GST Portal With New Eight Features
🌴 TDS/TCS Credit available for utilisation.
☘ A new window has been enabled for claiming TDS/TCS credits. The taxpayer has the option of accepting or rejecting the TDS/TCS credits available and filing their return, after which the credits get transferred to the cash ledger and can be used for making GST payments.
☘ This facility helps taxpayers easily identify such credits and take action accordingly.
🌴 E-way bill data can be imported for GSTR-1.
☘ The E-way bill (EWB) and the GST portal has now been integrated. The same gets automatically imported for the B2B and B2C (large) invoices sections as well as the HSN-wise-summary of outward supplies section. Users only need to verify the data and proceed.
☘ This has definitely saved both time and effort for a business person, as it avoids unnecessary data-entry. However, many businesses were performing this sort of reconciliation themselves using smart tools to ensure accuracy of data.
🌴 List of preferred banks available for making payments.
☘ A taxpayer can choose from a list of 6 preferred banks that will be auto-saved at the time of making payments. If he makes payment through a 7th bank account, the same will get added, and the least used bank account will get removed. He has the option to delete the bank accounts at any point in time.
☘ With this feature in place, the taxpayer need not enter bank details every time, as he can simply select a bank with the click of a button and proceed to make payment.
🌴 Refund applications can be filed monthly for quarterly filers.
☘ There is good news for taxpayers opting to make payments on a quarterly basis. They now do not have to wait for the quarterly filing of refund applications, as the same can be done monthly. However, a prerequisite for the same would be to ensure that GSTR-1 for the quarter has been filed.
☘ This will definitely help mobilise the working capital flows of a business as there is no longer a need to wait till the end of a quarter to apply for a refund.
🌴 Appeals can be filed online and system-generated acknowledgements will be issued.
☘ A taxpayer can file an appeal against an order passed by an appellate authority, or against an advanced ruling by an appellate authority on the GST portal. He even has the option to file an application with the appellate authority in the case of rectification of a mistake in order passed.
☘ In the event of an appellate authority failing to issue a final acknowledgement within the stipulated time, then a system generated final acknowledgement will be issued with the remark “subject to validation of certified copies”. This has simplified the process of filing appeals and also helps tracking the status of the same.
🌴 Composition taxpayers can reply to SCN online for compulsory withdrawal.
☘ For composition taxpayers, there is a simpler way to reply to show cause notices(SCN) now. This is in the case of a show cause notice being issued for compulsory withdrawal from the composition scheme, and if proceedings are initiated against the composition taxpayer, he now has the option to reply to show cause notices on the portal.
🌴 Bank account details not mandatory at the time of registration.
☘ Declaring bank account details are now optional at the time of registration for Normal, OIDAR and NRTP taxpayers. Previously, this was a mandatory requirement. The bank account details can be updated at a later date, which will be at the time of the first login.
☘ Hence, a GST registration number can be obtained without the same. New businesses who are in the process of obtaining bank accounts can simultaneously proceed with GST registration, thus saving time.
🌴 Claiming of ITC and amendment of B2B invoices of 17-18 are re-opened up till March 2019.
☘ Users can now amend B2B invoices of FY 2017-18. The facility to amend the GSTR-1 details of FY 17-18 was closed on filing the September 2018 return. The same has been made available while filing returns for the months of January to March 2019. Input tax credit of FY 2017-18 that was omitted and hence unclaimed up till September 2018 can be claimed now up to March 2019 as well. This was a much-needed remedy for taxpayers who made errors reporting any invoice in the past, or previously missed out claiming genuine credit.
☘ While there are updates being rolled out from time-to-time, users are still hoping to see a smooth system that is completely online and indefectible. In the future, users can look forward to more new updates that would familiarise taxpayers with the new return system that is likely to be introduced by July 2019.
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Wasving security to Mamata, not sitting on Dharna
In the CBI v. Mamata Banerjee case, the alleged contemnors, Commissioner of Police, Rajeev Kumar, and DGP of West Bengal, Virendra Gupta have filed affidavits tendering an unconditional apology to the Supreme Court. The CBI too has filed its additional affidavit questioning the conduct of State Police against the CBI team.
