Indian GST & TAXES

TDS, TCS for GST kick-in from October 1: Deduction, registration, compliance, challenges – All you need to know TDS, TCS for GST kick-in from October 1: Deduction, registration, compliance, challenges – All you need to know The GST law requires TDS to be deducted by certain specified Government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs. 2,50,000. By: September 27, 2018 8:08 PM NEXT The sudden but delayed implementation of TDS provisions from 1 st October 2018 has presented certain challenges amongst the industry. By Badri Narayanan & Shweta Walecha After the GST regime gained momentum, the government decided to introduce TDS and TCS provisions. The GST law requires TDS to be deducted by certain specified government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs 2,50,000. The recipient of supply i.e. the TDS Deductor is obligated to deduct 2% (1% CGST + 1% SGST) from the payment made or credited for taxable goo

Tax audit and ITR due date extended to 15th October CBDT extends due date for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s 234A of IT Act will remain

Compliances under GST to be done before 30th Sept GST has completed its first financial year (July 17 - Mar 18) and are certain critical issues to be considered by the taxpayers on or before 30 September 2018. Certain critical areas requiring urgent attention is captured below: Outward supply: In terms of Section 34(2) of CGST Act 2017, the Company is entitled to adjust the output liability in respect of credit note(s) issued for the outward supply of goods or services or both pertaining to the period of July to Mar 2018 till the end of 30 September 2018, beyond which the adjustment of output liability will not be allowed. Further, please note invoice(s)/debit note(s) which are not declared in the respective month’s returns will attract interest at the rate of 18% Inward supply: In terms of Section 16(4) of CGST Act, 2017, the Company is entitled to claim ITC in respect of invoice(s) or debit note(s) for supply of goods or services or both after the due date of furnishing of the retur

*Checklist for filing of GSTR 3B for the month of September 2018* *As per the provisions of Sub-section 4 of Section 16 of the CGST Act 2017, input tax credit can be claimed on the tax invoices or debit notes issued by the supplier in the previous financial year for supply of goods or services or both has to be claimed by 20th October 2018 i.e. before filing of the monthly return for the month of September 2018 basis of provisions of Section 39 of the CGST Act or filing of annual return as per provisions of Section 44 whichever is earlier. As GST is rolled out from 1st July 2017, the input tax credit on all in the inward supply of goods or services or both has to be claimed by 20th October as the due date for filing of September 2018 GSTR – 3B is that date based on the provisions notified wide Notification No. 34/2018 – Central Tax dated 10th August 2018.* *Basis of the above provisions it is clear that input tax credit can be claimed only for all the transaction from 1 st July 2018

*GST Practitioner Examination* Mode: Computer Based Exam.💻 Link for registration: https://nacin.onlineregistrationform.org/ *(The registration portal will be activated on 25th September, 2018 and will remain open up to 10th Oct 2018)* GST Practitioner Exam 2018: Date, syllabus, registration, form, fees, eligibility- All details here National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs). The examination for such GSTPs shall be conducted on 31.10.2018 from 1100 hrs to 1330 hrs If you want to become a certified GST practitioner, this may be your chance. National Academy of Customs will conduct exams for confirmation of enrollment of Goods and Services Tax Practitioners. It will be a Computer Based Exam. The Registration for this exam can be done by the eligible GSTPs on ' nacin.onlineregistrationform.org '. The registrations link

Finance Ministry has launched One-Time scheme to waive off late fee payable for delayed filing of Form GSTR-1. The Finance Ministry said in the press release that, “the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR-1, a one-time scheme to waive off late fee payable for the delayed furnishing of FORM GSTR-1 for the period from July 2017 to September 2018 till 31.10.2018 has been launched.

What happens if you miss ITR filing deadline An INCOME TAX RETURN is the tax form or forms used to file income tax with the Income Tax Department. The tax returns usually in a predefined worksheet format where the income figures used to calculate the tax liability are written into the documents themselves. The due date for filing of Income Tax Returns for Assessment Year 2018-19 is 31.07.2018 for certain categories of taxpayers. Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘due date' for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers. Central Board of Direct Taxes (CBDT) hereby further extends the 'Due Date' for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were liable to file their Income Tax Returns by 31st August, 2018. DUE DATE OF FILING INCOME TAX RETURN FOR FY 2017-1