Professional Updates

Due date for CPE hours compliance extended ! This is for kind information of the members that the last date for complying with the CPE Hours requirement for the Calendar Year 2019 and for the block period 2017-2019 – has been extended till 31st January, 2020.  The members who could not complete their respective CPE hours requirements up to 31st December, 2019 for the Calendar year 2019 and for the block period of 2017-2019, are requested to kindly complete the same at the earliest and latest by 31st January, 2020.  #Source:  https://resource.cdn.icai.org/57812cpe47102.pdf Requirement of CPE hours: Type of members In a Year Rolling period of 3 years Member with COP and Age <60 years (except all those members who are residing abroad) Min 40 Hours Min 120 Hours Min 20 Hours structured  learning Min 60 Hours structured learning  Balance 20 Hours can be structured or unstructured Balance 60

As a GST practitioner you must be aware about late fees for delayed filing of GSTR-1 (Yes, you are correct GSTR-1!). As per Section 47 of CGST Act, 2017,  Any registered person  who fails to furnish the details of outward  or inward supplies required under section 37 or section 38 or returns required under section 39 or section 45 by the due date  shall pay a late fee of one hundred rupees for every day*  during which such failure continues subject to a maximum amount of five thousand rupees . * Reduced to Rs. 25/- by notification No. 4/2018 – Central Tax, dated 23/01/2018 Till the date of this article, GSTN portal used to calculate late filing fees for GSTR-3B, but not for GSTR-1 and this loophole (?) lead casual approach towards filing of GSTR-1 among taxpayers. But soon this habit of taxpayers is going to be a costly affair. Notification No. 74/2019 – Central Tax dated 26/12/2019, inserted a proviso:              “Provided also that the amount of  late fee pay

Are you GST Return non-filer? Here is what you should know about procedure to be followed by GST department in case of non-filers.

Important and must know changes in Public Provident Fund before advising clients to invest in PPF Account As per Ministry of Finance   notification   (GSR 915 E) dated 12th December 2019, there have been made some changes in the Public Provident Fund Scheme (PPF) Salient features of new PPF Scheme are as follows: 1. Can Joint Accounts be opened under the PPF Scheme?  Joint account shall not be opened under new PPF Scheme. 2. What is minimum and maximum amount can be deposited in PPF Account? Earlier account holder was allowed to deposit in multiple of Rs. 100/- which is now reduced to Rs. 50/-  Minimum amount of deposit is Rs. 500/-  and maximum is Rs. 1,50,000/- in a year. Cumulative deposit in a account is restricted to Rs. 1,50,000/- (a person can deposit in PPF account up to 1,50,000/- including minors account)    3. Limit on Number of deposits in PPF account: Earlier account holder was allowed 12 (Twelve) deposit transactions in PPF account, now th

GSTR 9C- New offline tool available finally ! Most awaited updated Offline Utility of GSTR – 9C is finally available on https://www.gst.gov.in/download/gstr9c Few changes in release 1.5 : Multiple fields now accept negative values. Column 14S made optional Cash flow statement is now optional. Multiple changes in certificate as amended. Fixed some records stuck as in progress when uploading JSON file. New Utility GSTR-9C offline Utility V1.7 available w.e.f 24/02/2021, please downlead latest utility before preparing annual return 

Last  date for filing GSTR-3B has been extended to December 23, 2019.  #Flash News On www.gst.gov.in Also check CBIC tweet @ https ://twitter.com/cbic_india/status/1208329188425363456?s=09 #Update to blog date 23/12/2019 Access notification issued on 23/12/2019 http://cbic.gov.in/resources//htdocs-cbec/gst/notfctn-73-central-tax-english-2019.pdf

