ICAI Releases Hand Book on GST Annual Return

GST Updates – SMS/E-mails regarding discrepancy in Claiming ITC – GSTR 3B Vs GSTR 2A

GST Updates – SMS/E-mails regarding discrepancy in Claiming ITC – GSTR 3B Vs GSTR 2A

Excess availment/ Mismatch of GST  Input Tax Credit (ITC) claimed in GSTR 3B Vs appearing in GSTR 2A.

With almost two years into GST implementation, the Government is putting all efforts to attain two fold agenda of curbing tax evasion by ensuring compliance and to boost up revenue collection.

Recently, many taxpayers across the country have received SMS and emails from tax authorities (GST Jurisdictional office) with regard to excess availment of ITC in GSTR 3B with ITC auto populated in GSTR 2A.

If you have received any such notice or get any such notice in future, you may follow the below suggestions:

Discrepancy in ITC availed in GSTR 3B

Suggestion

The Taxpayers who have availed excess ITC in form GSTR-3B (Domestic Purchases – All other ITC of GSTR 3B) from those which got auto populated in GSTR 2A (Filing GSTR-1 by the Suppliers), the Jurisdictional GST Department is issuing notices through SMS and E-mails.

We suggest you to take following actions:1. Verify the correctness of the figure sent to you by the Department. 2. In case of any discrepancy in figures notified to you, please reach out to Department for correcting the same. 3. In case of discrepancy write to department that you shall ask suppliers to comply. 4. In case of any discrepancy in ITC availed, ask the Suppliers to immediately file GSTR 1 by including the details of invoices raised on you. 5. You may design the below SOP to avoid any interest/ penalty for such mismatches : – Periodically reconcile your Purchase Register with GSTR 2A i.e. monthly/quarterly. – Identify the differences and take below action: (i) Avail any credit of invoices not appearing in PR but filed by Supplier. (ii) Notify Supplier for missing invoices in 2A (iii) Take action on mismatches of tax amount, tax type or invoice No./date. (iv) Also reconcile all Credit/Debit Notes issued by Supplier with those appearing in books. – In case any Supplier is found to be non-compliant, we suggest to have discussion with them to file their returns. If they don’t comply within reasonable time period deduct the tax and interest exposure to cover your prospective losses.

About TaxMarvel: TaxMarvel is a Consulting firm focused on providing GST services to small and medium enterprises. We offer host of GST Services be it registration or compliance or consulting or litigation support. We make GST easy for businesses by bringing in technology and subject matter expertise. You can contact us at: support@taxmarvel.com

We are present at following locations: Hyderabad, Kolkata, New Delhi and Bangalore.

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ICAI President Message June 2019

Bound by inherent integrity and transparency, and ICAI’s Code of Ethics, auditors of our country have been imparting credibility to the financial statements. ICAI inspires them to deliver quality in their profile of performing audit, review or assurance engagements. As regulator of the Indian accountancy profession, it promotes a culture of independence and skepticism amongst its members, and expects them to be alert, inquisitive and constantly carry a questioning outlook.

In the background of the evolving regulatory outlook, ICAI continues to be on the right side of the public expectations in regard to the auditing profession. Responding to the expectations of the public as well as the Government, auditors continue to deliver quality audit consistently and stand tall with the help of ICAI’s setting, adoption and implementation of relevant and contemporary high-quality Auditing Standards. ICAI has time and again proved itself as a force that responds suitably to the ongoing regulatory changes in the economy of our nation. Here I have pleasure in informing you that recently, five new Standards on Internal Audits (SIAs) have been approved to provide guidance on nature of assurance, objectives of internal audit, using the work of an expert, communication with management, and reporting results. . In total, ICAI has issued 19 SIAs so far, which would be made mandatory in a phased manner in due course.

While technology has been increasingly playing a big role in both complementing various functions of the businesses of our times, contribution of the digital transformation in our national GDP will soon be tremendous in view of the rapid transformation and robust development in our country’s IT scenario. And this will enhance the scope of CA professionals too considering their expertise in information system audit. As you know, ICAI has been offering specialised training and development in form of Post-Qualification Course on Information System Audit and Certificate Course on Forensic Accounting and Fraud Detection in the areas of information system audit and forensic accounting, and I wouldn’t want my colleagues to miss this huge professional opportunity. Further, the content of ICAI Course on Blockchain Technology for Professional Accountants has been restructured recently focusing on the hands-on training with defined learning outcomes. It is time to get ready and laced with our skills to respond to the professional challenges of our times.

ICAI has in its account the stakeholders’ trust, which is built on its untiring initiatives dedicated to the public interest. Having a well chalked-out strategy to face the future and its challenges, it is an agile and a future-ready institution that contributes to the nation’s economy and development. A true and trusted partner-in-nation-building for the last seven decades, ICAI stands for professionals with integrity, transparency and accountability.

CPA Australia Visits ICAI

A delegation from CPA Australia comprising its Head (International) Ms. Deborah Leung, Regional General Manager (Business Development International) Mr. Mark Chau and Regional Manager (MESA) Mr. Leslie Leow visited us on 30th April 2019 to discuss the renewal of MRA between ICAI and CPA Australia, which expires in September this year. Apart from that, we also had a discussion on other issues in bilateral cooperation, such as a joint study on sustainable development goals and role of accountants, and joint seminars/ workshops on corporate governance, blockchain and artificial intelligence. Being the co-host of the recently concluded 20th WCOA (World Congress of Accountants), CPA Australia has assured us of sharing their experiences and extending complete support, which would be immensely useful for us as we host the next edition of Congress, i.e. 21st WCOA, in Mumbai in the year 2022.

International Events at Our Chapters

ICAI Vice-President CA. Atul Kumar Gupta was at our Oman (Muscat) Chapter to attend the International Conference on Future of Accounting Profession – Challenges and Opportunities as its Guest of Honour, organized on 2nd-3rd May 2019. He delivered a keynote address on the theme of the Conference. Then, I recently attended the 2nd International Conference on Leadership Summit organized by our Canada (Toronto) Chapter. Later, I met the representatives of CPA Ontario and CPA Canada to discuss the mutual cooperation and way forward. I also attended the India Symposium 2019 as Guest of Honour organized jointly by our Netherlands (Amsterdam) Chapter, where I delivered a keynote address on Finance & Accounting, India-Netherlands. During my visit, I also met the Chairman of Royal Dutch Professional Association of Accountants (NBA), which is the regulator of audit profession in the Netherlands and discussed the matters of mutual co-operation and professional collaboration.

Migration of Services to New Digital Platform

We at ICAI are constantly evolving in tune with our times and proactively leveraging the technology to better serve our stakeholders. Latest in the series of such initiatives is an ambitious project to automate and reengineer our processes to make these user-friendly, which involves a creation of SSP (self-service portal), to make applications (Forms) and transactions (Services) fast and convenient. Migration to a new digital platform has started and the process will soon be completed. A full-scale ICAI’s student and member/firm services will be put to implementation soon.

One Million UDINs Generated

While UDIN will be made mandatory under 3rd and final phase for all attest and assurance functions from 1st July 2019, in the mid 2nd phase, the number of UDINs generated has crossed the one million mark.

