🍎GST Circular and Notifications
issued dt. 07-03-2019
👉Circular No. 92/2019 :
Clarifying various doubts related to tax treatment and input tax credit for
sales promotion related activities under GST
http://www.cbic.gov.in/htdocs-cbec/gst/circular-cgst-92.pdf
http://www.cbic.gov.in/htdocs-cbec/gst/circular-cgst-92.pdf
Notification No.
02/2019-Central Tax (Rate)👉To give composition scheme for supplier of services with a tax rate of 6%
having annual turnover in preceding year upto Rs 50 lakhs.This notification
shall come into force on the 1st day of April, 2019.
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-2-2019-cgst-rate-english.pdf
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-2-2019-cgst-rate-english.pdf
👉Notification No.
10/2019-Central Tax
To give exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs.
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-10-central-tax-english-2019.pdf
To give exemption from registration for any person engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakhs.
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-10-central-tax-english-2019.pdf
👉Notification No.
11/2019-Central Tax
Due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate
turnover upto Rs. 1.5 crores for the months of April to June 2019 is 31st July
2019.
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-11-central-tax-english-2019.pdf
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-11-central-tax-english-2019.pdf
👉Notification No.
12/2019-Central Tax
Due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate
turnover of more than Rs. 1.5 crores for the months of April, May and June,
2019 is 11th day of month succeeding such month.
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-12-central-tax-english-2019.pdf
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-12-central-tax-english-2019.pdf
👉Notification No.
13/2019-Central Tax
Due dates for furnishing of FORM GSTR-3B for the months of April, May and June,
2019 is 20th day of month succeeding such month.
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-13-central-tax-english-2019.pdf
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-13-central-tax-english-2019.pdf
👉Notification No.
14/2019-Central Tax
Extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores.
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-14-central-tax-english-2019.pdf
Extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores.
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-14-central-tax-english-2019.pdf
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🍎MCA Update : Amendment
to Companies (Incorporation) Rules dt. 06-03-2019
http://www.mca.gov.in/Ministry/pdf/CompaniesIncorporationIIAmendmentRules_07032019.pdf
http://www.mca.gov.in/Ministry/pdf/CompaniesIncorporationIIAmendmentRules_07032019.pdf
1. Newspaper advertisement
for Shitfing of Registered Office
Now English Language Advertisment can be made in a English Newspaper with WIDE Circulation.
The word WIDEST has been replaced with the word WIDE.
Now English Language Advertisment can be made in a English Newspaper with WIDE Circulation.
The word WIDEST has been replaced with the word WIDE.
2. Zero Incorporation fee in
Spice for Authorised Capital upto INR 15 Lakhs:
Now incorporation (SPICe form) fees will be zero if the Authorised Share Capital is upto INR 15 Lakhs w.e.f 18-03-2019. Earlier, it was INR 10 Lakhs. Stamp duty charges on MOA and AOA shall remain same.
Now incorporation (SPICe form) fees will be zero if the Authorised Share Capital is upto INR 15 Lakhs w.e.f 18-03-2019. Earlier, it was INR 10 Lakhs. Stamp duty charges on MOA and AOA shall remain same.
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🍎Punjab allows industrial units to choose
between Net GST, incentivised SGST
Punjab cabinet Wednesday
approved an amendment to the Punjab Goods & Services Tax Act 2017
to enable industrial units choose between Net GST incentives
and incentivised SGST on intra-state sale.
With the new move, units which
have filed their common application form on the 'Invest Punjab' business portal
between October 17, 2017 and October 17, 2018 will be allowed to have one-time
option to opt either for Net GST incentives or incentivised
SGST on intra-state sale.
Such units shall be allowed to
exercise this option within 90 days from the date of the notification.
What is it The incentivised State Goods and Services Tax (SGST) to be considered
for reimbursement would mean that the eligible unit will be entitled to get
reimbursement of SGST amount paid through cash ledger against the output
liability of SGST on sale of eligible products.
The eligible unit shall first
have to utilise all the eligible Input Tax Credit available in its credit ledger
maintained on the common portal, including eligible ITC of
Integrated GST as provided under section 49 of the Act as may be
amended from time to time, before adjusting the SGST amount through cash
ledger.
