Madeeasy Management Services LLP

Madeeasy Management Services LLP Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Madeeasy Management Services LLP, Consulting Agency, F1, Saligrama Complex, Opp to KLE Arts College, Vidyanagara, Hubli.

Madeeasy Management Services LLP (‘MeMS’) is having an office at Davanagere, Karnataka and was incorporated out of rich experience & backed by young professionals who has vast of experience in the areas of Income Tax, Goods and Service Tax (GST), Auditing and Advisory and served to a wide variety of big clients.

20/07/2019

Composition Taxpayers can not find GSTR 4 (Quarterly Return) in their dashboard from the financial year 2019-20. A new return filing procedure was introduced in April 2019 and it is applicable from FY 2019-20 and onwards. Let's take a look at new changes.

What is GST CMP 08?

Form CMP 08 is a statement cm challan to declare the details or summary of a taxpayer's self-assessed tax payable for a given quarter.
Composition Taxpayers need to file Form CMP 08 quarterly instead of GSTR 4 from FY 2019-20.
Composition Taxpayers need to file Form CMP 08 on Quarterly basis.
Composition Taxpayer needs to pay tax quarterly on their sales as earlier.
A taxpayer can file NIL return if his/her total liability is '0' for a given quarter.
What is the last date to file GST CMP 08?

Due date for CMP 08 is on or before 18th of the month succeeding the quarter. But the Last date is extended for Apr-Jun quarter upto 31st July 2019 due to unavailability of CMP 08 at the portal.

CMP 08 is still not available in the portal, what to do?

If you call GST helpdesk regarding this matter, they will tell you to wait for the next update. So, you need to wait and CMP 08 will be available very soon.

Do the taxpayers need to file GSTR 4?

GSTR 4 is needed to file annually instead of quarterly from FY 2019-20.

20/03/2019


Mechanism for implementation of new GST rates in Real Estate

The GST Council discussed the operational details for implementation of the recommendations made in its last meeting for lower effective GST rate for Real Estate. The council decided the modalities of the transition which is briefed as below.

1. In case of *Ongoing projects*, the promoters shall be given a one -time option to continue to pay tax at the old rates (effective rate of 8% or 12% with ITC) on ongoing projects which have not been completed by 31.03.2019. This option will have to be exercised within prescribed time frame;

2. The new tax rates which shall be applicable to new projects or ongoing projects which have exercised the above option to pay tax in the new regime are as follows:

*_1% without input tax credit (ITC) on construction of affordable houses_*, and

*_5% without input tax credit (ITC) on construction of other houses and also for commercial apartments such as shops, offices etc. in a residential real estate project in which the carpet area of commercial apartments is not more than 15% of total carpet area of all apartments_*;

3. The new tax rates as above comes with another condition that *atleast 80% of inputs and input services shall be purchased from registered persons*. On shortfall of purchases from 80%, tax shall be paid by the builder @ 18% on RCM basis and @ 28% in case of cements;

4. Transition mechanism for reversal of ITC has been prescribed for ongoing projects where the builder opts for new tax rate;

5. GST on supply of Development Right / Long term lease premium shall be exempted *subject to the condition that the constructed flats are sold before issuance of completion certificate and tax is paid on them*;

6. The exemption as above shall be withdrawn in case of flats sold after issue of completion certificate, but such withdrawal shall be limited to 1% of value in case of affordable houses and 5% of value in case of other than affordable houses. *The liability of this tax is shifted from land owner to builder under RCM*;

7. The liability of builder to pay GST on construction of houses given to land owner in a Joint Development Agreement shall continue.

10/01/2019


Here are the key updates from the 32nd GST Council Meeting

The GST registration threshold limit doubled. Increased to Rs.40 lakhs from the existing Rs.20 lakhs.

Composition taxpayers allowed to pay GST quarterly and file returns annually.

The exemption limit for MSMEs raised to Rs.40 lakhs of annual turnover

Kerala allowed to impose 1% cess for 2 years, for Kerala flood relief

Composition scheme introduced for Service providers. Limit set to Rs. 50 lakhs.

Composition rate for service providers set to 6%

The existing composition scheme for other than service providers raised to Rs. 1.5 crores from the existing Rs. 1 crores.

Revision of GST rates for real estate under consideration with the committee.

14/09/2018



GST TDS* (Another Tedious job)

CBIC has issued notification 50/2018-CT dt. 13.09.2018 to prescribe enactment of GST-TDS mechanism w.e.f *1st October 2018* as per section 51 of CGST Act.

As per this section *TDS is to be deducted @ 2%* (CGST + SGST) from the payment of the supplier of Goods or Service or both (Deductee) by following persons (Deductor):

(a) a department or establishment of the Central Government or State Government; or

(b) local authority; or

(c) Governmental agencies; or

(d) an authority or a board or any other body, -
(i) set up by an Act of Parliament or a State Legislature; or
(ii) established by any Government, with fifty-one per cent. or more participation by way of equity or control, to carry out any function;

(e) Society established by the Central Government or the State Government or a Local Authority under the Societies Registration Act, 1860 (21 of 1860);

(f) *public sector undertakings*.

The amount of TDS deducted shall be credited in the cash ledger of supplier / deductee on monthly basis after payment and filing of their monthly TDS return by deductor in Form GSTR-7. This amount can be used for payment of hist output tax liability.

