FIT Wealth Advisors LLP

Call Directions Website

FIT Wealth Advisors LLP FIT Wealth Advisors is a boutique taxation firm specializing in providing privately held companies with Finance, taxation, and business advisory services.

18/03/2017

🍎 *GSTUpdate:*

The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, on Thursday, 16/03/2017 approved the remaining two crucial supplementary bills State GST (SGST) and Union Territory GST (UTGST) - moving the proposed July 1 implementation of the country's biggest tax reform closer to reality.

👉 "The Council has granted formal approval to all five legislations," said Finance Minister Arun Jaitley after the Council's 12th meeting on Monday.

👉 *Final drafts of the three other bills Integrated GST (IGST), Central GST (CGST) and Compensation bill had beencleared by the Council in its previous meetings.*

👉 With all five draft laws now being given the green signal by the Council, they will next be sent to the Cabinet for approval and subsequently to Parliament, which is currently in session, for the final nod.

👉Consent from both Lok Sabha and Rajya Sabha would conclude the legislative requirement for the rollout of the new indirect tax regime.
Once the laws are passed,Jaitley said, two important acts remain. The first pertains to formulation of rules - five of which have already been approved. He said the Council would get the final draft of the other four rules by next week and discuss them at the GST Council's next meeting on March 31.

👉 Jaitley said that the next step after that would be the fitment of various commodities into tax slabs. "After that [fitment], we will be ready for GST implementation," said the Finance Minister.

👉 The industry has been particularly looking as to how items would be categorised under various slabs as they need at least two-three months to prepare themselves to adjust to the shift in tax regime.
*The Council has agreed on a four-slab structure 5, 12, 18 and 28 percent along with a cess on luxury and "sin" goods such as to***co.* Jaitley said on Thursday that the *cess* has been capped at 15 percent for the four to five commodities including luxury cars and aerated drinks thatfall in this category.

👉 Under the GST, the states and the Centre will collect identical rates of taxes on goods and services.
🍍 For instance, *if 18 percent is the GST rate on a product, both the states and the Centre will get 9 percent each called the CGST and SGST rates.*

👉 The Centre will also levy and collect the *IGST* on *all inter-state supply of goods and services*. The IGST mechanism has been designed to ensure seamless flow of *input tax credit from one state to another.*

🍓 Regards:
*Adv Nitin gupta*

18/03/2017

🍎 Article on *FSSAI* ✍👀
---------------------------------------------

🌽 *What is FSSAI?*🤔🙇‍♀

Food Safety and Standards Authority of India is established to exercise the powers granted to, and to perform the functions assigned to, it under the Food Safety and Standards Act. It is called as the Food Authority. 🏢 The Food Authority is a body corporate, having perpetual succession and a seal with power to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued. The Head office of FSSAI is located at Delhi and other regional offices are located in other states. We can consult in your Responsibilities, Liability, Food recall procedures with our years of experience. Register with us for FSSAI food license.🤝

FSSAI is under the control of Government of India and Ministry of Health and Family Affair. The FSSAI has been established under the *Food Safety and Security Act of 2006* that sets standards for food products based on science and regulates their production, storage, distribution, sales and imports to ensure they are safe for consumption.

🍑 *Licensing and registration of food business.*🕺🤔

No person shall commence or carry on any food business except under a license with exception of a tiny food business operator; but they shall register themselves with food authority. Get your FSSAI Food License here.😕😕

🍍 FSSAI license is basically a 14- Digit registration number which is printed on food packages.💁🏻🍱😊

🍍 Based on Annual Turnover a FBO has to either apply for simple registration in *FORM A*📝with FSSAI or apply for a License given by FSSAI in *FORM B.*🔖

🍌 *Annual Turnover*

*Registration/License*

⛳ Below 12 Lakhs🤔🤔
👉 *Registration FORM A*

⛳ 12 – 20 Lakhs👀👀🕵
👉 *State License FORM B*

⛳ *Above 20 Lakhs*🙄🙍‍♂
👉 *Central License FORM B*

🍍 Any FBO without FSSAI food license is liable to pay penalty for the offenses.💸The Act has defined *OFFENSES AND PENALTIES* related to food.Register now to ensure you are not liable for any offense and penalty thereof.

