Statutory Complainces for Private Limited Companies

Intimation for immediate compliance:

Auditor has to be appointed with in 30days form the date of incorporation.

Time period of issue a share certificate (Section 56 (2)) Subscriber to the memorandum: – Allotment of any of its share: – 2 months from the date of allotment.

Penalty for non-compliance:

a. Company: – Rs.25,000/- but which may extend to Rs.5,00,000/-

b. Officer: – Rs.10,000/- but which may extend to Rs.1,00,000/-

c. Stamp Due: – 10 times of additional fee as stamp duty

The declaration for commencement of business shall be filled within 180 days from the date of getting CERTIFICATE OF INCORPORATION.

Professional tax enrolment has to be paid for Rs.2500/- on or before 30days from the date of business commencement. Non-compliance Penalty 50% and Interest 1.5% is applicable and no tax is payable for holding any Profession for less than 120 days in that year.

We are pleased to inform you that we are providing following services for the companies:

Registration Service / Business Licenses:

Goods and Service Tax (GST), Professional Tax (PT), Import Export Code (IE Code), Registration under Shop and Commercial Establishment Act, Employee State Insurance (ESI), Provident Fund (PF), Registration under Micro Small and Medium Enterprises Act (MSME), Representation and Facilitation etc.

Accounting Services:

Monthly Accounting, Annual Accounting, Preparation of MIS reports, Reconciliation of Accounts payable (AP), Reconciliation of Accounts Receivables (AR), Reconciliation of Bank accounts (BRS), Fixed Asset Accounting, Inventory Accounting, Payroll, Accounting Software Setup, Accounts Implementation in Tally.ERP9 and Preparation of Financial Statements.

Regular Compliance:

GST Returns, e-TDS Returns, PT Returns, ESI Returns, EPF Returns etc.,

Advise for Connect :

VidyaSunil & Associates

Web ; http://www.vidyasunilassociates.com

Cell No. 9739834819 / 9480633382

Outsourced Accounting Services

We are a 10 year old company based out of Bangalore and engaged in providing a range of services to our clients who are mainly drawn from the IT and services sectors.

Our team includes professionals of diversified fields from post graduates, who are well versed in the services sector and manufacturing, construction sector.

We cater to the needs of many IT , Services and Manufacturing Companies including MNCs. You can find the complete list of detailed professional services in our website.

We provide services in terms of the following :

Virtual CFO services
Accounting and book-keeping services
CFO/Controller support services
On-line payroll and statutory compliances
Direct and indirect tax compliance services
GST related services including filing of multiple returns, etc
Obtaining GST refunds including filing of refund claims, follow up with the Department, etc.
Handling of service tax/GST/VAT audits, replying to show cause notices, filing of appeals, etc
Handling issues related to VAT/service tax including pending re-assessments, investigations, etc
Transfer pricing related services
Company Secretarial services including maintenance of minutes, ledgers, etc
Due Diligence related services

We can also help in obtaining refunds for exporters, under the GST regime.

Our delivery team is well trained to handle recognized packages like SAP, TALLY, SAGE and QUICKBOOKS.

We would be pleased to offer our services to your Company, on highly competitive rates.

At a time when your cash flows could have been impacted due to the prevailing Covid situation, we could be of value to you.

Advice Connect :

VidyaSunil & Associates

Web : http://www.vidyasunilassociates.com

Cell No. : 9739834819 / 9480633382

Income Tax – Old Regime v/s New Regime – Which one do u opt?

The salaried have the option to choose between both the income tax regimes every year !!!

The ITR filing season has set in. This is the first year to choose, between the old tax regime with deductions and exemption and new tax regime without deductions and exemption but with lower slab rates, while filing your ITR. Taxpayer are confused as to which one to opt for. Let us broadly discuss the features of both the regime.

What the new tax regime provides

The option of new tax regime is available to all individuals and HUFs. This is optional. Under the new tax regime tax is payable at lower slab rates on the income up to Rs. 15 lakh as compared to old regime. Under the new regime tax slabs rates of 5%, 10%, 15%, 20% and 25% are applicable on each successive increase of Rs. 2.50 lakh starting from the basic exemption of Rs. 2.5 lakh till 15 lakhs of total income.

