Made Easy with GST Filing GSTMadeeassy

Jay Sairam

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NEW DELHI: With an aim to support the government's GST initiative and to make every Indian SMEs / MSMEs, GST compliant, need GST solution "GSTmadeeasy" is soon to be launched, end-to-end business solution for MSMEs / small traders to deal with the requirements of the new GST regime.

CAIT has said that GST is a technology driven taxation system which requires mandatory compliance through digital technology only. And, about 60 percent of small businesses in the country have yet to adopt computerization in their existing business format.
CAIT further states that half of the six crore small businesses fall under the threshold limit of Rs 20 lakh and do not require registration under GST. Another about one crore traders may opt for 'composite scheme' but the new tax regime is about two crore small businesses do not fall under any indirect tax law and will have to comply with the new rule mandatorily
Ravi Shankar Rao, Co-Founder and CEO of GSTmadeeasy said "It is saddening to see the present scenario of small businesses who are running from pillar to post, mainly because of lack of technology, and GST on preparedness, its daunting cost and moreover the clarity on GST rules and regulations to generate and file regular monthly / quarterly returns. "
"It is shocking and disheartening to see that all so called GST solutions are just floating in the market just based on cloud based software package / ERP solutions, which mandatory for a small business for a captive investment, and furthermore, computers, software knowledge The next technology challenge can be getting online to run any such cloud based solution. On the contrary, the practicing GST professionals have given their limitations helpless but the charges / invoices of the number of uploads are uploaded. per month to generate and file GST returns. " Rao said
On the best of the scenario's and that too, for a developed nation But, for a still developing and a growing nation like that, we are still far from that reality, especially when we talk of tier 2 and tier 3 cities and more the challenges and limitations of mobile data connectivity in those densely and thickly populated markets deep inside the walled city of Delhi Chandani Chowk, Khari Baoli, Sadar Bazar and many more over India is a matter of grave concern, if, one has run a cloud based solution
The elated Mr. Ravi Shankar Rao said, "GSTmadeeasy is the first and only solution in the country till today, which has been conceptualized, designed and developed, keeping the challenges, difficulties and limitations of small traders, such as technology awareness and preparedness, its daunting cost and Further, the clarity on GST rules and regulations to generate and file regular monthly / quarterly returns. "
GSTmadeeasy, the truly user friendly solution is just not a software / cloud based solution, GSTmadeeasy is a complete end of business solution which will take care of all GST related issues, be it digitization of sales / purchase invoices and that too unlimited invoices , invoice validation with tax rates / HSN codes, professional services at the backend for pre and post filing reconciliation, dispute resolution / mismatch, tax accounting reconciliation, GST return preparation & filing and online tax payment assistance. To top it all a Help Desk from dawn to dusk that too on a toll free number with GST professionals available just a call away to assist on any GST related issues ...

The single-rate GST regime can be a reality in 3-5 years

Jay Sairam


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New Delhi: Chief economic advisor Arvind Subramanian said on Monday that India can go to the sole rate for goods and services tax (GST) in the next three-four years, but the indirect tax system imposed in July last has been asked for more relevance. .
The comments of the Chief Economist of the government, by their economic survey and their team, have suggested that GST has started well, because collections in collections are estimated to be around 12%. The document presented in Parliament stated that "in the initial phase of such a major disruptive change, this performance is significant." GST promises to be a happy source of future revenue.

Belying "confusion and anxiety" surrounding GST collections, the survey said the uncertainty will be removed once the system stabilises later this year.
"But the provisional assessment is this: Revenue collection under the GST is doing well, surprisingly so, for such a transformational reform," it said, adding, the tax that GST has subscribed to 2016-17 .

However, despite policy makers initially enthusiastic, the collection declined for a few months and some concerns arose before the recruitment in January and some rested. Subramanyam admitted that there are currently many rates, which need to be improved, but the fact is that the current average rate of 15.6% is 15-16% of the neutral rate which is recommended by the panel headed by them. .

