Expense wise reconciliation required in GSTR 9C (GST Audit)

By | December 14, 2018

Share this on WhatsAppExpense wise reconciliation required in GSTR 9C (GST Audit) Table 14 of GSTR-9C (Reconciliation Statement if turnover Exceeds Rs 2 Crore )  requires expense-wise reporting of ITC available and availed Issue: 1. Table 14 of GSTR-9C requires expense-wise reporting of ITC available and availed whereas it is not feasible for auditors to… Read More »

Cash flow statement requirement for GSTR 9C (GST Audit )

By | December 14, 2018

Share this on WhatsAppCash flow statement requirement Issue: There is a requirement to attach cash flow statement with form GSTR-9C. However, for small scale businesses it is difficult to comply with as they are not required to prepare the same. Suggestion: It is suggested to make the attachment of cash flow statement optional for small… Read More »

Revised Guidelines for Ground Water Extraction Notified, effective from 01.06.2019

By | December 14, 2018

Share this on WhatsAppMinistry of Water Resources, River Development and Ganga Rejuvenation Revised Guidelines for Ground Water Extraction Notified, to be Effective From 1st June 2019 Water Conservation Fee Introduced for the First Time Posted On: 13 DEC 2018 In order to comply with various directions of the Hon’ble NGT and to address various shortcomings… Read More »

GST MCQs on Annual Return

By | December 14, 2018

Share this on WhatsAppGST MCQs on Annual Return Q : The annual return shall be filed by the registered taxable person (other than dealers paying tax under Section 10) in form_____________ A. GSTR 9 B. GSTR 9A C. GSTR 9C D. GSTR 10 Answer A. GSTR 9 Q: Annual return shall be filed by the person registered… Read More »

Taxmann GST Audit & Annual Return 2018 Edition Book by Aditya Singhania  

By | December 14, 2018

Share this on WhatsAppTaxmann GST Audit & Annual Return Description GST Audit Report  Clause-wise detailed analysis How to do various reconciliations in GSTR 9C Explanation using practical examples Action to be taken for each clause Checkpoints while doing GST audit Interlinks with Audited Annual Financial Statements GST Annual Returns Table-wise detailed discussion Practical Scenarios in… Read More »

GST Offline Payments: Over the Counter : FAQs

By | December 13, 2018

Share this on WhatsAppGST Offline Payments: Over the Counter 1. Can I make OTC Challan payments at any branch of the authorised banks? Yes, OTC Challan payment/s can be made at any branch of the selected authorised bank. The details of these banks are available on the GST Portal. 2. What is the maximum amount… Read More »

GST Portal Updates : Prosecution & Compounding

By | December 13, 2018

Share this on WhatsAppGST Portal Updates : Prosecution & Compounding • Intimation about initiation of Prosecution Proceedings • Tax official can (outside the system) file a complaint with the First Class Judicial Magistrate/Court for prosecution against a taxpayer. • Taxpayer will be notified about initiation of prosecution on his dashboard and via Email / SMS. Related… Read More »

GST Portal Updates : Assessment & Adjudication

By | December 13, 2018

Share this on WhatsAppAssessment & Adjudication- Cross empowerment of Tax Officials, within a State/ UT • The validation that State officer can assess taxpayers assigned to the concerned State only ( & vice versa) has been removed. Thus CBIC officials can now do assessment of a taxpayer assigned to a State (& vice versa), within the… Read More »

Taxmann GST Audit : How to meet your obligations 2019

By | December 13, 2018

Share this on WhatsAppTaxmann GST Audit : How to meet your obligations Price Rs 695 buy online Click here  Author : S S GUPTA Edition : 2019 Edition Date of Publication : Nov.2018 Binding : Paperback No. Of Pages : 304 Weight (Kgs) : 0.34 View contents of this Book Taxmann GST Audit : How to meet your obligations Other New GST… Read More »

GST levy on rental income of Charitable entity

By | December 13, 2018

Share this on WhatsApp If Charitable religious entity ( registered under Section 12AA of Income Tax act  ) Receive rental income from building not situated within premises. Will it be liable for GST ? There is NIL GST on the following Services by a person by way of— (b) renting of precincts of a religious place meant… Read More »

GST Audit : Meaning and Types

By | December 13, 2018

Share this on WhatsAppGST Audit : Meaning and Type Meaning of Audit under GST Act ‘Audit’ has been defined specifically under GST Act. As per Section 2(13) of the CGST Act 2017, ”audit means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made thereunder or… Read More »