If you wish to opt for the new tax regime you have to forgo various tax deductions and exemptions otherwise available under old regime. Under the new tax regime, salaried people cannot avail major benefits of items like standard deduction, House Rent Allowance (HRA), Leave Travel Assistance (LTA) and even some of the allowances allowed for performing duties. Various deductions like those available under Section 80 C (comprised of various items like EPF, LIP, School Fee, PPF, NSC, ELSS, home loan repayment etc.) , 80D (for health insurance premiums) , 80 CCD(1) & 80 CCD(1B) (for NPS) will also not be available to both categories of taxpayer i.e. salaried and self-employed. You also forfeit the claim for home loan interest for self-occupied as well as to set off or carry forward the loss in respect of let out property. You also will not be able to set off any brought forward losses against current income under new scheme.

Likewise retired senior citizen cannot claim standard deduction against pension received by them in respect of their past employment. Deduction up to Rs. 50,000 available to senior citizen for interest from post office and banks u/s 80TTB will also not be available.

How the scheme works

As one can claim various exemptions and deduction and the composition of these tax benefits widely differ from person to person, a ready made comparative calculation chart cannot be given as to depict which regime is beneficial. However, looking at the tax benefits which majority of the taxpayer have to forgo, the benefits available with existing regime outweigh the benefits of lower rates of tax by migrating to new regime. Let us try to understand the implications with examples.

First let us take case of a salaried person. Since majority of salaried either claim benefit of HRA for rent paid or in all probability would have bought a house with home loan. Presuming he has bought a house with home loan, he has to forgo home loan benefits for interest as well as principal repayment for 3.50 lakh taken together comprised of 1.50 lakh under Section 80C for principal prepayment and Rs. 2 lakh for home loan interest for self-occupied house property. After taking into account the fact that he also will have to forgo standard deduction of Rs. 50,000/-, he will have to forgo to deduction of Rs. 4,00,000/- resulting in tax impact of Rs. 80,000 if he is in 20% tax slab having income between ₹5 lakh to 10 lakh. The net tax benefit forgone is higher than the tax liability of Rs. 62,500 under new scheme. For those in 30% tax slab the tax effect of the benefit forgone @ 30% would be 1.20 lakh against the tax saving of Rs. 37,500 accruing by opting for new regime.

Now let us take an example for a self-employed person who can avail full deduction under Section 80 C for Rs. 1.50 lakh and for Rs. 50,000/- under Section 80CCD(1B) for contribution towards National Pension System for easy understanding of both the regimes. Presuming aggregate income of Rs. 7 lakhs he will have a tax liability of Rs. 32,500/- under new tax regime. However if he is able to claim deduction of Rs. 2 lakhs explained above he will be able to reduce his total income to 5 lakhs on which he will not have to pay any tax due to rebate of Rs. 12,500 available u/s 87A. By investing two lakh rupees one can save Rs. 32,500 of tax under the old regime.

Why will people not opt for new tax regime

Since salaried have to forgo various benefits like standard deduction, HRA, LTA and there would be many mandatory items like employee provident fund contribution, life insurance premium, school fee, home loan principal repayment, it will make sense for most of the salaried to stay with old regime. Even for self employed tax payers who have a home loan running it does not make any sense to switch to the new regime.

In my opinion the new tax regime is only useful for those who have liquidity problem and are not able to avail full benefits of Section 80 C and who do not have any health insurance as well as do not have any home loan running. The new regime may be suitable for only a handful of self-employed or an HUF for which rebate under Section 87A is not available.

Switching from one regime to another

The salaried have the option to choose between both the regimes every year. Even if you have opted a particular tax regime with your employer, you can still choose the other regime while filing your ITR in case the other option seems more beneficial to you while computing the tax liability at the time of filing the ITR.

Please note that the self-employed do not have the choice to come back to old tax regime once the new one is opted unless they stop having business income. So the person with business income has to be vary careful while migrating to new regime as it is only one way journey for them.

Whether the new scheme works for you or the old one will depend on composition of your income and deductions available and one will have to take decision based on his circumstances.

Advice for contact :

VidyaSunil & Associates

Cell No. 9739834819 / 9480633382

E Mail ID : vidyasunilassociates@gmail.com

Recent Relaxation in Late Fees & Interest under GST

A conditional late fee amnesty scheme brought out in respect of pending returns in FORM GSTR-3B for the tax periods from July, 2017 to April, 2021.