Read more at http://bit.ly/2NoapUt
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✅📣💸Deposits, Unsecured loans etc. taken for Normal Business are not banned.❌
📖🖌Arjun (Fictional Character): Krishna, What is The Banning of Unregulated Deposit Scheme Ordinance 2019? From when is it applicable? Many fake news are circulated related to this ordinance.
Krishna (Fictional Character): Arjun, Unregulated Deposits Scheme Ordinance is an Ordinance to ban unregulated deposits as well as to protect the interest of Depositors. This ordinance was introduced on 21-Feb-2019. Everyone needs to study this ordinance of deposit and protect himself rather than believing on fake news.
Arjun (Fictional Character): Krishna, to whom is this Ordinance Applicable?
Krishna (Fictional Character): Arjun, this Ordinance is applicable to all deposit takers who by way of business taking specified deposits and not under Regulated Deposit Scheme. Further,
1. Unregulated deposit scheme means such kind of scheme wherein deposits are taken other than regulated deposits from those conducting business of deposits.
2. Deposit here means an amount received by way of an advance or loan or in any other form, by any deposit taker with a promise to return after a specified period or otherwise, either in cash or kind, with or without benefit in the form of interest, bonus, profit, or in any other form. Refer definition for more details.
3. Deposit Takers include: Individual or group of individuals, proprietary concern, partnership firm, LLP, Company, Associates of person, Trust, Co-operative society or any other arrangement, and do not include Government corporation, banking company etc. as specified.
Arjun (Fictional Character): Krishna, When is this Ordinance not applicable?
Krishna (Fictional Character): This ordinance is not applicable in case of the following:
1. Amount received by way of contribution towards capital by partners.
2. Amount received by an individual by way of loan from his relatives, or by any firm by way of loan from relatives of any of its partners.
3. Amount received as credit by a buyer from a seller on sale of any property (movable or immovable). That is for supply of goods or services or both.
4. Amount received in regular course of business, advance or dealership deposit.
5. Deposits of RBI, SBI, or any other institution approved by law for time being in force and as specified.
💡Arjun (Fictional Character): Krishna, is this ordinance applicable to Normal businesses?
Krishna (Fictional Character): Arjun, This ordinance is applicable only to those who are in the business of accepting deposits .This is not applicable to persons in regular business, that is, deposits taken for business. This means money taken for business as unsecured loans, hand loans, deposits, advance, etc. are not covered in the above ordinance. The fake news was circulated regarding this issue only.
For example,
If Proprietor in business e.g. “A” accepts deposit/unsecured loan from “B” , this ordinance is not applicable. So this ordinance is not applicable to persons having normal businesses.
Arjun (Fictional Character): Krishna, what should the taxpayer learn from this?
Krishna (Fictional Character): Arjun, this ordinance has been passed to ban false ponzi, chit fund, or other such deposit schemes. Those in moneylending business should be alert. Small depositors will be protected from Unregulated deposit Schemes.
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The Delhi High Court has set aside Central Government Notification banning the manufacture, sale and distribution of drugs having Fixed Dose Combination (FDC) of ‘Pioglitazone 30 mg + Metformin 500 mg’.
Read more at http://bit.ly/2GG9rSX
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# Opportunity
Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May / June 2019 -https://resource.cdn.icai.org/54217exam43536.pdf
# MCA Every Company incorporated on or before 31st December 2017 has to file this return called Active Company Tagging Identities and Verification
Due date - On or before 25-04-2019
Late fee - After due date Rs. 10,000/-
# The Government has issued The Banning of Unregulated Deposit Schemes Ordinance 2019 on 21.02.2019. Pursuant to this ordinance now any Individual or group of individuals can’t take any deposit or loan from any person other than relatives and Partnership firm can take deposit or loan from relatives or partner or partners only.
