REPRESENTATION FOR SUSPENSION OF GSTR-9C: Following are the reasons which should be considered as reasons for suspension of GST AUDIT for 17-18.
GST was implemented with effect from 1/7/17 i.e. after the completion of 3 months from commencement of F.Y. 17-18, Due to above the F.Y. 17-18 was a mix of accounting policies/procedures/compliances for two different Tax Mechanism periods: 1-4-17 to 30-3-17 (pre GST period) 1-7-17 to 31-3-18 (GST period)
The Statements/Returns/ Audit Reports will also have to be prepared considering the above facts which will also be a burden to Tax practitioners and Business Community.
The Information/outcome derived from the Report (GSTR-9C) will not be materially useful as it is not for the entire financial year.
GSTR-9 (Annual Return) contains all the required information for analysis.
GSTR-9C is reconciliation with Books of Accounts and GSTR-9. GSTR 9C need to be certified by competent Authorities, in FY 17-18 submission of Audited Financial Statement with GSTR-9 is sufficient as to submit certified GSTR-9C.
GSTR-9C seeks certain information which is not possible within the short span of time and that is certified too. for E.g. table No.14,15,16 & related certifications.
2017-18 being first financial year the Annual Return forms are also introduced very late and there are various other statutory Tax compliances to be complied within 30th June 2019.
F.Y. 18-19 is also being completed hence the information for F.Y. 17-18 will not be materially useful instead GSTR-9 is the appropriate Document.
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👉🏻Task Force on Direct Tax Laws to Submit Report by July 31
(CBDT Task Force has been granted a two-month extension till 31 July, by the Finance Ministry, to draft new direct tax code)
👇🏻 👇🏻 👇🏻
http://bit.ly/2HBQj80
👉🏻MCA notifies Form PAS-6 Reconciliation of Share Capital Audit Report
(MCA notifies Form PAS – 6- Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule (8) of rule 9A Companies (Prospectus and Allotment of Securities Rules, 2014)
👇🏻 👇🏻 👇🏻
http://bit.ly/2W0kw9K
👉🏻RBI tweaks norms on VRR investment by FPIs
(RBI fixed the investment limit at Rs 54,606.55 crore for foreign portfolio investors (FPIs) under the voluntary retention route (VRR)
👇🏻 👇🏻 👇🏻
http://bit.ly/2wk4yYB
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📒 Some FAQ Regarding GST matter :
⛳ Can a practicing Chartered Accountant, who has enrolled as GST Practitioner can act as Tax Return Preparer for GST?
🌴 Yes, practicing Chartered Accountant can work as a Tax Return Preparer for GST.
⛳ Can a practicing Chartered Accountant, work as GST practitioner?
🌴 Yes, a member in practice can work as GST practitioner also.
⛳ Can a Practicing Chartered Accountant or CA Firm conduct training program on GST?
🌴 Yes, a Practicing Chartered Accountant or CA Firm can conduct but only for the existing clients.
⛳ Can a Practicing Chartered Accountant share presentation & updates on GST with the clients?
🌴 Yes, Practicing Chartered Accountant can share with the existing clients only, if he received enquiry from the proposed client than it can be shared with them also.
⛳ Can a member of ICAI provide GST Training to non-clients?
🌴 Yes, he can provide the training, if non-clients invite him for giving such training.
⛳ Can a Chartered Accountant be having COP and working as employee in CA Firm, can be enrolled as GST practitioner?
🌴 Yes, he can but subject to contractual obligations with the employer if any.
⛳ Can a GST Auditor is same as Statutory Auditor?
🌴 There is neither a ban under GST legislation nor under CA regulations. The restrictions for appointment of statutory auditor where fee for other services are more than the statutory audit fee is not applicable on GST auditors. (Chapter IX of ICAI Guidelines).
⛳ Whether assesses can appoint joint auditors to conduct GST audit?
🌴 There is neither a ban in GST legislation nor under CA regulations. All joint auditors will have to sign audit report. If the auditors have different opinion, they should issue separate audit report [Refer SA 299].
⛳ Whether assesses has to appoint different auditors for his different registration or he can appoint single auditor for all its registrations? It is at the discretion of the assesses Whether registration as GST Consultant is mandatory to Act as GST Auditor?
🌴 A chartered accountant who is responsible for writing or the maintenance of books of account of the assessee should not audit such assessee (Clause (4) of Part I of the Second Schedule to the Act).
🌴 Internal auditor of an assessee cannot be appointed as his tax auditor (281st Council Meeting Resolution).
🌴 A chartered accountant should not accept the GST audit of a person to whom he is indebted for more than Rs. 10,000/- (Chapter X of ICAI Guidelines).
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CBDT issues Notification for Amendment of Form No 15H of the Income Tax Rules, 1962 [Read Notification]
Read more at: https://www.taxscan.in/cbdt-issues-notification-amendment-form-no-15h-income-tax-rules-1962/35870/
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ICSI to receive Fees Only through Online Mode from June 1st
Read more at: https://www.taxscan.in/icsi-fees-through-online-mode/35892/
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Apart from DPT-3 receiving various queries regarding Form MSME-1 too. My views are as under:
- Form MSME-1 also has to be filed twice.
- Just like DPT-3, MSME-1 is also NOT REQUIRED to be filed where there is NIL reporting/outstanding.
- Form MSME-1 is required to be filed only when the amount is outstanding beyond 45 days from date of acceptance of supplies.
- It is to be filed only when amount due is to suppliers who are registered under MSME Act 2006 and the company knows about the same.
- 1st MSME-1 for amounts outstanding as on 22.1.2019. This is a one time return.
- 2nd MSME-1 for amounts outstanding as on 31.3.2019. This is a half yearly return.
- Both MSME returns are to be filed by 30th May 2019.
- Certification by professional is NOT required in MSME Form.
- These Forms are to be filed only by Companies.
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👉In a meeting held with Top Finance Ministry Officials, FM Arun Jaitley gives the CBDT Task Force an extension of 2 months till July to draft The New Direct Tax Code. The CBDT Task Force is India's Topmost Policy Framing Body on the Income Tax.
👉The next meeting of the GST Council could take place as early as next week after approval from the New Finance Minister. The focus will be on tackling the Unfinished Agenda requiring immediate attention like Tax Structure for Solar Projects, uniform tax rate on State-Organised & State-Authorised Lotteries, taxing Non-Potable Alcohol besides certain changes in the law, extension for the National Anti-profiteering Authority (NAA) and rate rationalisation.
👉RBI proposes a set of strict norms for NBFCs, including Mandatory Investments in Government Bonds and maintenance of cash thresholds, to enable them to tide over liquidity problems without causing disruptions to the broader financial system. RBI also proposes that Asset-Liability Mismatches at NBFCs not go beyond 20% of the outflows.
👉With a view to tap Foreign Savings to Meet Liquidity and Investment Needs, a SEBI-Constituted Working Group Chaired by H R Khan, Former Deputy Governor of the RBI, suggest ways to ease FPI regulations in the country.
