In the wake of severe disruption caused due to floods in Kerala, the Central Board of Direct Taxes (CBDT) on Tuesday further extended the last date for filing income tax returns (ITR) for all assesses, who were liable to file their returns by 31st August 2018, in the state by 15 days.
The due date for filing the income tax returns has been extended to September 15 from August 31, the income tax department wrote on microblogging site Twitter.
Sairam Call on 9376642360 for GST
What is GSTR-4?
GSTR-4 is a GST Return that has to be filed by a Composition Dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR-4.
Sairam Call on 9376642360 for gst
Understanding the GST Returns
For properly updating the invoices, Indian taxpayers and businesses have to file certain returns with the Government. These returns have to be mandatorily filed as any non-compliance towards the same may lead to disallowance of input tax credit, apart from attracting penalties and interests, etc. Proper filing of information and passing the same in the returns is a mandatory process for smooth flow of credit to the last recipient.
The returns have been designed so that all transactions are in sync with each other and that no transaction is left unattended between the buyer and the seller. The tale starts from GSTR-1. All the data is stored in GSTN, which can be accessed by the users/taxpayers anytime online.
Sairam Call on 9376642360 for GST service
What is GSTR-9?
GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGSTand IGST. It consolidates the information furnished in the monthly/quarterly returns during the year.
Petrol and diesel will not be included under the Goods and Services Tax (GST) any time soon. According to a PTI report, neither the central government nor state governments are in favour of this move, as they fear it could result in major revenue losses.
GST was implemented in India on July 1, 2017 as a part of the One Nation One Tax movement, doing away with other taxes such as the Value Added Tax (VAT), excise duty and service tax. However, petro-products such as petrol, diesel, natural gas, crude oil and aviation turbine fuel (ATF) were excluded from the GST regime.
According to the report, the Union Finance Ministry brought up the issue at the GST council meeting on August 4, but central and state governments were opposed to the idea. The reason for that is if the fuels are also included under GST, the central government’s input tax credit will be slashed by approximately Rs 20,000 crore, which it receives in the form of all the taxes levied on petro-products. In much the same way, states also stand to lose a major revenue source.
Under the GST rule, the total taxation on goods or a service has to fit into one of the four tax slabs of 5, 12, 18, or 28 percent. However, the current taxation on petrol and diesel is already beyond the peak rate of 28 percent, hence, it will result in a big loss of revenue for both governments.
Currently, Mumbai levies the highest VAT on petrol at 39.12 percent. The total tax percentage on petrol and diesel in the country comes up to 45-50 percent and 35-40 percent, respectively.
Sairam Call on 9376642360 for it return, GST
Latest Update
21st Aug 2018: Due date for filing GSTR – 3B for July 2018 has been extended to 24th August 2018.
Due date for GSTR-6 to be filed by ISD Extended!
Due date of GSTR-6 filing for the months from July 2017 to August 2018 is now 30th September 2018. (Notification dated 30th July 2018).
Sairam, call on 9376642360 for GST, it return
WHAT IS AUDIT ?
Section2(13):“Audit” means:
examination of
records,
returns and
other documents maintained or
furnished by the taxable person
Under this Act or rules made there under or under any other
law for the time being in force
To verify, interalia,
The correctness of turnover declared,
Taxes paid,
Refund claimed and
Input tax credit availed, and
Sairam, Call on 9376642360 for GST return
The government has extended the last date of filing GST summary sales returns or GSTR-3B for the month of July to August 24.
"Last date of filing GSTR-3B for the month of July, 2018 has been extended to August 24, 2018," an official statement said. The earlier due date was August 20.
"In order to facilitate filing of easy GST returns, Govt. has extended the due date of filing GSTR-3B return to 24th August 2018. We are committed to ensuring that GST is a Good and Simple Tax," Union minister
Sairam Call on 9376642360 for GST, It Return
Journey of GST in India
The GST journey began in the year 2000 when a committee was set up to draft law. It took 17 years from then for the Law to evolve. In 2017 the GST Bill was passed in the Lok Sabha and Rajya Sabha. On 1st July 2017 the GST Law came into force.
What are the components of GST?
There are 3 taxes applicable under this system: CGST, SGST & IGST.
CGST: Collected by the Central Government on an intra-state sale (Eg: transaction happening within Maharashtra)SGST: Collected by the State Government on an intra-state sale (Eg: transaction happening within Maharashtra)IGST: Collected by the Central Government for inter-state sale (Eg: Maharashtra to Tamil Nadu)
Sairam, call on 9376642360 for GST return and new GST number
1. What is Reverse Charge?
Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed.
2. When is Reverse Charge Applicable?
A. Supply from an Unregistered dealer to a Registered dealer
If a vendor who is not registered under GST, supplies goods to a person who is registered under GST, then Reverse Charge would apply. This means that the GST will have to be paid directly by the receiver to the Government instead of the supplier.
The registered dealer who has to pay GST under reverse charge has to do self-invoicing for the purchases made.
For Inter-state purchases the buyer has to pay IGST. For Intra-state purchased CGST and SGST has to be paid under RCM by the purchaser.
B. Services through an e-commerce operator
If an e-commerce operator supplies services then reverse charge will be applicable to the e-commerce operator. He will be liable to pay GST.