Helpdesk for Members-in-Industry

ICAI has set up a helpdesk towards the disposal of professional queries and concerns for our members-in-industry, who can submit their queries and concerns using the helpdesk available at https://cmib.icai.org or write an email to us at helpdesk.cmib@icai.in. Alternatively, they may also call us on +91-8448512714. The idea is to make our Institute accessible and create a conducive and productive environment.

E-publications Released

ICAI has been at the forefront of ensuring highquality accounting standards in India and, of late, there has been an increased focus to create valuable resources which can be accessed while on the move. Accordingly, we recently released the e-version of updated Compendium of Ind AS, effective from 1st April 2019, which includes the incorporation of all amendments made during the previous year. I am sure, our stakeholders, particularly the preparers and auditors of financial statements, will find this updated e-Compendium useful, which along with webcasts, workshops, training programmes and certificate courses is part of our endeavours in disseminating knowledge towards empowering our members and other stakeholders.

ICAI also brought out an e-publication on Frequently Asked Questions on the Banning of Unregulated Deposit Schemes Ordinance, 2019. As you know, the Banning of Unregulated Deposit Scheme Ordinance, 2019 was promulgated as a mechanism to completely ban the unregulated deposit schemes, in order to protect the interests of depositors by providing stringent penalty for the offences involving wrongful inducement, solicitation or acceptance of deposits under unregulated deposit schemes as well as fraudulent default in repayment or return under a regulated deposit scheme. I am sure you will find both these publications very useful in your professional endeavours.

Certificate Course on Legal Drafting and Representations

As CA professionals are recognised under various Acts to appear as authorised representatives before a range of tribunals/ quasi-judicial bodies, it is but natural for our members to equip themselves with relevant skills for availing themselves of such professional opportunities. ICAI has commenced 4th batch of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies, and completed recently at Ernakulam, which had been launched to develop and enhance the effective legal drafting and representation skills of our members.

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Opportunities for CA professionals are increasing and these may be ceremoniously tapped, provided we accept our times and the paradigm shift in profession as its essential feature. Let us accept the change, since change is the only reality that survives in the end. This acceptance will help us change ourselves. To be future-ready, we will have to re-invent and upgrade ourselves in tune with the challenges from the economy of our country as well as that of the globe. I call it a compound learning process-learn, unlearn and then learn again; all professionals should integrate themselves with this process of learning. Only then, they can survive and endure in this ever-growing and throbbing challenging world.

American Author H. Jackson Brown once said: Think big thoughts but relish small pleasures. And we all should be following the same motto in our life. Even if it is a small achievement, smile and relish that moment to the fullest. Good and bad news are part of life and part of business, but the way you take it and the thing you do next change your life forever. Speaking of relishing simple and smaller pleasures, well, the most awaited Mango season is here. I am sure you all are craving for the sweet news from ICAI – and this time, the sweetest news comes from the recruitment drive that the institute conducted across various cities of India where the brightest young and promising minds were picked by the industry as their progressive and futuristic workforce.

In the recently concluded 49th Campus Placement programme at 17 centres across the nation, more than 9000 newly-qualified CAs registered and a total of highest-ever 3,815 offers were made in a number of industries with a record 57.21 per cent placement and highest-ever participation of recruiting national and international companies since the inception of the Institute. Second round of placement was also organized on 24th-26th April 2019, at 13 centres for the first time for left-out candidates to help them with job offers, where 46 organisations and their 58 interview teams participated. Around 600 candidates appeared for interview and 113 offers were made.

It is again pleasure to acknowledge that lateral placement is being organised on 25th-28th June 2019 in Chennai, Kolkata, Mumbai and New Delhi, for the CA professionals who have 5-year experience or more and are looking for another opportunity. This is an extended dimension to the existing placement programmes at the Institute, which is organised twice a year to provide employment opportunities to the newly-qualified Chartered Accountants. Interested and eligible candidates may check and apply.

With about 1,500 more offers made than what our newly-qualified CAs had got last year and with a two-fold increase in the highest salary offered, this positive development certainly indicates a higher demand for Chartered Accountants across sectors this year and at a brighter future ahead. This trend is quite encouraging for the profession, considering the increased focus on regulatory compliances and best governance practices in present times.

While we have a refined understanding of business and economy, let us also brace ourselves with communicative competence and emotional intelligence, which help us effectively connect to the people around us. Success today also requires us to have empathy for our times and work and learn harder so that we could conveniently march with time.

Before I conclude, I wish to congratulate our Hon’ble Prime Minister Shri Narendra Modi Ji under whose vision and leadership his team has come back to power after getting elected with a landslide victory. Let me assure that ICAI and the Indian accountancy profession will continue to make all possible efforts to contribute to the growth agenda of the country.

It is a matter of pride for the profession that two of the candidates elected to the lower house (i.e. Lok Sabha) of the Parliament are Chartered Accountants. CA. Subhash Chandra Baheria and CA. Thomas Chazhikaden have been elected to the Lok Sabha from the constituencies of Bhilwara (Rajasthan) and Kottayam (Kerala) respectively; they have been great well-wishers of our profession. On behalf of the profession, I must congratulate and extend my heartfelt wishes to them.

Let me also extend my best wishes to all of you for the festival of Id-ul-Fitr, which falls on 5th June this year.

Best wishes

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Corporate Compliance Calendar for the m/o June, 2019

Corporate Compliance Calendar for the m/o June, 2019

CORPORATE Compliance CALENDAR For the month of June, 2019

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About Article :

This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”

Compliances under:

1. Compliance Requirement Under Income Tax Act, 1961
2. Compliance Requirement Under Goods & Services Act, (GST) 2017
3. Compliance Under Other Statutory Laws
4. Compliance Requirement Under SEBI (Listing Obligations And Disclosure         Requirements) (LODR) Regulations, 2015
5. Compliance Requirement For Companies Act, 2013

 

1. Compliance requirement under Income Tax act, 1961

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms/ (Filing mode)
Income Tax Act, 1961	07.06.2019	Due date for deposit of Tax deducted/collected for the month of May, 2019. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan	TDS & TCS
Income Tax Act, 1961	14.06.2019	Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of April, 2019	TDS Certificate u/s 194-IA
Income Tax Act, 1961	14.06.2019	Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of April, 2019	TDS Certificate u/s 194-IB
Income Tax Act, 1961	15.06.2019	Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2019 has been paid without the production of a challan	Form 24G
Income Tax Act, 1961	15.06.2019	Quarterly TDS certificates (in respect of tax deducted for payments other than salary) for the quarter ending March 31, 2019
Income Tax Act, 1961	15.06.2019	First instalment of advance tax for the assessment year 2020-21?
Income Tax Act, 1961	15.06.2019	Certificate of tax deducted at source to employees in respect of salary paid and tax deducted during Financial Year 2018-19
Income Tax Act, 1961	15.06.2019	Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the s??ystem for the month of May, 2019?	Form 3BB
Income Tax Act, 1961	29.06.2019	?Due date for e-filing of a statement (in Form No. 3CEK) by an eligible investment fund under section 9A in respect of its activities in financial year 2018-19.?	Form No. 3CEK
Income Tax Act, 1961	30.06.2019	??Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of May, 2019	challan-cum-statement u/s 194-IA
Income Tax Act, 1961	30.06.2019	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of May, 2019	challan-cum-statement u/s 194-IB
Income Tax Act, 1961	30.06.2019	Return in respect of securities transaction tax for the financial year 2018-19
Income Tax Act, 1961	30.06.2019	Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending March 31, 2019
Income Tax Act, 1961	30.06.2019	?Statement to be furnished (in Form No. 64C) by Alternative Investment Fund (AIF) to units holders in respect of income distributed during the previous year 2018-19	Form No. 64C
Income Tax Act, 1961	30.06.2019	?Report by an approved institution/public sector company under Section 35AC(4)/(5) for the year ending March 31, 2019
Income Tax Act, 1961	30.06.2019	Due date for furnishing of statement of income distributed by business trust to its unit holders during the financial year 2018-19. This statement is required to be furnished to the unit holders in form No. 64B	form No. 64B

