PJRJ & Associates - Chartered Accountants

*27th GST Council meeting decission held on 04.05.2018:*

1. New return filing procedure will be implemented from 1st October 2018.

2. Single Return per month for taxpayers except quarterly returns for composition dealers and nil taxpayers.

3. Taxpayers will have to show all B2B transactions and invoice-wise details with 4 digit or more HSN code.

4. Input tax credit to buyer will only be given if the seller has uploaded an invoice. If the seller does not pay the tax, Government will try and recover the tax from the seller but in case the if it is not recovered from the seller, then tax will be recovered from the buyer.

5. No automatic reversal of credit of input tax credit from buyer on non-payment of tax by the seller.

6. Provisional credit for a period of six months will be allowed based on taxpayers’ calculations irrespective of seller’s matching report.

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The fear that three returns in a month and one annual return under the proposed Goods and Services Tax (GST) would make the whole process very cumbersome and compliance-heavy is unfounded and exaggerated, said Revenue Secretary Hasmukh Adhia in an interaction with media here today. Explaining how filing returns would not be as cumbersome as it is made out to be, Adhia said that when a supplier uploads details of the sales invoices generated in the GST system, and files GST Return-I, the details from the suppliers GSTR-I automatically gets updated in the GST Return II (GSTR-II) of the purchaser. All the recipient needs to do is amend or modify and file the GSTR-II by 15th of every month.

5-year ban on CA for issuing incorrect certificate of share application money

The GST levy may go up to 40 per cent after the GST Council proposed raising the peak rate in the Bill to 20 per cent, from the current 14 per cent, to obviate the need for approaching Parliament for any change in rates in future.The model Goods and Services Tax Bill will replace the clause which states the tax rate "not exceeding 14 per cent, with "not exceeding 20 per cent" when it comes up for debate in Parliament during the second phase of Budget session beginning next week.

Source : Times of India

*DUE DATE of filing of DVAT Return* in Form 16, 17 & 48 for Q3, FY2016-17 has been extended upto 28.02.2017 - Circular no.23, dated 13.02.2017.

After targeting jewellers, bullion traders and hawala operators, the income tax department has launched a countrywide 'survey' on leading builders and their commission agents after intelligence reports indicated that some of them were accepting banned Rs 500 and Rs 1,000 notes to be “adjusted“ in fresh property deals.They were also showing such currency stashes as 'cash in hand' in order to make it appear that they did not accept Rs 500 and Rs 1,000 notes after they were cashiered on November 8.

I-T Department may slap a hefty 200 per cent penalty on unexplained high cash deposits in banks even before annual income tax returns are filed so as to prevent black money being converted into white during the 50-day window provided for turning in the junked Rs 500/1000 notes, a Finance Ministry official said.

1. Farmers can withdraw up to Rs 25,000 per week from the payment they receive for agriculture produce in form of cheque or RTGS.
2. Central government employees, up to group C, can draw their salary in advance up to Rs 10,000 in cash.
3. Registered traders at mandis to withdraw up to Rs 50,000 per week to meet labour costs.
4. Father or Mother, can make a one-time withdraw of up to Rs 2.5 lakh. “Up to Rs 2.5 lakh cash can be drawn from bank account for a marriage during ongoing wedding season.
5. However, the limit for over the counter exchange of old Rs 500, RS 1000 notes has been reduced from Rs 4,500 to Rs 2,000 with effect from Nov 18.

Income tax comes into action via notification number 104/2016.
Through this notification, government instruct all bank, co-operative bank and post masters to furnish detail of all the persons who deposit 12,50,000 or more in current account and Rs. 2,50,000.00 or more in saving account during the period 9.11.2016 to 30.12.2016.
It has been made compulsory to quote PAN in all the documents pertaining to the cash deposit of more than 50000 in a day or aggregating to more than 250000.00 during the period 9.11.2016 to 30.12.2016 in banks and/or post office.