Gourav Patial & Associates

30/07/2023

04/04/2018

Capital gain in respect of Land and Building period reduced from 3 Years to 2 Years and Base year shifted from 01/04/1981 to 01/04/2001.

04/04/2018

Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).

03/05/2017

-------------------GST : DO U KNOW ????------------------

Registrations :

There are 4 types of registrations in GST viz

a) Mandatory Registration
b) Optional Registration
c) Voluntary Registration
d) Suo Moto Registration

A) MANDATORY REGISTRATION :

=>Every person who holds a registration number under Existing Indirect tax laws or

=>New registrant who makes a taxable supply from any state and his aggregate turnover exceeds Rs 20 lac or

=>New specific registrants without turnover limit or

=>A transferee/successor of the business

Shall apply for registration in every state/UT in which he is so liable within 30 days of the date when he becomes liable to be registered.

=> Existing registrant under earlier law need no apply for fresh registration immediately and he has to follow procedure prescribed such Migration to GST and obtaining provisional ID in each state from where he will be providing taxable supplies.

=> Agreegate turnover has to be computed on " All India basis" and shall include All taxable supplies, All exempted supplies, exports of goods/ services, Inter state supplies of a person having same PAN but will exclude GST component and inward supplies under Reverse charge.

=> It can be presumed that Non taxable supplies bring also exempted are included in the definition of Aggregate turnover.

=> Threshold limit of 20/10 lac not applicable to following mandatory registration :

(i) Inter state supplies
(ii) casual taxable person
(iii) person paying GST under reverse charge mechanism
(iv) Deductor of TDS
(v) Non resident taxable person
(vi) ICD
(vii) any Agent
(viii) Collector of TDS
(ix) vendor on e-commerce platform
(x) e-commerce operator
(xi) person notified by CG or SGST on recommendation of council.

B) OPTIONAL REGISTRATION :

=> if any person carries on business in multiple business verticals in a state he can opt for separate registration for each of those business verticals. For eg a particular company is into manufacturing of a particular product and at the same time trades into similar or other products and further provides taxable services also in such case the company may opt for taking 3 separate Registrations for manufacturing, trading and service business verticles.

C) VOLUNTARY REGISTRATION:

=> All the provisions of GST act may not be applicable to a particular person still he may opt for getting registered for one or more reasons such as Claiming ITC, due to customer specific demand, to have unbroken chain of GST till the goods/services reach end consumer or to pass on the USD credit

D) SUO MOTO REGISTRATION:

=> This is a GIFT from the officer to a person who fails to get himself register.

PERSONS NOT LIABLE TO BE REGISTERED :

=> Any person engaged exclusively in the business of supplying non taxable goods/ services, exempted goods/services or An agriculturist for the purpose of agriculture or such other Notified persons.

DOCUMENTS REQUIRED FOR REGISTRATION

=> PAN is mandatory, For TDS deductors TAN under IT mandatory, for NRI documents as may be prescribed.

PLACE OF BUSINESS TO BE REGISTERED:

It is very important to judge as to which PREMISES OR PLACE OF BUSINESS has to be got registered so that the supplier of goods or services does not loose any benefits under GST laws. The place of business to be registered would depend on the Location of the Supplier of goods/Services . Succeeding paras would make it clear :

=> Location of supplier is a very important aspect in order to determine the intra or inter state nature of Supply. The location of supplier of goods is not defined in the act and the location of supplier of services is defined means

a) supply from registered place of business then location of such place of business

b) Supply from unregistered place of business say fixed establishment then location of such fixed establishment

c) Supply from more than one business or establishment then location of the establishment most directly concerned with provision of Supply.

d) other cases the location of usual place of residence of supplier.

The supplier may get himself registered according to above provisions...

09/02/2017

25/08/2016

We wish you and your family a very Happy Janmashtami. May Lord Krishna bless us with happiness, peace of mind and satisfaction of life.

15/08/2016

Happy Independence Day to everyone..:)

23/06/2016

Advisory regarding Fake Website of ICAI:

This is to inform to all Members and Students of ICAI and public at large that a website namely, icai-org.in and icairesults.info, has been created, which is deceptively similar to the official website of the Institute (i.e., www.icai.org).

A perusal of the contents of the said website shows that its design and look resembles so nearly with the design and look of the official web site of ‘The Institute of Chartered Accountants of India’ and that there is every likelihood of the same causing confusion in the minds of the members and students of the Institute of Chartered Accountants of India in particular and public at large in general. Further, the contents of the said website are misleading and create a false impression that it is somehow associated/ affiliated with ICAI.

It is made clear that the information on the said website has been posted / circulated without the knowledge and authority of the Institute of Chartered Accountants of India and you are advised not to be misled and confused by it. Further, ICAI is seized of the matter and an appropriate action has been initiated by the Institute.

However, in the meantime, all Members, Students of the Institute and public at large are hereby advised not to deal with the said website icai-org.in and icairesults.info in relation with any activity of ICAI.

Accordingly, all Members and Students of the Institute are advised to take note of the same. In case of any further query/ clarifications, please feel free to contact at the below address:

Rajanikant Verma
Sr. Faculty, (Gr. Joint Director)
ICAI Bhawan, the Institute of Chartered Accountants of India
A-29, Sector-62, Noida (Gautam Buddha Nagar)- U.P
Contact Details: Ph- 0120-3045912, Mobile: 09313899028
Email: [email protected]

ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. ###VIII of 1949)

22/06/2016

Tax Slabs for Assessment year 2016-17 (fin year 2015-16)

21/06/2016

Presumptive Taxation: No Audit For Turnover Of Up To Rs 2 Crore.

The Finance Ministry on Monday said small businesses with a total turnover of up to Rs 2 crore will not be required to get their accounts audited if they opt for the presumptive taxation scheme.

"The higher threshold (up to Rs 2 crore) for non-audit of accounts has been given only to assessees opting for presumptive taxation scheme under section 44AD," the ministry said in a statement.

Section 44AB of the Income Tax Act makes it obligatory for every person carrying on business to get his/her accounts of any previous year audited if his/her total sales, turnover or gross receipts exceed Rs 1 crore.

"However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the total turnover or gross receipts of the relevant previous year does not exceed Rs 2 crore," the statement said.

Finance Minister Arun Jaitley in his Budget for 2016-17 had proposed to increase the turnover limit under the presumptive taxation scheme under section 44AD of the Income Tax Act to Rs 2 crore "which will bring big relief to a large number of assesses in the MSME category".

Mr Jaitley had said that if the taxpayer opts for the presumptive taxation scheme, he has to remain in that scheme for 5 years.

17/06/2016

Changes in TDS threshold limits applicable w.e.f 01.06.2016