Tuesday, 20 March 2018

Must-do’s before 31st March-A quick checklist


                     Things to do before the end of 31st March 2018:

1.    Linkage of Aadhaar with PAN: It must be noted that the return of income tax payer will not be processed if Aadhaar is not linked to PAN. However the deadline for linking of Aadhaar with mobile phones and bank account has been extended infinity.

2.    Filing of Pending Returns:  31st March, 2018 is the last date for filing Income tax return for AY 2016-17 and 2017-18. One must file the belated income tax return by the end of 31st March, 2018.

3.    Compulsory investment under PPF: The minimum compulsory annual contribution to PPF account is Rs. 500. So if you have PPF Account then you need to contribute at least Rs. 500 per financial year. The last date of this contribution is 31st March, 2018

4.  Calculation of Deductions: Certain Deductions are allowed to individual tax payers for Investment made in certain specific sectors in order to avail tax benefit. Such calculation shall help you to further diversify the Investments for maximum Deductions like u/s 80C, 80D, 80G etc.

5.  Investment Strategies to claim deductions: Various investments are allowed to claim exemptions and deductions along with benefit of opportunity to earn returns on such investments. Thus to avail maximum deductions, such investments are to be made before 31st march to include it in the previous year for the future prospect.

6.   Claim reimbursements in case of salaried employees: Salaried individuals are entitled to certain reimbursements on the basis of their salary structure such as medical reimbursements, Telephone, leave travel, house rent allowance etc. To claim such tax exemption, such persons need to submit the proof of such expenses to their employers.

7.    New series for tax invoice – If anyone wants to change the series for billing in the new year, then he can do that from 1st April. New numbering should be started form 1st April.

From GST prospective

8.    Reversal of Input tax credit – As per the rules of Input tax credit, after issuance of tax invoice if receiver does not made the full payment of amount  within 180 days then the credit taken on that invoice is to be reversed. And whenever the payment is made, the receiver can take the credit of the amount. Therefore the aging analysis of the debtors and creditors is to be done. all old invoices  issued before 1st October, 2017, should be paid before 31st March 2018.

9.   E way bill – It is compulsory to issue E way bill from 1st April, 2018 for inter state transport.  In case of interstate supply, the goods are in transit as on 1st April, 2018, it is compulsory to generate e way bill for them. Therefore, it is necessary to take the registration under E way bill system before 31st March.

10.  Reconciliation – All the taxpayers should reconcile the cash ledger, credit ledger and liability ledger with their books of accounts. All the entries should be done before the year end. Also debit note, credit note, rate difference, discount, etc also to be reconciled.

11.  HSN Code in the Invoice – Before preparing first invoice in the new financial year, taxpayers should check the turnover for the year 2017-18. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2-digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices.

12.  Composition scheme – If any taxpayer wants to register under composition scheme then he can apply in Form GST CMP – 02 before 31st March. Similarly, those who wants to cancel the registration under composition scheme, they have to apply in Form GST CMP – 04 before 7th April. They have to calculate the effects of ITC on closing stock.

13.  Monthly/ Quarterly returns – Taxpayers should check the turnover for the year 2017-18. If the aggregate turnover is above Rs. 1.5 Crore then the taxpayers have to file monthly return. If the aggregate turnover is below Rs. 1.5 Crore then the taxpayers have an option to file the quarterly GST returns. Taxpayer can choose any of the option.

14.  Form GST TRAN 2 – The taxpayers who have filed the TRAN 1 and have taken the credit of Excise duty paid, without any documents, they have to file the details of outward supplies for six months in TRAN 2 before 31st March 2018 for availing 40%/ 60% credit.

15.  GSTR 6 – Input service distributor has to file GST return in form GSTR 6. So 31st March is the due date to file GSTR 6 from July 2017 to February 2018.