HIGHLIGHTS OF THE SCHEME: –
1. Applicable only if GSTR-3B returns for these tax periods are furnished during the period between 01.06.2021 to 31.08.2021;
2. Late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods;
3. Late fee capped to a maximum of Rs 1000/- (Rs. 500/- each for CGST & SGST) per return for other taxpayers.
Relaxation in ITC availment under Rule 36(4) – i.e. 105% cap on availing ITC in FORM GSTR-3B – for the months of April, May and June 2021. It shall apply cumulatively for the three months in the month of June GSTR 3B.
Filing of GSTR-3B and GSTR-1/ IFF by companies using electronic verification code (EVC), instead of Digital Signature Certificate (DSC), now enabled for the period from the 04.2021 to 31.08.2021.
Reduction in rate of interest: Concessional rates of interest, in lieu of the normal rate of interest of 18% per annum, for delayed tax payments have been provided for the months of March, April and May, 2021.

HIGHLIGHTS: –
1. Taxpayer having aggregate more than 5 crore if files GSTR-3B for the period May’21 within 15 days of due date i.e., till 4th July, the interest on cash liability to be charged @9% p.a. Interest to be charged @18% p.a., if filed thereafter.
2. Taxpayer having aggregate upto 5 crores if files GSTR-3B for the period April’21 within 30 days of due date i.e., till 19th June, the interest on cash liability to be charged @9% p.a. Interest to be charged @18% p.a., if filed thereafter.
3. Taxpayer having aggregate upto 5 crores if files GSTR-3B for the period May’21 within 15 days of due date i.e., till 4th July, the interest on cash liability to be charged would be NIL, @9% p.a. if filed till 19th July and @18% p.a. if filed thereafter.
Waiver of late fee: Late fee waived for specified number of days in respect of returns in FORM GSTR-3B furnished beyond the due date for tax periods March, April and May 2021, due in the April, May and June 2021 respectively.

HIGHLIGHTS: –
1. Taxpayer having aggregate upto 5 crores if files GSTR-3B for the period March’21 within 60 days of due date i.e., till 19th June, the Late fee would be NIL.
2. Taxpayer having aggregate upto 5 crores if files GSTR-3B for the period April’21 within 45 days of due date i.e., till 4th July, the Late fee would be NIL.
3. Taxpayer having aggregate upto 5 crores if files GSTR-3B for the period May’21 within 30 days of due date i.e., till 19th July, the Late fee would be NIL.

Advice for Contact :

VidyaSunil & Associates

Cell No. 9739834819 / 9480633382

Web : http://www.vidyasunilassociates.com

All You Need To Know About Due Dates Of Income Tax Compliance For FY 21-22

After the end of each fiscal year, specified individuals are required to file an ITR. To facilitate prompt filing of returns, the Income Tax Department has set a deadline by which an individual can file a return without incurring late fees. This last date is referred to as the ITR filing deadline or due date. The ITR filing deadline differs based on the type of assessee i.e. HUF, firm, LLP, company, trust, individual etc, and whether or not an audit is required. Individuals and entities who must conduct audit generally have a later date than people who fill out ITR without audit. Taxpayers in India must conform with the Indian government’s proposed tax-related compliance. Non-compliance with set deadlines of income tax-related laws may result in the government enforcing strict penalties. Hence, all Income Tax related compliances for FY 2021-22 are listed below.

April 2021

14th April 2021: Deadline for the issue of TDS Certificate for tax deducted under sections 194-IA, 194IB, and 194M in the month of February 2021.

15th April 2021: Due date for a stock exchange to file a Form 3BB declaration for transactions in which client codes were changed after engaging in the system for the month of March 21.

15th April 2021: Quarterly statement in Form No. 15CC regarding foreign remittances for the quarter ending March 2021.

30th April 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on March 21.

30th April 2021: Due date for submitting declarations received from recipients in Form 15G/15H for the quarter of March 2021.

30th April 2021: For the month of March 2021, the deadline for depositing tax withheld by an assessee other than a government office.

30th April 2021: Due date for electronic filing of a declaration in Form No. 61 bearing details of Form No. 60 received between October 1, 2020, and March 31, 2021.

30th April 2021: Deadline for deposit of TDS for the quarter March 21 when the Assessing Officer has allowed quarterly deposit of TDS under sections 192, 194A, 194D, or 194H.

May 2021

7th May 2021: TDS payment for the month of April

15th May 2021: Due date for the issue of TDS Certificate for tax deducted under sections 194-IA, 194IB, and 194M for in March 2021.

15th May 2021: Due date for an office of the government to submit Form 24G if TDS/TCS for the month of April 2021 were paid without the issuance of a challan.

