tag:blogger.com,1999:blog-25998506301397899102024-03-05T16:47:32.277+05:30 CA Anand MuthaCHARTERED ACCOUNTANTCA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.comBlogger154125tag:blogger.com,1999:blog-2599850630139789910.post-63770585297385049342020-06-11T09:22:00.000+05:302020-06-15T15:51:45.280+05:30New Tax Regime or Old – What should you choose?
The budget 2020 saw the finance minister Nirmala Sitraman announce a new tax regime with more tax slabs and lower tax rates. This was long demanded by most taxpayers, but it came with the catch of removal of all the deductions and exemptions available.
To add to this confusion, the finance minister gave taxpayers a choice between the new regime and existing one, leaving it to them to decide CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-77558743968216212982019-09-07T11:44:00.000+05:302019-09-07T11:44:47.014+05:30SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019
SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019
Objectives:One time measure for liquidation of past disputes of Central Excise and Service Tax and To provide an opportunity of voluntary disclosure to non-compliant taxpayers.
Cases covered under the Scheme
A show cause notice or appeals arising out of a show cause notice pending as on the 30th day of CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-61200512352717144172019-06-14T11:19:00.000+05:302019-06-14T11:19:05.250+05:30Status of Reverse Charge Mechanism 2019
Reverse charge mechanism law with respect to goods or services or both received from an unregistered person by a registered person was never simple since the time it were introduced. The basic provision of reverse charge mechanism with respect to goods or services or both received from an unregistered person by a registered person is contained under section 9 (4) of the Central Goods CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-86546360095220509452019-06-01T11:11:00.001+05:302021-06-14T17:18:11.980+05:30What is Advance Tax
Advance tax means income tax should be paid in advance instead of lump sum payment at the end of the year end. It is also known as ‘pay as you earn tax’. You need to pay them in installments as per due dates provided by the income tax department.
If your total tax liability is Rs 10,000 or more in a financial year, you have to pay advance tax. Advance tax applies to all taxpayers,CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-29447623111596689872019-03-19T11:38:00.000+05:302019-03-19T11:38:46.334+05:30Now Recover Your Bad Debts with Ease: IBC a boon to Industry.
If we take a look at current business scenario in India, more than 90% of the payments are made with delay. Few of the scenarios are as under:
Debtor do not pay
Debtor pays after tremendous follow up that too after delay
Advance loan given to any organization are not being repaid
The builder does not give possession of the flat
The builder is not refunding the money
Due to lack of any CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-44948648159214265462019-03-17T19:45:00.002+05:302019-03-17T19:45:56.012+05:30Composition scheme for supplier of services with a tax rate of 6% : A big relief to Sevice Providers
The Central Government vide Notification No. 2/2019-Central Tax (Rate) dated 07thMarch, 2019 notified Composition scheme in case of intra-State supply of goods or services or both, at the rate along with the conditions specified below:
Description of supply
Rate (per cent)
Conditions
First supplies of goods or services or both up to an aggregate turnover of Rs. CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-25988161329686911822019-02-19T11:48:00.001+05:302019-02-19T11:48:51.003+05:30GST Input Tax Credit Setting off Rules changed from 1st February 2019
The government has amended CGST Act 2017 vide CGST Amendment Act 2018 with various changes w.e.f and one of the important amendment was made in Section 49 of CGST Act by introducing new section 49A after the section 49, which is as under:
"Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union territory tax shall be utilized towards CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-67100915459772898162019-01-10T22:36:00.001+05:302019-01-10T22:36:17.380+05:30Major relief to MSME including Small Traders announced in 32nd GST Council meeting held on 10th January 2019
Major relief to MSME including Small Traders were announced in 32nd GST Council meeting held today on 10th January 2019.
1. Increase in Turnover Limit for the existing Composition Scheme:The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-74219275962453748792018-12-27T17:55:00.000+05:302018-12-27T17:55:10.422+05:30Recommendations made during 31 Meeting of the GST Council
The GST Council in its 31 meeting held today at New Delhi made the following policy recommendations:
1. There would be a single cash ledger for each tax head. The modalities for implementation would
be finalized in consultation with GSTN and the Accounting authorities.