16.  Refund – As in Maharashtra VAT, there was a provision of refund for excess input tax credit, there is no such provision in GST law. Excess credit needs to be carried forward compulsorily.

17.  GSTR 2 – Details of purchases are reflecting on the portal in the form GSTR 2A. All the taxpayers should check the details of purchases before 31st March.

18.  Valuation of the closing stock – At the time of valuation of closing stock as on 31st March, the input tax credit taken on raw material, consumables, semi finished goods is to be calculated. In Excise, there was a concept of making provision for the tax payable on the finished goods as on 31st March, no such concept was introduced in the GST.

19.  Anti profiteering –– Do the comparative check of the gross profit earned for March 2018 with the gross profit of financial year 2016-2017 or gross profit for April 2017 to June 2018. If the gross profit ratio for the March 2018 is higher, then taxpayer should check whether he is trapped in the Anti profiteering or not?

Reach us :
A. G. Chandak & Associates 
Office No. 2, Gera 77, Kalyani Nagar, Pune 411 006 

Email : info@agchandak.com ,  
Tel: 7757024647 /9423734647

Sunday, 4 March 2018

STATUTORY COMPLIANCE CHART: MARCH 2018 (FEB. COMMITMENTS)

Dear All, 
Please find below for due dates of Statutory compliance required to be adhered to in the month of March 2018 (February Commitments)
Please note that this is a general list capturing most of the compliance applicable to all our clients, hence it is quite possible that some of the compliance/due dates mentioned therein might not be applicable to you or your firm/Company.
In case of any queries, please feel free to revert back.

​Thanks and Regards,

CA Anand Chandak
Office 02, Gear 77
Kalyani Nagar |Pune 16
Connect- +91 9423734647/ 7757024647

Tuesday, 30 January 2018

Statutory Compliance Chart for the month of February 2018 (January Commitments)

Dear All, 

Please find below for due dates of Statutory compliance required to be adhered to in the month of February,2018
(January 2018 Commitments)

Please note that this is a general list capturing most of the compliance applicable to all our clients, hence it is quite possible that some of the Compliance / due dates mentioned therein might not be applicable to you or your firm/Company.
In case of any queries, please feel free to revert back.


CA Anand Chandak
Office 02, Gear 77
Kalyani Nagar |Pune 16
Connect- +91 9423734647/ 7757024647

Tuesday, 16 January 2018

Important key features of E-Way Bill


Some Important key features of E-Way Bill :


Q-1 Who is responsible for E-way Bill?

 The responsibility for E-way Bill is :
Ø  The Supplier
Ø  The Receiver
Ø  The Registered person if Purchase or sale from a Un-Registered dealer

To generate the e-way bill, it is essential that the person shall be registered person and if the transporter is not registered person it is mandatory to get enrolled on the common portal of E-way bill www.ewaybill.nic.in/ before generation of the e-way bill.


Q-2 What type of supply is cover under E-Way Bill?

  There is all type of movements of Goods are Cover under E-Way Bill. Including Intra state sales, Interstate, Rejection, Sale Return and Material sent for Job Work, exhibition.


Q-3 What amount is covered under E-Way Bill?

  If the total Value of material who load in a single vehicle more than 50000/= E-way bill will be generated by the Transporter.


Q-4 How many part file in E-way Bill?

  There is 2 part of E-way bill, it’s A and B. in part A,we fill the detail of Goods receiver, items detail and Value of Goods. And Part  B is Column  of Transporter detail ,mean Transport name, vehicle number, and GR number.


 Q-5 Can transport the goods with the e-way bill without vehicle details in it (Limit of Part –B)?

  However, where the goods are transported for a distance of less than 10 K.m. within the State from the place of business of consignor, then the vehicle number is a not mandatory.


 Q-6 What is the Identity of Goods in E-way Bill?

  The Goods will be Identified with the HSN Code shown is E-way Bill.


Q-7 Any Printout of E-way bill need with the Invoice of Goods?

