Chartered Online Celebrates 1,00,000 Plus Subscribers

25 April, 2018

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Audit Under GST - Basics Concepts and Advantages

GST Audit – Some Basics

1. Introduction

1.1   The concept of audit by a Chartered Accountant in the area of Indirect Taxes was confined to State Value Added Tax and Central Sales Tax laws of certain States. In Central Excise and Service tax only in case of suspicion of undervaluation or excessive credit special audits were prescribed (not much used) which continue in GST. Therefore, Chartered Accountants engaged in rendering professional services in the areas of State taxes would be familiar with those provisions. The GST law has subsumed several Indirect Tax laws – among others, it subsumed Central Excise, Service Tax, Luxury Tax, Entertainment Tax, VAT/CST, Entry tax laws etc.; certain levies under the Customs laws have also been subsumed into the GST laws.

1.2   It would be relevant to note that the skill sets acquired in the understanding of the statutes that have been subsumed into the GST laws would help in better understanding of the GST laws since several provisions of the Central and State enactments have been replicated (fully or partially) in the GST laws – say, for instance, the provisions of Place of Supply of Services, Time of Supply of Services, Valuation of Supply Rules, etc. That being said, one needs to exercise caution in reading and understanding the subtle departures or changes in the statute in comparison with the erstwhile legislations, in which case, one has to enhance the understanding of the fully taken forward provisions. He also needs to unlearn the old laws and learn the GST laws afresh for a complete understanding of the taxing statute.

10 April, 2018

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Intra State EWAY Bill Rollout for Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh from 15th April, 2018

Roll-out of e-Way Bill system for Intra-State movement of goods in the States of Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh from 15th April, 2018.

Posted On: 10 APR 2018 11:26AM by PIB Delhi
As per the decision of GST Council, e-Way Bill system for all inter-State movement of goods has been rolled-out from 01stApril, 2018. E-way Bill system for Intra-State movement of goods in the State of Karnataka is also operational from the said date.  E-Way Bills are getting generated successfully and till 09thApril, 2018 more than sixty three lakh e-Way Bills have been successfully generated.
It is hereby informed that e-Way Bill system for Intra-State movement of goods would be implemented from 15th April, 2018 in the following States:-
(i)         Andhra Pradesh
(ii)        Gujarat                                               
(iii)       Kerala
(iv)       Telangana
(v)        Uttar Pradesh

05 April, 2018

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Are You Making NRI Property Investment in India – Here are Few Things You Should Know about FEMA, Income Taxes & GST !


NRI Property Investment in India – FEMA, Income Taxes & GST Viewpoints !

By CA Ankit Gulgulia (Jain)

Non Residents Indians have always been keen and interested to make property acquisitions in India for either Return purpose or for staying in old age etc. If you are a NRI reading this post, know this that we will quickly sum up few FEMA Compliances, Impact of Income tax and Applicability of GST on your Property Purchase in this post.

QUICK FACT à Overseas investments have surged 137 per cent, from USD 3.2 billion during 2011-13 to USD 7.6 billion during 2014-16.

21 March, 2018

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Real Estate ALERT – INCOME Tax Will Only Consider Turnover as per ICDS


Real Estate ALERT – INCOME Tax Will Only Consider Turnover as per ICDS

BY CA Ankit Gulgulia (Jain)

Finance Bill, 2018 has newly inserted Section 43CB which provides that profits and gains arising from Construction Contract shall be determined in accordance with PUCM Method of ICDS Only
"43CB. ( 1) The profits and gains arising from a construction contract or a contract for providing services shall be determined on the basis of percentage of completion method in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145:
Provided that profits and gains arising from a contract for providing services,-
(i) with duration of not more than ninety days shall be determined on the basis of project completion method;

15 March, 2018

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Benefits of Chapter VIA Deductions only allowable now if Return filed within Deadlines of 139(1)


Benefits of Chapter VIA Deductions only allowable now if Return filed within Deadlines of 139(1)

By CA Ankit Gulgulia (Jain)

All Chapter VIA – Heading C Deduction shall now be allowable only if the assessee has duly filed the returns on or before the Due Dates Prescribed under Section 139(1). Note that Chapter VIA heading C Includes following Sections. Note Deduction under Section 80C not covered and deduction will comtinue to be eligible even if filed after due dates.

28 February, 2018

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Supreme Court Painfully Surprises- Denies Cenvat Credit on Outward Goods Transportation !


Cenvat Credit on Outward Goods Transportation Denied! – Supreme Court Judgement Will Hurt Many Assesses

By CA Ankit Gulgulia (Jain)

Supreme Court set aside all High Courts and Tribunals orders to decide that Outward GTA shall not be allowed as Input services making all such cenvat claims by assessee as ineligible 

27 February, 2018

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Centralized Communication Centre – Your New Income Tax Officer !


Centralized Communication Centre – 

Your New Income Tax Officer !

The CBDT i.e. Board of Direct taxes has recently issued a very interesting Notification that leads to pave the way for establishing a Nodal Centralised Communication Centre which will incidentally act as your sole departmental interface. You or your CA/Advocate will have to directly reply to the communications from Centralized Communication System.

26 February, 2018

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Why 31st March, 2018 is the Big Date??


Why 31st March, 2018 is the Big Date??

Yes, every year comes 31st March with all closings and stock verifications etc, but this year onwards every 31st March will mark the last date for which a Income tax return can be filed for the Assessment year.

31.3.2018 is the last date for filing Income tax Return for AY 16-17 and 17-18. No more does the law allows relaxation of filing belated return as 1 year from end of Relevant Assessment year. From now onwards, the return has to be filed within the relevant assessment year along with Applicable Interest if any.

25 February, 2018

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GSTR3B Problem Resolved:- TRAN-1 Filed not Submitted, Government Reopened the Window

GSTR3B Problem Resolved:- TRAN-1 Filed not Submitted, Government Reopened the Window

We earlier discussed this problem faced by so many dealers where TRAN-1 was filed without DSC led to an error by virtue of which even his monthly GSTR-3B’s could not be filed. Now, there seems to be solution coming for the same. Assessee’s have got mails from GSTN on underlined details.

From: donotreply@gst.gov.in [mailto:donotreply@gst.gov.in] 
Sent: Saturday, February 24, 2018 2:20 AM
To:xxxxxxxxxxx 

Subject: Information Required related to Tran-1 Form

24 February, 2018

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How to File Letter of Undertaking Online under GST

How to File Letter of Undertaking Online under GST

Dear Reader,

Much to the relief of exporters all across the country be it of Goods or services, now GSTN has enabled online filing of letter of Undertaking LOU. We have simply collated step by step procedure for you to file the LUT. Happy Filing !!

Instructions for filing LUT online on GST Portal:-