RETURNS PRESCRIBED UNDER GST; FIND OUT HOW MANY YOU NEED TO FILE..?

IN TOTAL 27 RETURNS PRESCRIBED UNDER GST;

FIND OUT HOW MANY YOU NEED TO FILE.

With introduction of Goods and Services Tax in India, compliance for tax payers is set to go up. Service sector will get most effected since under current law, almost every service provider operated under centralised registration scheme wherein 2 returns in a year is all they file. Annual return has been recently added. Manufacturing sector is a compliance heavy industry which files monthly Excise and VAT returns (state specific).

Under GST, 27 different returns have been prescribed. Details of all the returns to be furnished by registered persons have been enlisted below:

1. Form GSTR-1: Details of outward supplies of taxable goods and/or services effected.

2. Form GSTR-1A: Details of outward supplies as added, corrected or deleted by the recipient.

3. Form GSTR-2: Details of inward supplies of taxable goods and/or services claiming input tax credit.

4. Form GSTR-2A: Details of inward supplies made available to the recipient on the basis of FORM GSTR-1 furnished by the supplier.

5. Form GSTR-3: Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.

6. Form GSTR-3A: Notice to a registered taxable person who fails to furnish return under section 27 and section 31.

7. Form GSTR-4: Quarterly Return for compounding Taxable persons.

8. Form GSTR-4A: Details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier.

9. Form GSTR-5: Return for Non-Resident foreign taxable person.

10. Form GSTR-6: ISD return.

11. Form GSTR-6A: Details of inward supplies made available to the ISD recipient on the basis of FORM GSTR-1 furnished by the supplier.

12. Form GSTR-7: Return for authorities deducting tax at source.

13. Form GSTR-7A: TDS Certificate.

14. Form GST-ITC-1: Communication of acceptance, discrepancy or duplication of input tax credit claim.

15. Form GSTR-8: Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (1) of section 43C.

16. Form GSTR-9: Annual return.

17. Form GSTR-9A: Simplified Annual return by Compounding taxable persons registered under section 8.

18. Form GSTR-9B: Reconciliation Statement.

19. Form GSTR-10: Final return.

20. Form GSTR-11: Details of inward supplies to be furnished by a person having UIN.

21. Form GST-TRP-1: Application for enrolment as Tax return preparer.

22. Form GST-TRP-2: Enrolment certificate as Tax return preparer.

23. Form GST-TRP-3: Show cause to as Tax return preparer.

24. Form GST-TRP-4: Order of cancelling enrolment as Tax return preparer.

25. Form GST-TRP-5: List of Tax return preparers.

26. Form GST-TRP-6: Consent of taxable person to Tax return preparer.

27. Form GST-TRP-7: Withdrawal of authorization to tax return preparer.

For more details, feel free to contact us at mrtandassociates@gmail.com

Regards, CA Rahul Gupta

(Practicing Chartered Accountants)
M R T & Associates, Chartered Accountants

How to Start an Online Business..?

Through this article, today i am lighting on very common and very lucrative opportunity of Online Business.

In today era, where everyone has smartphone with internet facility do online shopping and online purchasing of each and every items that may be clothes, accessories, mobiles, tv etc.

Online companies and market platforms are providing better offer and discount on products. These companies provide option to purchase products on easy EMI.

In this current business opportunity, every businessman is trying to sell online products without having physical stores. There are many market platforms on which customers do purchasing like flipkart.com, amazon.com, snapdeal.com, jabong.com or myntra.com etc.

There is another platform zepo.com which provide buyers to purchase electronics goods through BAJAJ EMI.

So in this era, a normal person also can start his online business with association of these market platforms. A small businessman can also start selling online goods.

Now to questions comes, How to start Online business ?

To start online business, any person is required to register himself as seller with market platforms.  There are some sellers market platforms below :

https://seller.flipkart.com

https://sellercentral.amazon.in/

https://sellers.snapdeal.com/

On these platforms, sellers can register himself as seller, For registration, some basic documents and details are required:

1. PAN Card
2. Firm Name or Proprietor Name
3. Bank Account of Firm
4. TIN No./VAT No. Registration Certificate

For More Queries You can send us message at mrtandassociates@gmail.com or leave a comment.

Regards, CA Rahul Gupta

(Practicing Chartered Accountants)

M R T & Associates, Chartered Accountants

How to Enroll for GST..?

The GST Enrollment has started from 16-Dec-2016 and earlier it was available till 31-Dec-2016 (extended to 31-Jan-2017).

With the help of this article, we are discussing about enrollment process of GST on <www.gst.gov.in>

Step 1: Get Provisional ID and Password from login dashboard of <haryanatax.gov.in> or <dvat.gov.in> or <aces.gov.in>. You might have received a mail of Provisional ID and Password from department. If you still not have received, then it has to be obtained from department.

Step 2: Login on <www.gst.gov.in> with this Provisional ID. After that it will ask for your Mobile No. and Email ID. Remember that this Email ID and Mobile No. is not editable. So give that only working Mobile No. and Email ID. You will get OTP on your Mobile as Text-SMS and Email-OTP.