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👉Govt approves renewl of the MoU
between ICAI and ICAEW
(The pact will encourage more Indian chartered accountants to take up the recognition of ICAEW professional designation to further help them pursue professional opportunities in the UK)
https://goo.gl/BLES2B
(The pact will encourage more Indian chartered accountants to take up the recognition of ICAEW professional designation to further help them pursue professional opportunities in the UK)
https://goo.gl/BLES2B
👉FinMin notifies April 1 as
date for availing increased GST exemption limit, composition scheme
(Govt notified April 1 as the date for the implementation of doubling of GST exemption limit to Rs 40 lakh and higher turnover cap of Rs 1.5 crore for availing composition scheme by traders)
https://goo.gl/43YQAQ
👉FinMin asks to be cautious
while filing annual GST returns form
(Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available)
https://goo.gl/rc6FWL
(Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available)
https://goo.gl/rc6FWL
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Analysis of Supreme Court Judgement in
Adjudicating Officer SEBI vs. Bhavesh Pabari
Whether the conditions
stipulated in clauses (a), (b) and (c) of Section 15J of SEBI Act, 1992 are
exhaustive to govern the discretion in the Adjudicating Officer to decide on
the quantum of penalty or the said conditions are merely illustrative? Held, it
is illustrative in nature.
Read full case analysis at : https://dasgovernance.com/2019/03/06/analysis-of-supreme-court-judgement-in-adjudicating-officer-sebi-vs-bhavesh-pabari/
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👉The facility for online filing of GSTR 9
(Annual Return) has been enabled in the GSTN portal. The online version of the
Form provides facilities to Download in PDF the following -
GSTR-9 System Computed Summary
GSTR - 1 Summary
GSTR - 3B Summary
GSTR-9 System Computed Summary
GSTR - 1 Summary
GSTR - 3B Summary
There is also an option to Compute
Liabilities in the online version of Form GSTR 9.
It is to be noted that GSTR 9
for FY 2017-18 has to be filed on or before 30th June 2019.
It should also be noted that
GSTR 9 once filed cannot be revised.
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👉Landmark Decision of the Hon'ble Supreme Court
on bogus share application money and premium and bogus capital gain. The Income
Tax Department finally won the case.
SC decision dated 05/03/19
(Yesterday) confirming addition u/s 68 of share capital and premium received
from Kolkata companies.
CIT Appeal, ITAT,
Delhi HC all decided this matter in favor of assessee but SC on revenue appeal
reversed appellate orders of authorities below.
SC held practice of conversion
of unaccounted money through the cloak of share capital / premium must be
subjected to careful scrutiny. This would be particularly so in the case
of private placement of shares, where a higher onus is required to be
placed on the assessee since the information is within the personal know of the
assessee. The assessee is under a legal obligation to prove receipt of share
capital/premium to the satisfaction of AO, failure of which, would
justify addition.
PR CIT Central Vs. NRA
Iron and Steel P Ltd. Supreme Court.
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GSTR 9 ANNUAL RETURN
Live on Portal
⛳ Summarize particulars of GSTR-9 on GST
portal
"NIL" GSTR-9 Return
can be filed, if you have not made any outward supply (commonly known as sale);
Not received any inward supplies (commonly known as purchase) of
goods/services; No liability of any kind; and not claimed any Credit during the
Financial Year; And not received any order creating demand; and not claimed any
refund during the Financial Year.
GSTR-9 can be filed online.
It can also be prepared on Offline Tool and then uploaded on the Portal and
filed.
Annual return in form GSTR-9
is required to be filed by every taxpayer registered as normal taxpayer during
the relevant financial year.
All applicable statements in
Forms GSTR-1 and returns in Form GSTR 3B of the financial year shall have been
filed before filing GSTR-9.
⛳ Annual return in Form GSTR-9
once filed cannot be revised.
Computation of ITC based on GSTR-2A
has been auto-populated by the System based on GSTR-1 filed by your
corresponding suppliers upto 29/01/2019. Next auto-updation of GSTR-2A will be
carried on 01/03/2019 . If you have some missing credits in GSTR-2A, you may
like to wait till next updation.
