"18 November 2019" Archive

Fully electronic refund process via Form GST RFD-01 & single disbursement

Circular No. 125/44/2019 - GST (18/11/2019)

After roll out of GST w.e.f. 01.07.2017, on account of the unavailability of electronic refund module on the common portal, a temporary mechanism had to be devised and implemented wherein applicants were required to file the refund application in FORM GST RFD-01A on the common portal, take a print out of the same and submit it physically ...

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Optional filing of annual GST return Form GSTR-9 / GSTR-9A- CBIC clarifies

Circular No. 124/43/2019 - GST (18/11/2019)

Vide notification No. 47/2019-Central Tax it is provided that the annual return shall be deemed to be furnished on the due date if it has not been furnished before the due date for the financial year 2017-18 and 2018-19, in respect of those registered persons....

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CBDT notifies Form no. 16D & 26QD for TDS Payment & Return|Section 194M

Notification No. 98/2019-Income Tax [G.S.R.858(E)] (18/11/2019)

The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QD. Every person responsible for deduction […]...

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E-Show cause – E-Reply: MCA’s new tracing mechanism

The Ministry of Corporate Affairs (MCA) recently introduced an artificial intelligence mechanism called the Ministry of Corporate Affairs – Compliance Monitoring System (MCA-CMS) on the MCA 21 portal with an intent is to make compliance procedure simpler. WHAT IS MCA-CMS? Ministry of Corporate Affairs – Compliance Monitoring S...

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Show Cause Notice under MCA-Compliance Monitoring System

Show Cause Notice under MCA-CMS: All of us are aware about the MCA-Compliance Monitoring system (AI based system) which is tracking certain non-compliance of the company automatically and sending show cause notice for violation of Section 96 (Annual general Meeting) & other related sections based on te filings of the companies. So let...

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Changes in form GSTR-9 and GSTR-9C (14 November 2019)

Updates on Changes in form GSTR-9 and GSTR-9C 1. Notification No. 56/2019-CGST was issued on 14th November 2019 notifying  various changes in form GSTR-9 and 9C to give effect to its applicability for F.Y 2017-18 and 2018-19. This notification provide substantial relief by making various mandatory fields ‘optional’ for the F.Y 2017-1...

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Exposure Drafts of Guidance Note on ICSI Auditing Standards

THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of Corporate Affairs) EXPOSURE DRAFTS OF GUIDANCE NOTE ON ICSI AUDITING STANDARDS FOR PUBLIC COMMENTS (Last date for submission of comments: 5th December, 2019) The Institute of ...

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Pertinent anomalies due to GSTN Portal designing deficiencies

GSTN might have done a commendable job to help Ministry of Finance or CBIC and the States to administer the intricate provisions of GST Law as an interface between the assessee tax payer and the Government, but at some places GSTN have made some significant mistakes in analysing and converting the provision of GST Law into Web Portal driv...

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Over Simplified GST Annual Return & GST Audit

Apart from the monthly filing of returns by the taxpayers in GST, all taxpayers have to file GST Annual Return and taxpayer with turn over above Rs 2 Crores have to file GST Audit Report yearly.  Annual Return under GST has to be filed through GSTR – 9 by all the taxpayers who have registered […]...

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Important Changes in Form GSTR-9 and GSTR-9C

Government has come up with long awaiting simplification in Forms of GSTR-9 and GSTR-9C for Financial Year 2017-18 and F.Y 2018-19. The due dates for filing GSTR and GSTR-9C for F.Y. 2017-18 has been further extended till 31st December, 2019 and for F.Y 2018-19 has been extended till 31st March, 2020....

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