section (1) shall be completed within a period of three months (3) from the date of commencement of the audit.

Provided that where the Commissioner is satisfied that audit in respect of such registered person cannot be completed within three months, he may, for the reasons to be recorded in writing, extend the period by a further period not exceeding six (6) months.

Commencement of Audit means the date on which the records and other documents called by the tax authorities are made available by the registered person or the actual institution of audit at the place of business, whichever is later.

During audit, the authorized officer may require the registered person:-

to afford him the necessary facility to verify the books of account or other documents as he may require

to furnish such information as he may require and render assistance for timely completion of the audit.

On conclusion of audit, the proper officer shall, within 30 days inform the registered person whose records are audited about the findings his rights and obligations and the reasons for such findings.

Where the audit conducted under sub section 1 results in deduction of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized the proper officer may initiate action under section 73 or section 74.

Section 73 of CGST Act 2017 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized for any reason other than fraud or any willful misstatement or suppression of facts.

Section 74 of CGST Act 2017 Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any willful misstatement or suppression of facts.

Section 66 of CGST Act 2017 Audit of Special Audit:

If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner, having regard to the nature and complexity of the case and the interest of revenue, is of the opinion that the value has not been correctly declared or the credit availed is not within the normal limits, he may, with the prior approval of the Commissioner, direct such registered person by a communication in writing to get his records including books of account examined and audited by a chartered accountant or a cost accountant as may be nominated by the Commissioner.

The chartered accountant or cost accountant so nominated shall, within the period of ninety (90) days, submit a report of such audit duly signed and certified by him to the said Assistant Commissioner mentioning therein such other particulars as may be specified.

Provided that the Assistant Commissioner may, on an application made to him in this behalf by the registered person or the chartered accountant or cost accountant or for any material and sufficient reason, extend the said period by a further period of ninety (90) days.

The provisions of sub-section (1) shall have effect notwithstanding that the accounts of the registered person have been audited under any other provisions of this Act or any other law for the time being in force.

The registered person shall be given an opportunity of being heard in respect of any material gathered on the basis of special audit under sub-section (1) which is proposed to be used in any proceedings against him under this Act or the rules made there under.

The expenses of the examination and audit of records under sub-section (1), including the remuneration of such chartered accountant or cost accountant, shall be determined and paid by the Commissioner and such determination shall be final.

Where the special audit conducted under sub-section (1) results in detection of tax not paid or short paid or erroneously refunded, or input tax credit wrongly availed or utilized, the proper officer may initiate action under section 73 or section 74.

03/02/2018

* CONCLUSION ON Finance Bill, 2018*

1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be knon as Education and Health cess.
2. However for Domestic Companies having total turnover or gross receipts not exceeding Rs 250 crores in Financial year 2016-17 shall be liable tp pay tax at 25% as against present ceiling of Rs 50 crore in Financial year 2015-16.
3. Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn.
4. However capital gain up to 31.1.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.1.2018.
5. Tax on STT paid long term capital Gain will be 10% under Section 112A. Further such tax will be liable for TDS.
6. Standard Deduction of Rs 40,000 for salaried employees. However benefit of transport allowance of Rs 19,200 and Medical Reimbursement of Rs 15,000 under Section 17(2) are beinf withdrawn. Thus net benefit to salaries class only Rs 5,800
7. Provision of Section 43CA, 50C and 56(2)(x) being amended to allow 5% of sale consideration in variation vis a vis stamp duty value. On account of location, disadvantage etc.
8. Provision of section 40(ia) and 40A(3) and 40A(3A)are being made applicable to Charitable Trust . Hence expenditure incurred without deduction of tax and in cash will not be eligible as application of income under section 10(23C) and section 11(1)(a).
9. Agriculture Commodity Derivates income /loss also not to be considered as speculative under section 43(5).
10. Income Computation and Disclosure Standards(ICDS) being given statutory backing in view of decision of Delhi High Court decision.
11. Marked to market loss computed as per ICDS to be allowed under section 36.
12. Gain or loss in Foreign Exchange as per ICDS to be allowed under new section 43AA.
13. Construction Contract income to be computed on percentage completion method as per ICDS.
14. Valuation of Inventorty including Securities to be as per ICDS.
15. Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Section 145B.
16. Conversion of stock in trade to capital asset to be charged as business income in the year of conversion on Fair Market value on the date of conversion.
17. 54EC benefit of investment in Bonds to be restricted to Capital gain on land and building only. Further period of holding being increased from 3 years to 5 years.
18. PAN to be obtained by all entities including HUF other than individuals in case aggregate of financial transaction in a year is Rs 2,50,000 or more. All directors, partners, members of such entities also to obtain PAN.
19. All companies irrespective of income to file return and in case it is not filed, such companies will be liable for prosecution irrespective of the fact weather it has tax liability of Rs 3,000 or not.
20. Assessments to be E assessment under new section 143(3A)
21. No adjustment under section 143(1) while processing on account of mismatch with 26AS and 16A.
22. Deemed divedend to be taxed in the hands of the company itself as Dividend Distribution of tax @ 30%.
23. Penalty for non filing financial return as required under section 285BA being increased to Rs 500 per day .