2. Compliance Requirement under Goods & Services Act,  (GST) 2017

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms / (Filing mode)
GST, Act, 2017	10.06.2019	Form GSTR-7 for the month of May, 2019 (TDS Deductor)	GSTR-7
GST, Act, 2017	10.06.2019	TCS Collector (for the month of May, 2019)	GSTR – 8
GST, Act, 2017	11.06.2019	Return of outward supplies of taxable goods and/or services for the Month of May 2019 (for Assesses having turnover exceeding 1.5 Cr.) Monthly Return.	GSTR – 1
GST, Act, 2017	13.06.2019	Due date for Furnishing return of May 2019 by Input Service Distributors (ISD)	GSTR – 6
GST, Act, 2017	Payment of tax shall be made by 20th of the month succeeding the month to which the liability pertains.	Payment of self-assessed tax	PMT-08
GST, Act, 2017	18 months after end of the quarter for which refund is to be claimed	Application for Refund	RFD-10
GST, Act, 2017	20.06.2019	Summary of outward taxable supplies and tax payable by Non-Resident taxable person & OIDAR respectively. (for the month of March, 2019)	GSTR-5 & GSTR – 5A
GST, Act, 2017	20.06.2019	Simple GSTR return for the month of May, 2019	GSTR – 3B
GST, Act, 2017	30.06.2019	Annual Returns for FY 2017-18	GSTR-9, GSTR-9A & GSTR-9C

 

Note:

April GST return filing deadline extended till 20 June in parts of Odisha

Government extends the deadline of GSTR-3B and GSTR-1 for the specified 14 districts in Odisha to June 20 and June 10, respectively.

14 Specified Districts:

Angul	Balasore	Bhadrak	Cuttack	Dhenkanal	Ganjam	Jagatsinghpur
Jajpur	Kendrapara	Keonjhar	Khordha	Mayurbhanj	Nayagarh	Puri

 Link: https://finance.odisha.gov.in/notifications/2019/24.pdf

and https://finance.odisha.gov.in/notifications/2019/23.pdf

 

3. Compliance under Other Statutory LAws

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms / (Filing mode)
EPF  (The  Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)	15.05.2019	PF Payment for April, 2019	ECR
ESIC (Employees’ State  Insurance Act, 1948)	15.05.2019	ESIC Payment for April, 2019	ESI Challan
· ·         PF Return – Monthly	25.06.2019	·         Pf Return Filling For May 2019 (Including Pension & Insurance Scheme Forms	PF Return

4. Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015

FILING MODE(s) : ·        For BSE                     : BSE LISTING CENTRE ·        For NSE                     : NEAPS Portal

Annual Compliances

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 14	Listing fees & other Charges	Payment manner as specified by the Board of by Recognised Stock Exchange.
2	Regulation 34* (shall be amended w.e.f. April 2019)	Annual Report	Within 21 working days from the AGM Date

Event based Compliances 

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1.	Regulation 7 (5)	Intimation of appointment  / Change of Share Transfer Agent.	Within 7 days of Agreement with RTA.
2.	Regulation 17(2)	Meeting of Board of Directors	The board of directors shall meet at least 4 times a year, with a maximum time gap of 120 days between any two meetings.
3.	Regulation 18(2)	Meeting of the audit committee	The audit committee shall meet at least 4 times in a year and not more than 120 days shall elapse between two meetings.
4.	Regulation 29	Notice for Board Meeting to consider the prescribed matters.	The Company shall give an advance notice of: a) at least 5 days for Financial Result as per Regulation 29 1 (a) b) in case matters as stated in regulation 29 1 (b) to (f) – 2 Working days in advance (Excluding the date of the intimation and date of the meeting) to Stock Exchange. c)  11 working days in case matter related to alteration in i) Securities ;ii) date of interest or redemption of Debenture / bond as per regulation 29(3) (a) ,(b).
5	Regulation 30	Outcome of Board Meeting (Schedule III Part A- (4)	within 30 minutes of the closure of the meeting
6.	Regulation 31	Holding of specified securities and shareholding pattern	Reg. 31(1)(a):  1 day prior to listing of its securities on the stock exchange(s);   Reg. 31(1)(c): within 10 days of any capital restructuring of the listed entity resulting in a change exceeding 2 % of the total paid-up share capital.
7	Regulation 46	Company Website:. Listed entity shall disseminate the information as stated in Regulation 46 (2)	Shall update any change in the content of its website within 2   working days from the date of such change in content.
8	Regulation 33	Financial Results (along with Limited review report/Auditor’s report for the quarter ended December 2018)	Within 45 days from quarter end (except in case of Annual Financial Result, within 60 days from end of Financial Year)

 

 

• SEBI (Prohibition of Insider Trading) Regulations, 2015

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 7(2) “Continual Disclosures”	Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified.	Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information

 

• SEBI Takeover Regulations 2011

Disclosure of Acquisition and Disposal

Sl. No.	Regulation No.	Compliance Particular	Compliance Period (Due Date)
1	Regulation 29(1)	Any acquirer who acquires shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, aggregating to five per cent (5%) or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified	Reg. 29(3): The disclosures required under Reg. 29 (1) and Reg. 29 (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition of shares or voting rights in the target company to,— i) every stock exchange where the shares of the target company are listed; and ii) the target company at its registered office.
2	Regulation 29(2)	Any acquirer, who together with persons acting in concert with him, holds shares or voting rights entitling them to five per cent(5%) or more of the shares or voting rights in a target company, shall disclose every acquisition or disposal of shares of such target company representing two per cent(2%) or more of the shares or voting rights in such target company in such form as may be specified.