The survey noted that the base of the indirect taxpayer has increased by more than 50 percent, 34 lakh businesses come in the tax net, the leadership of voluntary registration, especially by small enterprises, is bought by big businesses and wants to use the input tax credit themselves. Turnover Rs. Nearly 17 million industries registered under GST, despite being below the threshold limit of 20 lakhs
Map data by the government shows that Maharashtra, UP, Tamilnadu and Gujarat are the biggest figures, while the number of new taxpayers in UP and West Bengal has been highest. The worrying trend was that about 47 percent of the tax was in five states - Maharashtra (16 percent), Tamil Nadu (10 percent), Karnataka (9 percent), Uttar Pradesh (7 percent) and Gujarat (6 percent). "Distribution of GST basis in states is closely related to the size of their economy, the main producer removes the fears of states, and changes in the new method will reduce their tax collection," said Carden, the economic report of the government.

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Budget 2018: Case Study on GST Collections

Jay Sairam
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After implementation of GST during the year, there will be tax collection in the key aspects of the budget. GST was implemented with the intention to increase tax compliance by removing tax duplication in the states. During the period from July to December, GST tax has been continuously decreased, the fiscal deficit is increasing.

If the GST storage rate is depleting, Government is indicated to announce additional government debt of the same amount. So, let's take a look at Malaysia's case study - the last country to implement GST before India.

Brokerage Edelweiss has a case study on India's GST. The snapshots of the study are as follows:

What happened in GST Tax collection in Malaysia?

The Malaysian government took 1.5 years to prepare for GST implementation.

After one year of its implementation, GST registrators exceeded the target of 412,000 by more than 20%.

The Malaysian government has improved its audit track using Undercover Tax Officers and it becomes difficult to do business until it is registered.

Despite the large number of SMEs (97%), the transition has been accepted.

After 1 year of implementation, about 12% of the total government revenue is GST equivalent collection, which is up to 19.4% of revenues.

We hope that GST tax collections of India will increase next year due to technological barriers and easy change.


What to learn from Malaysia should be learned:



GST tax compliance in Malaysia is 90%

Despite the large number of SME enterprises (97%), the transition to GST has been successful

Better technological preparedness to adopt a new tax system

Expectation of the common man on the income tax slab in the next budget

Sairam

JAY SAIRAM, It Return, Loan, Import Export License IEC, GST, Trade Mark, Firm Registration, Call 9376642360 visit www.shreesainathconsultancy.com

On February 01, 2018, Finance Minister Arun Jaitley will implement the Union Budget 2018-19. This budget is very important, because it is the final budget of Modi government's final budget post GST and final budget before the 2019 general elections.

On February 01, 2018, Finance Minister Arun Jaitley will implement the Union Budget 2018-19. This budget is very important because it is the final budget of GST and Modi government before the general election of 2019. This budget will be the ultimate opportunity for the Modi government to attract a huge Indian group. Therefore, we sincerely hope that please increase the tax exemption limit for the salaried class.

In the previous budget, the Union Budget 2017-18, the government reduced tax rates for individuals between 10 to 2.5 to 5 lakh. Therefore, the subsequent tax slab of all individual taxpayers is Rs. A tax benefit of 12,500 is received. However, the common man still puts emphasis on rising costs. As such, the government should convert the entire personal tax slab to provide some significant relief to the people.

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Three simple tricks to save income taxes without investing fresh funds

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Three simple tricks to save income taxes without investing fresh funds

Income tax savings are an act, especially when planning less tax in advance, while avoiding any funds, helps avoid problems in eleven hours. Here are three simple tricks that can help you save income tax if you have saved in the past and you no longer have the money to invest. Here's how to walk it here

Withdraw from PPF and invest again

In public provident fund, every year Rs. You can get deduction under Section 80C of the Income Tax Act as you get investment up to Rs 1.5 lakh. If you have invested in a PPF account, you have a chance to cash shortages. You are eligible to withdraw money from your PPF account for the seventh year. "You can withdraw the 50% available at the end of the fourth year immediately before the withdrawal; Or the remaining 50% amount was at the end of the year," says Mumbai-based tax expert Balwant Jain.

