"12 September 2020" Archive

Permit availment of ITC under GST pertaining to FY 2019-20: ICAI

Request for permitting availment of input tax credit under GST pertaining to Financial Year 2019-20 and correction in GSTR- 1 till March, 2021. Institute of Charted Accountant of India ICAI/IDTC/2020-21/Rep/16 10th September, 2020 Shri S.K Rahman Joint Secretary, Goods and Services Tax Council, 56′ Floor, Tower II, Jeevan Bharti Bui...

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Request to devise mechanism to receive part payment of GST

It is suggested to devise a mechanism for receiving part payment of taxes till the industry recover and stabilises from the effect of Covid-19, which could be a win-win situation for both the Government, as they will receive early payment of taxes and at the same time taxpayers will not be required to pay interest on the part payment made...

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Representation on difficulties in filing GSTR 9 for 2018-19

Considering that filing of Annual Return for registered persons having turnover upto 2 crore for the financial years 2017-18 and 2018-19 is optional. We request that software be accordingly modified allowing the taxpayers to file their Annual Return for financial year 2018-19, if they so wish, even if they have not filed their Annual Retu...

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Extend due dates of filing GST Annual return & Audit Report

Extension of Annual returns in Form GSTR 9 and GSTR 9A along with GST Audit Certificate in GSTR 9C from September 30, 2020 to December 31, 2020...

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Draft GST Appeal in case of Fake Invoice Case with detailed submission

Article gives format of Draft GST Appeal to Appellate Authority in case of Fake Invoice Case. Format includes Format of Form GST APL – 01 with detailed submission. Form GST APL – 01 [See Rule 108(1)]  Appeal to Appellate Authority   1. GSTIN/TEMPORARY ID/UIN XXXXX 2. Legal name of the appellant XXXXX  3. TRADE NAME, IF [&h...

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Relaxation of Additional Fees for filing CRA-4 for F.Y 2019-20

General Circular No.29/20

MCA vide its General Circular 29/2020 dated September 10, 2020 has granted relaxation in respect to filing CRA-4 a2 Months Extension for Furnishing of CRA-3 : As per Rule 6(5) of Companies (Cost Record and Audit) Rules, 2014 “Every cost auditor shall forward his duly signed report to the Board of Directors of the company […]...

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GST applicability on GTA – In simple terms

Mere transportation of goods by road, unless it is a service rendered by GTA, is exempt from GST vide Sl no 18 of Notification No: 12/2017-Central Tax (Rate), dated 28.06.2017. The law recognises that pure transportation of goods services are mostly provided by persons in the unorganised sector (by Individual truck/tempo operators who do ...

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GST Trans-1 Form to be Accepted either Electronically or Manually Within 30 Days

In its recent ruling on September 9, 2020, the Andhra Pradesh High Court has reached a judgment out of a writ petition filed under Article 226 of the Constitution and ordering the respondent authority to permit acceptance of GST TRANS-1 to form either electronically or manually within a period of 30 days. Facts of the Case- The [&hellip...

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Implementation of Indian Accounting Standards by NBFCs & ARCs

Implementation of Indian Accounting Standards by Non-Banking Financial Companies (NBFCs) and Asset Reconstruction Companies (ARCs)  ICAI has been monitoring actions taken by Accounting Regulatory Bodies and Prudential Regulators of Banking Sector and Capital Market Authorities across the key economies of the globe. Non-Banking Financial ...

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Appointment of registered valuer & Disciplinary proceedings

The appointment of registered valuers in the corporate insolvency resolution process by the resolution professional within the time limit is made mandatory. IBBI Circular IBBI/RV/019/2018 (w.e.f. 01.02.2019) specifies that only valuers registered with the IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017 may be appoi...

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August 2021