New Simplified GST Returns - Key Feature & Highlights of Changes

CBIC has released new simplified GST returns for the taxpayers

CBIC (Central Board of Indirect Taxes and Customs) has recently released the format of the drafts for the simplified GST. This format is for the simplified GST for quarterly and monthly returns. CBIC has also listed down a lot of salient features of this new release directly related to the stakeholders and the information of industry and trade’s business processes.

This new release contains the information about the simplified new return that would end all the existing forms and would allow the taxpayers to file just one return, which is to be filed every month. The return could also be filed by an SMS with a NIL return. The document has been approved on the 28^th GST Council meeting which also decided that the taxpayers with up to 5 crores of the annual turnover can file the return quarterly. 

{VIDEO} - Decoding INDAS 115 for Manufacturers, Real Estate & Contractors

Decoding INDAS 115 for Manufacturers, Real Estate & Contractors

Cash-On-Delivery Not Authorised

Cash-On-Delivery Not Authorised

Age of Online shopping
In today’s era, online retailers have taken up a large proportion of the market. Not only is
everything available on the online market, it is also found at a much cheaper rate and with
numerous discounts as well as offers. This is why the focus of various customers has shifted
from the offline retail stores to online ones. This is because customers find the factor of
convenience when it comes to online retail stores. This is because they find everything
under one platform. This saves time as well as the energy to actually go to an offline retail
store and go through all the clothes that are available there.

Ease Of Online Shopping
Online markets also provide the convenience of getting the clothes delivered to your
doorstep with a single touch. The mode of payment can also be selected according to one's
convenience. However, there have been various controversies relating to the mode of
payment used by online retailers in today's online market. As the Government is in a
desperate attempt to prevent black money, the method of cash-on-delivery is something
which comes in the way of that. This is because of the very fact that the cash received
cannot be tracked in any way.

Issues with COD
According to the RBI, the cash-on-delivery method of payment options lies in the regulatory
grey areas. This is because the Government has no track of how much cash is actually being
received when the product is being given to the particular customer. When a card
transaction is being done, it records the amount that comes and a receipt is generated. This
is in contradiction to a cash transaction where the only proof is the word of mouth of the
delivery person or the online retailer. This provides a chance for speculation. This is not the
only reason why cash-on-delivery is considered as a grey area. It is also the fact that the
cash-on-delivery method is the easiest way for customers to convert their black money. By
ordering through online portals, one can easily use the black money that he or she
possesses to pay off for such items. This is because this calls for no doubt as no proof will be
available that that indeed is black money.

Decisions To Be Taken By RBI
A person looking to hide his black money or run away from a certain scam relating to black
money can easily pay it off using this cash-on-delivery payment option. Thus, the RBI is
skeptical about this method. It is still under consideration whether it is completely
authorized or not. This matter was brought up by a Right to Information query where it was
questioned about how and when the money is being received through this particular mode
of payment being tracked. Another factor is that a lot of people are included in the process.
This implies towards all the people starting right from the seller to the intermediaries to the
customers who are involved in this long process. The frequency with which the money
changes hands is something which cannot be tracked through this process. The actual cash
going out and the actual cash coming in can never really be accounted for during this entire
process.

However, the Reserve Bank of India (RBI) has not issued any instructions regarding
this particular matter yet. This is still being taken into consideration in accordance with the
rules and regulations along with the law. This will be a major setback for e-commerce giants
like Amazon and Flipkart as they heavily rely on the cash-on-delivery method of payment.
Statistics have shown that the cash-on-delivery payments account for about 50% of their
total payments received. However, it is controversial and is still being taken into
consideration so as to find the best possible solution for the online markets as well as the
Government.

RERA - An Imperative to structure the Secondary Real Estate In A Transparent Way

RERA - An Imperative to structure the Secondary Real Estate In A Transparent Way

When RERA (Real Estate Regulatory Authority) was implemented in 2016 there were many apprehensions in the industry of its adoption and effectiveness into the Primary Real Estate market. RERA made its initial impact when the market faced a shrunk and transactions remained flat, RERA played its vital role in bringing back the consumer confidence in major aspects where we can see the market bouncing back into effective manner. While RERA ensures the consumer in protecting their interests and gains consumer confidence it is no way surprising there are of 20,000 developers in the market comparatively having 45,000 developers earlier. It does not bring professionalism alone but boosts consumer to start dealing with organized entities to have a longer stake in the business.

Form 3CD – Tax Audit Form & Changes Thereto

Form 3CD – Tax Audit Form & Changes Thereto

Every trade with revenue more than a certain threshold undergoes the Income Tax Audit where Qualified Tax Auditors verify the ‘Income Tax Return’ report that is being submitted by evaluating financial records of the enterprises to determine whether the taxpayer complies to the Income tax laws. Income tax Audit comes under the Central Board of Direct Taxes having a yearly report to be submitted to the Income-tax department by the Tax auditors after furnishing their information accordingly. An Assesse’s due date for the submission of Audit Report is on or before 30th September of the Assessment Year. Though, the penalty is given appropriately for the Assesse who fails to submit on or before the due date.

Filing a Lawsuit in District Courts will be made Online across the Country

Filing a Lawsuit in District Courts will be made Online across the Country 

The Government is on the process of making almost everything online where it always has a record of it in a database sector. Filing cases and paying penalty has been made online in various states like Telangana, Maharashtra, Punjab, Andhra Pradesh and Haryana, they are initially working on to bring it across the country for easy access to the District Courts through online. In less period of time, the e-Courts will be available across the country in an efficient way with its merits and it would gradually make an impact.

The initiatives for E-courts was made in the year 2005 by the E-committee under the ‘National E-governance Projects’ and came up with the ‘Phase I’ and ‘Phase II’ of the ‘E-courts Mission Mode Project’ in enhancing the ICT. The main objective of this is to transform the Judiciary by ICT enablement courts to make Justice Delivery procedure inexpensive.

The Interim relief on disqualification of directors carried on

The Interim relief on disqualification of directors carried on

The Madras High court issued a stay order from the Registrar of Companies (RoC), Chennai that prevents an individual from being the director of a joint stock company.

This was an order issued with reference to the Companies Act, 2013, which disqualified a single person being a director of a company. This order was issued for five years and will get over in 2021.

Retailers likely to face an audit on GST rate cuts

Retailers likely to face an audit on GST rate cuts

The GST Council cut down the tax rates on a lot of goods which included chocolates, toothpaste, shaving creams, and a lot of products during November 2017. The rates were reduced from 28% to 18% on some products and some products were also exempted from GST.

The National Anti-profiteering authority has requested the director general of the audit to look into the proper auditing of the GST rates.

28th GST Council meeting; Few Important Points Discussed

28^th GST Council meeting; Few Important Points Discussed

Impact of GST

The goods and services tax, more popularly known as the GST has had a huge impact on the lives of every individual, every business and every firm that there exists. It is very important for one to realize the effects of GST on their respective businesses. This is because of the very fact that even a small and slight change in the percentage of GST charged on an item can have a massive impact on the sale and demand of the very product or service. Apart from this, every section of the society must be taken into consideration while determining the tax levied on a particular good or a service. This is because of the fact that the very purpose of GST is to reduce the income disparities between the rich and the poor.

Tighter Laws for CA’s, Valuers and Monitoring Agencies

Tighter Laws for CA’s, Valuers and Monitoring Agencies

Accountants are professionals who manage the financial functions of a company including taxes, audits, and analysis. They can be working from an accounting firm or a big company that has its own accounts department. They have other professional duties too which depend upon their education and firm employment policies. It’s almost impossible to find an establishment without a third party managing the finances.