H&K & Associates

Dear All

The Central Board of Indirect Taxes and Customs (CBIC) has launched a special all-India drive to combat the rising menace of fake Goods and Services Tax (GST) registrations and the fraudulent passing of input tax credit (ITC). The drive aims to identify and take action against fake dealers and billers and eliminate individuals and entities involved in fraudulent GST registrations, which have been causing significant financial losses to the government, and protect government revenue by preventing losses caused by fake registrations and ITC fraud.

Under this drive, a massive physical verification of the place of business to be carried out by Field officers from 16th May 2023 to 15th July 2023. Verification can be carried out at places of both genuine and fake registered persons. Therefore, GST-registered persons are required to make a note of following points to avoid any adverse action :

1. Display name board containing details of name, Address, GSTIN of registered person at entry gate of the principal place of business and every additional place of business. (Rule 18(2) of CGST Rule, 2017).

2. Display GST registration certification at prominent locations at principal place of business and additional place of business. (Rule 18(1) of CGST Rules, 2017).

3. Keep the Following documents ready for verification:
a) KYC: PAN & Aadhar of Proprietor, Partners or Directors
b) Address proof: Rent Agreement, Electricity Bill, NOC etc. as per applicability.

4. Ensure that all additional places of business are already registered under GST. Registered person is not allowed to procure, sell or store goods at any location which is not registered under GST.

5. In case multiple businesses are registered at the same premises, clear demarcation is created to identify the space of every business.

6. GSTR-1 and GSTR-3B are filed upto date.

7. If a business is not carried out anymore, necessary action has been taken for cancellation of GST registration.

8. Complete books of accounts are maintained at the principal place of business and Sales Invoices and Purchase invoices should belong to the registered person of such premises only.

This is for your information & necessary action. Please feel free to reach out to us in case of any assistance.

Thanks & Regards

Date is Extended of ITR filing.

Esteemed Colleague,

The Due dates of Filing has been extended as follows:
Income Tax Returns Last Date for Tax Audit Assessees – 15th February, 2021
Income Tax Returns Last Date for Non Tax Audit Assessees – 10th January, 2021
Tax Audit Report Last Date – 15th January, 2021
Vivad Se Viswas Last Date – 31st January , 2021

_*Extension Upto 14 Oct, 2019 for e-Form DIR-3 KYC or WEB form based DIR-3 KYC-WEB*

@ Due Date Extended of Income Tax Return and Tax Audit @

The last date for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement in FORM GSTR-9C for the financial year 2017-18 has been extended from 31st August, 2019 to 30th November, 2019. RoD Order No. 07/2019-CT dtd. 26.08.2019. https://t.co/u0f2IqabT8

CBIC on Twitter “The last date for furnishing of Annual Return in the FORM GSTR-9 / FORM GSTR-9A and Reconciliation Statement in FORM GSTR-9C for the financial year 2017-18 has been extended from 31st August, 2019 to 30th November, 2019. RoD Order No. 07/2019-CT dtd. 26.08.2019. ”

Extended the due date of income tax return for the fy 2018-19 is 31st August 2019.
Thanks to CBDT.

*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.

Due date for filling GSTR_3B for the tax period january, 2019 has been extended up to 22nd February, 2019.

Changes in Gst after 32 GST Council Meeting:
Outcome of 32nd GST Council Meeting -FM Arun Jaitley press meet

1. Threshold limit increased to 40 Lakhs
Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.
Earlier in a press talk AP FM said increased to 50lakhs, but it is increased to 40lakhs only as said by FM

2. Power to states
Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said.

3. Composition limit increased to 1.5Cr from the present 1 cr
The existing Composition Scheme turnover threshold raised to Rs 1.5 crore.
Those who use the scheme from April 1,2019

4 Quarterly payment and Annual Return
Now Composition tax payers will pay tax quarterly, but file returns annually.

5 Composition scheme for services
Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be entitled to avail composition scheme.

6 Rate for services under comp scheme @ 6%
Compounding rate for services under composition scheme is fixed at 6 percent.

7 RealEstate
A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley.
8 Calamity cess by Kerela @1%
GST Council lets Kerala levy 1% cess for 2 years on intra-state sales: continued till election 2019.hope notified soon.

The Central Government has extended the due date for filing GSTR-1, the quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores for the period of October to December 2018 to 31st January 2019. The GST portal today showed that the due date for filing GSTR-1 is 31st January 2019. GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales.

Read more at: http://www.taxscan.in/breaking-gstr-1-due-date-extended/31438/

GSTR-1 Due Date extended | Taxscan The Central Government has extended the due date for filing GSTR-1, the quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Cror

Extension of the due date for filing of returns in FORM GSTR-9, 9A and 9C for the part of the Financial Year July 2017 to March 2018 from 31st December 2018 to 31st March 2019 approved by the GIC and the Hon'le FM.
Orders shall be issued soon.

Dematerialisation of securities now mandatory for unlisted public companies

NEWS & IMPORTANT UPDATES

Notification regarding Companies (Prospectus and allotment of securities) 3rd Amendment Rules 2018 dated 10.09.2018.
http://www.mca.gov.in/Ministry/pdf/CompaniesProspectus3amdRule_10092018.pdf

General Circular regarding Clarification in filing BEN-1 under CA 2013
dated 10.09.2018.
http://www.mca.gov.in/Ministry/pdf/GCCircularBen_10092018.pdf

www.mca.gov.in

www.mca.gov.in

Extended the due date of Income Tax Return for Individuals from 31st July 2018 to 31st August 2018.

*GST Council Updates*

Decisions of 28th GST Council Meeting:

1. Quarterly Returns approved for taxpayers with turnover less than Rs 5cr ( *tax payments to continue on monthly basis*)
2. Sanitary Napkins exempted from GST going forward
3. No decision on 1% sugar cess
4. GST on bamboo flooring reduced to 12%
5. GST on hotels would now be on actual tariff & not declares tariff
6. Ethanol for Oil Marketing Companies now at 5% vs 18% earlier
7. 5% GST ceiling on footwear raised from Rs 500 to Rs 1000
8. GST on paints & varnishes, wall putty cut from 28% to 18%
9. GST on all leather items cut from 28% to 18%
10. GST on consumer electronics - *TV (up to 27"), Washing Machine, Refrigerator, mixer, HV juicer, grinder* cut from 28% to 18%
11. GST on special purpose vehicles, work truck, trailer cut from 28% to 18%.

This is good news for all Pcs Firms:

CS Practising works are increasing day to day due to timely changes in the provisions of Company Act, 2013.
Example : KYC of Directors etc.