Step 3: Enter Email-OTP and Mobile-OTP and it will ask to reset your new Password and User ID.

Step 4: Login with your new User ID and Password and Dashboard will be open. On dashboard it will ask to fill up the form with all required information.

Step 5: Give all information about your existing registrations in VAT, SERVICE TAX, EXCISE, LUXURY TAX, PURCHASE TAX etc.

Step 6: Upload all your registration certificate of VAT, Service tax, Excise, Luxury tax etc.

Step 7: Provide all information about Partners/Directors/Proprietor of Firm and update all latest information about name, address, father name etc.

Step 8: Upload all KYC documents with photographs.

Step 9: Update your Bank account details.

Step 10: Submit an authority letter duly signed in for authorizing a person to get registration and to represent in department for GST Registration. In case of Proprietorship-proprietor authorize himself, in case of partnership - authorize to partner and in case of company authorize to director.

Step 11: After Submission of all information you will can take print out of application with your acknowledgment. And you will get GST Enrollment Acknowledgement No.

Through this GST enrollment Acknowledgment, your application will be examined and reviewed. If everything is Okay, you will be provided GST Enrollment No.

For corporate, digital signature is mandatory for application of GST Enrollment. Other non corporate can apply without digital signature.

For More Queries You can send us message at mrtandassociates@gmail.com or leave a comment.

Regards, CA Rahul Gupta
(Practicing Chartered Accountants)
M R T & Associates, Chartered Accountants 

What is Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016..?

Press Release : Regarding Payment of Taxes under PMGKY 2016

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 22nd December, 2016.

Press Release

Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016 has commenced on 17th December, 2016 and is open for declarations up to 31st March, 2017.

The payment of tax, surcharge and penalty under the Scheme is to be made through challan ITNS- 287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.

The notifications relating to PMGKY are available on the website <www.incometaxindia.gov.in>. In this context, it is stated that up to 30.12.2016 the payment towards tax, surcharge, penalty and deposit under the PMGKY can be made in old Bank Notes of Rupees 500 and Rupees 1000 denomination issued by the RBI.


(Meenakshi J. Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.

For More Queries You can send us message at mrtandassociates@gmail.com or leave a comment.

Regards, CA Rahul Gupta

(Practicing Chartered Accountants)

M R T & Associates, Chartered Accountants

How to face Intimation u/s 143(1)?

When We receive Income tax Intimation u/s 143(1)?

Intimation u/s 143(1) is received by each and every assessee who file his income tax return. After filing of income tax return, it is to be sent to Bangalore CPC-Department or it can be verified online through Aadhar Card OTP or through net banking login id or through assessee Digital Signature Certificate.

When Your income tax return is processed by Income tax department, ITD send an Intimation to assessee u/s 143(1). Through this intimation, ITD communicate the result of processing of income tax return which can be one of below:

a) No Demand or No Refund: Return is accepted by income tax department as it is filed by assessee and assessee has not claimed any refund. – > NO ACTION REQUIRE

b) Demand Payable: Return is accepted by Income tax department but with some changes that result in demand payable by assessee. – > ACTION REQUIRE

c) Refund Determined: Return is accepted by Income tax department as it is filed by assessee and assesee has also claimed refund. In this case:-

    1) Refund may be less than as claimed by assessee. – > ACTION REQUIRE

    OR

    2) May be equal as claimed by assessee. – > NO ACTION REQUIRE

So Now Question is How to deal with this intimation in case of Demand Payable or if Refund is less than claimed?

The main important point to remember in this case is that if There is demand payable then It is to be treated as Notice of Demand under section 156 of the Income tax Act, 1961. Accordingly, either this demand is to be paid within 30 days of receipt of this notice or you have to reply the notice within 30 days of receipt of this notice.
Case 1: If you are satisfy with this demand, then pay it within 30 days through offline challan mode or through online tax payment.

Case 2: If you are not satisfy with demand payable, then check the difference in tax computation declared by you and computation accepted by Income tax department as below:

• Check all calculation step by step. Find the difference where is error has been made or where adjustment has been done while calculating tax by Income tax department.

• You can seek rectification as per section 154 by filing online application for rectification through your user id and password on <www.incometaxindiaefiling.gov.in> and choosing Rectification Request.

• For Filing rectification u/s 154, you should come to know the variances in schedules of Income tax return from intimation u/s 143(1).

• In case of any variance in the ‘As Entered’ and ‘As Computed’ values, kindly also refer to the Schedule CYLA along with the Schedules for the corresponding Heads of Income.

• Variance in, ‘As entered’ and ‘As computed’ figures for ‘Total Income after Deductions’ may be due to incorrect section code entered in Schedule SI or details entered under incorrect classification of schedule CG/Schedule OS’.

• Variance in ‘As entered’ and ‘As computed’ figure in schedule BFLA may be due to incomplete details furnished in schedule Unabsorbed Depreciation (Schedule UD).

