Agarwal Akash & Associates Chartered Accountants

09/07/2022

02/04/2019

Following are the points related to GST need to check while performing bank audit:-

1. Display of Registration Certificate and GSTIN on the Name Board of branch at entrance of Branch. (Rule 18 of CGST Rules, 2017).

2. Blocked credit should not be availed i.e. credit on Insurance, Motors vehicle and conveyance, Food beverages etc. (Section 17(5) of CGST Act)

3. Tax invoice raised by branch should be serially number.

4. If any revenue booked through MOC at year end then GST should charges with interest @ 18% also.

5. Interest income including additional interest of bank branch is exempt from GST but penal interest, bank charges, commission etc are labile for GST.

6- Input taken by HO/ Zonal office should distribute to branch via ISD registration.

7. GST should charge on scrap sale or sale of fixed asset.

8- Section 35 of CGST Maintenance of GST record. Need to check whether proper GST record maintain by bank branch or not.

9. Need to check Profit and loss income for non charging of GST point of view.
10. Check GST RCM liability on
- Security Services
- GTA
- Advocate / Legal fee
- Sponsorship fee
- Import of Services etc

11. Check input availed by bank branch are eligible to take with Tax invoices and if any input not taken same should report in LFAR at-least.

12. Banks are eligible to take 50% of Input credit, check whether such input are correctly taken.👍

10/11/2017

Outdoor catering at 18 percent
2) Return till March 18 : 3B will continue till March 18 , Small tax payer it will be simplified, Only GSTR 1 needs to be filled . Below 1.5 cr July to sept 31/12 oct to Dec 15/2 and Jan to March 30/4. Above 1.5 cr in 40 days from end of month and GSTR 1 will open up. GSTR 2 and 3 to be simplified.
3) Penalty will be reduced to Rs 20 for nil returns and other Rs 50 for day.
4) GSTR ITC 04 Upto 31/12 GSTR 4 Upto 24/12 instead of 18/11 GSTR 5 11/12
5) Trans 1 Revision till 31/12
6) Composition Rates reduced to 1 percent for trader and mfg
7) If in composition service Upto 5 lakh is given then still they can go for composition
😎 Composition to increase to 1.5 cr and is only a proposal
9) All will apply from 15/11
10) Compositiopn tax only on Taxable Supply though for limit total turnover will be taken

10/11/2017

Gst Council update:

1. Composition scheme limit increased to Rs 2 crores
2. Manufacturers to be charged at 1% under composition.
3. Only 50% items to be covered under 28%.
4. Inter-state supply allowed for composition scheme.
5. No ITC for composition dealers.
6.All restaurants (other than five star) to be charged at 5% without ITC.

18/10/2017

May Diwali bring you and your family blessings of the Goddess and Goodness of Lord Rama - Happy Diwali!

22/09/2017

Income Tax Department has started a new process (one time) at the time of Login. It is asking for Residential Status, Primary and Secondary Mobile and Email, address, Bank Account details and at last Mobile and E-mail OTP. Otherwise Login is not allowed.

*Also, one Mobile and E-mail address can't be used for moree than 3 people.

# stopthisnuisance
LETS CHANGE SUBJECT OF DISCUSSION AND AGAIN MOVE TO INCOMETAX FROM GST

18/08/2017

*Table 5 in Form GSTR 3B*

Hello Friends,
There are many queries about what information need to be given in Table 5 of Form 3B. Below are some points which can help in putting information in Table 5.
*1. Inward Supply from Composition dealers:* Here the Inward supplies received from Composition user needs to be filled, rather for any purchase or for business expense.

*2. Inward exempted supply:* This one is the most critical to fill as it will cover all supply of exempted goods or services. Some examples are:
*A.* All URD purchase below 5000 on which reverse charge is not paid, as it is an exempt supply.

*B.* Amount of interest paid, GTA charges below 750 or 1500 and many more supplies which are exempt.

This is a big flow as all the details of minor expenses needs to be given monthly.

*3. Inward NIL rate supply:* This includes all supplies classified under NIL rate.

*4. NON GST Supply:* This heading will include all activities which are Supply but GST act in not applicable to them currently like Petrol, diesel expenses, alcohol expenses.

*So which inward activities does not need to be mentioned in Form 3B or going firmware in GSTR 2?*

Primarily everything which fits in the definition of supply needs to be mentioned.
Hence, some expenses or activities as mentioned in SCHEDULE III like salary, Sale of land etc.. which are specifically neither treated as Supply of goods nor of services NEED NOT to be mentioned.
Also supply of money in not considered as supply of goods and hence it will also need not to be considered.

Hope this helps.

*All the best for first return filling in GST regime.*

13/07/2017

RCM Clarification

13/07/2017

*Clarification on Migration, New Registration, Opting for Composition Scheme and Issue of Bills of Supply*

The Rules related to Registration and Composition Scheme were brought into effect from 22nd June 2017 with a view to start the process of issue of registration certificate, called Goods and Services Tax Identification Number (GSTIN), to taxpayers who have already been issued provisional ID for registration(PID) as well as to the new taxpayers.
Any person who has been granted PID and who opts for composition scheme, should submit an intimation of option in a prescribed form on GSTN on or before 21st July 2017.

Any persons who has PID may submit the required documents on GSTN for getting the certificate of registration. It is clarified that a period of 3 months is allowed to complete this procedure i.e. the formalities can be completed on or before 22nd September 2017. In the interim, they can issue tax invoice using the PID already allotted to them.

A person seeking fresh registration can apply for registration within 30 days from the date on which he becomes liable for registration. They can also opt for composition scheme at the time of filing of registration form.

The applicant for grant of new registration can issue a bill of supply for supplying goods or services during the period from the date of liability to obtain registration till date of issuance of the registration certificate, if he has applied for registration within 30 days from the date he has become liable for registration. On grant of certificate of registration, he can issue revised tax invoices for the supplies made during this period.

30/06/2017

30/06/2017

Welcomes the biggest tax reforms of the country since independence . .

18/06/2017

*Key take-outs from the 17th Meeting of GST Council held on 18th June*

1. *GST Council categorically decided to implement GST from 1st July*. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July.

2. *Relaxation in Return filing time-line for first 2 months*:
A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September.

3. GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter.

4. *Reduced tax rate for hotels with tariff between 5000-7500*:
Reduced tax rate of 18% will apply on the hotels with tariff between Rs. 5000 to Rs. 7500. Restaurants in these hotels will also be taxable at 18%.

5. *Tax rate on Lotteries*
State-run lotteries will be taxed at 12%
Private lotteries will be taxed at 18*

6. *Negative List of Composition Scheme*
Only 3 products have been added in negative list of Composition Scheme, which means for following 3 products composition scheme will not be available.
• Ice cream
• Pan masala
• To***co

7. *E-way bill* will be deferred and will be implemented later on once the rules for same will finalized. Till that time, an alternate e-way bill will be introduced to allow the state with their current system.

8. IGST rate of 5% on Ship with full ITC will be applicable.

9. GST Council also approved anti-profiteering rule.

10. *New Registration in GST will be commenced from 25th June.*