If you have been investing regularly in PPF for all these years, then you have a fair chance to withdraw money from a PPF. You can invest money in PPF or other instruments of your choice, which deductions under Section 80C of the Income Tax Act.

Withdraw from mutual funds and invest again

Nowadays most invest in equity mutual funds and tax saving mutual funds (Equity Liquid Savings Schemes - known as ELSS). Tax-saving mutual funds pay Rs. Tax breaks are offered under section 80C of the Income Tax Act for a sum of up to 1.5 lakhs. These funds come with local in three years. If you have invested in tax-saving mutual funds for more than three years, you can sell it. Restore that money in the tax saving scheme and you are done. Investments are considered as a new investment and you get the much needed tax break. New investments in tax-saving funds come with a lock in three years.

For equity mutual funds, if you hold on for more than one year's investment, there is no tax on the benefits, the current rules say. If you have such an investment, you can sell it and invest in a tax-saving mutual fund.

This method does not change your asset allocation.

Are Fixed Deposits? Make a tax saving bank fixed deposit

Most of us have a fixed deposit of a bank, this can be broken. Periodically withdrawals will lead to a lower interest than commitment while creating a fixed deposit. But still you get some money. Now invest in income tax in bank tax-saving deposits. The deposit comes with a five-year lock-in period and under Section 80C of the Income Tax Act, Receives tax deduction up to Rs 1.5 lakh.

In this way, you do not have unnecessary risks, neither your asset allocation, but you get tax benefits.

These tricks look good. But they must be seen as a final minute resort. This 'roll-over' tax-saving investments effectively leads to minimal incremental investments. Tax savings can not be the only reason for the investment. You should ideally save more and invest more in your career progression and you can earn more. If you have to face the situation of cash crunch, then it's time to get your act together.

GST News

Govt. empowers GST officers to process refund filed through FORM GST RFD-01

Central Government has specified that the officers appointed under the respective State Goods and Services Tax Act, 2017 or the Union Territory Goods and Service Tax Act, 2017 who are authorized to be the proper officers shall act as proper officers for the purpose of sanction of refund filed in FORM GST RFD-01.

Reclassify discounts as capex, Income Tax Department to Flipkart

The homegrown e-commerce giant Flipkart, which currently operates Republic Day sales, has reportedly lost appeal against the income tax department on the basis of deduction of marketing expenses and deduction in December.

According to a report from The Economic Times, this ruling, which is not publicly known, is spent on marketing through deep discounts by e-teals. The players of ecommerce in the country are leasing them as marketing costs and cutting them off from the revenue, causing them to post losses and therefore are not taxable.

Two online market firms are engaged in a rigid battle to get the top position in Indian e-commerce space. Taxation is imposed on cash-burning e-teals in the country by December judgment. Online markets, which typically spend significant amount on marketing costs, are considered to be profitable soon and are therefore responsible for paying 30% of the tax.

In August last year, Flipkart and Amazon appealed against the Income Tax Ordinance of the Bangalore I-T Office. According to the I-T department, the capital expenditure should be spread over four to 10 years.

This development happened at a time when the income tax department has given many early instructions to the notice of the issue of the Angel tax issue initially.

According to the Finance Act, if a private company is big or small, it is a resident of India and the capital which is being capital is more than the investment, then the premium is taxable. Under this section 56 (2) of the IT Act (VIIB) this amount is considered as 'income from other sources' and tax is up to 30.9 percent or 34.61 percent, depending on the amount of income.

