Author Archives: VidyaSunil & Associates

About VidyaSunil & Associates

VidyaSunil & Associates is into practice of Tax Complaince , Private Equity, Corporate & Busines Finance, Audit, Accounts & Outsourced CFO Services Consultancy. We aim to be part of your team & provide value added services in a smooth and efficient manner while leaving you to focus on developing your business.We provide a long-term solution that understands your business through personalized "solution based counselling". We provide the best advise & practice for Startups / SME / MSME / Business Expansion on matters relating to Business Planning & Development, Mergers & Acquisitions (M&A), Business Valuation, Tax Compliance – (Direct & Indirect Taxes). We are specialized in catering to IT / Non IT / Health Care & Startups - Out Sourced CFO Services / Virtual CFO Services: Accounting / Book Keeping (complaint with I GAAP / IFRS) including Implementation. MIS Reports, Cash Flow Analysis, Financial Modeling, M&A, Costing & Budgeting. Tax Compliance includes Direct & Indirect Taxes ( including Handling of Litigations/ Attending to Personal Hearings ) Expertise services in Commercial Taxes - KVAT, Central Excise, Service Tax, SEZ, STPI, Import Export Consultations, FEMA, etc. Specific Audits designed to suit the business requirements including Proprietary Audit, Internal Audit & Compliance Audit. Special Audits focused on Financial Control, Audit as per Management requirement, Revenue Leakage Audits, Due Diligence Audits. Financial Consulting includes Fund Raising, Project Report, Financial Modeling, Preparation of Cash Flows , Portfolio Restructuring & Analysis, Economic Viability Study, Corporate/ Business / International Finance etc. Outsourced CFO Services : Outsourcing as a strategy & requirement is an approach that makes tremendous sense & is highly recommended for a small & medium sized business. The less or inexperience small & medium sized business has the opportunity to obtain the best of solutions from a professional. The burdensome cost of paying a full time cfo is mitigated in this option. About Us Over years, having worked in various companies / industrial establishments in India & Abroad across a broad range of industries, he found a need for accessible accounting, finance and tax advice on an ongoing basis. For most small and medium business, being compliant with all the applicable laws is a confusing effort. Our leadership team includes professionals with many years of experience either in Tax Accounting Firms / Corporate World. With this combined capability, we are able to track all developments in law, tax, finance, Out Sourced CFO services thereby providing solutions that are easily implementable. Mission : We are global minded professional who inspire break through solutions & deliver tangible impacts. We uniquely combine the best of industrial practice & expertise with attributes to blend your Organization needs to provide you with the best working solution in a timely & cost effective manner. Intro -Outsourced CFO / Virtual CFO : A CFO is considered as a key influencer as he has the responsibility of maintaining a good financial management system in the company. He interprets and analyses the financial structure and decides on how to invest the company's money, keeping in mind the risk and liquidity. In addition to this, the role of the CFO is also to oversee the capital structure of the company. We are specialized in catering to IT / Non IT - Out Sourced CFO & Business Advisory Services. Practice Memorandum for Out Sourced CFO & Business Advisory Services Oriented towards Small and Medium Technology Companies (Revenue range USD 0 – 50.00 Million) providing a range of de-facto CFO Services on a retainer-ship basis. Engagement Model for Out Sourced CFO & Business Advisory Services The professional qualifications, experience, expertise and skill set of an experienced CFO are provided through this Practice, under a retainer and additional time being chargeable on a per hour basis. Provides a member of the clients’ Management Team, as their CFO vis-à-vis the outside world. Client Profile - Out Sourced CFO & Business Advisory Services Given the sensitive nature of the engagement, current clients are individually identified only prior to taking up an engagement. The Consulting practice is oriented towards Companies who do not have the resources to employ full time CFO at current compensation levels and do not require the expertise on a full time basis either. The Practice commits CFO capability to such enterprises on a time-sharing basis and provides top-of-the-line CFO capability at Finance-Manager cost levels. Thus adds significant value to the clients’ strategic and operational capability and efficiency through enhanced quality of decision-making on a day-to-day basis. This apart, Due to our Global Work Exposure & positioning we are in a better position to connect & deliver commercial trade products from leading Global Banks / Institutions. Business Consultancy Services The small and medium business enterprise is one of the fastest growing sectors in the country. We selectively offer various products and services that meet the specific requirements of such enterprises and help them grow. •Facilitating corporate finance solutions with Domestic Banks, Foreign Banks, NBFC & FII • Handling Term Loans, Debt Syndication, Asset Finance, Inter-Corporate Deposits (ICD), Debt swapping with enhanced facility, Debt re-structuring, Project Finance, ECB, Funds against Properties, L/C, B/G, Trade Finance etc., • Distributing financial products and instruments to HNIs, Corporate & Business Houses • Offering Integrated wealth planning, Equity, Mutual Funds, Investment Research & Analysis • Providing structured finance solutions and managing clients day-to-day interactions • Conducting Business & Financial analysis, Due diligence, Customer visits, Understanding the business model, Management capabilities, Market strength of the business and analysis • Bank Statement Analysis, Interpretation of surrogate documents with details reflected in financial statements • Financial Appraisal for the working capital requirements, fund based and non-fund based requirements of commercial business segment and Major Corporate which includes assessment of credit limit requirement of the borrower We uniquely combine the best of industrial practice & expertise with attributes to blend your Organization needs to provide you with the best working solution in a timely & cost effective manner. Our leadership team includes professionals with many years of experience either in tax accounting firms / in corporate tax functions and professionals in Industry. With this combined capability, we are able to track all developments in law and tax administration and provide solutions that are also easily implementable. We are global minded professionals who inspire break through solutions & deliver tangible impacts. Advice for Contacting VidyaSunil Sunil Hand Phone No. : +91 97398 34819 E Mail Id : vidyasunilassociates@gmail.com Skype Id : pssunilkumar