  No Printout need with the Invoice of Goods, show only number of E-way bill in front of Invoice.


Q-8 What is Consolidated E-way Bill?

  Consolidated E-way bill is generated when the transporter is carrying multiple consignments in a single vehicle. Consolidated E-Way allows the transporter to carry a single document,instead of a separate document for each consignment in a conveyance.


Q-9 What is the validity of E-way Bill?

 The validity of E-way Bill is:
                          00 to 100 Km. :  01 Days
                         100 to 300 Km.:  03 Days
                         300 to 500 Km. : 05 Days   
                       500 to 1000 Km. : 10 Days
                More than 10000 km.:  15 Days
If validity of the e-way bill expires, the goods are not supposed to be moved. However, under circumstance of ‘exceptional nature’, it can be extended by the Commissioner of the state.The procedure for the same will be notified later.

Q-10 What is the penalty of non-filling of E-way Bill ?
       
The penalty of non-filling of E-way Bill is 200% of GST value of invoice..
There is no editing in E-way bill after final submission.


Q-11 How to generate the e-Way Bill from different registered business places?

The registered person can generate the e-way bill from his account from any registered
Business places. However, needs to enter the address accordingly in the e-way bill.
Dealer can also create multiple sub-users and assigned to these places and generate the eway bills accordingly.

Q-12 What are the modes of e-way bill generation, the taxpayer can use?

The e-way bill can be generated by the registered person in any of the following methods;-
Ø  Using Web based system
Ø  Using bulk upload facility
Ø  Using SMS based facility
Ø  Using Android App
Ø  Using Site-to-Site integration
Ø  Using GSP ( Goods and Services Tax Suvidha Provider)


Q-13 How can the tax payer use the SMS facility to generate the e-Way Bill?

  The taxpayer has to register the mobile numbers through which he wants to generate the e way bill on the e-way bill system.


Q-14 How can the taxpayer use the Android App to generate the e-Way Bill?

  The tax payer has to register the EMEI numbers of the mobiles through which he wants to generate the e-way bill on the e-way bill system.


Q-15 How to generate e-way bill for multiple invoices belonging to same consignor and consignee?

   For each invoice, one EWB has to be generated, irrespective of same or different consignors or consignees are involved. Multiple invoices cannot be clubbed to generate one EWB. However after generating all these EWBs, one Consolidated EWB can be
prepared for transportation purpose, if they are going in one vehicle.


Q-16 How does transporter come to know that particular e-way bill is assigned to him?

Ø    The transporter can go to reports section and select ‘EWB assigned to me for trans’ and see the list.
Ø    The transporter can go to ‘Update Vehicle No’ and select ‘Generator GSTIN’ option and enter taxpayer GSTIN, who has assigned or likely to assign the EWBs to him.
Ø    The tax payer can contact and inform the transporter that the particular EWB is assigned to him.


Q-17 What has to be done by the transporter if consignee is refuses to take goods or rejects the goods for quality reason?

  The transporter can get one more e-way bill generated with the help of supplier or recipient by indicating supply as ‘Sales Return’ and with relevant document details and return the goods to supplier as per his agreement with him.


Q-18 How does the tax payer or recipient come to know about the eway bills generated on his GSTIN by other person/party?

Ø He will get one SMS everyday indicating the total e-way bill activities on his GSTIN.
Ø He can go to reject option and select date and see the e-way bills. Here, system showsthe list of e-way bills generated on his GSTIN by others.
Ø He can go to report and see the ‘EWBs by other parties’.


Q.19. Whether the E way bill is helpful for filing the GSTR 1?

  While generating the E way bill, tax payer can see the fields with green star mark. It is advisable to fill these fields so that the GSTR 1 is automatically prepared for the next month.


Q. 20. What if the vehicle has been changed?
  The vehicle number of changed vehicle can be updated but the transporter has to carry the E way bill with the updated E way bill.


