Income Tax Advance Tax Last date is 15.06.2019 for paying first installment of Advance Tax for FY 2019-20. Non/short payment is liable to penal interest.
CBIC has issued a Clarifications on filing of Annual Return (FORM GSTR-9) based on the queries with respect to filing of this Annual return. It is clarified that the last date for filing of Annual return in FORM GSTR-9 will remain 30th June 2019.
GST: Many Indian exporters approached the Delhi High Court last week against the government for not extending the benefits of EPCG (Export Promotion Capital Goods) scheme to goods and services tax (GST) regime.
MCA: last date for filing e-Form INC-22A (ACTIVE) is expiring on 15th June, 2019, MCA has advised that no further extension for the same would be provided. Further, in case Form INC-22A (ACTIVE) is not filed on or before the said date, the compliance status for such companies shall be marked as ‘ACTIVE Non-compliant’ and Directors of such ‘ACTIVE non-compliant’ companies shall be marked as ‘Director of ACTIVE non-compliant company’.
RBI Lowers repo rate by 25 bps & hints at further cuts, but investors disappointed by lack of liquidity window. The headline inflation trajectory remains below the target even after taking into account expected transmission of past two policy rate cuts,” said RBI governor Shaktikanta Das.
RBI will constitute an internal working group to review its liquidity management framework to simplify the current framework and bring more clarity in the objectives and quantitative measures on banking liquidity.
SEBI: Amid corporate delinquency, investor losses, and blame game, India’s capital market regulator is examining a ‘default probability’ framework to keep credit rating agencies on their toes.
ICAI is pleased to inform you that it has just migrated to the new platform for all Student and Member Services. The new platform can be accessed through eservices module on icai.org
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Do we mandatorily require to confirm minutes of the meeting in subsequent meeting? What are the consequences of non-confirmation?
Read my analysis at : https://dasgovernance.com/2019/06/09/do-we-mandatorily-require-to-confirm-minutes-of-the-meeting-in-subsequent-meeting-what-are-the-consequences-of-non-confirmation-2/
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Chartered accountants facing 'most heat today' as norms are strong: Corporate Affairs Secretary Injeti Srinivas
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Madras High Court Orders/ Judgements on WhatsApp messaging are considered as Law....
Important.
Once you forward a post, it means that you agreed to that view, you can't say, 'forwarded as received'.
So while forwarding any post that has political, religious ramifications or Medical advice, you are equally responsible.
So, be responsible citizens and choose & forward only messages that you agree to it. Take Care and don't be casual or careless.
http://www.livelaw.in/forwarding-social-media-posts-equal-to-endorsing-it-madras-hc-denies-anticipatory-bail-to-bjp-leader-s-ve-shekher/
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GST Council to meet on June 20, may fix Rs 50 cr turnover threshold for e-invoice under GST:
READ MORE- https://www.gststation.in/gst-council-to-meet-on-june-20-may-fix-rs-50-cr-turnover-threshold-for-e-invoice-under-gst/
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Factory owner booked for GST evasion in Jaipur:
READ MORE- https://www.gststation.in/factory-owner-booked-for-gst-evasion-in-jaipur/
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GST: 26.17 per cent hike in revenue collection in Bihar:
READ MO9RE- https://www.gststation.in/gst-26-17-per-cent-hike-in-revenue-collection-in-bihar/
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Income Tax Notice u/s 148 issued to a dead person instead of legal heir was not valid. Case Name : Sri Aemala Venkateswara Rao Vs ITO (ITAT Visakhapatnam) . ITAT Visakhapatnam (61)
The GST Council, which will meet on June 20, will take a final decision on the turnover threshold for issuance of e-invoice for B2B sales after consultation with states.
ACTIVE (INC-22A) last date expires on 15th June 2019 and no further extension would be provided. In case ACTIVE is not filed on or before the said date, the compliance status for such companies shall be marked as ACTIVE Non-compliant’ and Directors also.
MCA Application for incorporation of section 8 Company along with application for license will be in Form INC-32(SPICE) and application for section 8 license for an existing company will be in form INC-12 wef 15.08.2019.
SEBI issued show-cause notices to five Asset Management Companies (AMC) on charges of the use of price-sensitive information and an alleged breach of insider trading regulations. Among the list : SBI Fund Management, ING Mutual Fund (now Birla Sunlife) and BNP Paribas.
RBI has eased the rules for classifying borrowers as defaulters. Promoters struggling to repay their loans now have 30 days before banks classify them as defaulters and the ‘one-day default’ rule has been done away with. However, banks need to act fast to find a resolution else they would have to make increasingly larger provisions.
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GST: Delhi High Court agrees to hear petition against DRI norms on exports:
READ MORE- https://www.gststation.in/gst-delhi-high-court-agrees-to-hear-petition-against-dri-norms-on-exports/
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Nirmala Sitharaman to meet economists for pre-Budget consultations from June 11
READ MORE- https://www.gststation.in/nirmala-sitharaman-to-meet-economists-for-pre-budget-consultations-from-june-11/
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Two traders held for Rs 15 cr ‘fake invoice’ scam:
READ MORE- https://www.gststation.in/two-traders-held-for-rs-15-cr-fake-invoice-scam/
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More items likely to go off highest GST slab:
READ MORE- https://www.gststation.in/more-items-likely-to-go-off-highest-gst-slab/
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Restaurant body suggests dual GST structure to FinMin:
READ MORE- https://www.gststation.in/restaurant-body-suggests-dual-gst-structure-to-finmin/
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💡Checklist for GSTR-9
Before going to file the GSTR-9 annual return, we should have several data ready with us to provide in the annual return. Those tables and details are listed below as checklist:✏️
1.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.
2.List of debit/credit notes issued during the period and reconciliation of the same with books of accounts.