Inter State Office Services to attract GST

Inter-state office services to attract GST as per Karnataka AAR

Is your human resource department hiring for your offices in other states? Or your finance department preparing payrolls for employees in other centres? These services by one office to branches in other states will be treated as “supply” and attract goods and services tax (GST), according to an order by the Karnataka Authority of Advance Rulings.

The ruling implies that companies with offices in many cities will need to raise invoices for in house service functions and pay GST. Although the tax can be claimed as an input credit by the receiving location in most cases, it would substantially increase the compliance burden for businesses spread across states.

Businesses need to obtain registration in each state where they have an establishment from where any business activity takes place, even if the activity is only provided to the head office of such businesses.

According to the ruling, a large business with its head office, say, in Mumbai, where the entire finance, IT and HR functions are centralised for its offices across states, would be deemed to be providing support services to other locations and hence need to raise invoices charging GST.

In cases where goods or services are fully or partially exempt from GST — such as hospitals and schools — this would be an incremental cost.

In other words, the employee’s salary or cost at the head office when providing services or supervising other offices will attract (goods and services tax) GST.

According to the AAR, the interpretation has been made as per Entry 2 of Schedule I of the CGST Act.

The above ruling by the Karnataka AAR was made in the case of Columbia Asia Hospitals, which is headquartered in Bangalore.

The AAR stated that the ‘employer-employee relationship’ at the hospital chain’s Bangalore head office exists in that office alone – and not in other branches – even if they are part of the same corporate entity.

The AAR, in a ruling sought by Bengaluru-based Columbia Asia Hospitals, held that the employeremployee relationship in the corporate office exists only there and not with other office units, even if they are part of the same legal entity, as far as the GST law is concerned.

“The activities… shall be treated as supply as per Entry 2 of Schedule I of the CGST Act,” the AAR said. It also held that the employee cost incurred at the corporate office should be considered while arriving at the value of goods or services provided by such offices to other locations.

Inter-state office services to attract GST as per Karnataka AAR

It can never be negated that GST authorities have up to now reworked the laws and provisions under the Goods & Service Tax regime with regard to GST registration and GST return filing procedure as to make them more opportune to the trade & commerce. Nevertheless, the government is very keen on making the system totally flawless for the tax assessees as well as the authorities themselves by periodic modifications and amendments in the GST provisions.

Recently, the Karnataka Authority of Advance Rulings (AAR) has notified that the services provided by a branch of an organization to its branches in other states will now be treated as ‘supply’, and they will attract GST.