Last year, Flipkart raised about $ 2.5 billion from the SoftBank Group of Japan

Form 15CA & 15CB, Its Provisions, Related Rules and Filing

Form 15CA & 15CB, Its Provisions, Related Rules and Filing

INCOME ACT, 1961:
As per Sec.195(6) of The person responsible for paying to a non-resident, not being a company, or
to a foreign company,
any sum, whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum, in such form and manner, as may be prescribed.
INCOME TAX RULES:
Rule 37BB defines the manner to furnish information in form 15CB and making declaration in form 15CA .
Why Form 15CA:
It a tool for collecting data about foreign remittances. It contains all information in respect of payments made to Non-Residents.
Points of consideration:
• It is to be submitted electronically using digital signatures but may also be submitted without DSC as per procedures.
• Submission of Form 15CA is mandatory before the remittance is made.
• Signed Printouts are required to be submitted with the Authorised Dealer.

Why Form 15CB:
• It is a Channel of obtaining tax clearance apart from certificate from Assessing Officer.
• There is no condition to obtain such certificate when the remittance is not chargeable to tax. This is the Tax Determination Certificate where the Issuer CA examines the remittance having regard to chargeability provisions under section 5 and 9 of Income Tax Act along with provisions of Double Tax Avoidance Agreements(DTAA) with the Recipient’s Residence Country.

LEVELS OF INFORMATION TO BE FURNISHED(A SUMMARY):
(Differentiation on the basis  of level has been done only to facilitate better understanding of the amount of information furnishable).
LEVEL 1: Nothing To Be Furnished for any sum not chargeable to tax, if:
(i)Remittances are not chargeable to tax and are specified under rule 37BB.
OR
(ii)Remittances are by and Individual and No approval of RBI required under FEMA.
LEVEL 2: PART D: When remittance is not chargeable to tax(other than those covered above)
LEVEL 3: PART A: (i) When chargeable to tax and
(ii)Remittance amount < 500000
LEVEL 4: PART B: (i) When chargeable to tax,
(ii)Remittance amount > 500000 And
(iii) A.O. Order U/S 195(2), 195(3), 197 has been passed.
LEVEL 5: PART C: (i) When chargeable to tax,
(ii) Remittance Amount > 500000 and
(iii) Form 15CB also required to be furnished.

Bitcoin investors in India introduced income tax notice because $ 3.5 billion was invested in business

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New Delhi: Surveys across the country have shown that more than $ 3.5 billion transactions have been conducted in a period of 17 months, after which India has sent tax notice to thousands of people working in cryptrocessing, the Income Tax Department said is.

Tech lovers are among young investors, real estate players and jewelers investing in Bitcoin and other virtual currencies, tax officials have told Reuters to collect data of nine cryptocurrency exchange exchanges in Mumbai, Delhi, Bangalore and Pune.

How governments around the world are struggling to regulate cryptorchanger trading, and policy makers are expected to discuss this matter in the G-20 summit in Argentina in March.

The government has issued a fresh warning against digital currency investment, saying it is like "Ponzi schemes" that give unusually high returns to initial investors. But in India every month 200,000 users have been estimated to add, but so far the industry has not been banned.

B.R. Director General of Investigation of Income Tax Department in Karnataka, Balakrishnan said that the notice was sent after the survey to assess the entry and pattern of the virtual currency trading.

"We can not turn a blind eye to wait until the verdict's validity ends, it would be disastrous," he told Reuters.

The tax department has asked the people to deal with taxation on bitcoin and other virtual currencies such as athore and capital gains. He has also sought information about the source of their total share and funds in the notes notices seen by Reuters. "We found that investors were not showing it on their tax returns and in many cases there was no response to investment," said Balakrishnan.

Bitcoin, the world's largest crypto- ruranenginee, is hiking more than 1,700% last year, so that institutional and retail investors across the world talk about virtual currency.

Its major advantage has attracted the attention of global regulators managed to protect investors from fraud.

In recent weeks, Japan and China have made noise about a regulatory action, while South Korean policy makers have said they are considering closure of the domestic virtual currency exchange.

Regulation

An official of an Indian Finance Ministry said that a committee is contemplating the possibility of banning virtual currencies and ultimately the Parliament will have to form a regulatory regime.

