"04 September 2017" Archive

Ganpati Bappa Morya; Bring the easy methods of GST returns!

Arjuna : Krishna, On 5th of September there will be emersion of lord Ganesha. Whole period of Ganpati went in filing Form 3B & GSTR-1. So what is next?...

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Analysis on revised Secretarial Standard 2

The Institute of Company Secretaries of India (ICSI) has recently revised the Secretarial Standard on Meeting of the Board of Directors (SS 1) and General Meeting (SS 2). The enforce ability of SS 1 and SS 2 comes from the provisions of section 118(10) of the Companies Act, 2013 (Act, 2013). The earlier SS 1 and SS 2 were made effective f...

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Demonetization, GST And Economy

If one looks at the trend in economic growth, it is seen that gross value added in the economy has been slowing down with 7.9% in 2015-16, 6.6% in 2016-17 and just 5.6% in Q1 of 2017-18. On the same lines, industrial capacity utilization as well as industrial production has been slipping. Not only this, fiscal deficit and interest rates h...

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Major changes in Secretarial Standard 1 Meeting of Board of Directors

The Standard is applicable to the Meetings of Board of Directors of all companies incorporated under the Act except One Person Company (OPC) in which there is only one Director on its Board....

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Revised Secretarial Standards applicability and why revised

Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) were approved by the Central Government under Section 118(10) of the Companies Act, 2013 on 10th April, 2015 and were published in the Gazette of India Extraordinary Part III -Section 4 on 23rd April, 2015 vide ICSI Notification No. (1) SS of 20...

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Revised Secretarial Standard on General Meetings (SS-2)

Following is the text of the revised Secretarial Standard-2 (SS-2) on General Meetings, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government. Adherence by a company to this Secretarial Standard is mandatory, as per the provisions of the Companies Act, 2013....

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Revised Secretarial Standard on Meetings of Board of Directors (SS-1)

The following is the text of the Revised Secretarial Standard-1 (SS-1) on Meetings of the Board of Directors, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government....

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ICSI releases Revised Secretarial Standards 1 and 2

The revised SS-1 & SS-2 as approved by the Central Government under Section 118(10) of the Companies Act, 2013 shall be applicable for compliance by all the companies (except the exempted class of companies) w.e.f. 10 October, 2017...

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MGST: Distribution of GST Provisional Id & Access Token of Phase 11 dealers

Trade Circular No. 38T of 2017 (04/09/2017)

Provisional Ids and Access Token of Phase 11 dealers, are now made available by GSTN. Dealer can obtain their Provisional Ids from department's portal www.mahavdt.gov.in, using their login credentials. The list of all such dealers is published under GST Tab on Mahavat portal....

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MUDRA: Fulfilling the dreams of millions

MUDRA is an initiative that meets the financing needs of non-corporate small business units of the country. Supporting small entrepreneurs/artisans/skilled workers by providing them credit without the need for a guarantor or collateral, MUDRA offers citizens a medium through which they can turn their aspirations into reality....

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Recognizing teachers as nation builders

September 5 is observed as Teachers’ Day in honour of Dr. Sarvepalli Radhakrishnan (1888-1975), the second President of India, who was born on that day. But how did it get instituted? Dr. Radhakrishnans 75thbirthday on September 5, 1962 came within weeks of his being elevated to the President’s post....

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New Paradigms in Financial Inclusion for New India Jan Dhan – Banking the Unbanked

Ever thought of a life without access to basic banking services? For a certain section of people, it is difficult to imagine a life without these facilities. But, Census 2011 presented a different picture when the purview is expanded. Out of 24.66 Crore households, only 14.48 Crore households were availing banking services. In rural areas...

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Bombay HC on promotion or Increase in salary in a private Establishment

M/s. Lokmat Newspapers Private Vs Motiram s/o Mahadeorao Dhoble (Bombay High Court)

Promotion or Increase in salary in a private Establishment is a managerial Function and cannot be claimed to be a condition of service in the Absence of any such policy : High court of Bombay...