🍍 FSSAI gives the opportunity of applying for registration / License online all over India.Apply for FSSAI food License online.👩🏻‍💻👨🏻‍💻

🍍 State Licensing & Registration is issued by the state authorities operating in each state. List of states accepting the application online is highlighted below linked to the respective state pages.

🍓 *Why you should get FSSAI License?*🤷‍♂🤷‍♀🤔

👉There is a high degree of consumer confidence in safety & quality of food.

👉It helps to promote innovation in foods products.

👉It helps in removal of multiple regulations.

👉It facilitates trade without compromising consumer safety & a larger share.

*What is FSSAI all about?*

✍Decentralization of licensing for food products.

✍Simple and easy issue of license with time frame of *1 month.*

✍There is no license for small FBO’s, only registration is mandatory.

✍This act assures safety of consumer and ensures full compensation to victim in case of injury or death.

🕹 *Important Instructions*📮

Food Business Operator must be registered.®

If Food Business Operator is operating in more than 1 state, one additional Central License for Head Office is necessary.🌐😊

Importers are allowed to take one single central license at their Import Export Code address.🔖

Food Business Operator must obey the rules and conditions of registration.

*Importance of FSSAI License*

A food license by which is issued by the FSSAI is regarded as a permit which is required to operate a food related business and also in order to ensure good quality of food in your business and for the benefits one from government actions on non-compliances.But, some of the entrepreneurs oversee the importance of FSSAI license as to how this license can be used as an effective marketing tool in order to boost your business. As, any sound food business operator, you would want your business to be helped by any of the tool that could help to promote sales. You can use an FSSAI license for the same, in the following ways:

1. *Consumer awareness* In this age of information, the consumers have become more alert and informative about the quality of food which they eat. With the number of diets and increasing of the healthy eating food options, people are required to know as to what they are consuming is not just safe but is of really good quality. More so after the recent controversy with Maggi, are provingthe consumers have started to take the food safety standard seriously. Thus, foodare proving that they have the FSSAI license, which can give you an added advantage of a solid and an increase in the customer base.

2. *Legal Advantage*Most of the businesses identify getting an FSSAI license as an expensive, time consuming and an inconvenient process of documentation, thus they try to avoid getting the license. But, in reality, the process is not so cumbersome and there are a lot of consultancies that can help you get the license with ease. The actual cost which is required in order to achieve the license is less than what you will have to pay for in as the penalties if you are caught. It is thus advisable for any businessman to firstly 4 the license before you can even officially open your business.

3. *Using the FSSAI Logo* Once you have the license, you can skillfully use the FSSAI logo in your menu cards and also in the pamphlets in order to publicise your food’s superior quality over others. This however gives you an edge over the many food operators who are not having the license. All the packaged food are thus required to have an FSSAI number. The logo is seen as a mark of validity and also for assurance by the consumers. In fact, the selective customers is to consume food products specifically who are having the license. It helps you in developing a brand name.

4. *Business Expansion* When the time comes for your business to expand in other areas or outlets, you can easily do so with the use of your FSSAI license. The license will help you to establish your reputation and also qualification to grow your business in a new direction with ease. Moreover, the license can also make it easier for you to get bank loans and for funding which is required for expansion.

It is believed that there are more than 5 crore food businesses in the country while only 33 lakhs of them are registered with FSSAI. The importance of the quality standard is ever growing and it is beneficial in the short as well as in the long run for your business in order to have an FSSAI license.

Thank you for Reading 🙏

18/03/2017

“Profession *FIRST*” Updates:

# *GST*: With the approval of State & Union Territory GST (SGST & UT-GST) Bills, Council approved all the 5 GST bills. GST rollout from Jul-1 looks certain.

# *GST*: council fixes ceiling on cess @ 15% on pan masala, chewing to***co & ci******es, luxury cars, aerated drinks & mineral water, and coal & lignite.