15th May 2021: Due date for a stock exchange to file a Form 3BB declaration for transactions in which client codes were changed after engaging in the system for April 2021.

15th May 2021: TCS deposited quarterly statement for the quarter ended March 31, 2021

30th May 2021: Non-residents with a liaison office in India must file a declaration by this date (in Form No. 49C) for the fiscal year 2020-21.

30th May 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on April 2021.

30th May 2021: TCS certificates will be issued for the fourth quarter of the fiscal year 2020-21.

31st May 2021: TDS deposited for the quarter ended March 31, 2021.

31st May 2021: Due date for filing a declaration of financial transactions (in Form No. 61A) as prescribed under sub-section (1) of section 285BA of the Act in respect of the fiscal year 2020-21.

31st May 2021: Due date for reporting financial institutions to e-file the annual statement of reportable accounts required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2020.

June 2021

7th June 2021: Payment of TDS for the month of May 2021

14th June 2021: Deadline for the issue of TDS Certificate for tax deducted under sections 194-IA, 194IB, and 194M in the month of April 2021.

15th June 2021: Quarterly TDS certificates for tax withheld on non-salary payments for the month ended March 31, 2021.

15th June 2021: Advance tax payment for the quarter of April-June 21

15th June 2021: Due date for an office of the government to submit Form 24G if TDS/TCS for the month of May 2021 were paid without the issuance of a challan.

15th June 2021: Due date for a stock exchange to file a Form 3BB declaration for transactions in which client codes were changed after engaging in the system for May 2021.

30th June 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on May 2021.

30th June 2021: Quarterly return of a banking company’s non-deduction of tax at source from interest on time deposits for the quarter March 2021.

30th June 2021: Due date to file DPT 3 form for companies

30th June 2021: Quarterly TCS certificate for the quarter of June 30, 2021.

July 2021

7th July 2021: TDS payment for the month of June

14th July 2021: Deadline for the issue TDS

15th July 2021: TCS Payment for the quarter April-June 2021

30th July 2021: Quarterly TCS certificate for the quarter ending June 2021.

31st July 2021: TDS filing for the quarter ending June 30, 2021

31st July 2021: Income Tax Returns for Individuals and Non-Corporates who are not subject to a tax audit for the AY 2021-22.

31st July 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on June 21.

August 2021

7th August 2021: TDS Payment for the month of July 2021

14th August 2021: Deadline for the issue of TDS

15th August 2021: Quarterly TDS certificate (other than salary) for the quarter ending June 30,2021

31st August 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on July 2021.

September 2021

7th September 2021: TDS payment for the month of August 2021

14th September 2021: Deadline for the issue of TDS Certificate for tax deducted under sections 194-IA, 194IB, and 194M in the month of August 2021.

15th September 2021: Payment of advance tax for July to Sep 2021

30th September 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on August 2021.

30th September 2021: Audit report for in the case of an assessee who has not entered into an international or specified domestic transaction during the fiscal year 2021-22.

October 2021

7th October 2021: TDS payment for the month of September 2021

14th October 2021: Deadline for the issue of TDS Certificate for tax deducted under sections 194-IA, 194IB, and 194M in the month of September 2021.

30th October 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on Sept 2021.

30th October 2021: Quarterly TCS certificate for the quarter ending September 2021

30th October 2021: Statement of TDS for the quarter ended September 30, 2021

31st October 2021: Audit report for in the case of an assessee who has not entered into an international or specified domestic transaction during the fiscal year 2021-22.

31st October 2021: TDS filing for the JULY-SEP 2021

November 2021

7th November 2021: TDS payment for the month of October 2021

14th November 2021: Deadline for the issue of TDS Certificate for tax deducted under sections 194-IA, 194IB, and 194M in the month of October 2021.

15th November 2021: Quarterly TDS certificate (other than salary) for the quarter ending September 2021.

30th November 2021: Audit report for in the case of an assessee who has not entered into an international or specified domestic transaction during the fiscal year 2021-22.

30th November 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on Oct 2021.

December 2021

7th December 2021: TDS Payment for the month of November 2021

14th December 2021: Due date for issue of TDS certificate for tax withheld under sections 194-IA, 194IB, and 194M on Nov 2021.

15th December 2021: Advance tax Payment for the quarter ending December 2021

31st December 2021: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on Nov 2021.