2. A scheme of single authority for disbursement of the refund amount sanctioned by either the
Centre or the State tax CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-7081316347639164072018-11-26T12:37:00.001+05:302018-11-27T13:39:23.604+05:30Is your consultant Not providing you userID and password of GST? Here is the solution!!
Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the registration in the first place and the taxpayer is at their mercy.
With a view to CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-23070555934923560982018-10-26T10:58:00.003+05:302018-10-26T10:59:19.094+05:30You can now claim your refund online on excess GST. Want to know How?
The facility to upload statement 4 for refund on account of supplies made to SEZ unit/ SEZ Developer, with payment of tax, and the facility for amendment in Registration of Core fields have been introduced. Facility to claim refund on account of excess payment of tax has been enabled on GST Portal for the taxpayers," the entity announced today. GSTN is a non-profit, non-government company CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-54355331304326194852018-09-14T09:37:00.000+05:302018-09-14T09:37:28.866+05:30GST Audit Report and Reconciliation Statement Format notified
The CBIC has notified the has notified Form GSTR-9C for Audit Report and Reconciliation Statement vide Central GST (Tenth Amendment) Rules, 2018.
Click here to Download GSTR-9C
CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-15067530763571154292018-09-05T17:10:00.003+05:302018-09-05T17:10:32.812+05:30GST Annual Return Form notified GSTR-9
The Government has notified wide notification no. 38/20018 CGST as Central GST (Eighth Amendment) Rules, 2018 wherein it has notified Form GSTR-9 of Annual Return and Form GSTR-9A of Annual Return for composition taxpayers.
Click here to download the notification
CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-19627368645663491282018-07-23T13:09:00.000+05:302018-07-23T13:09:39.107+05:30GST rate on Services and Rate cut on several Goods
The GST Council in its 28 meeting held here today under the Chairmanship of Shri Piyush Goyal ,
Union Minister for Railways , Coal , Finance & Corporate Affairs took following decisions relating to
exemptions / changes in GST rates / ITC eligibility criteria, rationalization of rates / exemptions and
clarification on levy of GST on services. The decisions of the GST Council enclosed as CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-15372175025418028532018-07-23T11:51:00.000+05:302018-07-23T11:51:10.457+05:30GST council approves Simplified GST Return
The GST Council in its 28 meeting held here today under the Chairmanship of Shri PiyushGoyal ,
Union Minister for Railways , Coal , Finance & Corporate Affairs has approved the new return formats
and associated changes in law. It may be recalled that in the 27 meeting held on 4 of May, 2018 the
Council had approved the basic principles of GST return design and directed the law committee to
CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-10483329409878807642018-07-23T11:48:00.001+05:302018-07-23T11:48:46.353+05:30Recommendations made during the 28thmeeting of the GST Council
The GST Council in its 28 meeting held here today has recommended certain amendments in the
CGST Act, IGST Act, UTGST Act and the GST (Compensation to States) Act.
The major recommendations are as detailed below:
1. Upper limit of turnover for opting for composition scheme to be raised from Rs. 1 crore to
Rs. 1.5 crore. Present limit of turnover can now be raised on the recommendations ofCA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-39459216090774468542018-06-29T06:05:00.000+05:302018-06-29T06:05:40.729+05:30KYC of all Directors
ALL COMPANY DIRECTORS HAVE TO FILE DIR-3 KYC on or before 31st August,2018 WITH MCA.
DIR-3 KYC
As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly.
ALL DIRECTORS HAVE TO FILE MANDATORILY DIR-3 KYC
Accordingly, every Director who has been allotted DIN on or CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-6120915786432249162018-05-06T22:43:00.002+05:302018-05-06T22:43:37.823+05:30Key Takeaways from 27th GST Council Meeting
GST
Council today in its 27th meeting approved principles for filing of new return design based on
the recommendations of the Group of Ministers on IT simplification. The key
elements of the new return design are as follows –
i.
