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01/07/2018

Wish you all a Very Happy CA Day and prosperous year ahead.

28/06/2018

MCA NEWS


As part of updating its registry,
MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3
KYC to be notified and deployed shortly. , every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3.
KYC on or before 31st August,2018.
While filing the form,the
_Unique Personal Mobile Number and Personal Email ID_ would have to be mandatorily indicated and would be _duly verified by One Time Password(OTP)_.
The form should be filed by every Director using his _own DSC_ and should be duly certified by a practicing professional (CA/CS/CMA).
Filing of DIR-3 KYC would be mandatory for Disqualified Directors also._After expiry of the due date by which the KYC form is to be filed,the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’_ with reason as ‘Non-filing of DIR-3 KYC’.

After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken

01/07/2017

23/06/2017

Please note that Service Tax Return for April 2017 to June 2017 to be filed on or before August 15, 2017 vide Notification No. 18/2017 dated 22nd June 2017.

13/06/2017

Upcoming CPE program:

Topic: REGISTRATION & COMPOSITION RULE UNDER GST
Date 14-06-2017
Time 5 Pm to 7 Pm
CPE Hours: 2

Venue: HOTEL MILESTONE -D-251, DEVI MARG,BANIPARK

Faculty: CA SUDHIR BHANSALI

Mansarover CPE Study Circle of CIRC ICAI

CA Sanjay Niranwal CA Vishal Sharma
Convenor Deputy Convenor
98291-77510 (M) 70735-54440(M)

08/06/2017

Compounding or Composition Scheme under GST.

Section 8 will govern the provision of composition levy under CGST/SGST Act.

Features of the scheme

a. Taxable persons whose aggregate turnover does not exceed Rupees 50 lacs in a FY will be eligible to opt for the composition scheme. Here we should note that definition of aggregate turnover is very wide and include all exempted and taxable turnover etc.

b. Rate of tax shall be the rate as prescribed time to time under said Act.

c. This scheme is an option available to the registered taxable person.

d. As per Section 16, Goods and/or services on which composition tax has been paid under Section 8 is not eligible for input tax credit. (Sec-16(9)(e)).

e. Applicable only for Intra-state suppliers ( Supplies within a state).

f.The registered taxable person making Inter-state supply of goods and/or services cannot take benefits under this scheme.

g. Transaction made in course of import/export , it is deemed to be an inter-state supply. Hence cannot take registration under composition scheme.

h. Person doing different businesses of , electronic, mobile, garments under different business entity, then under this scheme is have required to take registration for his all business entity as compounding dealer.

i. Under this scheme, the taxable person shall not collect any tax from the recipient on supplies means required to pay tax out of his own pocket.

j.He is not entitled to take credit of input tax.

k. Person paying tax under the provisions of section 8 shall instead of issuing a tax invoice he has to issue a bill of supply containing such particulars as may be prescribed.

l. Please note that a taxable person cannot opt for payment of taxes under composition scheme for supply of goods only and opt for regular scheme of payment of taxes for services.

m. Composition scheme may be opted for by taxable persons, for supply of goods only.

n. Tax payable under RCM, the option of Composition scheme will not be available.

o. If proper officer has reasons to believe that a taxable person was not eligible to pay tax under sub-section (1), then he can impose a penalty equal to the amount of tax on such person with his tax liability after giving a reasonable opportunity of being heard.

P. Registered taxable person paying tax under the provisions of Act shall furnish a quarterly return or part thereof in GSTN -4.

q.Compounding dealer shall furnish return starting from the date on which he becomes a registered taxable person till the end of the quarter.

r. Existing taxpayer not under Compounding scheme may opt for Compounding scheme, if eligible.

s. The application have to be filed on or before 31st March of the previous year.

t. Compounding dealer may be allowed to switch over to Normal scheme even during the year if they so want, with a condition that they cannot switch over to Compounding scheme again during the year.

u. (I)Transfer from Compounding Dealer to Normal Dealer:-
HIt should uniformity applicable on PAN India basis for all the registered taxe is eligible to take input tax credit in respects of inputs held in stock and contained in semi finished and finished goods held in stock.

