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Request for Extend due date of filing ITRs of 31st July, 2017 to 30th Sep, 2017 Due to the implementation of the GST law from 01.07.2017 and the necessity of linking of PAN with Aadhaar Number from 01.07.2017 while filing ITR, has caused severe problems to tax-payers. When the last date for filing ITR approaches the income tax e-filing site suffers great slowdown thereby leading to delay in filing the same as also once the session of login at e-filing portal is over the user has to re-enter the required details for login which involves a great hectic for the user especially in reference to the tax consultants, chartered accountants who file the large number of ITRs of their clients. Not only this, sometimes it also happens that the site goes under repair or shows technical problems in last days, even at the eleventh hour of filing the ITRs, which leads to the waste of the valuable time of the persons filing the ITRs . Therefore, looking to the above problems, keeping in view the interests of the taxpayers the e-filing site should be made more well equipped with the functions which provide the users of the site to restore the work done by them before the hanging up of the site and such breakdown of the site must be prevented. Assessees are getting messages for filing their ITR on due date of 31 July. The welfare of the honest taxpayers also lies in providing of the basic e-filing facilities and timely availability of the income tax e-filing site in working condition for the online submission of ITRs. In view of these hardships, faced by the users until the e-filing site is made more secured and strong enough the due date for the filing of returns must be extended in order to protect the taxpayers who are willing to file timely ITRs but due to the problems inherited in the site they are finding it difficult to do so on “due date”. As per Explanation 2 of section 139(1) of the Income Tax Act, 1961, for the purposes of the sub-section (1) of section 139, “due date” means, — × (a) where the assessee [other than an assessee referred to in clause (aa)] is— (i) a company; or (ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or (iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force, the 30th day of September of the assessment year; (aa) in the case of an assessee who is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year; (b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year; (c) in the case of any other assessee, the 31st day of July of the assessment year. Therefore, keeping in view the hard realities due date, 31 July of filing income tax return should be extended to 30.09.2017 as correction in the PAN and Aadhaar, wherever is not linking, is also taking time and there are problems of internet, e-filing site and works relating to newly implemented GST.
MCA recently came up with some sort of relief, which says that if all the directors of a company shall stand vacated due to disqualification u/s 164(2)(a)read with section 167(1) then following options are available with the company: 1. The Promoters has the power to appoint new Directors u/s 167(3) and in all such cases, the issue of role check shall arise; 2. The ROCs also has the facility to add the signatory from back end with prior approval of Regional Director. For that, following documents shall be required: 1.NOC from outgoing Director, 2.Copy of EGM, and 3.Consent of new Director who is going to be appointed. The ROC’s/RD’s has to approve the above application within one week from the date of receipt of application. For more information, Please call to us Kapil Sharma +91-9990032660
37 returns instead of 13: One of the many challenges threatening GST rollout A small-scale manufacturing company with operations in only one state will have to file a minimum of 37 returns instead of the current 13 once the goods and services tax (GST) goes live from July 1, increasing work for industry, accountants and banks, according to an IndiaSpend analysis. For More Information Finanza Management Services LLP Saurabh Tripathi +91-9953431467 011-49287262
Amazon, Flipkart offer discounts to clear stocks ahead of GST roll-out E-commerce vendors in India, like their offline counterparts, are going all out to liquidate stocks ahead of the roll-out of the Goods and Services Tax (GST) on July 1 as they fear incurring losses due to the new tax regime. For more information Saurabh Tripathi 9953431467 011-49287262 saurabh@fmallp, in
Detailed GST on Invoice and Its Usage It is essential to present the below things in the tax invoice:- •Name, address, and GSTIN of the supplier •A consecutive serial number, containing alphabets or numerals or special characters •date of its issue •Name, address and GSTIN or UIN, of the recipient; if registered •Address of delivery •HSN Code of goods or Service Accounting Code for services •Description of goods or services or both •Quantity of goods •Value of supply of goods or services or both taking into account discount or abatement, if any •Rate of GST •Amount of GST on taxable goods or services •Place of supply in case of interstate transaction Whether reverse charge applicable •Signature or digital signature of the supplier or his authorized representative. For more information Finanza Management Services LLP Saurabh Tripathi 011-49287262 +91-9953431467
Big Blunder in GST, If You Do These 5 Compliance Mistakes GST will be soon going to be implemented across the nation on the July 1st, while all the rules and regulations are decided by the GST council. The last meeting will be held on 30 June to finalise and tie an inaugural band over the GST for the launching. A draft rule under the GST termed tax collected at source is well opposed by the e-commerce organisations. The reason being the capital will be stuck within the procedure and may create a shortage of revenue to invest further into the business operation. Now, there are multiple ways to get ahead in the business terms, while it is also suspected that a business unit may create an issue for itself. Therefore, we want you to take note of some highly vulnerable points that a business man can take while running his business. Never Issue Fake Invoice As soon as the GST gets implemented, take note of this suggestions. It will be considered as a crime to issue a different and non-related invoice to any party. While supplying goods without issuing an invoice and giving benefits to any person by providing him fake invoice will also come under the category of crime. It will be better to avoid this kind of practices to ensure safe operation of your business. Avoid Giving Wrong Details in the Registration As know, the migration process for GST is running across the nation and a dedicated window has been opened for it two times. A third phase of the enrollment window will be available from 25 June. So, in order to register your business unit under the GST, make sure you provide true information regarding your business with accurate financial details. Never try to present fake financial records to save taxes. As the government has already warned that after the migrations, the data can be scrutinized and if caught, the business unit and the associated taxpayers will be in great trouble. Always Submit the GST to the Government It must be also in the high priority that the GST collected from the customers must be submitted to the government within three months failing which may lead to the criminal case and appropriate actions will be taken against the taxpayer. Always Make Sure of Original Documents with the Logistics According to the newly incorporated GST laws, any goods without the original documents and invoices being caught in transit will be considered as illegal and will be termed as a crime. Ensure that all your goods are with original documents as a proof in front of inspecting authorities. Never Use Rubbish GST Compliance Software It is advisable to use a best in class GST software for your billing, return and accounting work. Many software companies are advertising to be the best so it is difficult to choose between them. SAG Infotech suggests you to go for a recommended GST compliance software by tax experts for your proper and timely GST related task so people must review every software features before buying one of them.