You can reach us to :

Office No. 2, Gera 77, Kalayani Nagar,
Pune 411 006
Tel: 7757024647 /9423734647


Monday, 4 December 2017

Statutory Compliance Chart for the month of December 2017

Dear All, 

Please find below for due dates of Statutory compliance required to be adhered to in the month of December ,2017( November Commitments)

Please note that this is a general list capturing most of the compliance applicable to all our clients, hence it is quite possible that some of the
Compliance / due dates mentioned therein might not be applicable to you or your firm/Company.

https://drive.google.com/open?id=1HBzwB5YLewMxtwlzcXE6R8Y0_L8JaJ_u

In case of any queries, please feel free to revert back.


CA Anand Chandak
Office 02, Gear 77
Kalyani Nagar |Pune 16
Connect- +91 9423734647/ 7757024647

Statutory Compliance Chart for the month of December 2017


Dear All, 

Please find below for due dates of Statutory compliance required to be adhered to in the month of December ,2017( November Commitments)

Please note that this is a general list capturing most of the compliance applicable to all our clients, hence it is quite possible that some of the
Compliance / due dates mentioned therein might not be applicable to you or your firm/Company.

https://drive.google.com/open?id=1HBzwB5YLewMxtwlzcXE6R8Y0_L8JaJ_u

In case of any queries, please feel free to revert back.


CA Anand Chandak
Office 02, Gear 77
Kalyani Nagar |Pune 16
Connect- +91 9423734647/ 7757024647

Wednesday, 15 November 2017

GST Updated due date Chart


After 23rd GST Council Meet on 10th Nov.17 Followings are Revised Due date

 

GSTR-1 due dates
GSTR – 3B Due Date

For Turnover  up to  Rs.1.5 Cr

For Turnover  more than  Rs. 1.5 Cr

Mandatory irrespective of Turnover

Period (Quarterly)
Due dates

Period
 Due Dates
Month
Last Date

July- Sept
31st Dec  17

July to Oct
31st Dec 17
Augt
20th Sept 17

Oct- Dec
15th Feb  18

Nov
10th Jan 18
Sept
20th Oct 17

Jan- Mar
30th April 18

Dec
10th Feb 18
Oct
20th  Nov 17


Jan
10th Mar 18
Nov
20th  Dec 17


Feb
10th Apr  18
Dec
20th  Jan 18


March
10th May 18
Jan
20th  Feb 18




Feb
20th  March 18






March
20th  April 18

For turnover of more than Rs 1.5 cr
Timelines for filing of GSTR-2 and GSTR-3 for July to March 2018 to be worked out by Committee of Officers. However, subsequent month filing of GSTR-1 will not be impacted.
Others GSTR filing extensions

Return


Revised Due Date


Old Due Date

GSTR-5 (for Non Resident)

15th Dec 2017

20th August 2017

GSTR-4 (for Composition Dealers)

24th Dec 2017

18th October 2017

GSTR-6 (for ISD)

31st Dec 2017

13th August 2017

Late fee & Interest

  • Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.
  • Late fee is Rs. 50 per day for NIL return late fees reduces to Rs 20 per day.
  •  

  • Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back in Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.

Other Points :
  • TRNAS 1 to be filled before 31 December 2017.
  • GSTR-3B has been extended to March 2018
  • All businesses to file GSTR-3B by 20th of next month till March 2018.
  • All businesses to file GSTR-1 and GSTR-3B till March 2018.
  • Turnover under Rs 1.5 Cr to file quarterly GSTR-1
  • Turnover above Rs 1.5 Cr to file monthly GSTR-1
  • GSTR-2 and GSTR-3filing dates for July 2017 to March 2018 will be worked out later by a Committee of Officers

 





You can reach us to :
Office No. 2, Gera 77, Kalayani Nagar,
Pune 411 006
Email : info@agchandak.com ,

Tel: 7757024647 /9423734647