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.
The professionals have just finished uploading Tax Audits for financial year 2018-19. But the more difficult challenge awaiting for professionals is GST Audit for financial year 2017-18. The extended due date for filing GST Annual Return and GST Audit is 30th November, 2019. So, now the professionals will to timely accomplish this target.
Maharashtra state SGST department has corrected the mistake related to Trans 1 and MVAT revise return. Because of it taxpayers suffers from many problem related to it, tell us that how much it affects the taxpayers?
Arjuna, ‘Sutali Bomb’ from Government is ‘Restriction to claim ITC’. The restriction to claim Maximum Input tax credit of upto 120% of the eligible credit available in GSTR-2A is the Sutali Bomb, as its going to have a loud impact on Taxpayers. Every taxpayer should keep this provision in mind and comply the same. Otherwise the ‘Sutali Bomb’ of the Government would burst on the taxpayers.
Krishna, Government has issued new notification on 09/10/2019, restricting ITC to maximum 20% excess of ITC as appearing in GSTR-2A. So, what is it?
inance Minister introduced amendments in Income Tax to boost economy. Corporate tax Dandiya ground is of Income Tax, the players are corporate taxpayers. The music is being played to boost economy. The Corporate tax Dandiya is for coporate tax payers only and no passes are given to non-corporate taxpayers i.e. it is not applicable to individuals, HUF, partnership firm, etc.
Seeing the changes made in Income Tax, same were expected in GST. But only law and procedure related changes were recommended. Also, GST rates related to supply of goods and services were proposed to change.
The due date of Income Tax Audit is 30th September, 2019 and all the taxpayers are busy finalizing their Income Tax Report. So, what the taxpayer should do in order to avoid scrutiny risk?
CBDT notifies new ITR’s and brings changes in the Income Tax Return and the and requires new information from the taxpayers. Like each year, this year also CBDT has brought about new reporting requirements in the Income Tax Returns.
Arjuna, The month of September is the most important month for the Taxpayers. Taxpayers who are required to get their books of accounts audited for F.Y 18-19 are required to upload their Income Tax Audit Report till 30th September, 2019. While filing Income Tax Audit Report, taxpayers have to provide information of GST too. Also the month of September is the last month for GST Taxpayers for taking effect of corrections of errors or omissions made while filing the GST returns for the F.Y 2018-19.