GST on textile job works cut; e-way bill provisions finalised HIGHLIGHTS GST Council (20th) meeting Update 1. Total Registration- 86 lacs 2. E way bills given in-principle approval a. Limit of 50000 not changed b. Eway bill not to be issued for exempted goods c. Eway bill not to be issued of goods are travelling within 10 km radius 3. Jobwork of all kinds of textiles will be taxed at 5%. Earlier some types of jobwork were taxed at 18% 4. Rates on tractor parts brought down to 18% 5. Government given work contracts like roads bridges canals will now be taxed at 12% with credits. Earlier this was 18%. 6. Anti profiteering mechanism will get kick started by appointing state wise committees For more information Finanza Management Services LLP
How to File Form GSTR-3B under GST Regime Form GSTR-3B will be the first return which businesses will be filing under GST. In this blog, let us understand how to fill Form GSTR-3B. Form GSTR-3B consists of 6 Tables. You need to capture the consolidated details of outward supplies, inward supplies, eligible ITC, and the details of tax payment. Let us discuss this in detail: 1. Details of outward supplies and inward supplies liable to reverse charge In the above table (3.1), you need to capture the total taxable value (both intrastate and interstate) of the following Nature of Supplies along with the total tax (IGST, CGST, SGST/UTGST) as applicable: 2. Details of inter-State supplies made to unregistered persons, composition dealer and UIN holders From the outward supplies details declared in table 3.1, discussed in point No. 1, you need give a break-up of the interstate outward supplies made to Unregistered Persons, Composition Dealers and UIN Holders. These details needs to be captured State-wise/ Union-Territory-wise total with taxable value and total IGST levied on these supplies. 3. Details of eligible Input Tax Credit You need to capture the details of ITC availability, ITC to be reversed, and arrive at the Net ITC available. The following are the details you need to capture 4. Details of exempt, nil-rated and non-GST inward supplies You need to capture the details of inward supplies made from the composition dealer, inward supplies at nil rate and exempt. Also, you need to separately mention Non-GST inward supplies. The value of above discussed supplies need to be captured separately for interstate and intrastate supplies. 5. Payment of tax You need to declare the self-ascertained tax payable. This is based on the details of outward supplies and inwards supplies liable to be paid on reverse charge captured in Table No. 3.1. The tax-wise break-up of payment tax by way of utilization of ITC and cash deposit needs to be provided. 6. TDS/TCS Credit You need to capture the details of TDS (Tax withheld by the Government establishment) and TCS (Tax withheld by E-commerce operator). However, these provisions are deferred from initial rollout of GST. Accordingly, TDS and TCS is not applicable till it is notified further. Kindly Note: The Value of Taxable Supplies refers to Net Taxable value and formula to calculate is given below: Taxable value = Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices. Feel free to revert in case you need further detail/imformation. Finanza Management Services LLP Kapil Sharma +91-9990032660
Due Date of filing GST Returns: July 2017 & August 2017 Dear Professional Colleague, To ease out the hardships caused due in the transition phase, the CBEC has provided the relaxation vide Notification No. 18/2017, 19/2017, 20/2017 & 21/2017- Central Tax dated 8th August, 2017 in filing GST returns for the initial two months (viz. July’17 & August’17) post GST implementation. Resultantly, the tax payable would be paid based on the form GSTR-3B to be filed by the 20th of the succeeding month. However, the invoice wise details to be furnished as per the rules in GSTR-1 & GSTR-2 can be filed later as scheduled below: Form Due Date for July 2017 Due Date for August 2017 GSTR-3B 20 Aug 2017 20 Sep 2017 GSTR-1 1st to 5th September, 2017 16th to 20th September, 2017 GSTR-2 6th to 10th September, 2017 21st to 25th September, 2017 GSTR-3 11th to 15th September, 2017 26th to 30th September, 2017 Hope the information will assist you in your Professional endeavors.