For example, UrbanClap provides services of plumbers, electricians, teachers, beauticians etc. UrbanClap is liable to pay GST and collect it from the customers instead of the registered service providers.
If the e-commerce operator does not have a physical presence in the taxable territory, then a person representing such electronic commerce operator for any purpose will be liable to pay tax. If there is no representative, the operator will appoint a representative who will be held liable to pay GST.
C. Supply of certain goods and services specified by CBEC
CBEC has issued a list of goods and a list of services on which reverse charge is applicable.
3. Time of Supply under Reverse Charge
A. Time Of Supply in case of Goods
In case of reverse charge, the time of supply shall be the earliest of the following dates:
the date of receipt of goodsthe date of payment*the date immediately after 30 days from the date of issue of an invoice by the supplier
If it is not possible to determine the time of supply, the time of supply shall be the date of entry in the books of account of the recipient.
*This point is no more applicable based this Notification No. 66/2017 – Central Tax issued on 15.11.2017
Illustration:
Date of receipt of goods 15th May 2018Date of invoice 1st June 2018Date of entry in books of receiver 18th May 2018
The Time of supply of service, in this case, will be 15th May 2018
B. Time Of Supply in case of Services
In case of reverse charge, the time of supply shall be the earliest of the following dates:
The date of paymentThe date immediately after 60 days from the date of issue of invoice by the supplier
If it is not possible to determine the time of supply, the time of supply shall be the date of entry in the books of account of the recipient.
Illustration:
Date of payment 15th July 2018Date of invoice 15st May 2018Date of entry in books of receiver 18th July 2018
The Time of supply of service, in this case, will be 15th May 2018
4. What is Self Invoicing?
Self-invoicing is to be done when you have purchased from an unregistered supplier AND such purchase of goods or services falls under reverse charge.
This is due to the fact that your supplier cannot issue a GST-compliant invoice to you, and thus you become liable to pay taxes on their behalf. Hence, self-invoicing, in this case, becomes necessary.
Sairam, Call on 9376642360 for GST, it return, iec
Dir-3
1.Every person holding a Director Identification Number (DIN) as on 31.03.2018 (even if not appointed as a Director or a Designated Partner anywhere) is required to file DIR-3 KYC before 31.08.2018.
2.Even Directors whose DIN status is “Disqualified” are supposed to file DIR-3 KYC.
3.From next year, the filing of DIR-3 KYC on or before 30th April is mandatory for every person who holds DIN as on 31st March of that calendar year.
4.The details provided in the form should be, as on the date of filing and not which existed on 31st March.
5.Non- filing within due dates would lead to deactivation of DIN and no e-form can be filed using such DIN.
6.The same can be reactivatedd only after paying a fee of Rs. 5000 and filing form DIR-3 KYC.
7.Obtaining a new DIN to avoid the fee would only lead to the further contravention.
8.A person cannot surrender his DIN if he has been appointed as a director/designated partner at any point of time in the past.
9.When the applicant is a citizen of India, it becomes necessary to provide PAN and Aadhaar mandatorily whereas, for others, a passport would be mandatory.
10.Though PAN card is not a mandatory attachment it is advisable to get a copy of the same to match it with CBDT database with respect to Name, Father’s name and Date of birth. Any error in PAN is to be rectified immediately before filing DIR-3 KYC.
11.For Indian nationals, the PAN and for foreign nationals, the name should exactly match with details provided for getting the DSC. If not, DSC is to be freshly acquired.
12.Only those DSCs acquired in India can be used.
13.A practicing professional cannot certify his own DIR-3 KYC form.
14.If the applicant has a passport, it is mandatory to select “Yes” and provide the details of the same.
15.If the applicant is a Resident in India, only Indian address and Indian mobile number can be given. Similarly, for a non-resident, only foreign address and foreign mobile number can be given.
16.The mobile number and email ID should be of personal belonging of the applicant and not more than one DIN can have the same mobile number and email ID.
17.The OTP button will be enabled after successful pre-scrutiny of the form and will be valid for 15 minutes only.
18.If details of Voters ID and driving license are entered it is mandatory to attach their copies too.
19.Proof of address can only be Bank Statements, Telephone/Mobile or EB bill in the applicant’s name and can’t be older than 2 months.
20.Documents issued outside India need to be notarized/apostilled in that country.
21.If there is any change in particulars of the directors, DIR-6 is to be filed before filing DIR-3 KYC.
22.All the attachments are to be attested both by the applicant and the practicing professional.
23.All original documents are to be verified by the practitioner before attesting and keep a copy of the same for record purposes.
24.Since the form can be filed only once for each applicant and can’t be revised, due care is to be taken as any false statement or certification would be liable for punishment.
25.It is highly recommended to obtain a letter of engagement from each applicant before filing DIR-3 KYC form.
Jay Sairam, Dear Clients, if your it return is till unfilled then you need to call on 9376642360 Immediately Due date near after due date may ur liable for late fee
The deadline of July 31, 2018, for filing income tax return forFY 2017-18 has been extended by one month to August 31, 2018. Unlike earlier years, a penalty of up to Rs 5000 is leviable for filing income taxreturn for FY 2017-18 beyond the due date for most individuals, if income under 5 lac then late fees 1000
Shree Sainath Consultancy is provided best services for income tax return u can call on 9376642360 for more information