3.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.
4.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.
5.Reconciliation of E-Way bill data with the tax invoices issued during the period GSTIN statewise
6.Reconciliation of HSN wise summary with the issued tax invoices
7.Reconciliation discount given to the customer with purpose and recheck if the same under GST act allowed or not.
8.List of Purchase & other service bills accounted during the period & Input credit taken on the same and further reconciliation with the books and returns.
9.Ensure all the input credit taken bills are uploaded by the suppliers and it is reflecting in the GSTR-2A.
10.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.
11.Details of input credit taken on the fixed assets and
12.Reconciliation of Reverse charge GST (RCM) payable till the applicable date on all the applicable expenses and paid the same.
13.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.
14.Check and ensure input credit taken supplier invoices paid within 180 days, if not the same input to be reversed.
15.All the credit taken on TRAN-1 credit reflecting in the GST portal and there is no issue on that.
16.In case any refund application filed with the department and eligibility & status of the same.
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# Upcoming Due Dates:
11-06-2019 - GSTR-1 for the month of May 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore
15-06-2019 - Deposit of Ist installment of Advance tax for the FY 2019-20
15-06-2019 - INC- 22A- Filing of particulars of the Company & its registered office. (by every company incorporated on or before 31.12.17)
# ICAI- Member registration for Lateral Placement -experienced. CAs starts from 7th Jun'19. Visit: https://cmib.icai.org to check eligibility®ister.
# ICAI- Due to data maintenance and new IT platform difficulty may arise in filing online application forms, the same is getting resolved on daily basis. Kindly bear with us. Please share your concern on ssp.student@icai.in and ssp.support@icai.in
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GST Council may remove more items from the 28 per cent slab:
READ MORE- https://www.gststation.in/gst-council-may-remove-more-items-from-the-28-per-cent-slab/
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Group of 20 finance ministers agreed on Sunday to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes, a final communique issued by the bloc showed.
GST structure to further prune the number of items in the highest slab of 28% as it attempts to stave off a slump in demand. Some states have favoured a reduction in tax rates, worried that the slowdown may get entrenched, and have communicated their concern to the Centre.
RBI Governor has said that there is a need to relook at the regulation and supervision of non-bank lenders, especially in light of the liquidity crisis the sector faced since systemically important shadow lender IL&FS collapsed last year. The regulator was working toward an optimal level of regulatory controls so that the NBFC sector remains resilient.
A formal MOU was signed between the MCA, Government of India and the SEBI for data exchange between the two regulatory organizations. The MoU was signed by Shri KVR Murty, Joint Secretary, MCA and Smt. Madhabi Puri Buch, Whole Time Member, SEBI in the presence of senior officers from both the organizations.
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👉Govt dismisses from service, 12 Senior Income Tax Officers (IRSs), including one of the Joint Commissioner, on charges of corruption and professional misconduct, sexual harassment etc.
👉Withdrawing a cumulative ₹10 lakh a year can attract 3-5% as per the upcoming Budget to track high value cash deals and make digital payments mandatory.
👉SEBI proposes a mechanism to formalise the process of receiving info., to protect & award such whistle-blowers who expose insider trading violations. The total amount of monetary reward, under certain conditions, could be 10% of the monies collected but shall not exceed Rs 1 crore.
👉RBI announces that commercial banks need to offer holders of basic savings bank deposit (BSBD) accounts, a minimum of 4 withdrawals in a month, including ATM withdrawals. The rules will come into force from 1 July.
👉FDI equity inflows into the India's Drugs & Pharma Industry dropped by 73% to $266 million (around Rs 1,842 crore) b/w April 2018 and March 2019, from $1.010 billion (around Rs 6,502 crore).
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Builders must pass on the GST benefit to homebuyers: Experts
READ MORE- https://www.gststation.in/builders-must-pass-on-the-gst-benefit-to-homebuyers-experts/
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✏️GST New Return Advisory - 11.06.2019
CBIC has issued a press release stating that new returns will be made mandatory in phased manner as under:
A. For Taxpayers with Turnover > INR 5 crores:
1. Return in Form GSTR-3B is required to be filed till Nov, 2019. The First New Return in Form GST RET-1 will be filed for the monthly tax period ending in Dec, 2019 which will due in January, 2020.
2. Return in Form GSTR-1 is required to be filed till Sept, 2019 and then the same shall be replaced by a New Return GST ANX-1 for the months ending Oct, 2019 and Nov, 2019.
Note - Dec, 2019 on-wards, GSTR-3B and GSTR-1 will be combined in New Return GST RET-1 and the taxpayer is only required to file the same.
B. For Taxpayers with Turnover < = INR 5 crores:
1. Return in GSTR-3B and GSTR-1 is required to be filed till Sept, 2019. The First New Return in GST RET-1 will be filed for the quarterly tax period ending in Dec, 2019 which will due in January, 2020.
Note - However, Taxpayer will start paying monthly tax by filing GST PMT-08 from tax period of Oct, 2019 on-wards as the payment is to be discharged on monthly basis.
🍎SHORT NOTES:
Large Taxpayers (Turnover > INR 5 crores)
## GSTR 3B (Till Nov, 2019), GSTR-1 (Till Sep, 2019), GST ANX-1 (Oct, 2019 and Nov, 2019) and then from Dec, 2019, Only GST RET-1 shall be filed.
Small Taxpayers (Turnover < = INR 5 crores)
## GSTR-3B and GSTR-1 (Till Sep, 2019), GST PMT-08 (every month w.e.f. Oct, 2019 for payment of tax) and GST RET-1 w.e.f. quarter ended Dec, 2019.
Note - From January, 2020, GSTR-3B and GSTR-1 will be completely replaced with GST RET-1 and GST PMT-08.