IMPLICATION OF THE NOTIFICATION 

The recent ruling by the Karnataka AAR suggests that companies that have their branches in multiple cities in other states will need to raise GST invoices against the in-house services and thus, will have to incur GST liability against such services.

Pros & Cons of the Ruling :

Although the GST paid on the services provided to the branches of other states can be claimed as an input credit by the recipient branch, this would substantially raise the burden of compliance on various businesses spread across different states.

  • For the time being, this will also spread the time-lag in compliances such as GST return filing procedure, especially for various businesses that have GST registration under the composite scheme.
  • Among those entities that will be most affected by this ruling, are the hotel businesses, resorts, health clinics, accommodation businesses, schools, colleges & institutes that have their chains spread across different cities.

Impacts :

While there has been clarity that cross-charge of expenses would be liable to GST, the challenge lies in its valuation. As the cross charge is between the same entity, such expenses are cross-charged at cost without any mark-up. It would be interesting to see whether such valuation is acceptable to the tax authorities,”

According to the experts, the new ruling regarding treatment of interstate services under GST is likely to increase the cost of services in the following sectors-

  • Healthcare
  • Education
  • Entertainment
  • Food Business Operators
  • Spa & Beauty

This is so because the GST liability on the businesses will, in turn, result in the tax burden on the consumers of such services, which will raise the cost of these services.

GST applicability on core management functions

The ruling by the Karnataka AAR could have wider ramifications, triggering GST liabilities for those enterprises that currently do not have to pay GST on their core activities and thus do not qualify for tax credits / refund schemes.

It is also troubling for businesses that supply goods and services that are either GST-exempt, or not within its ambit – healthcare, education, petroleum, and liquor.

Overall, the tax interpretation significantly escalates the costs for enterprises with multi-state operations.

This is because the core functions of any large or multinational firm, such as human resources, IT maintenance, marketing, and accounting – executed from the corporate head office – could be treated as a supply of service to other offices / units.

Hence, the ruling also has tax implications for the salaries of a firm’s C-suite employees – chief executive officer, legal head etc.

Tax experts in India are now waiting to see if the federal government issues a clarification with regards to the validity of the Karnataka AAR interpretation and if it will apply across industry.

Treatment

The ruling has been passed after the application was filed by Columbia Asia Hospitals. This is a Bengaluru-based Healthcare institution that had inquired about the possibility on an advance ruling regarding services rendered by its employees at the corporate office in its chains located in other States— viz. accounting, IT or other administrative functions. They had sought clarification on whether such activities shall be treated as supply under GST.

Non-Taxable Services

Some experts have suggested that this ruling can have unpleasant consequences. Notably, the GST will be applicable to even those entities that are not supposed to incur GST liability on their core activities.

As per a suggestion by an economist, the situation can become worse if a recipient branch is involved in the supply of exempted goods & services. The branch office will have to incur GST liability even in case of supply of exempted services from the supplier unit. It won’t be able to avail input of GST levied by the supplier unit.

Principally, the GST Council in its 28th meeting had exempted several services from GST. the new ruling by Karnataka AAR is likely to put adverse impact on its policy.

Analysts have pointed out that this Advance Ruling on interstate services can be really perplexing as the companies now may need to impose GST on even employee costs in notional head office, and ITC of such GST won’t be available to the recipient branch of the company.

These inferences point out that the GST authorities need to carefully consider the issue and propose a solution accordingly.

Its rulings are case-specific but they have a persuasive impact on tax assessment in the cases of other firms under similar circumstances.

Source : Press Reports

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website :  http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

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Income Tax returns 2018: Deadline is today, here’s what happens if you miss it

Income Tax returns deadline 2018: The last date for filing the annual income tax return is August 31, 2018. For people in Kerala, the last date has been further extended to September 15.

The last date for filing the annual income tax return (ITR) for the financial year 2018-19 or assessment year 2018-19 was extended by a month to August 31. The only exception for this is Kerala, where the due date has been further extended to September 15 in wake of the severe floods that created havoc in the state.

Here is all you need to know on how to file IT returns and the penalty that you will face in case you don’t do it by the due date.

Who can file income tax returns?

Any person whose annual income exceeds Rs 2,50,000 is liable to pay income tax. If you are an Indian resident and have assets or investments outside the country, it is mandatory for you to file returns even if your income is not taxable. The limit is Rs 3,00,000 for senior citizens (over 60 years old, but less than 80 years old) and Rs 5,00,000 for super-senior citizens (over 80 years old).