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AAR ruling, in case where supplier sales goods without actual receipt of goods. Lot of supplier do this type of transactions where they sales goods before they actually received it. In such case GST is to be paid in the month of sales but ITC can be claimed in next month when goods actually received.
So, dealer has to pay GST from his pocket 1st.
Read full AAR to check its applicability.
AAR Ruling:- Supplier is required to pay GST on sales in the month of sales, but he is not eligible to take ITC of very same goods purchase but not received [Read Order]:: http://www.taxknowledge.in/gst/5c6d3ad206ac1065082a16ea
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👉🏻Finance Bill 2019 becomes Act - President assented interim Budget 2019
(The interim budget 2019 finance bill has been assented by the President on February 21 thereby making it an Act)
👇🏻 👇🏻 👇🏻
https://goo.gl/UMwssb
👉🏻Government passes ordinance to ban unregulated deposit
(Individual or group of individuals cannot take any deposit or loan from any person other than relatives, whereas partnership firms can take deposit or loan from relatives or partners only)
👇🏻 👇🏻 👇🏻
https://goo.gl/RRfNdt
👉🏻CBDT sets up panel to help bring down tax litigation
(CBDT has formed a four-member committee, headed by income tax commissioner Sanjeev Sharma, to look into the matter and submit its final report)
👇🏻 👇🏻 👇🏻
https://goo.gl/XiRHQh
👉🏻Engagement of Audit Firm/Company for undertaking Internal Audit of Indian Institute of Management
(Engagement of Audit Firm/Company for undertaking Internal Audit of Indian Institute of Management Amritsar)
👇🏻 👇🏻 👇🏻
https://goo.gl/TfF4Sx
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GST NEWS-
- No GST Fine Levied on Management of Prasads
- Man Held for Issuing Fake GST Invoices to Claim Input tax Credit
-Odisha bars Input Credit under GST for Firms Maintaining Staff Guesthouses
-GST Council may take up Exporters’ Plea to Switch to better Duty Refund Option
-West Bengal FM Amit Mitra wants 1% GST Rate for Houses up to Rs 40 lakh
-GST Collections: Statistics Belie Potential but Narendra Modi Govt’s tax Reform is Still a Work in Progress
-Credit not Available on GST Paid to Contractor for Hiring Vehicles for Employees: AAR [Read Order]
-Guest House for Employees a Perk, Cannot Claim GST input Credit Rules Odisha AAAR
-HC Quashes writ as new GSTN had Solved issue Related to Migration from one tax Regime to Another
-State-Authority Couldn't initiate Inquiry if Assessee was being Subjected to Enquiry by Central GST Authority
-Merger of Firm as Going-Concern will Not Attract GST, Rules AAR
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The Delhi High Court has directed the Bar Council of India (BCI) to consider framing guidelines on professional fees charged by lawyers. The Court has also asked BCI to create a resolution mechanism for litigants to air their grievances in respect of the professional fees charged or practices adopted by lawyers.
Read more at http://bit.ly/2tBcqUl
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🍎 Banning of Unregulated Deposit Schemes Ordinance 2019 will directly going to impact jewellers who float monthly deposit schemes and commit delivery of ornaments or repayment of money, as per will of depositor, at the end of installment period. To make it inline with ordinance, this needs to be treated as his as advance received for sale of ornaments.
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👉The Govt is looking to Address Taxation-Related Pain Points and Cut Down the Number of Tax Litigations, while focusing on some of the major issues that may lead to Revenue Generation. CBDT forms a 4-Member Committee, headed by Income Tax Commissioner Sanjeev Sharma, to look into the matter and submit its final report and recommendations by Mid-March.
👉CBDT asks Community Social Media Platform “LocalCircles” to furnish details including names, PAN and Income Tax Notices on behalf of Startups that have Pending Appeals or orders under the so-called Angel Tax.