Pre login Features on GST portal : Explained by GSTN जीएसटी पोर्टल पर पूर्व लॉगिन विशेषताएं

By | December 13, 2018

Share this on WhatsAppPre login Features on GST portal : Explained by GSTN जीएसटी पोर्टल पर पूर्व लॉगिन विशेषताएं Related Post GST Portal : Free Study Material www.gst.gov.in login portal for GST in India What GST Practitioner can do on GST Portal ? GST News Part 248 [Video ] New Functions on GST Portal -Explained… Read More »

GST Annual Return date Extended : Order No 1/2018 Central Tax

By | December 12, 2018

Share this on WhatsAppGST Annual Return date Extended for FY 2017-18 GST Annual Return date Extended :Notification MINISTRY OF FINANCE (Department of Revenue) ORDER New Delhi, the 11th December, 2018 No. 1/2018-Central Tax S.O. 6109(E).––WHEREAS, sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this… Read More »

Management Representation Letter (MRL) Format for GST Audit

By | December 12, 2018

Share this on WhatsAppManagement Representation Letter Download Management Representation Letter Format Suggested format of letter of management representation to be obtained from the client in respect of each registered person separately viz., State wise / GSTIN wise (suitable modifications may be made as required)** Dear Sir, Sub: Letter of Management Representation – GST Audit for… Read More »

Income Tax Appeal should be contested on merits : CBDT Instructions

By | December 12, 2018

Share this on WhatsAppF. No .  279/Misc/M-93/2018-ITJ Government of India Ministry of Finance Department of Revenue Central Board Direct Taxes Judicial Section New Delhi,  11th December 2018 To All Pr. Chief Commissioners of Income tax Madam/Sir, Sub:-  Clarification w.r.t para 10 of Circular 3 of 2018 -Reg. Instructions were issued vide CBDT Circular No. 3 of… Read More »

Prosecutions and Punishments under Income Tax Law of India

By | December 12, 2018

Share this on WhatsAppPROSECUTIONS AND PUNISHMENT UNDER THE INCOME-TAX LAW [As amended by Finance Act, 2018]  Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be… Read More »

How to opt and Submit response for e-Proceeding on IncomeTaxIndiaEfiling

By | December 12, 2018

Share this on WhatsAppe-Proceeding – Plan for Paperless Proceeding The process of managing the ITD-related proceedings electronically is known as e-proceedings. In place of handling the proceedings manually, user can manage their proceedings online through assigned Income Tax Officer (ITO). With an assigned ITO, assessee can communicate online to reduce visits in IT office for… Read More »

TDS on Interest , Professional Fees , royalty under Income Tax [FA 2018]

By | December 12, 2018

Share this on WhatsAppTax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193) [As amended by Finance Act, 2018] For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the… Read More »

EPFO to give Non-refundable advance if continuous un-employment of more than one month : Notification

By | December 11, 2018

Share this on WhatsAppMINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 6th December, 2018 G.S.R. 1182(E).—In exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government hereby makes the following Scheme, further to… Read More »

Cancellation of GST registration without issuing Show Cause Notice is invalid : HC

By | December 11, 2018

Share this on WhatsApp HIGH COURT OF ALLAHABAD Kashi Bartan Bhandar v. State of U.P. PANKAJ MITHAL AND ASHOK KUMAR, JJ. WRIT TAX NO. 913 OF 2018 OCTOBER  31, 2018 Pooja Talwal for the Petitioner. Anant Kumar Tiwari for the Respondent. ORDER 1. Heard Ms. Pooja Talwar, learned counsel for the petitioner and Sri C.B. Tripathi, Special Counsel appearing for the… Read More »

GST is not required to be paid by Lions clubs and Lions District : AAR

By | December 10, 2018

Share this on WhatsAppGST AAR Maharastra In re Lion Club of Poona Kothrud Advance Ruling NO. GST-ARA-33/2018-19/B-100 Question :- Since the amount collected by individual Lions clubs and Lions District is for convenience of Lion members and pooled together only for paying Meeting expenses & communication expenses and the same is deposited in single bank account.… Read More »

100% Tax Exemption to withdrawal from National Pension System (NPS) :