When is the last date to file IT-return?

While the Income Tax department had announced July 31 as the last date, it was later extended to August 31, 2018. In flood-hit Kerala, the taxpayers can pay their tax by September 15. “In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the due date for furnishing Income Tax Returns from August 31, 2018 to September 15, 2018 for all Income Tax assesses in the state of Kerala, who were liable to file their Income Tax Returns by August 31, 2018,” a notification from the ministry of finance stated.

As per the present tax laws, you have to verify your return within 120 days of filing it.

What happens in case you don’t file ITR by August 31?

If you miss the Income Tax deadline, you will have a tax liability and will have to file belated returns and pay your taxes along with a simple interest of 1 per cent per month on the outstanding due, calculated from the August 31 deadline. Filing the income tax return after the due date (August 31) could attract a penalty up to Rs. 10,000, depending on the degree of delay, according to the existing income tax laws. If your income is under Rs. 5 lakh, the penalty for late filing is fixed at Rs. 1000.

What are the documents required to file the taxes?

You will require basic documents like PAN card, Aadhaar card (not mandatory) and bank account details before filing the returns. Also keep in handy details regarding Income from any source, such as property, salary, a breakup of salary, last year’s tax returns, bank statements, TDS (Tax Deducted at Source) certificates and Profit and Loss (P&L) account statement, balance sheet and audit reports, if applicable.

Why should you file the returns even if your income is not taxable?

There is a misconception that people without taxable income do not need to file their tax returns. Even if your salary does not fall in any of the tax brackets, you may have other incomes such as income from tax-free bonds, or other non-taxable sources, which amount to over Rs. 2.5 lakh. Read more

Where to file online IT returns?

The Income Tax returns filing process has become largely online. There are two ways to file the form online. One is by manually entering all details and submitting the return online. The other is by uploading XML files through offline methods.

Taxpayers can now file their returns from the comfort of their home by registering not only on the income tax department website i.e., http://www.incometaxindiaefiling.gov.in. but other agent websites as well.

Mistakes one can avoid while filing IT returns online

Filing incorrect or incomplete income sources, mismatching form 16 and form 26AS or choosing the wrong ITR form are some of the common mistakes observed during the filing of income tax returns. If after filing your tax return you realise that you have not reported certain incomes, or made any errors, it is possible to file a revised return.

Source :  Press Reports

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website  :  http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

 

GST returns: New system unlikely before next elections

The roll-out of the new simplified return-filing system for the goods and services tax (GST), which was to kick in from January 2019, may get delayed further and, most probably, beyond the tenure of the current government

The roll-out of the new simplified return-filing system for the goods and services tax (GST), which was to kick in from January 2019, may get delayed further and, most probably, beyond the tenure of the current government. According to sources, even though the Narendra Modi government wants to implement the system before the general election, that may not happen given the time needed to complete the elaborate testing procedures to make the system foolproof.

Officials have been asked not to precipitate a repeat of the glitches faced by the originally conceived triplicate returns system that has never been fully implemented. Since the January deadline for the new system — which will automatically produce monthly returns based on supply data uploaded and inward supplies accepted — is difficult to be met and the announcement of the election is expected by March, the government might have to reconcile with the need to defer it further rather than risk a problematic system close to elections, sources said.

Since the GST returns filing continues to be confined to the summary returns GSTR 3B (with which taxes are paid) and outward supply (GSTR-1), the crucial anti-evasion requirement of invoices matching is not being met. It is assumed this is one of the reasons for the continuing shortfall in GST collections.

“The fear is that even if a handful of people complain of the system’s potential shortcomings, it could be amplified disproportionately on the eve of impending elections,” a government official said on condition of anonymity.

According to the implementation plan, a prototype of the software would be first deployed. This would be followed by release of the beta version of the final software, open for a few taxpayers to use in the real-world environment. However, sources said, the entire cycle could take six to eight months from now.

“We are planning to first release a prototype of the software, which would be connected to a small server. This would then be taken to various industry bodies and tax practitioners for them to use, an essential element to find bugs in the system that can be rectified,” an official said.

