Saket Agrawal & Associates

Wishing all CA friends a very !!

Taxpayers can submit Form 15CA/15CB in manual format to the authorized dealers till June 30th, 2021. Authorized dealers are advised to accept such Forms till June 30th, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.

Jai Hind..!!!

In context of COVID-19 situation & to grant immediate relief to taxpayers, GOI has decided to issue all pending income-tax refunds upto Rs.5 lakh & GST/Custom refunds with immediate effect.

An update on the extended dates for the GST compliances and relaxation of reconciliation of input tax credit availed as per books of accounts with GSTR-2A in light of COVID-19 as announced by notifications dated April 03, 2020.

*Vacancy for Article Assistants in Mid Size CA Firm.*

We have vacancy for 3 Article Assistants in our CA Firm, Saket Agrawal & Associates at our office at Borivali East, Mumbai (7 minutes walking distance from Borivali Station).

We provide exposure in the areas of:

Company Statutory Audits,
Tax Audits,
Bank Statutory Audits and Concurrent Audits,
Due Diligence,
Internal Audits,
Direct Taxation,
Indirect Taxation (GST),
Company Law Matters,
Debt Syndication and Corporate Advisory

Interested candidates are requested to contact CA Ayushi Agrawal on cell no. +91 9773801779 or forward CV on [email protected]

GST Annual Return and Audit date extended from 31-Aug-19 to 30-Nov-19.

In the 31st GST Council meeting, the Council has proposed various relief to the taxpayers, inter-alia, reduction of GST rates on goods and services, extension of due date for filing of Annual return and GST Audit. All such recommendations would be effective after the issuance of necessary notifications in this regard. Key takeaways from 31st GST Council meeting are as follows:

1. New Return Filing System
The CBIC has already issued the draft mechanism for new return filing system. This new return filing system shall be introduced on trial basis from April 1, 2019, which shall be made mandatory from July 1, 2019.

2. Input Tax Credit for FY 2017-18:
ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March, 2019,subject to specified conditions

3. Extension of due dates of various returns
a) The GST Council has made the recommendation for extension of due date for filing of GST Annual Return in Form GSTR-9 or GSTR-9A and GST Audit in Form GSTR-9C for financial year 2017-18. The revised due date shall be June 30, 2019.
b) Due date for filing of return in GSTR-8 by e-commerce operators for the months of October, 2018 to December, 2018 shall be extended to January 31, 2019
c) Due date for filing details of goods or capital goods sent to job worker and received back in Form GST ITC-04 extended to March 31, 2019 for the period July, 2017 to December, 2018.

4. Late fee waived-off
The GST Council has made the recommendations for waiver of late fees for all taxpayers in case of GSTR-1, GSTR-3B and GSTR-4 for the months and quarters comprising the months of July, 2017 to September, 2018. However, waiver of late fees would be available only when return is furnished between December 22, 2018 and March 31, 2019. If any late fees is paid by the taxpayers for late filing of return, he shall not be eligible to get the waiver of such fees by way of credit in the electronic credit ledger.

5. GST Refund
Now, there is no need to physically visit a tax office for submission of a refund application. GST Council approves of the online facility which would enable the taxpayer to upload all the required documents on GST portal to claim refund of tax.

6. Creation of Centralized AAAR
At present, there is no provision of Centralized Appellate Authority for Advance Ruling (AAAR). The GST Council has recommended the creation of Centralized AAAR to deal with the conflicting decisions made by two or more State AAAR on the same issue.

7. Reduction in GST rates of goods
a) Rates reduced from 28% to 18% on certain electronic goods, inter-alia, monitors, television (upto 32 inches), digital cameras, video cameras, video games, pulleys, transmission shafts, cranks, gear boxes, etc.
b) Rates reduced from28% to 5% for parts and accessories for carriage fordisabled person.
c) Rates reduced from18% to 12% for certain goods, i.e., cork roughly squared or debagged, articles of natural, cork agglomerate cork, etc.
d) Rates reduced from18% to 5% for marble ruble
e) Rates reduced from12% to 5% fornatural cork, walking sticks, fly ash blocks, etc.
f) Renewal energy devices and parts thereof tobe taxed at 5%
g) Certain goods exempted from tax, i.e., goods supplied by nominated agencies to exporters of gold Jewellery, proceeds received by government from auction of gifts, etc.
h) Rates reduced to nil for certain goods, i.e., music books, vegetables (cooked,uncooked or frozen), preserved vegetables, etc.

8. Reduction in GST rates of services
a) GST rates on cinema tickets has been reduced from 28% to 12% for tickets price up to Rs. 100.
b) GST rates on cinema tickets has been reduced from 28% to 18% for tickets price morethan Rs. 100.
c) Third party insurance premium of motor vehicle shall be chargeable to GST at 12% instead of 18%.
d) Certain services shall be exempt from tax, i.e., services by bank to Jan Dhan account holders, services by GTAs to government dept., services by Govt. to their undertakings or PSUs by way of guaranteeing loans taken by financial institutions, etc.

updates - 21-Jul-18:

*GST Council Updates*
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, juicer, grinder* cut from 28% to 18%
11. GST on special purpose vehicles, work truck, trailer cut from 28% to 18%

Steps taken for Reducing Tax Litigations (from department side)

The government today hiked the threshold limit for tax departments to file appeals in tribunals and courts, which will bring down litigation substantially.

Accordingly, the tax department will file appeals in ITAT/CESTAT if the tax amount involved is Rs 20 lakh or more, up from Rs 10 lakh at present.

Appeals would be filed in High Courts if the tax amount involved in litigation is Rs 50 lakh, up from Rs 20 lakh at present.

For the Supreme Court, the threshold limit has been hiked to Rs 1 crore, from Rs 25 lakh at present.