• In case, if there is a claim for 89(1) relief. You have to upload form No.10E (at e-filing portal) as per the provisions of Income Tax Act, 1961.

On Filing of Rectification u/s 154, you will get Acknowledgement of Rectification Request, that should be used to track the status of Rectification Status.

For More Queries You can send us message at mrtandassociates@gmail.com or leave a comment.

Regards, CA Rahul Gupta

(Practicing Chartered Accountants)

M R T & Associates, Chartered Accountants

India Inc can enrol employees under EPF amnesty scheme..!

Companies Have To Pay Only Rs.1 Damages For Each Year Of Default

-- Amnesty scheme is open from Jan 1 up to March 31, 2017.
-- It applies in respect of employees who were not enrolled under the EPF scheme during April 1, 2009 up to December 31, 2016.

Under the amnesty scheme India Inc. has to:

-- Deposit employer's past contribution payable under the EPF scheme.
-- Deposit employee's past contribution only if it has been deducted from salary.
-- Pay interest at 12% per annum from the date of actual payment.
-- Pay a reduced nominal damage charge of Re 1 per annum for the delay.

Regards, CA Rahul Gupta
(Practicing Chartered Accountants)
M R T & Associates, Chartered Accountants
www.linkedin.com/in/cargupta 

Planning your financial calendar for 2017? Here's help on what to do each month..!!

Its a beginning of the year 2017 and its time for all assessee either to review their existing investments or have to start new investment to fulfill your goals.

Go through this calendar to fix your financial goals and tasks in the coming year. The planning will help you save, spend and invest prudently.

JANUARY

1. Fix your financial goals for the year. List out tentative investments, fixed spends and estimated big purchases.
2. Set a reminder for the due dates of premium payment for all insurance policies.
3. Also set a reminder for a fixed day every month to pay utility bills, credit card bills, etc.
4. Furnish proof of investment to your employer.

FEBRUARY

1. 1st: Budget announcement. Take note of changes in taxation rules and how your investments are affected.
2. Claim all reimbursements at workplace before the financial year-end. Some like leave travel allowance (LTA) cannot be claimed later while filing tax returns.

MARCH

1. 15th: Last date to pay the fourth and final installment of advance tax for 2016-17.
2. If you have kids, make sure you have sufficient funds in your bank account for the annual school fee next month.
3. Do not panic and make last minute, tax-saving investments that are not in line with your financial goals.

APRIL

1. Now is the time to assess your goals and risk appetite to make suitable tax-saving investments. Set an ECS mandate so that as soon the salary is deposited in your account, it flows out for investment.
2. If you are planning a May-June vacation, it's time to book air tickets and hotels to get the best deals.
3. 28th: On Akshay Tritiya, buy gold if your portfolio has less than 10% of the metal.

MAY

1. If you have received an increment or bonus, use it either to repay an expensive debt or invest it. Keep aside some amount to splurge with your family too!
2. Check your credit rating. If the credit score is low, take steps to improve it by paying bills, EMIs and credit card bills on time, every time.

JUNE

1. 15th: Last date for paying the first installment of advance tax.
2. Set a date to complete and update your paperwork, be it reviewing or upgrading insurance policies - motor, health, home - rescheduling your budget, filing bills and receipts, writing a will or re-balancing investment portfolio.
3. Check if your smart-phone, Internet and cable plan suit your needs. Alter, if needed.

JULY

1. 31st: Last date to file annual income tax returns for 2016-17. File the returns online in the first or second week of July to avoid last-minute rush. Collect all documents a week before you file it.

AUGUST

1. 15th: Take a long weekend break around Independence Day (Tuesday) to declutter your mind.
2. Make a charitable donation and avail of Section 80G tax exemption for 2016-17.

SEPTEMBER

1. 15th: Last date to pay second installment of advance tax.
2. Festive season begins at the end of this month, with Navratri from 21-29 September and Durga Pooja from 25-30 September. Prepare a list of things you plan to buy and make a budget. Try not to overshoot this budget.

OCTOBER

1. If you plan to paint or refurbish your home, now is a good time as festive discounts will be in full swing. Also buy clothes and other things to avail of sales.
2. Enjoy the festive season, but try not to overspend. Make the big-ticket purchases around Dhanteras (17 October) or Diwali (19 October), but check if these fit in your budget.
3. If you are planning to travel in December, book your air tickets and hotels now.

NOVEMBER

1. Give yourself and your money a rest by spending as little as possible this month. It's a good time to give your finances and planning a break now!

DECEMBER

1. 15th: Last date to pay third installment of advance tax.
2. Conduct an annual review of your finances and check whether you met your goals and stuck to the budget or not.
3. Finally, it's time to take a winter break. Enjoy your vacation!

For more details, please contact us at mrtandassociates@gmail.com

Regards, CA Rahul Gupta
(Practicing Chartered Accountants)
M R T & Associates, Chartered Accountants
www.linkedin.com/in/cargupta