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5. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms / Filing mode
Companies Act, 2013	Within 180 Days From The Date Of Incorporation Of The Company	As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC. Link	MCA E- Form INC 20A
Companies Act, 2013	30 days from the date of deployment of this form on the website of Ministry/ NFRA	Every existing body corporate other than a company governed by the NFRA Rules (Rule 3(1)), shall inform the (“NFRA”) about details of the auditor(s) as on 13th November 2018. Link	Form NFRA-1 (e-form not yet deployed Ministry (ROC)) / NFRA
Companies Act, 2013	30.05.2019 (within 30 days of the form being made available by the MCA)	All Specified Companies (i.e. Companies who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per section 9 of the Micro, Small and Medium Enterprises Development Act, 2006) to file details of all outstanding dues to Micro or small enterprises suppliers existing on 22.01.2019 within thirty days. Link of the MCA notification : Link	Form MSME -1 a) One Time Return and b) Half Year Return (31.03.2019)
Companies Act, 2013	within 90 days from the date of notification ( earlier On or before 8th of May, 2019)	A person having Significant beneficial owner shall file a declaration to the reporting company Link i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019	Form BEN-1 (e-form not yet deployed by Ministry (ROC))
Companies Act, 2013	Within 30 Days	Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018. (Within 30 days from the date of receipt of declaration in BEN-1) Link	Form BEN – 2 (e-form not yet deployed by Ministry (ROC))
Companies Act, 2013	On or before 15.06.2019	Filing of the particulars of the Company & its registered office. (by every company incorporated on or before the 31.12.2017.) Due date extended- Link : Link	Active Form INC -22A
Companies Act, 2013	Within 30 Days from the date of deployment of revised e-form	DIN KYC through DIR 3 KYC Form is an Annual Exercise, however, the e-form presently is not designed in such manner and thus the due date for filing the e-form would be 30 days from the date of deployment of revised e-form. Link Penalty after due date is Rs. 5000/-	E-Form DIR – 3 KYC ( Revised E-Form, Not yet deployed)
Companies Act, 2013	within 60 days from the conclusion of each half year	Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of  Companies (Prospectus and Allotment of Securities) Rules, 2014 Applicable w.e.f.  30.09.2019 Link	E-Form PAS – 6 (E-Form, Not yet deployed)
Companies Act, 2013	29.06.2019	First DPT-3 for amounts which are NOT deposits (exempted deposits) outstanding as on 31.3.2019 AND received on or after 1.4.2014 Auditor’s certificate is NOT mandatory.	E –Form DPT – 3 (One Time Return)
Companies Act, 2013	30.06.2019	Transaction during the year, which are deposits as well as and which are not deposits (exempted deposits) Auditor’s Certificate is mandatory. This is to be filled every year.	E –Form DPT – 3 (Half Yearly  Return)

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This article is updated till 31^st May, 2019 with all Laws / Regulations and their respective amendments.

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How many house you can own and what are the tax implications of owning more than one house?

How many house you can own and what are the tax implications of owning more than one house?

People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford.  So there are no restrictions under the tax laws or general laws on the number of houses you can own. Likewise I also get queries as to for how many houses I can obtain the home loan. The answer again is the same. i.e. as many as you wish and you are able to service. But there are certain tax implications in case you own more than one house property. Let us understand the income tax implications.

 

Capital gains exemption on investing in a house

As per the tax laws in India you can claim exemption from long term capital gains  (LTCG) if you buy or construct a residential house. The exemption for investment in residential houses can be claimed under two categories. One exemption available is under Section 54 for LTCG on sale of a residential house and other one is available under Section 54F in respect of LTCG on sale of any asset other than a residential house.  Capital gains exemption under Section 54F can be in respect of any land, commercial property or even shares companies whether listed or unlisted etc.

For claiming exemption under Section 54F  one of the condition to be satisfied is that you should not be owning more than one house other than the one which in which the investment is being made. So in case you already own two houses on the date of sale of the asset subject matter of sale, you are ineligible to claim this exemption. It may be noted that no such pre condition of  owning a particular number of houses is prescribed under Section 54 in case the capital gain arises from sale of a residential house and you want to claim exemption by investing in another house.

 

Deduction in respect of Repayment of Principal of home loan: 

You can claim deduction for principal repayment of home loan, taken  for residential house from specified entities like banks, housing Finance Companies, Central Government, State Government etc  under Section 80 C upto Rs. 1.50 lakhs. This limit is a consolidated limit  together with other eligible items like LIP, EPF, PPF, ELSS, NSC, tuition fee etc.. The benefit for deduction of repayment of principal amount of home loan can be claimed for any number of home loans within the overall eligible limit of Rs. 1.50 lakhs. In case of home loan taken for an under construction property this benefit can only be claimed from the year in which construction is completed or possession is taken.

 

 

Deduction for interest on money borrowed for buying/constructing a house:

The deduction in respect of interest can be claimed for any number of properties. It is available from the year in which the possession is taken. The interest paid during the construction period can be claimed in five equal installments starting from the year of possession. Till last year the tax laws allowed you have one house property as self occupied and deduction for interest was available for one such property upto Rs. 2 lakhs. By the interim budget 2019 the limit for self occupied house which one can have has been increased to two but the overall limit of interest which can be claimed remains Rs. 2 lakhs whether you occupy one to two houses for self occupation. In case you have more than two self occupied property, you have to opt any two properties  as self occupied and then the other property/ies are deemed to have been let out and you have to offer notional rent for tax which the other property can fetch in the open market. For upto two self occupied properties this value is nil. For the properties which are let out or deemed have been let out, there is no limit upto which interest on money borrowed for house can be claimed but there is limit of Rs. 2 lakhs for losses under the head “Income From House Property” which can be set off against other income. However the losses which remain unabsorbed can be carried forward to next eight years to be set off against income from house property.

So from the above discussion it becomes amply clear that instead of buying multiple houses in your own name, it makes sense for you to buy houses in the name of different family members.

 

Writer is a tax and investment expert

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CA Final May 2019 Advanced Auditing and Professional Ethics Question Paper

CA Final May 2019 Advanced Auditing and Professional Ethics Question Paper

CA Final May 2019 Advanced Auditing and Professional Ethics Paper paper was held on 31st May 2019 on Pan India basis. Download CA Final May 2019 Advanced Auditing and Professional Ethics Question paper in PDF form Below Link. CA FINAL May 2019 Advanced Auditing and Professional Ethics Question paper can be downloaded form below link. CA Final May 2019 all question papers can be downloaded from below links.

CA Final May 2019 Advanced Auditing and Professional Ethics Paper was simple and major portion of the paper was from Institute Material i.e Module, Practice Manual and RTP.

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FAQ on Accounting and billing software

FAQ on Accounting and billing softwar

1. What is Accounting and Billing Software on the GST Portal?

Accounting and Billing Software download functionality is made available for the Micro, Small and Medium Enterprises (MSMEs) having turnover less than Rs. 1.5 crores. This software allows a taxpayer to run his daily business by providing day to day billing and accounting features, alongwith facility for return filing for their GST related compliances.

The software would be available free of cost to eligible taxpayers till 31.03.2021 or till the taxpayer’s annual turnover remains under Rs 1.5 Cr in a financial year, after which the taxpayers may have to pay a fee to the vendor.  It may be noted that only certain basic features of the software would be provided free. Some of the free features being made available by all the vendors are Sale/ Purchase/ Cash ledger, Inventory management, Supplier/ Customer Masters, Generation of Invoices, Preparation of GST Returns etc.

For using features other than free features listed or using the software beyond the initial free period, the taxpayer may visit respective vendor product site to ascertain fee payable, if any.

2. Who can download Accounting and Billing Software on the GST Portal?

Accounting and Billing Software download functionality is made available for the Micro, Small and Medium Enterprises (MSMEs) having turnover less than Rs. 1.5 crores.

3. From where can I download Accounting and Billing Software on the GST Portal?

To download the accounting and billing software on the GST Portal, login to the GST Portal with valid credentials. Navigate to Downloads > Accounting and Billing Software option.

4. “Accounting and Billing Software” functionality on the GST Portal is available to which all type of taxpayers and in which States/UTs?