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GST – Reverse charge U/S 9(4) may be scrapped

Reverse charge or TDs provisions are not compatible to the system of forward charge Value added taxation. The system is based on input tax credit mechanism. However there are certain dominant sections of society who resist being subjected to tax and to overcome it the reverse charge is used. ...

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Cabinet approves amendment to GST (Compensation to States) Act, 2017

The Schedule to the Goods and Service Tax (GST) (Compensation to States) Act 2017, specifies the maximum rate at which Goods and Service Tax Compensation Cess may be collected. In respect of motor vehicles, the maximum rate, at which Goods and Service Tax Compensation Cess may be collected, is 15%. ...

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No repealment of Presidency Towns Insolvency Act, 1909’ & Provincial Insolvency Act, 1920

Stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals (DRTs)....

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Text of PM’s ‘Mann ki Baat’ on 27.08.2017

My dear countrymen, Saadar Namaskar. When on the one hand, a sense of festivity pervades the land, and on the other, news of violence comes in, from one part of the country, it is only natural to feel concerned. Ours is the country of Buddha and Gandhi, it is the land of Sardar Patel who gave up his all for the unity of the nation. ...

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How to create a workable Investing Checklist that makes you a Successful Investor?

What happens when you think about investing? At one side, there is a flash news about how market is doing every minute. A chart or report to look into the other side. Did you know the latest hot investment news? a suggestion or an advice or some shocking info from many sides. Isn’t it confusing to know which one to address first or take...

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3 Most Common Investment Mistakes you need to avoid to Become Rich

I have been working for almost 10 years now, earning well and investing very carefully too Why am I not as rich as I should be? Why am I still in the middle class circle? At least 2 in 5 clients ask me similar questions. Do you know the key reason for this?...

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Types of Invoices under GST – Basics

Section 31 - Issue a revised invoice against the invoice already issued during the period beginning with the effective date of registration till the date of issuance of certificate of registration to him – within one month from the date of issuance of certificate of registration...

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All you wanted to know about dematerialized insurance policies

On September 16, 2013, our honorable finance minister P.Chidambaram launched IRDA’s insurance repository system (IRS). This system will insure green initiative, transparency in all the insurance related work and lower management cost for the insurers. It will also bring down total operative cost by cutting out printing and dispatching o...

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All About GSTR-1 Form

Introduction of form:- GSTR-1 is a monthly return that summarizes all outward supplies that should be filed by every registered dealer. Due Date of filing GSTR 1 for the month of July 2017 is due on 5th September 2017. GSTR 1 for the month of August 2017 is due on 20th September 2017. From the month of September 2017 GSTR 1 is required t...

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Emerging Issues And Challenges in Internal Auditing

Traditionally, the internal audit function focused on providing core assurance around business process risk and controls. But, with increasing market volatility and complexity, internal audit is being asked to deliver deeper insights and value beyond assurance, particularly in the areas of strategy execution, emerging risk, and increasing...

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E-Way Bill Under GST

Applicability: Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees. (However the registered person or, as the case may be, the transporter may, at his option, generate and carry the e-way bill even if the value of the consignment is less than fifty thousand rupees)....

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Today, I am doing nothing

Files to be finalized, calls to be made, bills to be paid, clients to be dealt, banks to be checked…and so on goes the story. Every day. Yesterday was the same. Tomorrow will be another today. And today, yet another yesterday…the circle goes on....

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Jan Dhan se Jan Suraksha- Securing the Unsecured

In the words of Prime Minister Narendra Modi, ‘Reform is merely a stage; transformation of the nation is the destination’. With a vision to bring the entire country under a financial framework, the government is surging ahead on the path of reforms to transform India. Financial inclusion broadens the resource base of the financial sys...

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Financial Inclusion in Rising India

Financial Inclusion is the way the Governments strive to take the common man along by bringing them into the formal channel of economy thereby ensuring that even the person standing in the last is not left out from the benefits of the economic growth and is added in the mainstream economy thereby encouraging the poor person to save...