☘ Download the draft system computed
GSTR-9, summary of Form GSTR-1 and GSTR-3B for the financial year by clicking
on relevant buttons. This is only for reference for filling the return, and
will facilitate in providing details in actual tables.
☘ Click on tables (Box) selected and fill
in the required details;
☘ Summary of added details would be
available on the relevant box;
☘ Click on 'Preview’ button to view summary
in PDF or Excel format; and
☘ After adding and confirming the details,
follow filing process as indicated at the bottom of this page.
☘ Click on 'Compute Liabilities'; for
computation of Late fee, if any;
☘ 'Proceed to File' button would be enabled
once late fee is calculated by system;
☘ Click on “Proceed to File” to pay
liabilities and file the return ;
☘ Additional details can be added even
after clicking on ‘Compute Liabilities’ or ‘Proceed to file’ button. However,
in that case, you would be required to follow steps 1 to 3 again to file the
return ;
☘ Click on ‘Download Filed GSTR-9 (pdf)’
button to view summary of filed details in PDF format; and
☘ You can also download all filed details
as an excel file by clicking on ‘Download GSTR-9 details (Excel)’.
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📙 UPDATES
1. Bankruptcy Code will override
anything inconsistent with Employee Provident Fund Act, 195,
In terms of section 268, Code will override anything inconsistent contained in EPF Act, 1952
In terms of section 268, Code will override anything inconsistent contained in EPF Act, 1952
2. Proceedings initiated before
DRT wouldn't bar filing of insolvency plea under Insolvency and Bankruptcy
Code.
Where respondent resisted application filed under section 7 on ground that applicant having filed recovery proceeding in DRT, could not file instant application on same cause of action, in view of fact that as per section 238, provisions of Code supersede any other law when it comes to resolution of corporate debtor, objection so raised was to be set aside.
Where respondent resisted application filed under section 7 on ground that applicant having filed recovery proceeding in DRT, could not file instant application on same cause of action, in view of fact that as per section 238, provisions of Code supersede any other law when it comes to resolution of corporate debtor, objection so raised was to be set aside.
3. Amount raised from allottee
under real estate project is covered by definition of financial debt under IBC
Gst
4. Anti-profiteering provisions
shall not apply if base price of product remain same even after reduction in
GST rates
5. Reduce GST Rate on LPG
Conversion Kits to 5 Percent: Auto LPG Industry
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📙Due date calendar for the month of March 2019
10th Mar 2 xx xx019- Monthly
GST-TDS/TCS payment in form GSTR-7 for the month of Feb'19 under GST.
11th Mar 2019- GST Filing of
returns by registered person with aggregate turnover more than 1.50 crores
(GSTR-1) for Feb’ 2019.
15th Mar 2019- Due date for
fourth and last installment/ entire amount of advance tax for Assessee having
presumptive basis income,
20th Mar 2019 - GST monthly
return for the month of Feb’2019 (GSTR-3B)
15th Mar 2019- Due date for PF
and ESIC payment.
25th Mar 2019- Due date for
filing monthly return of PF
30th Mar 2019- Challan cum
statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment
for Feb'19.
31st Mar 2019 – PT payment for
the month of Feb'19
31st Mar 2019 – Due date for
filing of GSTR 3B and 1 from July’17 to Sept18 without late fees
31st Mar 2019 – Due date for
filing of ITC 4 under GST for claiming Input tax credit on goods sent for job
works for the period July17 to Dec’18.
31st Mar 2019 – Due date for
Annual return under PT from April to Mar’19
31st Mar 2019 – Last date for
linking Aadhar with PAN.
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(To check your liability, the
detail based of Assessee' category is as below)
A) Corporate law:
➡ All Companies incorporated after
02/11/18 to file Form20A for certificate of commencement of business within
180 days from Incorporation without this certificate business can't be started.
➡ Companies who had supplied goods/
taken services from micro and small enterprises and whose payments to micro and
small enterprise suppliers exceed 45 days to file details of all outstanding
dues to Micro or small enterprises suppliers existing on 22nd January, 2019
within thirty days in Form MSME- 1 but form not yet available.
