NAV & Co, Chartered Accountants

03/02/2020

Please click below link to download Analysis of proposed amendments by Union Budget 2020 prepared by Team NAV

https://www.canav.in/wp-content/uploads/2020/02/nav_amendments_direct_tax_budget_finance_bill_2020.pdf

We hope you will find it useful.

Warm Regards
CA. Neeraj Bansal
Team NAV

28/11/2019

FAQ on UDIN. True copy certification by CA.

27/11/2019

Clarification kn GST annual return.

27/10/2019

26/09/2019

ITR and Tax audit filing date extended. Good news finally.

20/09/2019

Surprise decisions by GST Council:

In order to nudge taxpayers to timely file their statement of outward supplies, imposition of restrictions on availment of input tax credit by the recipients in cases where details of outward supplies are not furnished by the suppliers in the statement under section 37 of the CGST Act, 2017.

New return system now to be introduced from April, 2020 (earlier proposed from October, 2019), in order to give ample opportunity to taxpayers as well as the system to adapt and accordingly specifying the due date for furnishing of return in FORM GSTR-3B and details of outward supplies in FORM GSTR-1 for the period October, 2019 - March, 2020.

In order to tackle the menace of fake invoices and fraudulent refunds, in principle decision to prescribe reasonable restrictions on passing of credit by risky taxpayers including risky new taxpayers.

Surely tough time ahead for honest businessmen!

20/09/2019

GST Council Meeting Outcome-

1. Hotel Tariffs Rs. 7,500 and above GST at 18%.

2. Hotel Tariffs Rs. 1,000 upto 7,500 GST at 12%.

3. Hotel Tariffs below Rs. 1,000 GST at Nil rate.

4. Outside Catering GST rate reduced at 5%.

5. Diamond Job-work GST rate reduced at 1.5% and Other Job-work GST rate reduced to 12% from 18%.

6. Council amended rules regarding Refund by Appellate Authority.

7. Council amended rules regarding GST Practitioners and Consumer Welfare Fund.

8. Cups/Plates made from Flowers leaves GST rate Nil from 5%.

9. GST Annual Returns GSTR-9, 9A Optional for those with turnover upto 2cr for FY 17-18 & 18-19.

10. Those with turnover above 2cr to still file GSTR9.

11. No relief in case of GSTR-9C as it’s applicable only where turnover exceeds 2cr.

12. GSTR-9 also to be made “Saral”.

12/09/2019

*MCA Update*
*Director KYC* -
_Director (appointment & qualification) 3rd Amendment Rules, 2019_

*_DIR KYC due date will be 30th September_*

*Late Fee - INR 5,000/-*

*1.* _If all details of Director are same as on MCA portalas per last DIR-3KYC_, then *web-based KYC* verification.

*2.* In other cases *e-form DIR-3 KYC based* verification.

*3.* As per the format of web based KYC format, OTP requirements are not there.

*Weblink:-*

06/09/2019

Location :- Chandigarh/Kurukshetra
Urgent Requirement of Accountant for Construction based Company

Qualification: B.com /M. Com, CA - Inter (those who have dropped CA ) /CA

Experience: For B.COM/M. Com: 3 years and for CA - inter: regular articleship compulsory and 1 year post articleship. Candidate who has appeared for CA final will be preferred.

Job Description: Working on Accounting software Tally, Filing of GST Return, TDS Return/finalisation of location-wise balance sheet

Please send resume with current and expected salary to:
CA. Vikas Bansal
M: +91-9888887141
E : [email protected]
N A V & Co.
Chartered Accountants
SCO 40, Level 2, Sector 47D
Chandigarh-160047

05/09/2019

FAQ on UDIN on Audit report says if member is 'unable' to generate UDIN while signing, the same has to be generated within 15 days and communicated.

Is it possible that ICAI may ask for reason at later stage why you were 'unable' to generate UDIN. FAQ does not say if member 'did not' generate.

Thus, don't rely on FAQ and believe that for every case 15 days are allowed to generate UDIN.