Checklist for GST Annual return
Four types of annual returns
GSTR-9 : Annual return for the regular taxpayer
GSTR-9A: If you have opted for the GST composition scheme, you become liable for filing the annual return form GSTR-9A, instead of GSTR-9.
GSTR-9B: Similarly, if you are an e-commerce operator who had filed GSTR-8 during the FY, you need to file GSTR-9B as your annual return.
GSTR-9C: If your annual turnover exceeds Rs 2 crores, you should file GSTR-9C along with your annual return. In this case, you also need to get your accounts audited.
A checklist Before going to file the annual returns
~List of tax invoiced issued during the period and reconciliation of the same with books of accounts, this also should be reconciled with the turnover declared in the audited financial statements. This should be made each GSTIN statewise by the company.
~List of debit/credit notes issued during the period and reconciliation of the same with books of accounts.
~In case company has the different units/branch all over India, then the stock transfer between units/branches also to be reconciled with the books.
~Reconciliation of advances received and GST paid for goods & services during July 1 to 15th November 2017 and advances received for services and GST paid for that from 15th November 2017 to 31ST March 2018.
~Reconciliation of E-Way bill data with the tax invoices issued during the period
~ GSTIN statewise
Reconciliation of HSN wise summary with the issued tax invoices
~Reconciliation discount given to the customer with purpose and recheck if the same under GST act allowed or not.
~List of Purchase & other service bills accounted during the period & Input credit taken on the same and further reconciliation with the books and returns.
~Ensure all the input credit taken bills are uploaded by the suppliers and it is reflecting in the GSTR-2A.
~Reconciliation of input credit availed and also ensure all the availed credits are eligible as per the act and the ineligible credits, common credits are reversed & accounted properly.
~Details of input credit taken on the fixed assets and
Reconciliation of Reverse charge GST (RCM) payable till the applicable date on all the applicable expenses and paid the same.
~Reconciliation of monthly GST returns with the books of accounts and all the taxable, exempted & non-GST turn over declared in the returns if any differences, reason for the same.
~Check and ensure input credit taken supplier invoices paid within 180 days, if not the same input to be reversed.
~All the credit taken on TRAN-1 credit reflecting in the GST portal and there is no issue on that.
~In case any refund application filed with the department and eligibility & status of the same.
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NCLAT Thota Gurunath Reddy & Ors. vs. Continental Hospitals Pvt. Ltd. & Ors.
The order passed by the Tribunal in the capacity of ‘Judicial Authority’ under Section 45 of the Arbitration Act, 1996, then the appeal under Section 421 of the Companies Act, 2013 is not maintainable before Appellate Tribunal.
Read full case law at : https://dasgovernance.com/2018/10/25/nclat-in-thota-gurunath-reddy-ors-vs-continental-hospitals-pvt-ltd-ors/
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Most of us know that AOC-4 if not filed within 30 days of AGM would result in *additional fee of Rs. 100/- per day*.... However please take note of other implications of delayed filing:
1. It being default in filing AOC-4; would result in *private company not allowed to take benefit of private companies exemption notification dt 5th June 2015; and
2. There would be fine on company - minimum 50K - maximum 500K and on officer in default - imprisonment upto 6 months or fine minimum 50K - maximum 500K or both on adjudication, if show cause notice issued.
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The number of income tax (I-T) returns filed grew 13 per cent for assessment year 2016-17, while it grew by less than 1 per cent in the assessment year (AY) 2017-18, the direct taxes data released by the Central Board of Direct Taxes (CBDT) shows.
HIGH COURT OF MADRAS in the case of Zeenath International Supplies Vs. CIT held that AO"s order rejecting ITR without providing opportunity to rectify defect under Section 139(9) liable to set-aside.
Death of Policy holder due to Malaria after Mosquito Bite is an accidental death and hence Insurance Company is liable to pay the sum assured. Case of National Insurance Co. Ltd. V/s Mosumi Bhattacharjee, (R.P. No.1270/2016), National Commission Consumer Forum.
SEBI has finally moved to curb upfront commission in the mutual funds (MF) industry with immediate effect. MFs will now have to adopt a full-trail model of commission in all schemes, without payment of any upfront commission or upfronting of any trail commission.