(ii) Transfer from Normal Dealer to Compounding Dealer:-
When Normal dealer switches over as a taxable person for paying tax under section 8,then he shall pay an amount by way of debiting in the electronic credit /cash ledger equivalent to input tax credit in respects of inputs held in stock and contained in semi- finished and finished goods held in stock.

Compiled for mutual knowledge sharing By
CA Sudhir Bhansali

28/05/2017

CLASS-7

For better understanding of GST

1.Tax Rate

It is highly commendable to note that Government has made public the rate structure in GST. You are requested to carefully go through the same and arrive at a classification for the product concerned. To avoid disputes at a later stage any doubt may be clarified immediately. At this stage do not get carried away by any report. Look the rate schedule only and minutely.

2.Any Excise Duty or VAT or Service Tax exemption granted as an incentive against investment through a notification shall not continue as privilege if the said notification is rescinded on or after the appointed day.

3.ITC -1

Chapter V Section 16 to 21 of CGST Act contains provisions relating to Input Tax Credit.
Every registered person shall be entitled to take credit of input tax charged on any supply of goods or services or both which are used or intended to be used in the course or furtherance of his business. The said amount shall be credited to his electronic credit ledger.

4.ITC- 2

No registered person shall be entitled to input tax credit unless;
a. he is in possession of a. tax invoice or debit note or any other tax paying document as may be prescribed,
b. he has received the goods or services or both,
c. the tax charged in such invoice is actually paid in cash or through utilisation of input credit by the supplier,
d. he has filed a return

Compiled for our knowledge sharing by
CA Sudhir Bhansali

05/05/2017

CLASS-5

Important points to better understanding of GST
GST CLASS is dedicated to Transition Provisions.

Transition -1

Chapter XX clauses 139 to 142 deal with Transitional Provisions in the CGST Act.
A certificate of registration shall be issued on provisional basis to every person registered under any of the existing laws.
The said certificate unless replaced by a final certificate shall be liable to be cancelled.
The final certificate shall deemed to have not been issued if the provisional registration is cancelled on a application filed by the person concerned that he is not liable to be registered as his turnover is less than prescribed limit or the goods or services or both or exempted.

Transition -2

A registered person is allowed to carry forward the balance of cenvat credit reflected in the return filed for the period ending with the day immediately preceding the day of roll out of GST.
Credit cannot be carried forward if

1. Credit is not admissible as ITC under CGST

2.Returns for the period of 6 months immediately preceding the appointed date have not been filed

3. If the Goods are manufactured and cleared under any exemption notification.

Transition- 3

Are you not registered under existing laws, engaged in manufacture of exempted goods, providing exempted services, works contractor, first stage or second stage dealer, depot don't worry you can take credit of inputs if you are in possession of invoice or other prescribed documents evidencing payment of duty provided the invoice or document were issued 12 months immediately preceding the date from when the GST is rolled out.

Transition- 4

Are you a trader or a person who is not registered under existing laws? Can you take credit in GST regime? The answer is Yes but the road leading to such credit is filled with thorns, bumps and speed breakers. Drive at your own risk. Wait for a detailed note on this.

Transition- 5

Traders who do not possess documents evidencing payment of Excise Duty can take credit from the appointed date of roll out of GST subject to following:

A.Stock statement is filed within 60 days in Form GST Tran 1.

B.The stock of goods on which credit is taken is easily identifiable.

C.Credit shall be allowed @ 40% of the CGST applicable on such goods.

D. The credit will be allowed only after the tax has been paid in full. Meaning first tax has to be paid and credit will be allowed later.

E. At the end of each tax period a statement in GST Tran is submitted detailing the supplies made from out of the stocks held.

F.The amount credit shall be credited to the electronic ledger in Form GST PMT 2 on the common portal.

G.The credit shall be available only for six tax periods from the appointed date.
Compiled for our knowledge updation
BY CA Sudhir Bhansali

10/04/2017

CLASS-1

Important points to be noted under GST

1.Interestingly the term "family" is defined in CGST Law. It means the spouse and children of the person and parents, grand parents, brothers and sisters of the person if they are wholly or mainly dependent on the said person.

2.The term "Audit" is defined in clause 2 (13) of the CGST Bill.

3.Services by an employee to the employer in the course of or in relation his employment is not treated as supply. Can it be then construed that remuneration received by a partner from his firm is supply and thereby is taxable supply?

