Dear All,
Please find below for due dates of Statutory compliance required to adhere in the month of January 2019 (December Commitments)
Download Attachment. >> Statutory Compliance Chart for the Month of January 2019
Sunday, 2 December 2018
Statutory Compliance Chart for the Month of January 2019 (December Commitments )
Please find below for due dates of Statutory compliance required to adhere in the month of January 2019 (December Commitments)
Download Attachment. >> Statutory Compliance Chart for the Month of January 2019
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
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
Email: anand.chandak12@gmail.com
Web: www.agchadank.com
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)
(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.
CA Anand Chandak
Office 02, Gear 77
Kalyani Nagar |Pune 16
Connect- +91 9423734647/ 7757024647
Email: anand.chandak12@gmail.com
Web: www.agchadank.com
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.
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
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