➡ Filing of the particulars of the
Company & its registered office by every company incorporated on or before
the 31.12.2017 in Form INC 22A by 25/04/2019.
➡ All company where members is company /
partnership firm/ trust/ other non natural person to form FORM BEN 1 within
30days of deployment of form, form not yet available.
➡ Every company other than Government
company to file Form DPT – 3 for outstanding loan from directors, shareholders
and relative . Due date of filing of Form is 21/04/2019 but form not yet
available.
B. Maharashtra Dealers:
➡ PT where annual liability above Rs.
50000 - payment due for salary of Feb'2019 – 31/03/2019
➡ Due date for Annual return whose
laibility is less than Rs.50000/- under PT from April to Mar’19 is
31/03/2019
D. PF and ESIC registered units
➡ Payment of PF due on 15/03/2019 and monthly return 25/03/2019 for the month of Feb'19
➡ Payment of ESIC due on 15/03/2019 for
month of Feb'19
E. GST
➡ Monthly TDS payment in form GSTR-7
for the month of Feb'19 under GST is due on
10/03/19
➡GST Filing of returns by registered person
with aggregate turnover is more than 1.50 crores. (GSTR-1) for Feb’ 2019 is
11/03/19
➡ GST monthly return for the month of Feb’2019
(GSTR-3B) is due on 20/03/19.
➡ Due date for filing of GSTR 3B and
1 from July’17 to Sept18 without late fees is 31/03/2019
➡ Due date for filing of ITC 4 under
GST for claiming Input tax credit on goods sent for job works for the period
July17 to Dec’18.
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# CBDT has
vide Notification No. 13/2019 dt. 05-03-2019 Exemption to startup
companies from angel tax w.e.f. 19.02.2019
# Section 195 TDS not to be
deducted on routine support services as it is not FTS under Article 13 of the
India UK DTAA B.G. India Energy Solutions P Ltd Vs DCIT (ITAT Delhi)
# CBDT issues SOP to handle
cases of substantial cash deposit during demonetisation period in which notice
u/s 142(1) of the Income-tax Act, 1961 has not been complied.
# The Union Minister of Finance
and Corporate Affairs, releases a Compendium of Instructions on GST Refunds and
a Copy of the Operational Manual on Internal Audit
Press Information Bureau, Government of India, Ministry of Finance, Dt. 01-03-2019
Press Information Bureau, Government of India, Ministry of Finance, Dt. 01-03-2019
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👉Income Tax Deptt to assess
80k big cash depositors during demonetisation
(Over 80,000 taxpayers who had deposited significant amounts of cash during the
demonetisation period but failed to respond to initial notices sent by the
income tax department and furnish their tax returns for the financial year
2016-17 will now be subject to a ‘best judgement’ assessment)
https://goo.gl/TorWbm
https://goo.gl/TorWbm
👉IBBI signs a Cooperation
Agreement with the International Finance Corporation
(IBBI signed a Cooperation Agreement with the International Finance Corporation (IFC), a member of the World Bank Group (WBG)
https://goo.gl/exiGFG
(IBBI signed a Cooperation Agreement with the International Finance Corporation (IFC), a member of the World Bank Group (WBG)
https://goo.gl/exiGFG
👉CBDT notifies relaxed norms
for startups
(CBDT has notified the modified norms for startups to enable them to seek 'angel tax' exemption for investments of up to Rs 25 crore)
https://goo.gl/un2Twk
(CBDT has notified the modified norms for startups to enable them to seek 'angel tax' exemption for investments of up to Rs 25 crore)
https://goo.gl/un2Twk
👉Appointment of Auditors for
Special Audit of ITDC Units.
(Appointment of Firm/LLP registered with ICAI for Special Audit of ITDC Units)
https://goo.gl/qEz2sA/
(Appointment of Firm/LLP registered with ICAI for Special Audit of ITDC Units)
https://goo.gl/qEz2sA/
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Banks urge RBI to defer roll-out of IndAS, says
report:
READ MORE-
http://www.ibcguide.com/banks-urge-rbi-to-defer-roll-out-of-indas-says-report/