Adil A Daula & Co.

30/07/2019

28/07/2019

CMP 08 LIVE ON PORTAL

23/07/2019

08/07/2019

🔊 #2017-18 🔊



👨‍⚖ Honorable Gujarat High Court in case of AAP and Co., Chartered Accountants Vs UOI and 3 others decided that GSTR-3B is not a return u/s 39 and hence due date for availment of credit u/s 16(4) will be due date of filling an annual return i.e. 31.08.2019 for FY 2017-18

29/06/2019

🔊 * * 🔊

✍ On 28th June’2019, CBIC has issued 6 Notifications, 4 Circulars and 1 ROD incorporating changes done in GSTR-9, extension order of GSTR-9, notifying GSTR-3B and GSTR-1 due dates for the month of July’19 to September’19 etc.

Brief of Notifications given below:

*1. N. No. 26/2019-C.T.* GSTR-7 due date extended for Oct’18 to July’19 till 31st August’19

*2. N. No. 27/2019-C.T.* GSTR-1 due date up to 1.5 Cr T/O for July’19 to Sept’19 till 31st Oct’19

*3. N. No. 28/2019-C.T.* GSTR-1 due date more than 1.5 Cr T/O for July’19 to Sept’19 till 11th of next month.

*4. N. No. 29/2019-C.T.* GSTR-3B due date for the months of July’19 to Sept’19 is 20th of next month.

*5. N. No. 30/2019-C.T.* Exemption from furnishing of GSTR-9/9C to suppliers of Online Information Database Access and Retrieval Services (OIDAR services).

*6. N. No. 31/2019-C.T.* Seeks to carry out changes in the CGST Rules, 2017

*7. N. No. 32/2019-C.T.* ITC-04 due date extended for July’17 to June’19 till 31st August’19.

*Regards*
*CA ADIL DAULA*

27/03/2019

🔊 * * 🔊

_*1. Auto calculation 📝 of route distance based on PIN code for generation of EWB*_

It will calculate and display the actual distance between supplier and recipient addresses. *Variation to distance will be limited to 10% more than the displayed distance for entry.*

*Eg.* If the system has displayed the distance between Place A and B, based on the PIN codes, as 655 KMs, then the user can enter the actual distance up to 720KMs (655KMs + 65KMs). In case, the source PIN and destination PIN are same, the user can enter up to a maximum of 100KMs only.

_*2. 🚫 Blocking of generation of multiple E-Way Bills on one Invoice/document*_

Once E-way Bill is generated with an invoice number, then none of the parties - consignor, consignee or transporter - can generate the E-Way Bill with the same invoice number. *One Invoice, One E-way Bill policy is followed.*

👉 _*3. Extension of E-Way Bill in case Consignment is in Transit*_

*The transit means the goods could be on Road or in Warehouse.* During the extension of the e-way bill, the user is prompted to answer whether the Consignment is _*in Transit*_ or _*in Movement.*_

_*4. 🚫 Blocking of Interstate Transactions for Composition dealers*_

As per the GST Act, the composition tax payers are not supposed to do Interstate transactions. Hence next version will not allow generation of e-way bill for inter-state movement, if the supplier is composition tax payer. _*In case of Composition tax payer, document type of Tax Invoice will not be enabled.*_

*Regards*
*CA ADIL DAULA*
*CA ADIL A DAULA & CO*

11/03/2019

*CBIC has uploaded the amended/ simplified GST Return forms on the GST Portal, i.e. Normal (RET 1), Sahaj (RET 2) and Sugam (RET 3), which are likely to be applicable from 1 July 2019 (2nd quarter of FY 2019-20)*

12/02/2019

UDIN APPLICABLE AND NOT APPLICABLE LIST
■ APPLICABLE LIST:

(i) Certificates issued on the basis of Financial books of accounts and annual financial statements-Capital Contribution Certificate/net worth certificate

(ii)Certificates issued on the basis of Financial books of accounts and annual financial statements - Turnover Certificate

(iii)Certificates issued on the basis of Financial books of accounts and annual financial statements -Working Capital Certificate/Net Working Capital Certificate

(iv)Certificates issued on the basis of Statutory records being maintained under Indian Companies Act, 2013 and applicable provisions

(v)Certification of Fair Values of Shares of Company for the scope of merger / de-merger, Buy Back, Allotment of further shares and transfer of shares from resident to non-resident.

(vi)Certificates for Foreign Remittance outside India in form 15CB.

