Abidix

21/06/2018

09/02/2018

The government yesterday asked builders not to charge any GST from home buyers as the effective GST rate on almost all affordable housing project is 8 per cent which can be adjusted against the input credit.

09/02/2018

Dear Clients,


Recently, following new functionalities were made available on GST portal for you:

1. Registration:

a. Form GST REG 16, application for cancellation of registration by the newly registered taxpayers, has been made available on the GST portal.

b. It may also be noted that, the period for migration of taxpayers from VAT/Service Tax and Central Excise, by filling up From GST REG-26, got over on 31st Dec 2017 (after 6 months of operation of GST). The said facility is thus withdrawn on GST Portal. Those who have not activated their Provisional ID, issued by their tax department, will not be able to migrate to GST and will have to take fresh registration, now.

2. Return :

a. GSTR 4 offline utility, for preparation and filing of Return by composition dealer, for the quarter October to December 17, is available in download section of the GST Portal.

b. Offline utility for preparation and filing of statement of inward supplies in Form GSTR-11, by persons having Unique Identity Number (UIN), has been made available on the GST Portal.

3. Form ITC-01 (Declaration for claim of input tax credit under sub-section (1) of section 18) is made available to the taxpayers.

4. Grievance Reporting by Tax payer: Taxpayer has been provided with a facility on GST Portal, to lodge grievance related to processes (application), ledgers etc. Refer link for the form ( https://services.gst.gov.in/services/grievance ).

5. E-Way Bill: As you are aware, E-Way Bill for movement of goods will come into force across India, with effect from 01.02.2018. An E-Way bill is required for all interstate movement of goods of value of Rs. 50,000/- and above. For more details, user manual, FAQ etc, on E-way bill, please log on to http://ewaybill.nic.in.

09/02/2018

Dear Clients,

Monthly GSTR-1 deadline for December 2017 is tomorrow, 10th February 2018.

09/02/2018

visit our new website: www.abidix.in

26/01/2018

Rejoice in the glory of India and freedom fighters on this republic day. We wish you all A Happy and Vande Mataram.

11/11/2017

Hello,

Great News! The 23rd GST Council Meeting was held on 10th November 2017. In the meeting, various decisions were taken to tremendously improve ease of doing business in India. Here is a summary of the major decisions for your reference.

GST Return Filing & GST Penalty Waived
The due date for filing GSTR 1 return has been extended and all persons having GST registration will now be required to file GSTR 3B return for the months of July 2017 to March 2018. The revised GST return filing due dates are as under.

In addition to changes in GST return due dates, GST penalty has been waived for certain months and reduced for NIL returns.

GSTR 1 Return Filing Due Dates
The due dates for filing GSTR 1 return has been extended as follows. Also entities with an annual aggregate turnover of less than Rs.1.5 crores turnover can file quarterly GST Returns.

07/11/2017

Following are the due dates in November 2017

07 November 2017 TDS Payment for October 2017
07 November 2017 Income Tax Audits and Returns (Extended)
15 November 2017 GSTR 6 for Input Service Distributors
15 November 2017 GSTR 4 Quarterly Return July to Sep for Composition Dealers under GST.
20 November 2017 GST Payment for October 2017
20 November 2017 GST Return 3B for October 2017
28 November 2017 AOC 4 and MGT 7 with ROC
30 November 2017 GST Return 2 for July 2017
30 November 2017 Income Tax Audit for Transfer Pricing Cases
30 November 2017 TRAN-1, ITC-1, ITC-4 and CMP-03 in GST

07/11/2017

Dear Client,
GST Updates: The Exporters are required to file exports details in Table 6A separately on GST portal even before filing GSTR-1 for claim as well as faster processing of Refunds, w.e.f. August, 2017.

GST COUNCIL is likely to consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting scheduled to be held on 9 & 10 Nov 2017 at Guwahati and to ease problems faced by small businesses.

Property: Prime Minister, Shri Narendra Modi has hinted at a crackdown on 'benami' properties.

RBI has introduced Legal Entity Identifier Code for large Corporate Borrowers. The Legal Entity Identifier (LEI) code is conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. LEI is a 20-digit unique code to identify parties to financial transactions worldwide.

30/10/2017

The due date for GSTR 2 return for the month of July 2017 has been extended today till 30th November 2017. The due date for filing GSTR 3 return of July 2017 has also been extended until 11th December 2017. The announcement was recently made by the Hon'ble Finance Minister on 30th October 2017. The extension will ease the compliance burden for millions of small businesses across the country.