# *Enemy Property Bill* passed by the Parliament to bring windfall of Rs 1 Lac crores for the govt.

# *IT*: Assessee did not give any explanation on commercial expediency in advancing the money borrowed on interest, to sister concerns, u/s 36 (1) (iii) - AO to re-adjudicate the facts and details – DCIT, Cir-3(1)(2),Mum Vs Global World Power Projects Pvt. Ltd. (2017 (3) TMI 666 - ITAT Mum)

# *ST*: CENVAT Credit - lighting equipments, gloves and Tissues imported for providing taxable services fall within the definition of parts and accessories of capital goods - credit allowed - CCE, C & ST, Hyd-II Vs Prasad Film Laboratories Pvt. Ltd. (2017 (3) TMI 659 - CESTAT Hyd)

10/11/2016

ख़बर विस्तार से 👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻 जानिए अपने मन में उठ रहे सवालों के जवाब
दिल्ली-
प्रश्न और उत्तर के जरिए जानें क्या है ये फैसला और कैसे बदल सकेंगे नोट.

प्रश्न 1 - क्या फैसला हुआ?

उत्तर- 500-1000 के नोट बंद किए गए।

प्रश्न 2- कब से बंद हो रहे हैं ये नोट?

उत्तर- 08 नवंबर रात 12:00 बजे से।

प्रश्न 3- ऐसा क्यों किया गया?

उत्तर- भ्रष्टाचार, हवाला कारोबार, आतंकवाद की फंडिंग और जाली नोट रोकने के लिए। और बेईमानों का कालाधन सामने लाने के लिए।

प्रश्न 4- अब क्या होगा?

उत्तर- 500-1000 के पुराने नोट आप बैंक या पोस्ट ऑफिस में आईडेंटिटी कार्ड जैसे आधार कार्ड, मतदाता पत्र, राशन कार्ड, पासपोर्ट, पैन कार्ड दिखाकर बदल सकेंगे। आरबीआई ने 500 और 2000 रुपए के नए नोट निकाले हैं। ये 10 नवंबर से जारी होंगे।

प्रश्न 5- पुराने नोट बदलने की क्या इसकी कोई आखिरी तारीख तय है?

उत्तर- 30 दिसंबर तक ये नोट जमा कराए जा सकेंगे।

प्रश्न- 6 क्या इसके बाद भी क्या बदले जा सकते हैं?

उत्तर- हां, ये नोट 31 मार्च 2017 तक घोषणा पत्र (डिक्लरेशन फॉर्म) के साथ सीधे आरबीआई में जमा कराए जा सकेंगे।

प्रश्न 7- एक बार में 500-1000 के कितने नोट जमा किए जा सकेंगे?

उत्तर-10 से 24 नवंबर तक एक दिन में 4000 रुपए मूल्य के नोट ही जमा कर सकेंगे।

प्रश्न 8 - क्या बैंक में 9 नवंबर से ही 500-1000 के नोट जमा होंगे?

उत्तर- नहीं। नई व्यवस्था लागू करने के लिए बैंक 9 नवंबर को बैंक बंद रहेंगे। 10 नवंबर से खुलेंगे।

प्रश्न 9- एटीएम से अगर 500-1000 के नोट निकले तो क्या करें?

उत्तर- एटीएम से 500-1000 के नोट हटाने के लिए इन्हें बुधवार-गुरुवार को बंद रखा जाएगा।

प्रश्न10- 10 नवंबर के बाद क्या एटीएम से रकम निकाल सकते हैँ?

उत्तर- 10 नवंबर के बाद एटीएम से एक दिन में सिर्फ 2000 रुपए निकालने की लिमिट तय की गई है।

प्रश्न 11- क्या कार्ड और चेक से लेनदेन पर कोई असर होगा?

उत्तर- नहीं। कार्ड और चेक से लेनदेन पहले की तरह होता रहेगा।

प्रश्न12- क्या सरकार ने कोई और रियायत दी है?

उत्तर- हॉस्पिटल, एयरपोर्ट, बस स्टेशन, पेट्रोल पंप पर 11 नवंबर रात 12 बजे तक 500-1000 के नोट लिए जाएंगे।

प्रश्न13- क्या नए नोट निकालेगी सरकार?

उत्तर- हां, सरकार 500 और 2000 के नए नोट निकालेगी।

प्रश्न 14- इन नोटों में क्या होगा?

