Jain Singh & Co.

14/11/2019

13/06/2019

No Eway bill w.e.f. 21st June 2019, if GST returns of last 2 months are pending

Dear All,

A new rule 138E was inserted by the Govt vide its notification no 74/2018 dated 13.12.2018, which has salient features as follows:-

1. If the GST returns for the last 2 months have not been furnished by the regular dealer or

2. If the GST returns for last 2 quarters have not been furnished by the composition dealer

Then

HE WILL NOT BE ALLOWED TO GENERATE EWAY BILL ON THE GST-EWAY BILL PORTAL.

In such cases only Commissioner would be able to allow such generation in select cases that too with an order.

Now, What should you do??

1. Please file all your returns upto April 2019 by 20th June 2019.

2. In case if returns are not filed, then the Eway bill will not be generated.

3. In case if you think that if you won’t be able to file then the other person will generate on your behalf then that also won’t be possible.

Thus in the end, each and every registered taxpayer who generates eway bill is requested to file all their pending returns till April 2019 by 20th June 19, in order to avoid any last minute hassles.

12/06/2019

*GST New Return Advisory - 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.*_

08/06/2019

Clarifications on Filing of Annual Return (Form GSTR-9)

PRESS RELEASE -

The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to filing of this Annual return which are being clarified as follows:

a) Information contained in FORM GSTR-2A as on 01.05.2019 shall be auto-populated in Table 8A of FORM GSTR-9.

b) Input tax credit on inward supplies shall be declared from April 2018 to March 2019 in Table 8C of FORM GSTR-9.

c) Particulars of the transactions for FY 2017-18 declared in returns between April 2018 to March 2019 shall be declared in Pt. V of FORM GSTR-9. Such particulars may contain details of amendments furnished in Table 10 and Table 11 of FORM GSTR-1.

d) It may be noted that irrespective of when the supply was declared in FORM GSTR-1, the principle of declaring a supply in Pt. II or Pt. V is essentially driven by when was tax paid through FORM GSTR-3B in respect of such supplies. If the tax on such supply was paid through FORM GSTR-3B between July 2017 to March 2018 then such supply shall be declared in Pt. II and if the tax was paid through FORM GSTR- 3B between April 2018 to March 2019 then such supply shall be declared in Pt. V of FORM GSTR-9.

e) Any additional outward supply which was not declared by the registered person in FORM GSTR-1 and FORM GSTR-3B shall be declared in Pt.II of the FORM GSTR-9. Such additional liability shall be computed in Pt.IV and the gap between the “tax payable” and “Paid through cash” column of FORM GSTR-9 shall be paid through FORM DRC-03.

f) Many taxpayers have reported a mismatch between auto-populated data and the actual entry in their books of accounts or returns. One common challenge reported by taxpayer is in Table 4 of FORM GSTR-9 where details may have been missed in FORM GSTR-1 but tax was already paid in FORM GSTR-3B and therefore taxpayers see a mismatch between auto-populated data and data in FORM GSTR-3B. It may be noted that auto-population is a functionality provided to taxpayers for facilitation purposes, taxpayers shall report the data as per their books of account or returns filed during the financial year.

g) Many taxpayers have represented that Table 8 has no row to fill in credit of IGST paid at the time of import of goods but availed in the return of April 2018 to March 2019. Due to this, there are apprehensions that credit which was availed between April 2018 to March 2019 but not reported in the annual return may lapse. For this particular entry, taxpayers are advised to fill in their entire credit availed on import of goods from July 2017 to March 2019 in Table 6(E) of FORM GSTR-9 itself.

h) Payments made through FORM DRC-03 for any supplies relating to period between July 2017 to March 2018 will not be accounted for in FORM GSTR-9 but shall be reported during reconciliation in FORM GSTR-9C.

2. All the taxpayers are requested to file their Annual Return (FORM GSTR-9) at the earliest to avoid last minute rush.
*****

07/06/2019

Like our Page to get regular update.

1. CBDT issued Procedure for online submission of statement of deduction of tax under sub·section (3) of section 200 and statement of collection of tax under proviso to sub·section (3) of section 206e of the Income·tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income·tax Rules, 1962.

2. Tax officials are likely to ask for a reduction up to 6 per cent in their collection target in the full Union Budget for 2019-20, compared to what was given in the interim Budget. That 6 per cent would translate into a reduction of Rs 1.5 trillion.

3. RBI Monetary Policy Committee (MPC) cut interest rates by 25 basis points, as was widely expected. At the end of a three-day MPC meeting, RBI Governor Shaktikanta Das announced its second bi-monthly monetary policy statement for 2019-20.

4. RBI has removed charges for payments via NEFT and RTGS and asked banks to pass on the benefits to customers. This means that payments via NEFT and RTGS would become either free or charges would be drastically reduced.

5. Securities and Exchange Board of India has sent two more show-cause notices to HDFC Mutual Fund and Kotak Mutual Fund for investments in debt instruments of Essel Group.

6. SFIO has named audit firms Deloitte, KPMG, and AP Shah & Associates in the chargesheet filed in the case involving IL&FS Financial Services (IFIN), the controversial subsidiary of the scam-hit IL&FS. In all, 30 individuals and entities have been named in the chargesheet filed by the probe arm of the MCA

15/04/2019

Our firm is looking for a DISA qualified CA for Delhi/ Mumbai location who intends to work in field of Forensic Audit and Systems Audit.
Experience = >1.5 years in Forensic Audit & Systems Audit.
Salary as per experience and city market rate.
If anyone has reference of such candidate, kindly mail us
[email protected] or
Contact at 6290523466.

10/04/2019

Important observations of the hon'ble BHC in PCIT-v- Chain House International (P) Ltd regarding issue of shares at premium-----

"It is the prerogative of the Board of Directors of a company to decide the premium amount and it is the wisdom of shareholder whether they want to subscribe the shares at such a premium or not. This was a mutual decision between both the companies. In day to day market, unless and until, the rates is fixed by any Govt. Authority or unless there is any restriction on the amount of share premium under any law, the price of the shares is decided on the mutual understanding of the parties concerned. Once the genuineness, creditworthiness and identity are established, the revenue should not justifiably claim to put itself in the armchair of a businessman or in the position of the Board of Directors and assume the role of ascertaining how much is a reasonable premium having regard to the circumstances of the case"

08/04/2019

05/04/2019

*CBDT notifies Income Tax Return Forms for AY 2019-20*

1. One of the major reforms made in the notified ITR Forms is the designing of a one-page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individual having income up to Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.). Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance.

2. Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively. There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically.

Best Regards,
CA Anuj Kumar
CA Anuj Musaddi
www.jainsingh.net
[email protected]

04/04/2019

Real estate firms have time till May 10 to communicate to their respective jurisdictional officers whether they want to continue with the old GST rates with input tax credit, failing which they will be deemed to have migrated to new tax rates with effect from April 1, 2019. The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8% (affordable housing) with input tax credit (ITC) benefits or the new tax rates of 5% for residential units and 1% for affordable housing without ITC claims.

Regards,
CA Anuj Kumar
CA Anuj Musaddi
www.jainsingh.net.
[email protected]