31st December 2021: Belated / Revised ITR for AY 2021-22 for all assesses except corporate assesses, non-corporate assesses who are required to have their accounts audited, and assesses who have entered into an international or listed domestic transaction.

January 2022

7th January 2022: TDS payment for the month of December 2021

14th January 2022: Due date for issue of TDS certificate for tax withheld under sections 194-IA, 194IB, and 194M on Dec 2021.

January 15, 2022: TCS Payment for the quarter of Oct-December 2021

31st January 2022: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on Dec 2021.

31st January 2022: Quarterly TCS certificate for the quarter of Oct-December 2021

31st January 2022: Quarterly statement of TDS deposited for the quarter Oct-December 2021

February 2022

7th February 2022: TDS payment for the month of January 2022

14th February 2022: Due date for issue of TDS certificate for tax withheld under sections 194-IA, 194IB, and 194M on Jan 2022.

15th February 2022: Quarterly TDS certificate (other than salary) for the quarter of Oct-December 2021

28th February 2022: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on Jan 2022.

March 2022

7th March 2022: TDS payment for the month of February 2022

14th March 2022: Due date for issue of TDS certificate for tax withheld under sections 194-IA, 194IB, and 194M on Feb 2022.

15th March 2022: Advance Tax Payment for the quarter of January-March 2022

31st March 2022: Due date for the challan-cum-statement for tax withheld under sections 194-IA, 194IB, and 194M on Feb 2022.

31st March 2022: Due date for filing belated/revised ITR for AY 2021-22.

31st March 2022: Quarterly declarations of TDS/TCS paid for Q1 & Q2 of FY 2020-21

Source : Mr. Vipul Das – Newspapers / Income Tax Department / Media

VidyaSunil and Associates Web:www.vidyasunilassociates.com

All u wanted to know about SME & MSME

All u wanted to know about SME & MSME :

MSME stands for micro, small and medium enterprises, sometimes it is also shortened to SME for small and medium enterprises. But, in essence, MSME and SME Loans are the same and are offered to businesses that fall under these two categories. Mostly, these loans are given to startup owners, small business owners and women entrepreneurs on a short-term basis.

NATURE MICRO SMALL MEDIUM

Manufacturing Enterprises	Rs 2,500,000	Less than Rs 50,000,000	Less than Rs 100,000,000
Service Enterprises	Less than Rs 10,00,000	Less than Rs 20,000,000	Less than Rs 50,000,000
Employee Strength	1 to 10	10 to 50	50+

Benefits of MSME Registration in India:

Enterprises which register themselves as an MSME can avail many benefits ranging from lending options to cluster financing to the adoption of latest technology and quality management standard. Some of the key benefits include:

1. 50% Subsidy on Patent Registration:

2. Collateral Free Loans:

3. Exemption of interest on Overdraft:

4. Reservation Policy:

5. Technological Upgradation for MSME’s:

6. Protection against delayed payments:

Loan Options available to MSME’s:

We will cover MSME Lending for private enterprises for you to get a gist of the loan options. The loan options available are:

1. Working capital loans:

2. Merchant Cash Advance:

3. Line of Credit:

4. Invoice Financing:

Advise for Connect :

VidyaSunil & Associates

Cell No. 9739834819 / 9480633382

Web : http://www.vidyasunilassociates.com

Notice to Return Defaulter u/s 46 for not Filing Return – Under GST

On receiving notice in GSTR-3A Notice, the defaulter has to file the return within 15 days from the date of notice along with penalty and late fees.

GSTR-3A is a notice to return defaulter under section 46 r/w sections 62 of CGST Act, 2017 r/w CGST Rule 68.

For better understanding the above mentioned sections are reproduced below:

Sec 46 of CGST Act –

“Notice to return defaulters – Where a registered person fails to furnish a return under section 39, or section 44 or section 45 a notice shall be issued requiring him to furnish such return within fifteen days in such form and manner as may be prescribed.”

Sec 62 of CGST Act,2017 –

“(1)Notwithstanding anything to the contrary contained in Section 73 or Section 74 where a registered person fails to furnish the return under section 39 or section 45 even after service of notice under section 46 , the proper officer may proceed to assess the tax liability of the said person to the best of his judgment taking into account all the relevant material which is available or which he has gathered and issue an assessment order within a period of five years from the date specified under section 44 or furnishing of the annual return for the financial year to which the tax not paid relates.