उत्तर- 500 के नोट पर लाल किला और 2000 के नोट पर मंगलयान के चित्र होंगे।

प्रश्न- 15- आप क्या करें और क्या ना करें?

उत्तर- कोई 500 या 1000 के नोट देकर इन्हें बदलने के लिए कहे तो बैंक न जाएं। सिर्फ अपने नोट बदलें। क्योंकि नोट बदलने के लिए आईडेंटिटी कार्ड जरूरी होगा। इनका पुख्ता रिकॉर्ड रखा जाएगा। वीडियो रिकॉर्डिंग की जाएगी। हालांकि, आप अगर अपने नोट बदलने जा रहे हैं और ये काला धन नहीं है तो चिंता करने की कोई बात नहीं। आप आराम से नोट बदल सकेंगे।

प्रश्न16- इस फैसले का कहां होगा असर? कौन होगा ज्यादा प्रभावित?

उत्तर- पेट्रोल पंप, मेडिकल स्टोर, छोटी किराना दुकानें, हॉस्पिटल, टोल प्लाजा, स्ट्रीट फूड, पर्यटन स्थल जैसी जगहों पर कैश का सबसे ज्यादा इस्तेमाल होता है। यहां शुरुआती कुछ दिनों में लोगों को परेशानी हो सकती है।

कैसे दिखेंगे नए नोट

500 रुपए का नया नोट500 रुपए के पुराने नोट के बदले सरकार ग्रीन कलर का 500 रुपए का नोट जारी करेगी।500 रुपए के नए नोट महात्मा गांधी न्यू सीरीज ऑफ नोट्स कहलाएंगे। साइज में पहले से छोटा होगा। पीछे की तरफ लाल किले की तस्वीर होगी।

2000 रुपए का नया नोट

2000 रुपए का नया नोट पिंक यानी गुलाबी कलर का होगा।पीछे की तरफ मंगलयान की तस्वीर होगी। यह देश के साइंटिफिक अचीवमेंट को बयां करेगी।इसका साइज भी छोटा होगा। स्वच्छ भारत अभियान का संदेश होगा।

क्या कहा आरबीआई ने?

आरबीआई गवर्नर उर्जित पटेल ने कहा, “जल्दी ही नए नोट मार्केट में लाने के लिए प्रोडक्शन बढ़ाएंगे।”“आरबीआई और डिपार्टमेंट ऑफ इकोनॉमिक अफेयर्स में कंट्रोल रूम बना रहे हैं।”फाइनेंस सेक्रेटरी शशिकांत दास ने बताया- सरकार एक बड़ा फैसला है। नए नोट 10 नवंबर के बाद मिलने शुरू हो जाएंगे।”

सरकार ने 500 और 1000 रुपए के नोट बंद क्यों किए?

सरकार करप्शन और ब्लैकमनी पर अंकुश लगाना चाहती है। क्योंकि इसका इस्तेमाल आतंकवाद के लिए किया जा रहा था।जाली नोट की खपत को रोका जा सकेगा।

कहां बदल सकते हैं नोट?

500 और 1000 के नोट आप बैंक और पोस्ट ऑफिस में बदल सकते हैं।

कब तक बदल सकते हैं?

10 नंवबर से 30 दिसंबर तक। लेकिन साथ में पहचान पत्र लाना होगा।

इसके बाद भी क्या बदले जा सकते हैं?

घोषणा पत्र के साथ ये नोट 31 मार्च 2017 तक जमा आरबीआई में जमा करा सकते हैं।

एक बार में 500-1000 के कितने नोट जमा किए जा सकेंगे?

10 से 24 नवंबर तक एक दिन में 4000 रुपए मूल्य के नोट ही जमा कर सकेंगे।

बैंक कब बंद रहेंगे? एटीएम कब बंद रहेंगे?

9 नवंबर को बैंक तथा 9 और 10 नवंबर को एटीएम बंद रहेंगे।

नवंबर के बाद क्या एटीएम से रकम निकाल सकते हैँ?

10 नवंबर के बाद एटीएम से एक दिन में सिर्फ 2000 रुपए निकालने की लिमिट तय की गई है।

क्या कार्ड और चेक से लेनदेन पर कोई असर होगा?