He added that it was essential that the new system is exposed to real taxpayers and tax practitioners to make it robust. This is a learning from the (failed) earlier system, which was tested in-house robustly but wasn’t tried by real taxpayers. This had resulted in constant firefighting to resolve glitches after the system went live.

“After the format for the new system was approved by the GST Council, the GST Network has started working on its implementation,” a tax official involved closely with drafting the new system said.

The GST Council in August had approved the format of the new design which promises to be lot less cumbersome for assessees than the original system that required filing three returns every month. In the new system, there will be a facility for sellers to continuously add invoices and for buyers to view them. The system could allow the buyer to lock the invoice after which the seller can’t edit/delete it, making it a confirmed liability of the seller.

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website :   www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

 

Pay Income Tax for FY 2017-18 Before 31 August’2018 to Avoid Late Fee; Two Changes Since 1 April You Should be Wary Of

It’s that time of the year when you have to pay Income Tax on the income you earned in the last financial year. While paying Income Tax has its own set of benefits; delaying or not paying Tax on your Income can attract Late Fee as well as Interest besides notice from the Income Tax Department, which you must avoid at all costs.

Since 1st April 2018, a lot of changes have come to effect including penalty on late filing of ITR as well as reduction in the time-limit to revise your ITR.

As per the new rules, you must file your Income Tax Return on or before 31st August 2018, failing which, you can be liable to pay a penalty up to Rs.10,000. If you miss the bus by 31st August, then filing your ITR and paying the Tax on or before 31st December 2018 will attract Rs.5,000 only. But if you file your ITR for FY 2017-18 after 31st December 2018, embrace yourself to pay a penalty of Rs.10,000.

However, the above late filing penalties are not applicable to small income groups. If your Income for the Financial year 2017-18 doesn’t exceed Rs. 5 Lakh, then the maximum fine you’ll attract is Rs.1,000 only.

Coming to the second change in time line of revising your ITR; earlier a tax payer could revise his/her ITR for any unintentional mistakes for a period of 2 years from the last date of the financial year; however, from 1st April 2018, you have time of just 1 year from the last date of the last financial year to revise the mistakes in your Income Tax Return. Thereby, if you file the return for FY 17-18 now and later need to make amendments then you must do it on or before 31st March 2019 only.

The last day to pay Income Tax for FY 2017-18 is 31st August’2018. For Individual tax payers less than 60 years old, the Income Tax Slabs are as follows:

Capture

However, if your Income is between Rs.50 Lakh and Rs. 1 Crore, then a surcharge of 10% of Income Tax is applicable.

Similarly, if your Income is above Rs.1 Crore for the last year, then you are liable to pay a surcharge of 15% on Income Tax.

The official Income Tax Return filing portal of the Government of India makes it easy for any individual to file his/her Income Tax online. Although the last day to file your ITR for FY 2017-18 is 31st August’2018, you must not wait for the last date and rather file your return sooner to avoid last minute technical glitches.

You can file your Income Tax Return and pay taxes online at:
https://www.incometaxindiaefiling.gov.in 

Source : Press Reports

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website :  http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

IMF Advises India To Consider Simpler GST Rate Structure

The GST is an indirect tax levied on the supply of goods and services in India. It came into effect on July 1, 2017

The International Monetary Fund or IMF today described the Goods and Services Tax (GST) as a “milestone reform” in India’s tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs.

In its annual country report, the International Monetary Fund also said that a dual rate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality.

The GST is an indirect tax levied on the supply of goods and services in India. It came into effect on July 1, 2017.

The IMF said that GST is a milestone reform in India’s tax policy, taking the important step of unifying and harmonising numerous indirect taxes across all states of the federation and the central government.

“Yet, the GST has a complex structure with a relatively high number of rates (and exemptions), which could be simplified without sacrificing progressivity of the current GST and with potentially significant gains from lower compliance and administrative costs,” it said.

A dual rate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality, while streamlining exemptions would further contribute to progressivity and reduce compliance and administrative costs, the IMF recommended.

The IMF said that with the consumption basket of the rich taxed at higher rates than that of the poor, the GST as presently designed has an effective tax rate rising with household consumption. A revenue-neutral reduction in the number of rates would raise the effective rates for poorer households while reducing those for richer households. This is the key cost of moving to a simpler system, it argued.