RBI is learnt to have discussed the issue of relaxing the so-called prompt corrective action (PCA) framework in a much-watched meeting on Tuesday, but no relief on this front was approved. It also deliberated upon steps to ease credit flow to NBFCs.
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GST payable on Educational Courses Offered by Entities approved by NSDC: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-payable-educational-courses-offered-entities-approved-nsdc-aar/30001/
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GST: 50 Crore Evasion unearthed in Uttarakhand
Read more at: http://www.taxscan.in/50-crore-gst-evasion-uttarakhand/30003/
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NFRA can Investigate against Chartered Accountants for Misconduct from 24th October: MCA Notifies [Read Notification]
Read more at: http://www.taxscan.in/nfra-chartered-accountant-misconduct-mca-notifies/30032/
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ICAI invites Application for Scholarships to Articled Assistants from The Chartered Accountants Student Benevolent Fund
Read more at: http://www.taxscan.in/icai-scholarships-articles-assistants-chartered-accountants/30038/
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The IGST refunds of exporters were struck due to mis-match errors between the Shipping bills and GSTR-1, i.e., SB005 error. Earlier, the rectification was allowed to shipping bills filed upto June 30, 2018. The CBIC has further extended the rectification facility to shipping bills filed upto November 15, 2018.
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NCLAT : In Mayfair Capital Private Limited Pvt. Ltd. vs. Jindal Saxena Financial Services Pvt. Ltd. & Ors.
The I&B Code is to consolidate and amend the laws relating to reorganisation and insolvency resolution of ‘corporate persons’, ‘partnership firms’ and ‘individual’ in a time bound manner. However, an exception had been carved out while enacting the Code that the ‘financial service providers’ have been kept outside the purview of the Code and it cannot be made applicable to ‘financial service providers’ including ‘non-banking financial institutions’ and MFI’s banks, which have been kept outside the purview of the Code.
Read full case law at : https://dasgovernance.com/2018/10/26/nclat-in-mayfair-capital-private-limited-pvt-ltd-vs-jindal-saxena-financial-services-pvt-ltd-ors/
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1 CBDT has confirmed on 25th Oct that there will be no further extension of tax audit due date. The Board was considering a representation of Tax Bar Association on extending the tax audit due date in compliance with the direction of the order from Gauhati High Court.
2. GSTN enables facility to claim Refund of Tax due to any Other Reason.
The IGST refunds of exporters were struck due to mis-match errors between the Shipping bills and GSTR-1, i.e., SB005 error. Earlier, the rectification was allowed to shipping bills filed upto June 30, 2018. The CBIC has further extended the rectification facility to shipping bills filed upto November 15, 2018.
3. MCA notifies from 24.10.2018 that NFRA can Investigate the matters relating to Misonduct of Chartered Accountants.
4. ICAI invites Application for Scholarships to Articled Assistants from The Chartered Accountants Student Benevolent Fund.
5.Due dates
31st October - Tax Audit report and ITR filling and TDS return filling of IInd Qtr and GSTR1.
AOC-4 within 30 days from AGM.
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Court Fees: The Central Government has revised the court fees payable for cases before the district consumer disputes redressal forums. A notification dated September 14 intimates a reduction in the court fee payable by complainants.
Read more at https://barandbench.com/court-fees-district-consumer-forums-reduced/
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NFRA Vs ICAI*
Were Our ICAI Leadership played Proactive Role to Save Autonoumy of the ICAI?
Ministry of Corporate Affairs has notified relevant sections to give effect to NFRA by way of notification on 24th of October,2018.
Below are the few points and critical aspects that you needs to know about NFRA:
1.Till now ICAI used to make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards but, from now onwards ICAI will act as advisory to NFRA and NFRA will recommend to the Government
2.NFRA have the power to investigate, either suo motu or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be prescribed into the matters of professional or other misconduct committed by any member or firm of chartered accountants,
And no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation.
So, ICAI cannot interfere where NFRA has issued proceedings
3. NFRA have the same powers as are vested in a civil court
4. And the most critical one comes here, PENALTY
where professional or other misconduct is proved:
NFRA may impose one lakh rupees - five times of the fees received, in case of individuals
ten lakh rupees -ten times of the fees received, in case of firms
Debarring the member or the firm from Practice 6 months - 10 years
