I H DESAI CO

15/08/2022

01/07/2019

Happy CA Day !
“Ya esha supteshu jagriti”.
“the one who is awake in those that sleep”.

02/03/2018

Happy Holi !!

08/12/2017

Due Dates for the month of December 2017

07-12-2017 Income Tax Due date for deposit of Tax deducted/ collected for the month of November, 2017.

10-12-2017 GST Filing of returns by an e-commerce operator (GSTR-8)

11-12-2017 GST Filing of returns by a NRI taxable person (July-Oct)(GSTR-5)

15-12-2017 Advance Tax Advance Tax payment for AY 2018-19 (third Installment)

15-12-2017 GSTR 5A for Non residents foreign taxpayers

15-12-2017Income Tax Due date for furnishing of Form 24G by an office of the Government where TDS for the month of November, 2017 has been paid without the production of a challan.

15-12-2017 PF Monthly PF payment for November 2017

15-12-2017 Income Tax Due date for issue of TDS Certificate for tax deducted u/s 194-IA in the month of October, 2017

15-12-2017 ESIC payment for the month of November 2017

20-12-2017 GST monthly return for the month of November 2017 (GSTR-3B)

24-12-2017 GST Quarterly return for composition dealers (GSTR-4)

25-12-2017 Provident Fund (includes EDLI) PF Return filing for November 2017

27-12-2017 GST Transition Form (GST TRAN-1) for filling carry forward tax credit from pre-GST to GST regime.

30-12-2017Income Tax Monthly challan-cum- statement for November 2017 of TDS u/s 194IA (FORM 26QB)

31-12-2017 GST Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 crore (GSTR-1)

31-12-2017 GST Monthly return (July – Oct.) for registered persons with aggregate turnover of more than Rs. 1.50 Crore (GSTR-1)

31-12-2017 GST Transition Form (GST TRAN-2) for updating closing stock held as on JUNE 30, 2017 by registered dealers

31-12-2016 GSTR 6 by Input service distributor

31-12-2017 ITC-04 Details of goods sent for Job work

31-12-2017 Deadline for linking Aadhar PAN, Banking, Mutual funds/ Stocks, Insurance Policies, Post Office schemes- PPF, KVP etc.

06/10/2017

DECISION TAKEN IN 22ND GST COUNCIL MEETING

1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturrs & 5% for Restaurent
2. Filing of Returns upto Turnover of Rs. 1.50 Cr - Quarterly (Non Composition Assessee)
3. Refund to Exporters - To be Started from 10.10.2017 for July Month & 18.10.2017 for August Month manually
4. From now Onwards Refund will be granted immediately after filing the Return to the Exporters
5. Postponment of RCM till Dt. 31.03.2018
6. E way Bill implementation postponed till April 2018
7. PAN not needed for Jewellery below Rs. 2.00 Lacs
8. 5 Member Committee to be Constituted for review of Rate of GST for Restaurant & Inter State Sales Transaction for Composition Assessee and Exclusion of Exempted Goods from Total Turnover and ITC to Manufacturers opting Composition Scheme
9. E-Wallet Facility to Exporters from April 2018
10. Advance Licence Holder, 100% EOU, & EPCG Holder can export @ 0.1% till 31.03.2018
11. Exemption from Inter State Service from RCM if Service Provider is having below 20.00 Lacs Turnover
12. TDS / TCS postponed till April 2018
13. Rate of GST changed for 32 Items
14. Man Made Yarn to be Taxed at 12% in stead of 18%
15. Services Job Work of Jari from 12% to 5%
16. Printing Jobwork 5%
17. Govt. Contracts involving High Element of Labour @5%
18. Leasing of Vehicle abatement of 65% which are contracted before 01.07.2017

Wait for official Notification for these changes to take Place

Next Meeting on Dt. 09.11.2017 & 10.11.2017 at Guwahati

GST (Good & Simple Tax)

CA Nikit Atul Desai

01/10/2017

There was a meeting of GST Policy Wing today at Ministry of Finance. The meeting was chaired by the FM. Some of the suggestions given by the participants during the meeting were as follows:

1. In GSTR-1, requirement for reporting HSN Summary and Document details should be deferred till April 2018, since it takes a considerable time and effort to compile and fill.

2. Immediate activation of refund process for taxes deposited by mistake in Electronic Cash Ledger should be done. During the initial stages many taxpayers have committed errors and their funds are blocked.

3. Provisions of reverse charge on supply from unregistered vendor should be deferred till April 2018 so that taxpayers get sufficient time to understand the provisions. Further, deleting Section 9(4) altogether should be considered since in most cases it is revenue neutral for the government due to ITC.

4. Composition scheme should be allowed to Job workers and SME making inter-State supplies.

5. Undue hardships caused to Exporters should be resolved immediately.

6. Taxpayers having turnover up to a certain threshold limit should be allowed to file returns on a quarterly basis. Tax may be collected from them on a monthly basis through GSTR-3B.

And many others...

The noteworthy thing was that the Government was aware of the hardships being faced by various segments of taxpayers and is earnestly trying to obtain feedback and suggestions to make the new tax regime a success. Many participants expressed satisfaction that things have improved on the GST portal over the last one month.

01/10/2017

Happy Dussehra