Officials of India's leading Bitcoin exchange, Zeppe, said that the industry was adding 200,000 users per month with an estimated trading volume of around Rs 2,000 crore.

Zeebpe co-founder Saurabh Agarwal said, "Many of our customers are buying gold like digital currency."

Aman Kalra, marketing head of Sikkiscare, Bitcoin Exchange, New Delhi, said that more than 150 bitcoins are changing hands every week through their platform. The company has 100,000 registered users and now a platform has been launched to sell etarium and other digital currencies.

"I do not think anyone in the government should label our business as a 'Ponzi scheme', we are not doing anything illegal," Kalra said.

Tax inspectors said that they helped with blockchain experts, which is technology, which regulates bittoin, to conduct surveys.

In some cases, tax officials took part in the business so that they could identify the weaknesses, when they found that investors had put billions of dollars in dollars through irregular exchanges.

One of the biggest concerns for New Delhi, a finance ministry official said, how to protect investor's investments on offshore exchanges.

Pawan Duggal, a Supreme Court lawyer specializing in cyber crimes, said that hundreds of investors have gone to police and courts with complaints of transaction in virtual currencies.

"To keep the cryptocontrollers in mind, the government should consider giving limited legitimacy, while ensuring that these are not for cryptic crimes". Reuters

Jatindra Das in Bhubaneswar and Vishal Sridhar contributed in this story in Bengaluru.

Collection of Tax at Source (TCS) under section 206C

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The provision of this section will not apply from Financial year 2017-18. However TCS is still applicable on sale of motor car of more than Rs. 10 lakh.

The Finance Act 2016  had amended section 206C to cover more transactions. The amendments brought in section 206C by Finance Act, 2016 are applicable from 1 st June 2016.
Under section 206C the seller has to collect Tax at Source (TCS) at the rate of 1% from purchaser while selling the specified items or services beyond specified limits.

Assesses which are liable to collect TCS.

A Central Government or a state GovernmentAny local authority, or corporation or authority established under any Central, State or Provincial ActAny company, firm or cooperative  societyAn individual or Hindu undivided family who is liable to audit as per provisions of section 44AB during the financial year immediately preceding the financial year in which the goods are sold or the services are provided.

The buyer may be any person. The status of buyer is irrelevant.

The following transactions are covered in section 206C (including both before and after amendment)

Sale of any goods in cash (other than jewellery or bullion) of more than Rs. 2 lakh.Providing any services whose receipt is in cash exceeding Rs. 2 lakhs (other than those services for which tds is deductible under any section)Sale in cash of bullion exceeding rs. 2 lakh and jewellery exceeding 5 lakh rupees.Sale of motor vehicle exceeding Rs. 10,00,000 in cash or any other mode.

The CBDT has issued two circulars to clarifies some points relating to this section. Points in the clarifications are

If the sales consideration of more than Rs. 2 lakhs is partly received in cash and partly in cheque and cash receipts in less than rs. 2 lakhs then NO TCS is required to be collected.
For eg – Sales consideration – 5 lakhs, Received by cheque – 4 lakhs, Received by cash – 1 lakh
In this case no TCS is required to be collected as receipt in cash is less than rs. 2 lakhs.TCS is collected @ 1% only on the cash component and not on the whole of sales consideration.
For eg – Sales consideration – 5 lakhs, Received by cheque – 2 lakhs, Received by cash – 3 lakh
TCS is collected @1% on rs. 3 lakh only.Only retail sale is covered, this section doesn’t apply to sale by manufacturers to dealers/distributors.The provisions of TCS on sale of motor vehicle exceeding ten lakh rupees is not dependent on mode of payment.All motor vehicles are covered, whether its a car or any other vehicleTCS provision doesn’t apply in case of sale to Government, institutions notified under United Nations ( Privileges and Immunities) Act 1947, and Embassies, Consulates, High Commission, Legation, Commission and trade representation of a foreign State.It is applicable to each sale and not to aggregate value of sale made during the year.
Eg:- Motor vehicle worth 20 lakh is sold and for which payments are made in instalments, one at the time of booking and the other at the time of delivery. At the time of booking 5 lakh rupees are paid and 15 lakh rupees are paid at the time of delivery. Tax at the rate of 1 % on 5 lakh rupees at the time of booking and at the rate of 1 % on remaining 15 lakh rupees at the time of delivery shall be collected at source. Similar will be for sale of any goods or service.Sub-section (1F) of the section 206c of the Act provides for TCS at the rate of 1% on sale of motor vehicle of value exceeding 10 lakh rupees. This is irrespective of the mode of payment. Thus if the value of motor vehicle is 20 lakh rupees , out of which 5 lakh rupees has been paid in cash and balance amount by way of cheque, the tax shall be collected at source at the rate of 1 % on total sale consideration of 20 lakh rupees only under sub-section (1F) of section 206c of the Act. However, if a vehicle is sold for 8 lakh rupees and the consideration is paid in cash, tax shall be collected at source at the rate of 1 % on 8 lakh rupees as per sub-section (1D) of section 206c of the Act.