4. Every registered person shall retain the books of accounts and other records for a period of 72 months (6 years) from the due date of furnishing annual returns for the year pertaining to such accounts.

5.Collecting any amount as Tax and failure to pay the same to the Government beyond a period of 3 months from the date on which such payment becomes due may lead to arrest and imprisonment for a minimum period of 6 months.

6 The amount of Cenvat Credit carried forward in the immediately previous months return from the appointed date will be allowed as credit. However, if returns have not been filed for a period of 6 months proceeding the appointed date no cred
it will be eligible for carried forward.

Compiled for our Knowledge Enrichment by CA. Sudhir Bhansali

29/03/2017

Kindly make note of the following changes in IT law that come into effect from 1-4-2017 -

(1) Limit for payment of expenses by cash (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person. Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes. However, the cash payment limit for lorry fright etc. remains the same at Rs.35000.

(2) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST) —
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion.
The penalty for violation of above is to be a sum equal to the amount of such receipt.

Examples for above -

i) If one sells goods worth Rs. 300000 through three different bills of Rs.100000 each to one person and accepts *cash in single day* at different times then section 269ST(a) will get violated.

ii) If one sells goods worth Rs. 300000 through *single bill* to another person and receives cash of Rs.150000 on day 1 and another Rs.150000 on day 2 then section 269ST(b) will get violated, since it pertains to single transaction.

iii) If one accepts cash of Rs.180000 for *sales* and Rs.20000 for *freight charges*, then section 269ST(c) will get violated even if cash is accepted on different dates, since they pertain to a single sales event.

iv) If one sells his car for Rs.300000 and receives the amount in cash, then penalty levied on him will be Rs.300000.

(2A) In view of the newly introduced above said penal provisions relating to cash sales, the existing provisions (in vogue from 1.6.2016) relating to collection of TCS @ 1% on cash sales exceeding Rs.2 lakhs (Rs.5 lakhs, in the case of jewellery) are deleted. Consequently, there is no need to collect TCS on cash sales exceeding Rs.2 lakhs. Straight away it will attract equal amount penalty now.

(3) For below Rs.2 crores turnover cases -
-For Non Cash Sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/Gross Receipt.
-For Cash Sales : Net Profit will be taken as 8% of Turnover/Gross Receipt.

(4) Tax Exemption limit is Rs.2,50,000/- (same as earlier) -
- After that, upto Rs.5 lakh, Tax Rate is 5% (earlier it was 10%). Tax rebate of maximum Rs.2500 will be allowed, for total income upto Rs.3.50 lakhs.
-Individuals having total income exceeding Rs.50 lakhs but below Rs.1 crore, are to pay surcharge @ 10% of the tax. Those having total income exceeding Rs. 1 crore shall continue to pay surcharge @ 15%.

(5) Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirements) - deduct TDS @ 5%.

(6) Capital Gain in respect of Land & Buildings -
– Periodicity for long term Capital Gain is reduced from 3 years to 2 years.
– Base year shifted from 01.04.1981 to 01.04.2001 for all assets including Immovable property.

(7) Corporate tax rate for the account year 2017-18 for companies with annual turnover upto Rs. 50 crores (in the account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.

(8) Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G, unless these are made using modes other than cash. Consequently, trusts accepting 80G donations may advise their donors to give donations exceeding Rs.2000 vide cheque / RTGS / digital modes.

(9) Sale of unquoted shares to be taxed at (deemed) fair value.

(10) In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.

(11) From financial year 2017-18, if Return is not filed within due date, late fee of Rs.5000 for delay up to 31st December, and Rs. 10000 thereafter.

(12) Every person who is eligible to obtain AADHAR number, should quote such number, on or after 1 July 2017, in the Return of income. Furthermore, every person who has been allotted PAN as on 1st July 2017 must intimate the AADHAR number to the Tax Authority, failing which, PAN allotted to such person shall be deemed to be invalid. Kindly note that linking of AADHAR with PAN is not possible, unless name as per AADHAR and PAN match perfectly. Hence, please take steps to rectify your name as per AADHAR to match as per PAN.

(13) Where Sec.12AA registered trusts modify their objects clause, they need to apply within 30 days to CIT for approval of the modified clauses.

12/03/2017

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