BAHI KHATA and Associates

*The 31st GST Council meeting was held on 22nd December 2018 at Delhi. It will be chaired by the Finance Miniter Shri Arun Jaitley.*

*Below are the Key updates of 31st GST Council Meeting*

1.) GST Rates of 7 items reduced from 28% to 18% . Items include tyres, VCR, billiards & snookers and lithium batteries.

2.) GST Rate of 33 items have come down from 18% tax slab to 12% and 5% tax bracket as they are common man’s consumption goods. These items include Third Party insurance Vehicle and Solar Power Systems

3.) Only 34 items will be taxed at 18% GST Rate or more

4.) All items except luxury goods would be taxed under 28% GST Rate

5.) The GST Council is also looking into introducing composition scheme for the real estate sector. A view on Real Estate sector will be taken in next GST Council meeting

6.) A composition Scheme will be framed for Small Service provider. Threshold and mechanism will be decided in next GST Council Meeting

*Instagram.com/wearecma*

7.) MSME Committee may re-consider the thresh hold limit of 20 Lakh for larger interest.

8.) Centralized authority for Advance ruling in case of conflicting views of Advance Ruling Authorities. The decision of Centralized authority will bind the whole country.

9.) New GST Refund filing system will be introduced on pilot basis with effect from 1st April 2018

10.) Addition GST fees waived for returns filed upto 31st March 2019

11.) GST Annual return date extended to 30th June 2019

12.) ITC for last FY invoices allowed upto March 31, 2019

13.) New GST Return to be launched on trial basis from April 1, 2019

CA CMA CS - WeAreCma (@wearecma) • Instagram photos and videos 20.8k Followers, 553 Following, 717 Posts - See Instagram photos and videos from CA CMA CS - WeAreCma ()

CBDT further extends due dt for filing of IT Returns & audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain same.

Internal Auditor can not be a GST Auditor - ICAI # 28.09.2018

Announcement Sub. : Internal Auditor not to undertake Goods and Service Tax (GST) Audit simultaneously

We have received enquiries from the members at large and other stakeholders as to whether an internal auditor of an entity can also undertake GST Audit of the same entity as required under the Central Goods and Service Act, 2017.

The Council of the Institute, while considering the issue at its 378th Meeting held on 26th and 27th September, 2018, noted its earlier decision taken at its 281st Meeting held from 3rd to 5th October, 2008, that internal auditor of an assesee, whether working with the organization or independently practising Chartered Accountant being an individual chartered accountant or a firm of chartered accountants, cannot be appointed as his Tax auditor (under the Income Tax Act, 1961).

Upon consideration, the Council has decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit (under Income Tax Act, 1961) will also be applicable to GST Audit (under the Central Goods and Service Act, 2017).

Accordingly, it is clarified that an Internal Auditor of an entity cannot undertake GST Audit of the same entity.

CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain .

https://studycafe.in/2013/09/cbdt-extended-due-date-of-furnishing.html #

MCA reduces DIR-3KYC fees from 5000/- to 500/-

MCA Allowed directors to submit DIR-3 KYC with reduced fee till 5th October 2018 MCA Allowed directors to submit DIR-3 KYC with reduced fee till 5th October 2018

EXTENSION OF DUE DATE SUMMARY

1) Notification No.43/2018

■ Extension for Quarterly GSTR-1 (T/o 1.50 cr)

July 17 to Sept 18 :- 31st Oct 2018
Oct 18 to Mar 18 :- 11th day of the succeeding month

3 & 4) Notification No.45/2018 & 46/2018

■Extension for GSTR-3B for newly migrated person (migrated after 06.08.2018)
July 17 to November 18 :- 31st Dec 2018.

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Date extended upto 31st August

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Hey,

Have you filled your income tax return for F.Y,2017-18?

NOT YET.....

Hurry up only 10days left.
31st July is last date to file income tax return of your and your family.

File within time and save yourself from penalties/Fines of more than Rs5000/-.

Feel free to contact
@8588986151/9582521860
Akshat Garg/Manoj Deshwal

BAHI KHATTA AND ASSOCIATES

LIKE US ON FACEBOOK

https://www.facebook.com/BKaAssociates/

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