CA Umesh Sharma

Rakshabandhan in GST- Matching of ITC

Goods and Services Tax - rjuna, Rakshbandhan is celebration of the purest form of brother and sister bond. On this day sister ties Rakhi to brother’s Wrist, in return of the promise of her safety. Similarly in GST matching and mismatching of purchase/sale bond needs to be done to ensure the promise to claim ITC between supplier (brother) and recipient (sister)....

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GST mein kisiko nahi “Banana” – Don’t Charge incorrect GST

Goods and Services Tax - What do you mean by charging incorrect rate of GST? Charging incorrect rate of tax refers to short or excess collection of tax amount by the taxpayer other than the rate actually applicable....

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53 Disclosures to be made in GST Audit Report

Goods and Services Tax - Draft Disclosures for GST Audit Report- The notes for GST Audit are  for guidance only. The GST auditor will have to make suitable observations, remarks, qualifications, etc. depending on the facts of the audit. AS THE GST LAW IS EVER CHANGING GSTR-9C and where to put reasons, comments, observations and qualifications and etc. Reasons fo...

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Relief to Small Composition & Electric Vehicle Manufacturers in GST

Goods and Services Tax - In 36th GST Council Meeting the GST rates related to supply of few goods and services were proposed to change. Even extension of due dates were recommended....

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10 Important changes in ITR of Financial Year 2018-19

Goods and Services Tax - Due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Indiv...

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Recent Posts in "CA Umesh Sharma"

Rakshabandhan in GST- Matching of ITC

rjuna, Rakshbandhan is celebration of the purest form of brother and sister bond. On this day sister ties Rakhi to brother’s Wrist, in return of the promise of her safety. Similarly in GST matching and mismatching of purchase/sale bond needs to be done to ensure the promise to claim ITC between supplier (brother) and recipient (sister)....

Read More
Posted Under: Income Tax | ,

GST mein kisiko nahi “Banana” – Don’t Charge incorrect GST

What do you mean by charging incorrect rate of GST? Charging incorrect rate of tax refers to short or excess collection of tax amount by the taxpayer other than the rate actually applicable....

Read More
Posted Under: Income Tax |

53 Disclosures to be made in GST Audit Report

Draft Disclosures for GST Audit Report- The notes for GST Audit are  for guidance only. The GST auditor will have to make suitable observations, remarks, qualifications, etc. depending on the facts of the audit. AS THE GST LAW IS EVER CHANGING GSTR-9C and where to put reasons, comments, observations and qualifications and etc. Reasons fo...

Read More
Posted Under: Income Tax | ,

Relief to Small Composition & Electric Vehicle Manufacturers in GST

In 36th GST Council Meeting the GST rates related to supply of few goods and services were proposed to change. Even extension of due dates were recommended....

Read More
Posted Under: Income Tax |

10 Important changes in ITR of Financial Year 2018-19

Due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Indiv...

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Posted Under: Income Tax | ,

What is Sabka Vishwas (Legacy Dispute Resolution) Scheme?

A very unique and substantial relief scheme named as SABKA VISHWAS LEGACY DISPUTE RESOLUTION SCHEME has been proposed. The focus of the government will be to reduce the pending litigations of 28 plus pre-GST laws, the government has proposed a Dispute Settlement Scheme for speedy settlement of pending litigations and to remove the funds b...

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Posted Under: Income Tax |

Highlights of GST in Union Budget 2019-20

Union Finance Minister Nirmala Sitaraman has presented Union Budget for the year 2019-20. This budget is the modest budget with more of sense than sensation. Let’s study the major proposals of GST and Amnesty Schemes under old indirect taxes....

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Posted Under: Income Tax |

It’s raining in GST with downpour of various notifications and circulars

Krishna,monsoon has arrived in India with all it’s glory. Similarly it’s raining in GST,with downpour of  various notifications and circulars by CBIC, what are they about?...

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Posted Under: Income Tax |

Hurrah! GST audit due date extended to 31st August 2019

It was recommended to extend the due date of furnishing of FORM GSTR-9, FORM GSTR-9A, and FORM GSTR-9C due to difficulties being faced by taxpayers in furnishing the annual returns till 31.08.2019. Official notification would be released soon. This recommendation was much needed by the trade and industry....

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Posted Under: Income Tax |

Applicability of GST Audit

GST Audit for FY 2017-18 is applicable to every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores. The copy of audited annual accounts and a reconciliation statement is to be furnished while filing GSTR-9C....

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Posted Under: Income Tax | ,

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