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Archive: 02 July 2019

Posts in 02 July 2019

Detailed Analysis of CGST (Fourth Amendment) Rules, 2019

July 2, 2019 17469 Views 5 comments Print

CBIC vide Notification No. 31/2019-Central Tax dated June 28, 2019, has made various amendments in CGST Rules, 2017 vide Central Goods and Services Tax (Fourth Amendment) Rules, 2019. The Central Board of Excise and Customs vide Notification No. 31/2019-Central Tax dated June 28, 2019, has made various amendments in Central Goods and Services Tax Rules, 2017 (CGST […]

GST annual figures for 2018-19 to be reported in Cost Records/ Cost Audit Annexures/ Reports

July 2, 2019 12219 Views 1 comment Print

As per section 148 of the Companies Act 2013, the specific companies are required to maintain the cost records (having turnover exceeding Rupees Thirty-Five Crores*) and/or are supposed file Cost Audit Reports (for companies having turnover exceeding Fifty/Hundred Crores*) with Ministry of Corporate Affairs.

Expectations from Budget 2019 for corporate restructuring

July 2, 2019 7674 Views 0 comment Print

While the Interim Budget did not have an expanded section for tax proposals, there are increasing expectations from this full Budget. As the industry eagerly awaits Union Budget 2019, we list down expectations, which are imperative from business restructuring perspective:

MCA set to deploy the eForm for reporting details of SBO

July 2, 2019 3057 Views 0 comment Print

MCA, on July 1, 2019, issued Companies (Significant Beneficial Owners) Second Amendment Rules, 2019 thereby notifying e Form BEN-2 required to be submitted by companies.

Understand Senior Small Shareholders’ plight over demat

July 2, 2019 1257 Views 2 comments Print

Since MCA as well as SEBI both have decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in dematerialised form with a depository. This measure came into effect from April 01, 2019. For everyone’s information  I am not […]

New GST Returns and challenges – July 2019

July 2, 2019 35136 Views 7 comments Print

The new returns are being introduced replacing GSTR 1 and GSTR 3B which is being filed by majority of the assessee. Those who are under composition scheme could continue to file GSTR 4. It is estimated that around 17% of the assessee are under composition scheme. Other returns such as Non-Resident Foreign Taxpayer Returns (GSTR 5), ISD returns (GSTR 6), TDS returns (GSTR 7), TCS Returns (GSTR 8), and Casual Taxable Person (GSTR 11) would continue as it is.

How a Financial Planner can make you a successful investor?

July 2, 2019 1137 Views 0 comment Print

Do you want to become rich? Do you want to succeed in your financial life? All the rich and successful people have a common Word of Wisdom for you: Managing your money is more important than the money you earn. How do you manage your money? Let’s explore the categories of people with their habits […]

Cancelled GST Registeration? Don’t Forgot to File GSTR-10 (Final Return)

July 2, 2019 29733 Views 20 comments Print

GSTR 10 is a return to be filed by taxpayers whose GST Registration has either been surrendered by the taxpayer or has been canceled by authorities. This return is intended to provide details of ITC involved in closing stock (including inputs and capital goods) to be reversed/ paid by the taxpayer.

Two Years of GST

July 2, 2019 801 Views 0 comment Print

We Completed two years of GST era in India on 1st July 2019. Let us try to review what GST has been able to achieve in these two years and future of GST. The aim of GST was to abolish or subsume multiple indirect taxes levied by Central & State Govt. into one Tax. To […]

Treatment of discount on post sale discount

July 2, 2019 5736 Views 0 comment Print

Discount can be classified in to 3 categories: 1. Post Sale Discount( Terms and conditions established on or before sales contract – Clarification Point No. 5 (Through Commercial Credit Note by Seller without GST) 2. Additional discount – For Additional activities such as Advertisement – Clarification Point No. 3 ( Through Tax Invoice by Dealer) […]

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