नहीं। कार्ड और चेक से लेनदेन पहले की तरह होता रहेगा।

क्या सरकार ने कोई और रियायत दी है?

हॉस्पिटल, एयरपोर्ट, बस स्टेशन, पैट्रोल पंप पर 11 नवंबर रात 12 बजे तक 500-1000 के नोट लिए जाएंगे।

09/11/2016

🍎 *Summary of the important announcement :*

👉 1. Black money issue, 500 rupees and 1000 rupees banned from Midnight.

👉 2. ATM's wouldn't wouldn't work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.

👉 3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.

👉 4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.

👉 5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.

👉 6. No changes in online, card, cheque or any other plastic money transactions.

👉 7. 9th November, banks wouldn't be available for public banking services.

👉 8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.

👉 9. Old notes can be exchanged with rbi till 31st March 2017 after 30th December.

15/10/2016
14/10/2016

How to Pat tax under GST regime....

1- Calculate tax payable in cash

2- Generate CPIN number in GST PMT-4 on portal by putting all the detail of Tax under CGST, IGST & SGST along with Interest, fees, and Penalty (Sb) etc .
Challan will have 14 digit CPIN number (Common portal identification Number)
Challan will be valid for 15 days) Once
generated challan may not be modified.

3- Make payment with above challan (CPIN) by (RTGS/NEFT etc) sb or as specified by Govt.

4- After payment of Tax, Challan Identification Number – 17 digit ( 14CPIN and 3 digit Bank Code)(Sudhir) will be generated, will be proof of Tax payment.

14/10/2016

🍎 *How Tax will be Paid Under GST* 🍓

*Step-1*: Calculate tax payable in cash

*Step-2*: Generate CPIN number in FORM GST PMT-4 on common portal by entering the detail of amount of Tax (CGST, IGST & SGST), Interest, fees, and Penalty etc payable.
Generated challan shall have 14 digit CPIN number (Common portal identification Number)
This challan shall be valid for 15 days from the date of generation)
Taxpayer can partially fill in the challan form and temporarily “save” the challan for completion at a later stage. A saved challan can be “edited” before finalisation
Challan generated online may not be modified after submission

*Step-3*: Now make payment with reference to above challan (CPIN) by (Net-banking/Card/RTGS/NEFT) or any other mode as specified by Govt.

*Step-4*: After successfully payment of Tax, a CIN (Challan Identification Number – 17 digit — 14CPIN and 3 digit Bank Code) shall be generated, which is actual proof of Tax payment.

07/10/2016

States have started scouting for tax consultants to advise them on technical aspects of the goods and services tax (GST), which is planned to be rolled out from April next year.
With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab government has initiated the process of appointing consultant to help it successfully implement the new tax regime, which will subsume various state levies like octroi and sales tax.
Other states may also go in for consultants to assist the administration in the preparatory work for GST.
While the Punjab government is looking to appoint a consultant for two years, sources said other states too would be looking at a similar timeline as the hurdles in implementation of GST are expected to come down in 1-2 years.
Among other things, the consultants will be required to suggest organisation structure of the department in the GST regime, strategy for transition period and ways to mitigate risks and checklist of tasks that need to be completed before introduction of GST.
Also, the consultant will be required to frame a communication strategy for administration vis-a-vis stakeholders such as industry and traders.
Also, the consultant will be imparting training on provisions of the GST Act/Rules and processes to officers of the department.
Besides, the entity will calculate the impact of GST implementation on state revenues keeping in view the present rate of tax in the state and the proposed rate of tax under GST.

Touted as the biggest tax reform since Independence, the GST will subsume excise, service tax, cess, VAT and other local levies and create a uniform market for seamless transfer of goods and services.

The GST draft rules on payment, returns and refund have been finalised and the all-powerful GST Council will decide on the tax rate by October 20.

Address

FF 52 Durga Tower Rdc Rajnagar
Delhi
201001

Opening Hours

Monday 10am - 5pm
Tuesday 9am - 5pm
Wednesday 10am - 5pm
Thursday 10am - 5pm
Friday 10am - 5pm
Saturday 9am - 5pm

Telephone

9871236456

Alerts

Be the first to know and let us send you an email when FIT Wealth Advisors LLP posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share