Accounting and Billing Software” functionality is only available to active Normal (Regular), taxpayers who have opted for composition scheme  and SEZ Developer/ SEZ Unit who are registered on the GST Portal, having turnover less than Rs. 1.5 crores in a financial year. The functionality is available to the taxpayers for all States/ UTs

5. I am not able to view “Accounting and Billing Software” link on the GST Portal?

Accounting and Billing Software” download functionality is available to active Normal, taxpayers who have opted for composition scheme and SEZ Developer/ SEZ Unit registered on the GST Portal. “Accounting and Billing Software” download functionality is available to the Micro, Small and Medium Enterprises (MSMEs) having turnover less than Rs. 1.5 crores.

Fee for Accounting and Billing Software:

6. Is there any fee for usage of Accounting and Billing Software?

It may be noted that only certain basic features of the software would be provided free. Some of the free features being made available by all the vendors are Sale/ Purchase/ Cash ledger, Inventory management, Supplier/ Customer Masters, Generation of Invoices, Preparation of GST Returns etc. For using features other than free features listed or using the software beyond the initial free period, the taxpayer may visit respective vendor product site to ascertain fee payable, if any.

7. Is there any renewal required for usage of Accounting and Billing Software, after expiry of the fixed term?

The features as offered and indicated in the link are offered to persons of specified turnover, free of cost. For using features other than free features listed or using the software beyond the initial free period till 31.03.2021, the taxpayer may visit respective vendor product site to ascertain fee payable, if any.

8. What features and functionalities are available to taxpayers when using the Accounting and Billing Software?

Navigate to Downloads > Accounting and Billing Software > “Common Free Features” link under Features Offered (Free of Cost) to view the list of common features offered by the Accounting and Billing Software.

9. Is there any check for validating the annual turnover of the taxpayer opting for the Accounting and Billing Software as per Return filed on the GST Portal by them?

No, there is no check for validating the annual turnover of the taxpayer opting for the Accounting and Billing Software as per Return filed on the GST Portal by them. However, the declaration given by the taxpayer regarding the turnover would be captured and recorded on the GST Portal.

10. My turnover has exceeded 1.5 crore after I started using the Accounting and Billing Software. Will any legal action be taken against me for using the Accounting and Billing Software?

Please note that your use of Accounting and Billing Software will be governed by the licensing and terms and conditions of the respective Accounting and Billing Software vendor.

Disclaimer of GSTN & Declaration by Taxpayer

11. What is the Disclaimer given by GSTN in the Accounting and Billing Software?

GSTN makes no representations or warranty whatsoever about the Account & Billing Software which you may access through www.gstn.org. When you access the software, please understand that it is independent from GSTN, and that GSTN has no control over that Software. GSTN does not endorse or accepts any responsibility the use/misuse by such Software. It is up to you to take necessary precautions. GSTN is not collecting taxpayers’ data through the Software in any manner. Please read the terms and conditions of the Software properly before proceeding forward.

12. Do I need to mandatorily accept the declaration before downloading the Accounting and Billing Software?

You MUST read the disclaimer by GSTN and thereafter accept or reject the declaration. Once you click the ACCEPT button, you will be directed outside the GST Portal to the product site of the respective vendor to download the software. If you click the REJECT button, you will land back to the Accounting and Billing Software page.

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India Needs to Fundamentally Alter its Export Strategy

India Needs to Fundamentally Alter its Export Strategy

India Traditionally a Trade Deficit Country. India’s Exports in 2018-19 stood at $331 billion, while Imports soared high of $507.44 billion, taking India’s trade deficit to reach a record high of $176 billion. India’s GDP reaching Rs 170.95 trillion (US$ 2.47 trillion) in 2017-18*, and Rs 190.54 trillion (US$ 2.76 trillion) in 2018-19. The Trade gap is primarily attributed to un-avoidable Oil Imports. However various other factors are also contributing to the trade deficit, like continued encouragement to Imports in the name of Promotion of Exports.

Falls Placed “Import led Export Growth” Philosophy:

All the Export Promotion Schemes of Foreign Trade Policy are designed with theme of “Import led Export Growth”. With this falls placed hypothesis more and more Imports are encouraged with liberally imposed export obligation. As a net the benefits are imaginary but puncturing huge hole into the Exchequer and also killing the Domestic Industry.

For Example, under Advance Authorization Scheme, a Duty Neutralization Scheme under Chapter 4 of Foreign Trade Policy, Duty Free Imports are allowed as per SION (Standard Input Output Norms) (a Very Liberally worked out Norm which allows Excesses Inputs to benefit the Exporters with Assumed (hiked) wastes and losses), with meager Value Addition, in general in most of the cases it is 15% only.

However, if we look into revenue loss in terms of Customs Duty Exemptions including IGST, Anti-Dumping Duty and Safeguard Duty and many other benefits like MEIS incentive and EPCG Scheme benefit under Chapter 3 & 5 respectively of Foreign Trade Policy; Pre & Post Shipment Finance with interest subvention, the trading off benefits of Exports goes to negative figures.

Moreover, the holder of Advance Authorization is allowed to import required inputs like Raw Materials, Consumables & Packing Materials in advance and then after coolly, calmly and casually allowed to Export within 18 months period with still one more option to get extension of 6 months on payment of 2% fee on the balance export obligation. Exporters, generally taking this liberty, import the required inputs much in advance by enjoying the duty exemption and use such inputs for domestic sale (though strictly such diversion is not allowed as per FTP) or even dispose it off in the domestic market and latter discharge export obligation leisurely at the trailing end of the obligation period.

If we look into Employment angle also with such very little value addition and domestic content no much manufacturing activity taking place, therefore can’t expect much employment generation too. Mostly it is like a trading activity of Buying (Importing) and Selling (Exporting) with margin of 15-20%.

Much worst in case of much hyped and fancied, the so called Chinese Model of SEZ Policy (which is proving to be a land grabbing policy) through which huge imports are taking place with ambitious and aspirational expectations of spiral up export growth but ambiguous and abstruse trending outcome proves otherwise. The SEZ policy envisages Positive Value Addition only, not even 15%, thereby proving as import hub only.

Suggestion: Focus on Domestic Content & Value Addition

To improve the domestic content in our exports, Value Addition in case of Advance Authorization must be increased to Minimum 25% from present 15%.

The Obligation Period for Exports for Advance Authorization must be Restricted to 6 months only which is very reasonable to curb misuse of the provision instead of 18 months at present.

In case of SEZ, the Domestic Content must be Minimum 25% and at least 15-20% of the SEZ area be mandatorily earmarked to MSMEs. This will promote in true sense Sustainable Exports, Employment Creation through Strengthening MSMEs, thereby justifying the benefits, exemptions, incentives extended to these units.

Encourage Indigenous Sourcing in Place of Imports:

As discussed the Advance Authorization Scheme and EPCG Scheme are primarily focused and tilted heavily Imports by Exempting of Customs Duties. Though indigenous procurement is allowed in the policy instead of imports, the Procedures are very cumbersome and time consuming. The Authorization holder has to apply separately for Invalidation for Imports and on the basis of invalidation letter he may source from the domestic suppliers. The Domestic Supplier on the strengths of Invalidation Letter may apply for Advance Authorization.

In case of Domestic Sourcing, GST as normally applicable shall be paid first and then after may claim as deemed export refund. All these Procedures are very Cumbersome, Time Consuming and involving cost.

Because of the hassles and cost disadvantage in comply with procedures, exporters are generally avoiding to source from domestic suppliers even though those items with comparable quality and price are available in the domestic market.