Onemonthly Return:All taxpayers excluding a few
exceptions like composition dealer shall file one monthly return. Return filing
dates shall be staggered based CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-3851757207037732292018-04-07T10:39:00.002+05:302018-04-07T10:39:31.316+05:30Income Tax Rates for FY 2018-2019 for Individual / HUF and Companies
Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I
Income Tax SlabTax RateSec 80C Investments
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%Save Rs 7,500 in taxes.
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes.
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes.
Surcharge: 10%CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-21709261192635680802018-04-07T09:50:00.000+05:302018-04-07T09:53:10.724+05:30TDS TCS Due dates for FY 2017-2018
TDS Last Dates of FY 2017-18 for Return Filing
QuarterPeriodLast Date of Filing
1st Quarter1st April to 30th June31st July 2017
2nd Quarter1st July to 30th September31st Oct 2017
3rd Quarter1st October to 31st December31st Jan 2018
4th Quarter1st January to 31st March31st May 2018
Note: TDS Deducted under section 194IA on the transaction in the month of March, has to be deposited on or CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-83052483819508724582018-03-30T14:23:00.001+05:302018-03-30T14:23:25.626+05:30When is E-way Bill Mandatory
As per the e-way bill rules, there are certain scenarios, where e-way bill requirement is mandatory, irrespective of the value of the consignment. In other words, even if the value of the consignment is less than INR 50,000, such scenarios warrant an e-way bill to be raised, and thus businesses should be aware about when is e-way bill mandatory.
In this blog, we will understand about the 2 CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-68037940420273159542018-01-27T12:54:00.001+05:302018-01-27T14:56:52.925+05:30ई-वे बिल 1 फेब्रुवारीपासून
जीएसटी कायद्या अंतर्गत एका राज्यातून दुसऱ्या राज्यात मालाची वाहतूक करताना मालवाहतूकदाराला आता इलेक्ट्रॉनिक वेबिल अर्थात ई-वे बिल बाळगावे लागणार आहे. ई-वे बिल १ फेब्रुवारी २०१८ पासून लागू होणार असून यामुळे करचुकवेगिरीला मोठ्या प्रमाणावर आळा बसून कर महसुलात २० टक्के वाढ होईल, असा विश्वास सरकारने व्यक्त केला आहे. ई-वे बिल हे वस्तूंच्या हालचालीचा पुरावा देणारे जीएसटी पोर्टलवर CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-5619670642289502522017-10-07T11:54:00.000+05:302017-10-07T11:54:03.887+05:30Recommendations made by the GST Council in its 22nd Meeting held on 6th October 2017
The GST Council, in its 22nd Meeting which was held today in the national capital under
Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has
recommended the following facilitative changes to ease the burden of compliance on small and medium
businesses:
Composition Scheme
1.
The composition scheme shall be made available to taxpayers having CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-40264467271284387852017-09-05T12:22:00.001+05:302017-09-05T12:22:36.640+05:30E-Way Bill rules Notified by Government
With 6th amendment in Central Goods and Services Tax Rules, 2017 (CGST Rules, 2017) Central Government has notified provisions for e-way bill.
The Notification no. 27/2017-CT dated 30.08.2017 substituted Rule 138 with new Rule 138 with additional set of rules i.e. 138A to 138D. Its worth noting that the date of the implementation of these rules has not been notified till dateCA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0tag:blogger.com,1999:blog-2599850630139789910.post-58352232736349849402017-08-23T09:00:00.003+05:302017-08-23T09:00:21.010+05:30Last date for payment of gst and filing of return for July 2017 extended by 5 daysThe last date for payment of taxes and filing of GST Return in Form 3B for the month of July is 20th of August 2017. However, owing to various issues faced by the assesses being first return, technical glitches and requests received by flood hit states the last date for payment of the GST for the month of July 2017 to 25th August, 2017. For those tax payers, who do not want to avail of CA Anand Muthahttp://www.blogger.com/profile/02726275904395648946noreply@blogger.com0