By | December 10, 2018

Share this on WhatsAppMinistry of Finance Streamlining of National Pension System (NPS) Posted On: 10 DEC 2018  Decision The Union Cabinet in its Meeting on 6th December, 2018 has approved the following proposal for streamlining the National Pension System (NPS).  ·         Enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from… Read More »

How to determine ITC on Capital Goods under GST

By | December 10, 2018

Share this on WhatsAppDetermination and apportionment of input tax credit in respect of capital goods (Critical analysis of Rule 43 of Central Goods and Services Tax Rules, 2017 Input tax credit (‘the ITC’) is the backbone of GST. On a perusal of section 73 and and74 will reveal that wrong availment of ITC is being… Read More »

How to Pay GST Demand in DRC 03 ?

By | December 10, 2018

Share this on WhatsAppHow to Pay GST Demand in DRC 03 ? GST News 324 GST DRC 3 : Intimation of payment made voluntarily or made against show cause notice (SCN) or statement Intimation of GST Voluntary payment Form DRC 03 by Taxpayers : Explained by GSTN How to make Payment of Form GST FORM… Read More »

GST on Building before completion : Study Material

By | December 10, 2018

Share this on WhatsAppGST on Building before completion : Study Material Effective tax rate on complex, building, flat etc. : pre GST and Post GST GST ITC on Repair of Building No interest recovery on credit reversal on date of completion of building GST ITC on building construction after 01.07.2017 No GST on Change of… Read More »

GST Provisional Assessment : Analysis

By | December 10, 2018

Share this on WhatsAppGST Provisional Assessment Provisional Assessment in GST : analysis Introduction A supplier will come to know the extent of his tax liability which has to be discharged on a continuous and regular basis only after assessment. Assessment means determination of tax liability and includes self-assessment, re-assessment, provisional assessment, summary assessment and best… Read More »

New functionality update on GST Portal

By | December 10, 2018

Share this on WhatsAppNew functionality update on GST Portal Relevant Study Material on GST Portal www.gst.gov.in login portal for GST in India What GST Practitioner can do on GST Portal ? GST News Part 248 [Video ] New Functions on GST Portal -Explained by GSTN on 21.05.18 [Video] New functions on GST Portal :Explained by… Read More »

PPT on TDS Provisions in GST

By | December 10, 2018

Share this on WhatsAppPPT on TDS Provisions in GST Download PPT Click here  Related Post on TDS FAQs on TDS under GST GST TDS Accounting Entries in Supplier Books When TDS is to be deducted Under GST : Situations How to Accept GST TDS deducted by Deductee when GST TDS will not be deducted :… Read More »

DSC ( Digital Signature Certificate ) Registration Process on GST Portal

By | December 10, 2018

Share this on WhatsAppHow to register  DCS on GST Portal Register DSC Access GST Portal through www.gst.gov.in. Enter User Name, Password and Captcha in respective boxes Click on Continue Related Post FAQs ON DIGITAL SIGNATURE CERTIFICATE (DSC) Digital Signature Certificate ( DSC ) for GST ? Precautions Digital Signature Certificate (DSC) Ready Reckoner -Book 2017… Read More »

How to Accept GST TDS deducted by Deductee

By | December 10, 2018

Share this on WhatsAppSteps for Acceptance of TDS Credit by Deductee under GST w.e.f 01.10.2018 any eligible payment received from the Specified persons where contract price exceeding RS 2.50 Lakhs , [1% CGST & 1% SGST/UTGST ( In case of Intra State Supply of Goods / Services)] or [2% IGST ( In case of Inter… Read More »

When TDS is to be deducted Under GST : Situations

By | December 10, 2018

Share this on WhatsAppSituations When TDS is to be deducted Under GST TDS provisions under GST are made effective from 1st October 2018, in following 2 cases TDS is applicable on the supply of goods or services or both: Tax is required to be deducted from the payment made/ credited to a supplier, if the total… Read More »

HARYANA GST Amendment Act 2018 : Download /Print

By | December 10, 2018

Share this on WhatsAppPART – I HARYANA GOVERNMENT LAW AND LEGISLATIVE DEPARTMENT Notification The 28th September, 2018 No. Leg. 30/2018.— The following Act of the Legislature of the State of Haryana received the assent of the Governor of Haryana on the 24th September, 2018 and is hereby published for general information:– HARYANA ACT NO. 25… Read More »