28/12/2017

Quick Insight of

27/12/2017

Guide for A.Y 18-19

22/12/2017

FAQ's on GST

17/12/2017

Quarterly GSTR 1 is available on GST Portal.

19/11/2017

Businesses can edit August, September GSTR-3B returns from November 20

GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms beginning November 20, Bihar Deputy Chief Minister Sushil Modi said today.

The Modi-led Group of Ministers (GoM), set up to look into GSTN glitches, also met Infosys Chairman Nandan Nilekani.

Nilekani assured them that GSTN will work smoothly, Modi said after the fourth meeting of the GoM here today.

He said Infosys has added 100 engineers for the project in the last one month. Now, 621 Infosys IT engineers are working on GSTN.

Besides, the technology major has deployed 30 resident engineers all over the country to coordinate between state commissionerates and GSTN.

The GoM has tasked GSTN, the company handling the IT backbone for the new indirect tax regime, to develop taxpayer friendly utilities so that they are interactive in nature.

Every utility should have the option for preview, edit, validation, pop-ups, specific error message and print and the GSTN along with Infosys will develop it, Modi said.

The initial sales return in the Goods and Services Tax (GST) regime is filed by businesses in form GSTR-3B.

While taxpayers were allowed to make changes in July GSTR-3B return form, the facility was not available for subsequent months.

About 2 lakh return filers were stuck because of this non-availability.

It has been decided that by November 20 the editing facility for GSTR-3B returns for August and September will be launched by GSTN, Modi said.

He said after the last GST Council meeting in Guwahati, about 80 per cent of the issues relating to rates have been resolved.

Now, simplification of processes and procedures needs to be done which GSTN will do in collaboration with Infosys, Modi added.

Source Money Control .Businesses can edit August, September GSTR-3B returns from November 20

GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms beginning November 20, Bihar Deputy Chief Minister Sushil Modi said today.

The Modi-led Group of Ministers (GoM), set up to look into GSTN glitches, also met Infosys Chairman Nandan Nilekani.

Nilekani assured them that GSTN will work smoothly, Modi said after the fourth meeting of the GoM here today.

He said Infosys has added 100 engineers for the project in the last one month. Now, 621 Infosys IT engineers are working on GSTN.

Besides, the technology major has deployed 30 resident engineers all over the country to coordinate between state commissionerates and GSTN.

The GoM has tasked GSTN, the company handling the IT backbone for the new indirect tax regime, to develop taxpayer friendly utilities so that they are interactive in nature.

Every utility should have the option for preview, edit, validation, pop-ups, specific error message and print and the GSTN along with Infosys will develop it, Modi said.

The initial sales return in the Goods and Services Tax (GST) regime is filed by businesses in form GSTR-3B.

While taxpayers were allowed to make changes in July GSTR-3B return form, the facility was not available for subsequent months.

About 2 lakh return filers were stuck because of this non-availability.

It has been decided that by November 20 the editing facility for GSTR-3B returns for August and September will be launched by GSTN, Modi said.

He said after the last GST Council meeting in Guwahati, about 80 per cent of the issues relating to rates have been resolved.

Now, simplification of processes and procedures needs to be done which GSTN will do in collaboration with Infosys, Modi added.

Source Money Control .