Monthly Archives: December 2018

Interest @ 7.90% on Senior Citizens Welfare Fund from 1st April 2018 to 31st March 2019,

By | December 16, 2018

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 6th December, 2018 F. No. 13/20/2014-NS.—It is hereby notified that the deposits made under the Senior Citizens Welfare Fund, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. G.S.R. 322(E) dated 18th March, 2016, shall with effect from 1st April, 2018… Read More »

Exposure Draft of Amendments in Ind AS XBRL Taxonomy

By | December 16, 2018

Announcement Exposure Draft of Amendments in Ind AS XBRL Taxonomy (Comments to be provided by 30th December, 2018) Ministry of Corporate Affairs (MCA) has mandated the filing of financial statements in XBRL format for the specified class of companies. XBRL taxonomy covers the requirements of Accounting Standards, Companies Act and MCA specific requirements. XBRL taxonomy,… Read More »

Key Points for GST Audit of Multi Location entities

By | December 16, 2018

In case of Multi Location entities, what should be the specific area of examination under GST ? Ans. Audit of Multi Location entities would require examination (among others) of the following: i) Cost incurred commonly at or by the Head Office – E.g. Marketing and Brand Building Costs; ii) Head Office providing support to Branches… Read More »

Category: GST

Examples of Deemed Supply under GST

By | December 16, 2018

Examples of Deemed Supply under GST Schedule I of CGST Act 2017 covers transactions which can be treated as deemed supply under GST and GST is required to be paid .Examples are as follow :-  Transfer of machinery from Agra Branch to Bengaluru Branch without consideration for indefinite usage in production activity is a… Read More »

Category: GST

5% GST on Chapatti, Roti and Paratha while 18% GST on Naan ,Kulcha ,Pizza Bread base and Chalupa : AAR

By | December 15, 2018

Product Leavened Flatbreads such as Naan, Kukha and Chalupa are not covered by the expression ‘bread’ as mentioned under Entry No. 97 of Notification No. 2/2017-Integrated Tax (Rate), dated 28-6-2017, Notification No. 2/2017-Central Tax (Rate), dated 28-6-2017 and Notification No. 2/2017-State Tax (Rate) No. MGST1017/C.R. 103(1)/Taxation-1, dated 29-6-2017 (collectively referred to as ‘Exemption Notifications), but… Read More »

Pay GST on commission from website users or Pundits : AAR

By | December 15, 2018

The Applicant would be liable to pay GST on the value of commission received from website users/Pundits not for on total amount received AUTHORITY FOR ADVANCE RULINGS, MAHARASHTRA Sadashiv Anajee Shete, In re B.V. BORHADE AND PANKAJ KUMAR, MEMBER ORDER NO. GST-ARA-32/2018-19/B-131 OCTOBER  23, 2018 Download Ruling Click here Related Post GST Judgments    

GST on High Sea Sales

By | December 15, 2018

GST on High Sea Sales Here is  the Free study material on GST on High Sea Sales No GST on Goods sold on high seas sale basis :MAHARASHTRA AAR No Advance Ruling can be given on High Sea Sale ; Place of Supply :GUJARAT AAR IGST on High Sea Sale of Imported Goods : CBEC Circular… Read More »

Category: GST

GST Summon : Analysis

By | December 15, 2018

GST Summon Q: What to do if GST  department officer call me to check my stock and for survey? They dont have right to check  my books without taking approve of commissioner ? Here we have compiled the Power of GST officer to Issue Summon under GST Video lecture on Summon under GST Who Can… Read More »

Place of Supply in GST – India , Place of Supply Rules GST India with Examples

By | December 15, 2018

Place of Supply in GST with Examples Place of Supply in GST has to be determined as per IGST Act 2017 notified by Govt of India Why Place of Supply in GST is Important ? Place of Supply’ under GST is an important factor as it defines i) The taxable event under GST is the ‘Supply’… Read More »

When you Can not Claim ITC under GST

By | December 15, 2018

When a person Can not Claim ITC under GST Here is the list of cases under which you can not claim Input Tax Credit under GST 1 Person not registered : If a person is not registered under GST , he can not claim Input Tax Credit. Eligibility and conditions for taking input tax credit… Read More »

Category: GST

Reverse of Input tax credit if finished goods are destroyed

By | December 15, 2018

Input tax credit reversal when finished goods are destroyed Video Tutorial by CA Satbir Singh in Hindi Q. We are manufacturers of chemicals. The goods produced in a particular batch are not of correct quality. We cannot sell it or use it. We want to destroy them for quality reasons. Does the GST law allow… Read More »

Section 269ST – Cash Receipt Rs 2 Lakh or more Banned w.e.f 01.04.2017

By | December 15, 2018

Section 269ST – Cash Receipt Rs 2 Lakh Banned w.e.f 01.04.2017 Section 269ST Income Tax Act 1961 : Finance Act 2017 of India has been inserted by Finance Act 2017 w.e.f 01.04.2017 . It provided restriction on Cash Receipt of Rs 2 Lakh or more.  This provision being new, there is still a lot of confusion and… Read More »

Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20)

By | December 15, 2018

Standard deduction from salary income Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20) onward is available under Income Tax Act of India. Here we have analysed the Standard deduction under Salary with Examples. Commentary on Standard deduction from salary income Standard deduction on salary income [Section 16]  Section 16, inter-alia, provides for certain deductions in… Read More »

Bogus donation racket under section 35(1)(ii) of Income-tax Act : CBDT Instructions

By | December 15, 2018

F. No. 225/351/2018-ITA (II) Government of India  Ministry of Finance  Department of Revenue  Central Board of Direct Taxes **** Room N0. 245A, North Block New Delhi, the  14th December,  2018 To All Principal Chief Commissioners of Income Tax  All Director Generals of Income Tax (Investigation) Sir/Madam Subject: Information regarding bogus donation racket under section 35(1)(ii)… Read More »

GST evasion of Rs 12766 Crore identified

By | December 15, 2018

Ministry of Finance Goods and Services Tax (GST) evasion Posted On: 14 DEC 2018 During the current financial year (between April 2018 to November 2018) 3196 cases involving an amount of Rs. 12766.85 Crore have been identified. Suspected GST Evasion amounting to Rs. 12766.85 has come to the light till the month of November, 2018.… Read More »

Category: GST

GST Collections for FY 2017-18 and FY 2018-19

By | December 15, 2018

Ministry of Finance Goods and Services Tax Collections Posted On: 14 DEC 2018 The month-wise gross collection of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess for FY 2017-18 and FY 2018-19 are as under:     Month GST collection (in Rs. Crore)… Read More »

Category: GST

Relaxation of additional fees of filing CRA-4 (Cost Audit Report in XBRL format ) : MCA

By | December 15, 2018

General Circular No. 11/2O18 F.No. 01/34/2013 CL-V Government of India Ministry of Corporate Affairs 5th Floor, A’Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-1. Dated: 10.12.2018 To All Regional Directors, All Registrar of Companies, A11 Stakeholders. Subject: Relaxation of additional fees and extension of last date of in fillng of CRA-4 (Cost Audit Report… Read More »

Measures being taken to Control and Prevent Frauds in Banks

By | December 15, 2018

Ministry of Finance Measures being taken to Control and Prevent Frauds in Banks Posted On: 14 DEC 2018 A number of measures being taken to control and prevent frauds in banks, including, inter alia, the following: Government has issued “Framework for timely detection, reporting, investigation etc. relating to large value bank frauds” to Public Sector Banks (PSBs),… Read More »

Category: RBI

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

By | December 14, 2018

Expense 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 verify expense wise… Read More »

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

By | December 14, 2018

Cash 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 scale businesses GSTR… Read More »

Category: GST

Revised Guidelines for Ground Water Extraction Notified, effective from 01.06.2019

By | December 14, 2018

Ministry 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 in the existing… Read More »

GST MCQs on Annual Return

By | December 14, 2018

GST 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 under the composition… Read More »

Category: GST

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

By | December 14, 2018

Taxmann 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 tabular presentation Interlinks… Read More »

Category: GST

GST Offline Payments: Over the Counter : FAQs

By | December 13, 2018

GST 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 that can be… Read More »

Category: GST

GST Portal Updates : Payment -Over the Counter (OTC) Payment

By | December 13, 2018

GST Portal Updates : Payment -Over the Counter (OTC) Payment Presently, Normal GSTINs, who has selected their Constitution of Business as “Government Department” or “Others” in Registration Form, are able to create an OTC challan of more than Rs 10,000, in a Tax Period, on GST Portal  But other Users (irrespective of their Constitution of… Read More »

GST Portal Updates : Prosecution & Compounding

By | December 13, 2018

GST 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 Post How to… Read More »

Category: GST

GST Portal Updates : Assessment & Adjudication

By | December 13, 2018

Assessment & 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 jurisdiction of a… Read More »

Category: GST

Taxmann GST Audit : How to meet your obligations 2019

By | December 13, 2018

Taxmann 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 Books 

Various GST Returns Due Dates : Notification wise, Month wise & Form wise

By | December 13, 2018

Various GST Returns Due Dates [ Notification wise, Month wise & Form wise ] we have compiled various GST Returns Due Dates [ Notification wise, Month wise & Form wise ] . We will update this page regularly. Please Add this page as Bookmark in your Internet Browser for future reference. [ Join GST online course by… Read More »

GST Audit : Meaning and Types

By | December 13, 2018

GST 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 under any other… Read More »

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

By | December 13, 2018

Pre 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 by GSTN on… Read More »

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

By | December 12, 2018

GST 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 Order referred to… Read More »