Therefore, it is essential in the true national sprite and in public interest to encourage and promote Indian industry by putting them in the same platform compared to imports. It is wrong in the policy provisions to spend (waste) huge amounts from national exchequer for promoting import of foreign products in to the Indian market in the name of export promotions. To make the schemes truly national (SWADESHI) following suggestions are made:

Suggestion: Make Foreign (Videshi) Trade Policy SWADESHI

Since application and issuance of Advance Authorization and EPCG scheme are made online, provision shall be made for the authorization holder to opt anytime for Domestic Procurement by self-declaring and invalidating imports online. This way it provides greater flexibility and easiness to procure from domestic sources.

As an incentive for Domestic Procurement, a 10% concession shall be provided in fulfilling Export Obligation under Advance Authorization and EPCG scheme.

Further GST exemption may be allowed for Domestic Sourcing (Deemed Exports) as against present practice of first pay GST and then claim refund which is time consuming and involving cost.

These proposals shall make the Advance Authorization and EPCG schemes more attractive as it will open up yet another option of Domestic Sourcing to the certificate holder in addition to import route. This is especially beneficial for those who have no interests in imports for one reason or the other. The need for import thus shall be over shadowed by the provision to procure indigenous inputs and capital goods which turns to be attractive. This will also encourage domestic procurement as an alternative to imports, thereby make the scheme more “SWADESHI”.

Stop Import of Secondhand Machinery under EPCG Scheme

With Flip-Flop Policy on Import of Secondhand Machinery under EPCG Scheme, wisdom of policy makers shifted the stand to continue to allow secondhand goods, making India a dumping ground defeating the objective of the Scheme to Support in Modernizing Indian Manufacturing Sector for Promoting Exports.

Suggestion : Import of Secondhand Goods under EPCG Scheme should not be allowed.

Exports Oriented Economic Policy

Foreign Trade promotes economic growth of a country as “an engine of growth”. We should lay stress on export promotion in our strategy of development for accelerating economic growth.

The Concept of Comparative Cost Advantage Model is fast fading out its relevance as the Comparative Cost Advantage has dynamic shifts based various factors such Disruptive Technologies & Technological Advancements, Govt. Policies & Incentives, Infrastructural Development, Resources Availability, Allocation or Depletion, Transmission of Technical know- how, Investments, Specialized & Focused Skill Training for promotion of Business etc. Therefore, Competitive Advantage can be Created, Nurtured, Harnessed and Fostered through right policy frame work like developing Industrial Clusters initiatives, SME Clusters, Towns of Excellence, SEZs etc.

Suggestion : Industry / Sector Specific Export Policies are need to be Implemented

We should shift from our policy of Exporting of Surplus, to Manufacturing, Generating & Creating Exclusively for Exports. In this direction Agriculture Export Policy, 2018 is a noteworthy measure and many such Industry / Sector Specific Export Policies are need to be implemented.

The Objective of Agriculture Export Policy, 2018 is to Double Agricultural Exports from present ~US$ 30+ Billion to ~US$ 60+ Billion by 2022 and reach US$ 100 Billion in the next few years thereafter, with a Stable Trade Policy regime.

The Policy has Strategic & Operational framework and addresses agricultural value chain and highlighted certain structural changes that were required to boost agricultural exports on Sustainable and Stable manner including infrastructure & logistics, Reforming Mandi operations, involvement of State Govt. in Promotion of Exports.

Export Promotion Council Established for MSME Sector

Ministry of Micro, Small and Medium Enterprises (MSME) has recently established an Export Promotion Cell with an aim to create a sustainable ecosystem for entire MSME development.The benefits likely to accrue to the MSMEs are:

1. Evaluate readiness of MSMEs to export their products and services
2. Recognize areas where improvements are required in order to be able to export effectively and efficiently
3. Integration of MSME into global value chain.

MSME DC has established an Export Promotion Cell in every MSME DI centers. The cell aims to create a sustainable ecosystem for micro, small and medium enterprises (MSMEs).  Benefits of the Promotion Cell MSMEs are the pillars of the Indian economy. The promotion cell aims to create a sustainable ecosystem for MSMEs.

The Promotion cell will aid the MSME sector in the following ways:

Integration of MSMEs into the global value chain.

Evaluation of readiness of MSMEs to export their products and services.

Recognition of areas where improvements are required in order to be able to export effectively and efficiently

Suggestion : Integrate & Synchronize Departmental Functions

It’s is a welcome measure to promote MSME Sector. However, the Need of the hour is to integrate many disintegrated departments and councils – Synchronize their varied functions as at present many of the councils & departments are functioning in silos

Since at present no accurate, reliable and authentic data is available regarding MSME – the Levels of Investment, Employment, Turnover, Exports etc. Therefore, it is suggested to integrate Udyog Aadhar with PAN. Since PAN is linked with all types of business transactions related to Bank, GST, Customs, DGFT etc, data linkage will easy and reliable.

Policy to Check Flooding of Cheap Imports

The policy of Controlled Import to Check Flooding of Cheap Imports from China may be placed in view of India’s increasing Trade deficit and possible threat to Domestic Industry. Unscrupulous Under Valuation and Wrong Classification to minimize Customs Duty impact is also widely rambling practice specially in case of Import from China which need to be Curbed

Suggestion: IT enabled Trade Intelligence

With better IT enabled Trade Intelligence, Volume & Price, Product -Country & Entry Level Commercial Data & Information with reliable, current and updated data may be gathered and sharing such data to all customs stations to curb valuation related tax evasion, detect cases of cases of smuggling, trade–based money laundering and financial frauds.

It will also prevent Circular Trade (Export to Countries with whom we have Trade Agreements and Grab all the Export Incentives & Benefits and again Import the same Item with Concessional or Fully Exempted Duty benefit under the Trade Agreement) to some extent.

Timely initiating and imposition of Anti-Dumping, Safeguard measures and also adopting other Non-Tariff and Contingent Trade Protective measures may be opted to act gain wrong trade practices and to provide proper protection to the Domestic Industry.

Free Trade Agreements : Increased Economic Growth

India has negotiated many bi-lateral and multi-lateral trade agreements with several countries and trade groupings. FTAs are instrumental in creating seamless trade blocs that can aid trade and economic growth. However, India’s exports to FTA countries have not shown positive signals and statistics reveals that India’s trade deficit with these partner countries deepened rather boosted exports. For example, India’s trade deficit with Asean (Association of Southeast Asian Nations), South Korea and Japan has doubled to $24 billion in FY2017 from $15 billion in FY2011 (with the signing of the respective FTAs) and $5 billion in FY06. Also there are issues related to duty inversion.

Lack of information on FTAs, low margins of preference, delays and administrative costs associated with rules of origin, non-tariff measures, flouting of rules of origin are major reasons for such low performance.

Suggestion : Selective Review of Trade Agreements & Tighten Rules of Origin

India should review its existing FTAs in terms of benefits to various stakeholders like industry and consumers, trade complementarities and changing trade patterns in the past decade. Negotiating bilateral FTAs with countries where trade complementarities and margin of preference is high may benefit India in the long run.