.(2) Where the registered person furnishes a valid return within thirty days of the service of the assessment order shall be deemed to have been withdrawn. But the liability for payment of interest under sub-section (1) of section 50 or for the payment of late fee under section 47 shall continue”

Rule 68 of CGST Rules, 2017 –

“A notice in Form GSTR 3A shall be issued, electronically, to a registered person who fails to furnish return under section 39,or section 44 or section 45 or section 52.”

♠ For non filers the late filing fees are as follows:

NIL Return: Rs 20/per day

Other: Rs 50/Day

Along with late fee interest on delayed payment is also applicable.

Format of Notice u/s 46 of the GST, Reproduced As below :

1.Being a registered taxpayers, you are required to furnish return for the supplies made or Received and to discharge resultant tax liability for the aforesaid tax period by due date. It has been noticed that you have not filed the said return till date.

You are, therefore, requested to furnish the said return within 15 days failing which the Tax Liability will be assessed u/s 62 of the Act, based on the relevant material available with this office.

Please note that in addition to tax so assessed, you will also be liable to pay

Interest and penalty as per provisions as per provisions of the Act.

Please note that no further communications will be issued for assessing the liability.
The notice shall be deemed to have been withdrawn in case the return referred above, is filed by you before issue of the assessment order.

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

Advise for contacting VidyaSunil & Associates;

E Mail ID : vidyasunilassociates@gmail.com

Website : www.vidyasunilassociates.com

Cell No. : +91 9739834819

GST New Return Advisory – w.e.f. 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.*_

Advise for Contact :

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

Advise for contacting VidyaSunil & Associates;

E Mail ID : vidyasunilassociates@gmail.com

Cell No. : +91 9739834819

GST Updates

1.All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said.

2.The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers’ committee has already been set up, they added.

3.”E-invoice for B2B transactions will be rolled out in next three-four months in a phased manner. The entire invoice would have to be generated on a government portal,” an official toldPTI.

4.The move will help in curbing Goods and Services Tax (GST) evasion through issue of fake invoices. Besides, it would make the returns filing process simpler for businesses as invoice data would already be captured by a centralised portal.

5.”Once rolled out, the e-invoice project will allow businesses to simultaneously generate e-way bill, if needed,” the official added. E-way bill is required for moving goods exceeding Rs 50,000.

6.Depending on the success of the project in the B2B segment, the revenue department would be looking at extending it to business-to-consumer (B2C) sales, especially in sectors where the probability of tax evasion is high.

7.Businesses beyond the specified turnover threshold, to be decided later, would be provided a software which will be linked to the GST Network (GSTN) or a government portal for generating e-invoice. The threshold can also be fixed on the basis of the value of invoice.

8.The e-invoice generation method will be similar to the one being followed for e-way bill on the ‘ewaybill.nic.in‘ portal or payment of GST on the GSTN portal.

9.A 13-member officers’ committee, comprising central and state tax officials as well as the GST Network Chief Executive, has been set up to look into the feasibility of introducing e-invoice system to streamline generation of invoices and easing compliance burden. The committee will finalise its interim report this month.

10.The proposed ‘e-invoice’ is part of the exercise to check GST evasion. With almost two years into GST implementation, the government is now focussing on anti-evasion measures to shore up revenue and increase compliance.

11. There are over 1.21 crore registered businesses under the GST, of which 20 lakh are under the composition scheme.

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No Input Tax Credit if GST Returns not filed, says HC

The Telangana high court has ruled that no input tax credit (ITC) is available unless GST returns are filed and a taxpayer is liable to pay penalty on the entire liability. The ruling is expected to have a significant impact on all businesses that use tax credits available on inputs and raw materials to reduce payment in cash.

“…until a return is filed as self-assessed, no entitlement to credit and no actual entry in the electronic credit ledger takes place. As a consequence, no payment can be made from out of such a credit entry,” Justices V Ramasubramanian and P Keshava Rao said in a case involving Megha Engineering & Infrastructures and GST Authorities.

The company had delayed filing the GST returns from July 2017 to May 2018 when its tax liability added up to Rs 1,014 crore. It had ITC of Rs 968 crore and it claimed that the shortfall was to the tune of Rs 45 crore. While the tax authorities demanded 18% interest on the entire amount, Megha Engineering argued that interest should only be calculated on the net tax liability, after deducting ITC from the total liability. The court upheld the department’s view.

“The ruling has very wide implication as almost all taxpayers, who delayed filing returns and have paid interest only on cash payment of tax and not on the GST amount set off by them through ITC.

Source : Press Reports

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