👉ICICI Bank Case: CBI issues Lookout Notices against Chanda Kochhar, her husband Deepak Kochhar and Videocon Group managing director Venugopal Dhoot. The move is to ensure that none of the accused in the case related to alleged corruption in clearing loans worth ₹1,875 crore to the Videocon Group were able to leave the country
👉To provide greater operational flexibility to NBFC lenders, the RBI creates a Single Category for NBFCs by bundling their present 3-Tier Structure. RBI also decides that exposures to all NBFCs, excluding Core Investment Companies, will be Risk Weighted as per Credit Ratings.
👉The Disciplinary Directorate of the ICAI decides to proceed against the CA Gaurav Jindal (27) arrested in Meerut for availing Fake Input Tax Credit (ITC) under the GST regime.
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📑📜 To do in GST before 31st March, 2019 :
1. Amendments to GSTR 1 of 17-18 and 18-19
2. Pending ITC of 17-18
3. ITC 04 from JUL 17 to Dec 18
4. GSTR 1 and 3B upto Feb-19 ( For monthly) and Dec - 18 ( for Quaterly)
5. TDS return to file for TDS deductors upto from Oct - 18 to Feb-19
6. TDS credit acceptance for period Oct 18-Feb 19
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⚠️Baning of unregistered deposit -
What is prohibited is unregulated deposite scheme which is defined as below:-
1. UDS means a scheme or an arrangement under which deposits are accepted or solicited by any deposit taken by way of business and which is not a regulated deposit scheme.
2. The important point is here that where there is a business of individual of taking loan only then this will apply like micro finance, chit fund companies etc.
3. It means that if loan is taken for Business purpose where Business is not of taking loan then this act will not apply.
4. Further in case of corporates as per schedule 1 Chapter V deposits of Cos act are treated as regulated deposits only. In other words corporates are also not covered.
5. Even statement of objects and reasons of the bill provide clearly that it is applicable only to unregulated deposits .
👉 As per clause 4 of Section 2 of the Ordinance, definition of deposit as under:
Deposit means an amount of money received by way of an advance or loan or in any other form, by any deposit taker with a promise to return whether after a specified period or otherwise, either in cash or in kind or in the form of a specified service, with or without any benefit in the form of interest, bonus, profit or in any other form, but does not include—
(l) an amount received in the course of, or for the purpose of, business and bearing a genuine connection to such business including—
Provided that if the amounts received under items (i) to (iv) become refundable, such amounts shall be deemed to be deposits on the expiry of fifteen days from the ***** *date on which they become due for refund******
Provided further that where the said amounts become refundable, due to the deposit taker not obtaining necessary permission or approval under the law for the time being in force wherever required, to deal in the goods or properties or services for which money is taken, such amounts shall be deemed to be deposits.
For it the term "payable on demand Vs due for refund almost always is associated with promissory notes. As the words imply, the term means a debt must be paid when the payee asks for it. ... Any note without a specified time of payment is considered payable on demand.
The Followings are Excluded from the Definition of Deposit.
-The Amount Received as Contributions
-Towards the Capital by Partners of
any Firm or LLP
-Amount Received by way of Loan by Individual from his Relatives
-Amount Received by way of Loan by a Partnership Firm from its Partner’s
Relatives
-Advance Amount by Buyer from the Seller of the Property whether Movable
or Immovable
-Any Periodic Payment from Members by any Self-help Group, within the ceiling as per Govt Norms
-Any amount received in the Normal course of Business or for the purpose of
the business like 👇👇👇
• Payment, Advance or Part Payment for Supply, Hiring of the Goods or for Provision for Services
• Any Advance Payment in connection with Agreement to Sale for Immovable Property
• Security or Dealership Amount Deposited for the Performance of the
Contract of Goods or Services
• Advance for Long Term Projects for Supply of Capital Goods
Note-
If any amount become Refundable by whatsoever reasons, then after the expiry of 15 days when it becomes Due it will be under the Preview of “Deposit”
If the Advance Taker not Taking Necessary Approvals or Permission to fulfill the Contract that Such Advance will also falls under the category of “Deposit"
Thanks for reading 🙏