Circumvention of rules of origin should be strictly dealt with by the authorities at the same time measures must be taken to reduce compliance cost and administrative delays

Duty Credit Scrip :

Under Chapter 3, there two types of Incentive Schemes ie MEIS & SEIS. Under these schemes Duty Credit Scrips are issued to exporters on certain percentage of FOB value.  These Scrips can be used to upset Customs Duty on any eligible Imports. In case the Exporters do not want for any reason to utilize on actual basis, then an option is provided to Transfer (Sell) the Scrips on discount.

Suggestion: Allow Refund Instead of Transferability

Since transferability of Duty Credit Scrip encourages non-export-importers to snatch a major junk of benefits from the real exporters, this practice should not be allowed. Duty Credit to encourage export of specified products and to select markets, as a matter of principle of objectivity, should be passed on to the exporters only on exclusive basis. By making the Duty Credit Scrip non-transferable the issues regarding sale proceeds and litigations in respect of exemptions of income tax etc. also shall not arise. The Duty Credit shall be allowed to utilize for import of inputs or goods including capital goods on “Actual User” condition by the holder of the scrip (actual exporter), and in case the credit remained un-utilized, the same shall be allowed refund, within 15 days of the claim. When refund is allowed the need for transferability does not arise which is a major dispute in WTO. 

WTO-compliant Schemes to Promote

Existing MEIS Scheme under Chapter 3 of FTP is under scanner as US has challenged India’s export subsidy schemes at WTO on the grounds of its incompatibility with multilateral rules.  It may face exit any time.  New scheme on production-based support and refund of all un-rebated central and state taxes and levies scheme are under consideration for replace of existing MEIS scheme.

The new scheme will be on the nature of refund of all un-rebated central and state taxes and levies scheme on inputs consumed in exports in all sectors. The major un-rebated levies are state value added tax/ central excise duty on fuel used in transportation, captive power and farm sector, mandi tax, duty on electricity, stamp duty on export documents, purchases from unregistered dealers, embedded central goods and services tax (CGST) and compensation cess, coal used in production of electricity.

 

Suggestion : Align Export Promotion Schemes with WTO Norms

India will need to restructure its export promotion schemes by making them aligned with WTO Norms. Otherwise such schemes become counter effective as the Importing Countries may impose anti subsidiary duty as per WTO Agreement on Subsidies and Countervailing Measures (ASCM)

The above suggestions may be Considered in New Foreign Trade Policy which is now under Draft stage.

Disclaimer : The views and opinions; thoughts and assumptions; analysis and conclusions expressed in this article are those of the authors and do not necessarily reflect any legal standing.

Author : SN Panigrahi, GST & Foreign Trade Consultant, Practitioner, Corporate Trainer & Author.

Available for Corporate Trainings & Consultancy

Can be reached @ snpanigrahi1963@gmail.com

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ICAI: Last date of online upload of Unstructured CPE Hours for the Year 2018

ICAI: Last date of online upload of Unstructured CPE Hours for the Year 2018:

Last date of online upload of Unstructured CPE Hours for the Year 2018 is 31st May, 2019. So please upload if not yet uploaded. Also note that Combined CPE of 40 Hours (Structured & Unstructured) are mandatory for 2018.

To upload Unstructured CPE Hours for the Year 2018 visit http://bit.ly/2Qz1a5l. Members may please note that last date to uload the Unstructured CPE Hours for the Year 2018 is 31st May, 2019

CPE HOURS REQUIREMENTS FOR THE BLOCK PERIOD OF 3 YEARS (1-1-2017 TO 31.12.2019)

1. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to:
   1. Complete at least 120 CPE credit hours in a rolling period of three-years.
   2. Complete minimum 20 CPE credit hours of structured learning in each calendar year.
   3. Balance 60 CPE credit hours (minimum 20 CPE credit hours in each calendar year) can be completed either through Structured or Unstructured learning (as per Member’s choice).
2. All the members (aged less than 60 years) who are not holding Certificate of Practice; and all the members who are residing abroad (whether holding Certificate of Practice or not) are required to:
   1. Complete at least 60 CPE credit hours either structured or unstructured learning (as per Member’s choice) in rolling period of three-years
   2. Complete minimum 15 CPE credit hours of either structured or unstructured learning (as per member’s choice) in each calendar year.
3. All the members (aged 60 years & above) who are holding Certificate of Practice, are required to:
   1. Complete at least an aggregate of 90 CPE credit hours of either Structured or Unstructured Learning (as per member’s choice) in a rolling period of three years
   2. Complete minimum of 20 CPE credit hours being an aggregate of either Structured or Unstructured Learning (as per member’s choice) in each calendar year
4. The following class of members are exempted from CPE credit hours requirement:
   1. All the members (aged 60 years and above) who are not holding Certificate of Practice.
   2. Judges of Supreme Court, High Court, District Courts and Tribunal
   3. Members of Parliament/MLAs/MLCs
   4. Governors of States
   5. Centre and State Civil Services
   6. Entrepreneurs (owners of Business (manufacturing) organizations other than professional services)
   7. Judicial officers
   8. Members in Military Service
5. Temporary Exemptions:
   1. Female members for one Calendar year on the grounds of pregnancy
   2. Physically disabled members on case to case basis having permanent disability of not less than 40% and above (Supported with medical certificates from any doctor registered with Indian Medical Council with relevant specialisation as evidenced by Post Qualifications (M.D., M.S. etc.).
   3. Members suffering from prolonged critical diseases/illnesses or other disability as may be specified or approved by the CPEC. (Supported with medical certificates from any doctor registered with Indian Medical Council with relevant specialisation as evidenced by Post Qualifications (M.D., M.S. etc.).

 

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Download CA IPCC/Inter May 2019 Law Question Paper

Download CA IPCC/Inter May 2019 Law Question Paper

Download IPCC/Inter May 2019 Law Question Paper in PDF from Below Link. IPCC/Inter May 2019 Law Question Paper paper can be downloaded from below link. CA Inter May 2019 all question papers can be downloaded from below links.

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GSTN to provide free Accounting & billing software to MSMEs

GSTN to provide free Accounting & billing software to MSMEs

Goods and Service Tax Network (GSTN) has started offering free accounting and billing software to the micro, small and medium enterprises (MSMEs) with an annual turnover of up to Rs 1.5 crore, which would benefit approx 80 lakh small businesses.

This software would help businesses create invoices and account statements, manage inventory and prepare GST returns. The said software is available under ‘Download’ tab on the official GST portal www.gst.gov.in, GSTN said in a statement.

GSTN has partnered with some Billing and Accounting software vendors for providing free software to the Micro, Small and Medium Enterprises, with annual turnover under Rs 1.5 Cr, in a financial year. As of now this facility is made available to the active Normal taxpayers, SEZ Developers/SEZ Units and taxpayers who have opted for composition scheme under the Goods and Services Tax (GST) regime.

This software providers offer basic features like sale/ purchase/ cash ledger, inventory management, supplier/ customer masters, generation of invoices, preparation of GST returns for free, while some of the services like an additional feature like bank reconciliation, account receivable would be chargeable.

The software would be available free of cost to eligible taxpayers till 31.03.2021 or till the taxpayer’s annual turnover remains under Rs 1.5 Cr in a financial year, after which the taxpayers may have to pay a fee to the vendor.

To view and download the accounting and billing software on the GST Portal, perform following steps:

1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed.