OBJECTIVES OF E-WAY BILL UNDER GST

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OBJECTIVES OF E-WAY BILL UNDER GST

1. Single E-Way Bill for hassle free movement of goods throughout the Country.
2. Eliminates the need for separate transit pass in each State to move goods.
3. Moving from departmental policing Model to self-declaration Model for movement of goods.

REGISTRATION PROCEDURE ON E-WAY BILL PORTAL FOR GST REGISTERED USERS

1. Register by entering GSTIN on E-Way Bill portal.
2. Authentication is done with an OTP sent on their registered mobile number.
3. User can create Username and password to use E-Way Bill portal.

ENROLLMENT PROCEDURE ON E-WAY BILL PORTAL FOR GST UNREGISTERED TRANSPORTERS/ OTHERS

1. Enroll by providing PAN details on E-Way Bill Portal
2. Authentication is done with OTP sent through Aadhaar registered mobile number
3. User enters other business details in E-Way Bill Portal
4. User can create Username and password to use E-Way Bill Portal

MODES TO GENERATE E-WAY BILL UNDER GST

1. Web — Online using browser on laptop or desktop or phone etc
2. Android based Mobile App on mobile phones
3. Via SMS through registered Mobile number
4. Via API (Application program interface) — i.e. integration of IT system of user with E-Way Bill system for generation of E-Way Bill
5. Tool based Bulk generation of E-Way Bills
6. Third party based system of Suvidha Provider

FEATURES OF THE E-WAY BILL PORTAL

1. User can create master of Customers, Suppliers, and Products for ease of generation of E-Way Bill.
2. User can monitor E-Way Bills generated on his/her account/behalf
3. Multiple modes for E-Way Bill generation for ease of use
4. User can create sub-users and Roles on portal for generation of E-Way Bill
5. Alerts are sent to users via mail and SMS on registered mail id/mobile number
6. Vehicle Number can be entered either by supplier/recipient of goods who generates E-Way Bill or transporter
7. QR code is printed on each E-Way Bill for ease of seeing details
8. Recipient of the consignment can accept or reject E-Way Bill, if it does not belongs to him within 72 hours of generation
9. The Generator of the E-Way Bill can cancel it within 24 hours
10. Consolidated E-Way Bill can be generated for vehicle carrying multiple E-Way Bill consignment

The unexplained deposit in Focus, Texman ordered to go out in the next three months

MUMBAI: The Income Tax Department expressed the possibility of increasing all revenues with the Central Board of Direct Taxes in the next three months - warning all senior tax officials that their performance "is being monitored at a high level." Rs. It will also renew pressure on imposing tax on the deposit of 3 lakh crores and recovering, which is a non-sensitive cash amount associated with banks.

It Return, IEC, GST

"Investigations, surveys, information checks and follow ups will be clarified on 'cash in hand' from various taxpayers, not only by large organizations and jewelers ... Although we have found our respective targets on many people, the doors are" one Senior tax official told ET.