In its report the IMF said the implementation of the GST led to the key step of harmonising indirect tax rates on goods and services that previously differed across different states and the centre, and brought services into the state tax net.

However, India belongs in a small group of five countries having four or more GST rates: four non zero rates of five per cent, 12 per cent, 18 per cent, and 28 per cent; special low rates of three per cent on gems and jewelry and 0.25 per cent on rough diamonds; and a GST “cess” levied on demerit goods. In comparison, among 115 countries with VATs, 49 have a single rate, and 28 have two rates, it noted.

“The multiple rate structure and other features of India’s GST environment could give rise to high compliance and administrative costs,” it said.

The goods and services tax created a unified national market for the first time by lowering internal barriers to trade – effectively establishing a free trade agreement for a market of over 1.3 billion people, said Ranil Salgado, IMF mission chief for India.

The tax is also expected to increase the amount of economic activity taking place in the formal sector of the economy – leading to better quality and more reliable jobs, he added.

“As a result, the goods and services tax should improve productivity and boost medium term potential growth, while also creating room for the government to increase much needed social and infrastructure spending,” Mr Salgado added.

Source :  Press Reports

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website  :   www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

Govt. likely to take pause on further GST Rate Cuts

The GST regime has been facing many bumps, such as inadequate collections compared to the target set out initially, non-compliance by stakeholders and frequent changes in slabs leading to a revenue shortfall. According to recent reports, the government will take a ‘pause’ in further rate cuts. This has come even when the shortfall each month between the target and actual collection has begun narrowing since the beginning of fiscal 2019.

Since the GST regime was first implemented in July last year, rates on 384 products have been reduced but not a single product has seen any rate hike. Lowering rates obviously reduces overall GST collections, at least in the short term.

Jaitley said the 28% tax slab is being phased out as the bulk of the remaining items in this category are only “luxury items or sin goods.” Other items outside the luxury–sin goods category are cement, air-conditioners, large screen televisions and a handful of others. “Hopefully, with further expansion of revenues, these few items may also witness a change of category,” he said.

Between August 2017 and March this year, the total collections stood at Rs 7,19,078 crore or an average of Rs 89,885 crore. It is obvious that though the shortfall continues, it has been narrowing.

Besides, as Jaitley said, tariff rationalisation depends on the expansion of the revenue base. “In the pre-GST regime, India had a complicated, inefficient, multiple indirect tax system where each assessee could be levied up to 17 different taxes. The GST consolidated them to one tax. Since the passing of GST Constitutional Amendment Bill, there have been twenty-eight meetings of the GST Council which have reviewed the GST tariffs on a continuous basis. Obviously, the tariff rationalisation depends on the expansion of the revenue base. The first one year has witnessed an encouraging trend in this direction.”

Source :  Press Reports

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website  :  http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

Govt notifies due date for filing GST returns from July 2018 – March 2019

The government has modified the due date for filing of final GST sales returns by businesses with turnover exceeding ₹1.5 crore to the 11th day of the succeeding month

The government has modified the due date for filing of final Goods and Service Tax (GST) sales returns by businesses with turnover exceeding ₹1.5 crore to the 11th day of the succeeding month.

Currently, such businesses are required to file GSTR-1 or final sales return of a particular month by the 10th day of the succeeding month.

In a notification issued today, the Central Board of Indirect Taxes and Customs (CBIC) has stipulated that details of outward supplies for July 2018 to March 2019 has to be filed by the 11th of the succeeding month.

For businesses with turnover up to ₹1.5 crore, and who are required to file quarterly returns, the GSTR-1 giving details of outward supplies has to be filed by the last date of the subsequent month.

In the notification, the CBIC has said that the due date for filing quarterly return for July-September period is 31 October, while for October-December, 2018, period it is 31 January 2019.

GSTR-1 for the period January-March 2019 will have to be filed by 30 April 2019. The due date for filing summary sales return of GSTR-3B and payment of taxes for every month between July 2018 to March 2019 is the 20th day of the succeeding month.

Source : Press Reports

VidyaSunil & Associates is into practice of Tax Complaince, Audit, Accounts , Corporate / Business Finance & Outsourced CFO Services.

Advise for contacting VidyaSunil & Associates;

Website  :  http://www.vidyasunilassociates.com

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819