2. Login to the GST Portal with valid credentials.

3. Click the Downloads > Accounting and Billing Software option.

The user manual and FAQs for the same and vendors providing software can be viewed at the following links:

http://bit.ly/2QuxR3U

http://bit.ly/2wr9nzr

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Advantages and Disadvantages of GST Composition Scheme

Advantages and Disadvantages of GST Composition Scheme

The Goods and Services Tax (GST) system launched the composition scheme so as to provide a convenient taxation compliance structure to small businesses. However, the composition scheme has had its own advantages and disadvantages under GST, which have been elaborated in this article.

The following topics have been discussed in this article:

1. About GST Composition Scheme
2. Advantages of Composition Scheme Under GST
3. Disadvantages of Composition Scheme Under GST

About GST Composition Scheme

In order to reduce the maintenance of compliances under the Goods and Services Tax (GST), the GST Composition Scheme was introduced by the government of India. The GST composition scheme aims at reducing the burden of tax compliance on small scale businesses. The eligibility of small scale businesses is determined by their turnover. However, taxpayers who have opted for the composition scheme cannot claim their Input Tax Credit (ITC).

Although registration is optional, the GST composition scheme does not accept every registration. Only those small scale enterprises which have a maximum turnover of Rs. 1.5 crore are eligible to opt for the composition scheme. Earlier this threshold user to be at Rs. 75 lakhs, but it was raised by the GST Council in 2017 to Rs. 1.5 crore per annum. However, the taxpayers will be required to apply for this scheme every year or else they will be treated as normal taxpayers for the year when they don’t register under the composition scheme.

Normal taxpayers under GST can opt for the composition scheme and become composition dealers. On the other hand, composition dealers can become normal taxpayers and avail their ITC. Some taxpayers who are migrating to GST may get confused that if or not they should opt for the composition scheme and lose their claim to availing ITC. The advantages and disadvantages of the GST composition scheme discussed in this article may help in sorting out this dilemma.

Advantages of Composition Scheme Under GST

The GST Composition Scheme offers various advantages:

• Reduced Tax Liability: The composition scheme provides reduced rates of tax as compared to normal tax rates to its taxpayers. The tax rate for a composition dealer who is a manufacturer or trader is 1% of this annual turnover. Whereas, the tax rate for composition dealers who own restaurants which don’t serve alcohol is 5% of their annual turnover.

• Lesser Compliances: The GST composition scheme was mainly launched to reduce the compliances of taxpayers. The normal GST system has various compliance requirements for its taxpayers while filing their GST returns. Regular taxpayers are required to file their monthly returns in forms GSTR-1, GSTR-2, and GSTR-3, as well as annual returns in form GSTR-9. However, the composition scheme does not impose strict requirements of tax compliance on its taxpayers. A composition taxpayer is only required to file five returns in total: four quarterly returns in form GSTR-4 and one annual return in form GSTR-9A.

• High Liquidity: due to reduce rates of tax for composition dealers, the amount of working capital which goes into the payment of tax also reduces. This results in an increased liquidity for the taxpayers. This liquidity can be used to induce the remaining capital towards the growth and development of the business.

• Ease of doing Business: Limited compliances and reduced tax liability will simplify the process of the growth of the small businesses. As a result, the profit margin will be surged due to reduced taxes, and the hassles of compliance will be reduced by limited compliance. This will help the businesses in focusing more on their growth.

Disadvantages of Composition Scheme Under GST

The drawbacks of the GST Composition Scheme are:

• Unavailable Input Tax Credit (ITC): Regular GST taxpayers are allowed to claim ITC on the tax they have paid through the form GSTR-9C. However, the composition scheme does not allow its taxpayers to avail ITC paid on inward supplies when regular taxpayers can reclaim it at the point of sale. The unavailability of ITC to composition taxpayers further brings in the cascading effect of tax and increases the cost of goods for customers.

• Prohibitions on Sale of Goods: The GST composition scheme does not allow businesses to make interstate sales, i.e. businesses can only make sales in the state they have registered themselves in. the composition scheme only allows intrastate sale of goods. This means that composition dealers are not allowed to even export their goods because the GST rules consider export as an interstate sale. Also, the businesses cannot sell their goods through any e-commerce platform. The composition scheme further prohibits the sale of exempted goods because those goods are considered beyond the scope of the scheme.

• Collection of Taxes Prohibited: The composition levy scheme does not permit its taxpayers to collect any tax from their customers. Furthermore, composition taxpayers are not even allowed to raise a tax invoice under the scheme. The businesses which have opted for the composition scheme are required to pay all the taxes under the scheme by themselves.

• Supply of Services Not Covered: A business which is a supplier of services is not eligible to opt for the composition scheme. The scheme is only available to intrastate suppliers of goods and does not allow any supply of services.

• Penalty: The composition scheme has strict penalty for committers of fraud. In case any taxpayer is found to be fraudulently registered under the composition scheme so as to avoid paying normal taxes, s/he will be penalized to pay the normal taxes along with a penalty fee valued at 100% of the taxes s/he is liable to pay.

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RBI extends RTGS timinings from 1630 to 1800 hours from June 1st 2019

RBI extends RTGS timinings from 1630 to 1800 hours from June 1st 2019

RBI/2018-19/189
DPSS (CO) RTGS No. 2488/04.04.016/2018-19

May 28, 2019

The Chairman / Managing Director / Chief Executive Officer
of member banks participating in RTGS

Madam / Dear Sir,

Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer Transactions

A reference is invited to circular DPSS (CO) RTGS No.492/04.04.002/2015-16 dated September 1, 2015 on ‘Changes in RTGS time window’ and circular DPSS (CO) RTGS No.1926/04.04.002/2015-16 dated February 4, 2016 on ‘RTGS service charges for members and customers – Rationalisation’.

2. It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm. Accordingly, the RTGS time window with effect from June 01, 2019 will be as under:

Sr. No.	Event	Time
1.	Open for Business	08:00 hours
2.	Customer transactions (Initial Cut-off)	18:00 hours
3.	Inter-bank transactions (Final Cut-off)	19:45 hours
4.	IDL Reversal	19:45 hours – 20:00 hours
5.	End of Day	20:00 hours

3. The time-varying charges for transactions in RTGS from 13:00 hours to 18:00 hours shall be ? 5 per outward transaction. The time varying charges structure is as under:

Sr. No.	Time of Settlement at the Reserve Bank of India		Time varying charge per outward transaction (in addition to flat processing charge) (exclusive of tax, if any)
	From	To
1	08:00 hours	11:00 hours	Nil
2	After 11:00 hours	13:00 hours	2.00
3	After 13:00 hours	18:00 hours	5.00
4	After 18:00 hours		10.00

4. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007).

Yours faithfully,

(Sangeeta Lalwani)
General Manager (Officer in Charge)

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CA Final May 2019 Strategic Financial Management (SFM) Question Paper

CA Final May 2019 Strategic Financial Management (SFM) Question Paper:

CA Final May 2019 Strategic Financial Management (SFM) Paper paper was held on 29th May 2019 on Pan India basis. Download CA Final May 2019 Strategic Financial Management (SFM) Question paper in PDF form Below Link. CA FINAL May 2019 Strategic Financial Management (SFM) Question paper can be downloaded form below link. CA Final May 2019 all question papers can be downloaded from below links.

CA Final May 2019 Strategic Financial Management (SFM) Paper was simple and major portion of the paper was from Institute Material i.e Module, Practice Manual and RTP.

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