E-Invoices under GST The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020. Who is liable to prepare e-invoices? Registered person, whose aggregate turnover in a financial year exceeds one hundred crore (Rs. 20 Crore w.e.f. 01/04/2021) * rupees, as a class of registered person who shall prepare e-invoice. Is there any facility to prepare e-invoices? The Common Goods and Services Tax Electronic Portal for the purpose of preparation of the invoice: www.einvoice1.gst.gov.in; www.einvoice2.gst.gov.in; www.einvoice3.gst.gov.in; www.einvoice4.gst.gov.in; www.einvoice5.gst.gov.in; www.einvoice6.gst.gov.in; www.einvoice7.gst.gov.in; www.einvoice8.gst.gov.in; www.einvoice9.gst.gov.in; www.einvoice10.gst.gov.in # http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-69-central-tax-english-2019.pdf Is there

Forms available on GST Portal for Taxpayers and Tax Officials Government has issued various forms for GST related compliances to be made by taxpayers and for taking actions on them by tax officials. Various forms issued for registration, filing returns or refunds etc. have been made available on the GST Portal. To know the details of GST Forms on GST Portal :- VIEW LIST OF ALL FORMS To download all notified forms :- DOWNLOAD ALL FORMS *Last updated as on 05/05/2020

LETTER OF AUTHORITY I/We ________________ Proprietor/Partner/Director of _______________________ hereby authorize Mr/Mrs/ CA __________________________ [   to appear, represent and settle on my/our behalf the Income tax assessment proceeding/s before the Income tax officer / Assistant/Dy. / Commissioner of Income tax or in appeal before the Appellate Assistant Commissioner of Income   Tax, Commissioner of Income tax (Appeal) or the Appellate tribunal or the Board of Direct taxes for the assessment year 20XX-XX and   [ to produce accounts and documents / statements and to receive on my/our behalf any notice or documents / statements issued in connection with the said proceedings ] or/and [ to apply for, obtain and receive refund order in respect of the said assessment (if any) and ] or/and [ to apply for copies of the Income tax assessment order, the Appellate order or the order of the Commissioner of Income tax, the Central Board of Direct-taxes ] . I/

Availability of National Electronic Funds Transfer (NEFT) System on 24x7 basis RBI has decided NEFT facility will be available 24*7*365 DAYS from 16th December, 2019. Features of new NEFT facility:  There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours. The system will be available on all days of the year, including holidays. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks. The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue. Banks will ensure sending of positive confirmation message (N10) for all NEFT credits. All provisions of NEFT procedural guidelines will be applicable for NEFT 24x7 transactions as well. Nationa

E-Way Bill system will have a new feature of blocking/unblocking of the taxpayers, from generating e-way bills. That is, if the GST taxpayer has not filed Return 3B (as per 38th GST Council Meeting  dated 19/12/2019, it is proposed to include GSTR1 as well ) for the last two successive tax period in GST Common portal, then that GSTIN will be blocked for generation of e-way bill either as consignor or consignee. Blocking and Unblocking of E-Way Bill generation facility in EWB Portal 1. Why my GSTIN is blocked for E-Way Bill generation facility? Your GSTIN will be blocked for E-Way Bill generation facility, in case, you have  failed to file Form GSTR-3B return for last two or more consecutive tax periods. 2. How can my E-Way Bill generation facility be unblocked? Your E-Way Bill generation facility would be automatically unblocked on the EWB Portal when you file your GSTR-3B Return and the default in Return filing reduces to less than two tax periods.   You may

Stamp Duty Rates for frequently used registrations in  Maharashtra Sr Description of Instrument Stamp Duty 1 Affidavit ( Exemption:   for use in the Court or Tribunal), as a condition of enrollments  under the air force act 1950 or navy Act 1957 ₹ 100 2 Articles of Association of a Company   On the share capital, thereof subject to a nominal capital or increased share capital ( Exemption    S. 8 companies) 0.2% subject to a maximum of ₹ 50,00,000 3 Customs / Excise Bond   in respect of duties payable/pursuant to Order of any Excise/Customs Officer ₹ 500 4 Divorce ₹ 100 5 A Gift   (other than a settlement, will or transfer) Same duty as on conveyance. ♦Provided that, if the property is gifted to a family member being the husband, wife, brother or sister of the donor or any lineal ascendant or descendant of the donor, then the amount of duty, charge