(vii)Net worth Certificates for Bank finances

(viii)Net worth Certificates for Bank Guarantee

(ix)Net worth Certificates for Student Study Loan

(x)Net worth Certificates for Issuance of Visa by Foreign Embassy

(xi)Certificate in respect of Liquid Asset under Section 45-IB of RBI Act, 1945

(xii)Certification of arms length price u/s 92 of the income Tax Act, 1961.

(xiii)Certificates for funds/ Grants utilisation for NGO’s

(xiv)Certificates for funds/ Grants utilisation for Statutory Authority

(xv)Certificates for funds/ Grants utilization Under FERA/FEMA/other Laws

(xvi)Certificates for funds/ Grants utilisation Charitable trust/institution

(xvii)Certification under the Income-Tax laws for various Deductions, etc.

(xviii)Certification for claim of refund under GST Act and other Indirect Taxes.

(xix)Certification under Exchange Control legislation for imports, remittances, ECB,DGFT,EOU, etc

(xx)Certificates in relation to initial Public Issue/compliances under ICDR and LODR.

(xxi)Certificate issued by Statutory Auditors of Banks

(xxii)Certificate issued by Statutory Auditors of Insurance Companies

(xxiii)Additional Certification by Concurrent Auditors of Banks not forming part of the concurrent audit assignment

(xxiv)Certificate of Short Sale of securities issued by Concurrent Auditors of Treasury Department of Banks

(xxv)Certificate of physical verification of securities issued by Concurrent Auditors of Treasury Department of Banks

(xxiv)Certificate issued for KYC purpose to banks confirming sole proprietorship

(xxv)Certificate Regarding Sources of Income

(xxvi)Certificates for Claiming Deductions and Exemptions under various Rules and Regulations

(xxvii)Certificates issued under LLP Act

(xxviii)RBI Statutory Auditor Certificate for NBFCa

(xxix)Certificate issued under RERA

(###)Others

Certificates includes Reports issued in lieu of a Certificate in terms of Guidance Note on Reports or Certificates for Special Purposes (Revised 2016)

■ NOT APPLICABLE LIST

1. Auditor's Opinion/Reports issued by the Practicing Chartered Accountant under any Statute w.r.t. any entity or any person (e.g.: Tax Audit, Transfer Price Audit, VAT Audit, GST Audit, Company Audit, Trust Audit, Society Audit, etc.,
2. Valuation Reports
3. Quarterly Review Reports,
4. Limited Review Report
5. Information System Audit,
6. Forensic Audit,
7. Revenue / Credit / Stock Audit,
8. Borrower Monitoring Assignments,
9. Concurrent / Internal Audit and the like,
10. Any report of what so ever nature issued including Transfer Price Study Report, Viability Study Report, Diligence Report, Due Diligence Report, Management Report, etc.

30/01/2019

ICAI : Regarding *Clarification on Applicability of Rotation principles on a company* as per Section 139 of the Companies Act 2013 where the company *ceases to fall under the ambit of Rotation principles* in subsequent years.

The *requirement of rotation of auditors is not applicable on the company subsequently*, therefore the auditor who was the auditor in the company earlier in the year 2017 can be reappointed without prejudice to the other provisions of the Companies Act 2013.

30/01/2019

ICAI : *UDIN mandatory for all Certificates by practicing Chartered Accountants w.e.f. 01.02.2019*.

_A Video to *help comply* with this requirement covers_:
- Why UDIN?
- Process of UDIN Generation
- Listing and Printing
- Revoke / Cancellation
- Practical Issues

https://youtu.be/Ladcbn_1bJk

If you like this initiative of professional knowledge awareness, _please forward and like or comment on YouTube video_.

Issue of UDIN made compulsory for All Certificates issued by Practicing Chartered Accountants by ICAI. The video explains the need, process of generation, pr...

10/01/2019

*Outcome of 32nd GST Council Meeting -FM Arun Jaitley press meet*

*1. Threshold limit increased to 40 Lakhs*
Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.

*Earlier in a press talk AP FM said increased to 50lakhs, but it is increased to 40lakhs only as said by FM*

*2. Power to states*
Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said.

*3. Composition limit increased to 1.5Cr from the present 1 cr*

The existing Composition Scheme turnover threshold raised to Rs 1.5 crore.
Those who use the scheme from April 1,2019

*4 Quarterly payment and Annual Return*
Now Composition tax payers will pay tax quarterly, but file returns annually.

*5 Composition scheme for services*
Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be entitled to avail composition scheme.

*6 Rate for services under comp scheme @ 6%*
Compounding rate for services under composition scheme is fixed at 6 percent.

*7 RealEstate*
A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley.

*8 Calamity cess by Kerela @1%*
GST Council lets Kerala levy 1% cess for 2 years on intra-state sales: Finance Minister arun jaitley.