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Decisive First Step towards Simplified Labour Laws: The Code on Wages, 2017 placed before Parliament

The Government took a decisive step towards simplifying and amalgamating the vast mass of labour laws when it presented before the nation The Code on Wages, 2017, a Bill which combines features and provisions of four existing labour laws pertaining to wages....

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Digital Revolution in India

Evolution of technology has been the foundation stone of progress and has over the centuries changed the way societies function. Technological inventions have revolutionized each sector of the society by reducing human labour, brining efficiency and increasing productivity. Be it introduction of information communication technologies in e...

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Late fee waived for tax-payers who could not file GSTR 3B for July 2017

The Goods and Services Tax (GST) tax was introduced on 1st of July 2017. The last date for payment of GST for the month of July 2017 was 25th August 2017. Payment of GST is complete only when amount of tax payable is debited from electronic cash / credit ledger....

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Taxability of Non Resident Indian

Based upon a set of specific guidelines and directives, it can be ascertained if a person is actually an NRI. If his/her income in India through aspects like capital gains from investments in shares, mutual funds, property rental and term deposits exceed the basic exemption limit as defined in the Income Tax Act, he/she would have to fil...

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Comparative Chart on Revised Secretarial Standard – 1

Scope:- This Standard is applicable to the Meetings of Board of Directors of all companies incorporated under the Act except One Person Company (OPC) in which there is only one Director on its Board. The principles enunciated in this Standard for Meetings of the Board of Directors are also applicable to Meetings of Committee (s) of the Bo...

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Effective GST grievance redressal mechanism needed

DO.No.25/CH(EC)/2017 (04/09/2017)

A very effective grievance redressal mechanism for GST is required. Response to some genuine grievances should be published for the benefit of all....

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Video: Live Demo on How to Fill GSTR 2

AS GSTR-2 filing date is very near (10th of Sept’17 for JULY’17 Return), So detailed Analysis & LIVE DEMO on HOW TO FILL GSTR – 2 is covered in the VIDEO. HOPE it will be useful for readers in filing GSTR-2. Click the link below to watch the video on External Website Namely Youtube- https://youtu.be/tft73Ey6yy0...

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Video: Difference between Zero Rated, Nil Rated, Exempt, Non GST Supply

In each return we need to fill details of ZERO RATED, NIL RATED, EXEMPT & NON GST SUPPLY either for OUTWARD SUPPLY or for INWARD SUPPLY...

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Customs – Self-Sealing Latest Developments

The Central Board of Excise and Customs (CBEC), last Monday issued a circular (In continuation of Circular No. 26/2017 dated 01.07.2017) regarding Implementation of Electronic Sealing of Containers by Exporters w.e.f. 1st October 2017....

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GST: E-way Bill- Transporter’s guide to compliance at various stages of Transport

If the e-way bill is generated neither by Consignor nor by Consignee and the goods are handed over to transporter, then, Transporter must generate e-way bill. However, transporter is not responsible to generate an e-way bill in case of transport by railway, by air or by vessel....

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GST: Curious case of Letter of Undertaking & Bond for Exporters

Exporters and Suppliers to SEZ units are under a confused state right. With unsettled Law and continous amendments is adding to the confusing. In this article we are trying to clear the air by providing detail list of documents required to be submitted along with a LUT/ BOND...

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GSTR-1 Basic Checklist in Tabular Format

First GSTR 1 is to be filed by 5th September.Have mentioned in this articles how the details are to be submitted. Due date for filing GSTR 1 of July 2017 is 05TH SEPTEMBER 2017....

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GST on Goods Transport Agency (GTA) – Detailed Analysis

Though there is no mention of GTA in the GST Act & Rules, however as per Explanation to 9(iii) of Notification No. 11/2017-Central Tax (Rate), Dt.: 28th June, 2017 & Paragraph 2 Clause (ze) to Notification 12-2017 dated 28 June 2017, Goods Transport Agency means any person who provides service in relation to transport of goods by...

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