Note:
1. The deductee will be issued certificate of deduction of TDS in Form GSTR-7A after filing of return.
2. It is applicable where total value of supply *under a contract exceeds Rs. 2,50,000/-*,
3. TDS is *not required* to be deducted in case of *inter-state transaction*.

10/09/2018



Extension of Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases


It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to furnish FORM GSTR-1, a one-time scheme to waive off late fee payable for delayed furnishing of FORM GSTR-1 for the period from July, 2017 to September, 2018 till 31.10.2018 has been launched.

In this regard, the due date for furnishing FORM GSTR-1 for the period from July, 2017 to September, 2018 has been extended till 31st October, 2018 for all registered persons having aggregate turnover above Rs 1.5 crores including the registered persons in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry). For taxpayers having aggregate turnover up to Rs 1.5 crores, the due date for furnishing FORM GSTR-1 for the quarters from July, 2017 to September, 2018 has been extended till 31st October, 2018. Notification Nos. 43 and 44/2018 – Central Tax dated 10th September, 2018 have been issued in this regard. For registered persons having aggregate turnover up to Rs 1.5 crores in Kerala, or whose principal place of business is in Kodagu (Karnataka) and Mahe (Puducherry), the due date for furnishing FORM GSTR-1 for the quarter July, 2018 to September, 2018 would continue to remain as 15th November, 2018 as notified vide notification No. 38/2018-Central Tax dated 24th August, 2018.

Further, for those taxpayers who will now be migrating to GST as per the procedure specified in notification No. 31/2018-Central Tax, dated 06.08.2018, the last date for furnishing the details of outward supplies of goods or services or both in FORM GSTR-1 and for filing the return in FORM GSTR-3B for the months of July, 2017 to November, 2018 has been extended till 31.12.2018. Notification Nos. 45, 46 and 47/2018 – Central Tax dated 10th September, 2018 have thus been issued for extension of dates for filing FORM GSTR-3B.

It is hereby clarified that as per the provisions of section 16 (4) of the Central Goods and Services Tax Act, 2017, the registered person shall not be entitled to take input tax credit in respect of any invoice after the due date of furnishing of the return for the month of September following the end of financial year to which such invoice pertains; or furnishing of the relevant annual return, whichever is earlier. The taxpayers are thus, advised to furnish their returns on time to ensure that input tax credit does not become time barred.

Shashikumar PN

04/09/2018

FLASH. Notifications/Circulars issued today.

GST Circular No 61.. E-way bill in case of storing of goods in godown of transporter.

GST Circular No 60.. Processing of refund applications filed by Canteen Stores Department.

Clarification on refund related issues.

GST Circular No 58.. Recovery of arrears of wrongly availed CENVAT credit under the existing law and inadmissible transitional credit.

Circular No 57.. Scope of Principal-agent relationship in the context of Schedule I of the CGST Act.

CGST Notification No 42.. Seeks to extend the time limit for making the declaration in FORM GST ITC-01 for specified classes of taxpayers.

CGST Notification No 41 Seeks to waive the late fee paid for specified classes of taxpayers for FORM GSTR-3B, FORM GSTR-4 and FORM GSTR-6.

CGST Notification No 40 Seeks to extend the time limit for making the declaration in FORM GST ITC-04.

CGST Notification No 40 Seeks to extend the time limit for making the declaration in FORM GST ITC-04.

CBIC inserts provisions for dropping of proceedings upon payment of tax dues with interest & late fees.

Annual returns GSTR-9 & GSTR-9A notified.

19/08/2018

Appeal

ICAI Kerala Flood Relief Fund

The recent flood in the state of Kerala has caused extensive devastation. A large number of people have died and thousands have been rendered homeless.

At this moment, the affected people in Kerala need help to tide over this natural calamity that has fallen upon them, to survive and to rebuild their lives. In this scenario ICAI has decided to stand with our distressed fellow countrymen, and actively participate in the national effort to support them at this difficult time.

To provide the relief for the people affected by the devastation, ICAI has opened a bank account exclusively for the purpose of collecting donations from members and students.

ICAI appeals to all Members, Students and Others to donate generously through DD/Cheque towards this noble cause. The DD/Cheque payable at New Delhi/Paytm may be favour of the following:

ICAI Kerala Flood Relief Fund

The collected amount will be given to CHIEF MINISTER’S DISTRESS RELIEF FUND at Thiruvananthapuram. The donors are requested to give their name, membership number /student registration number, address, amount and date of contribution, PAN details (if any) so that receipts could be obtained from CHIEF MINISTER’S DISTRESS RELIEF FUND for onward transmission to the donors. The letter/email can be sent to:

The Joint Secretary
M&C-MSS
The Institute of Chartered Accountants of India
ICAI Bhawan
A-29, Sector-62
Noida-201309
Email: [email protected]
Tel. No.: 0120-3876858

Provision of reporting GST compliance and GAAR under clasue 44 & 30C respectively of Form 3CD have been deferred till Ma...
17/08/2018

Provision of reporting GST compliance and GAAR under clasue 44 & 30C respectively of Form 3CD have been deferred till March 31, 2019. i.e. not applicable for form 3CD filed till 31/03/2019.

07/08/2018

CBIC defers RCM on transaction with unregistered supplier till 30th September 2019 : As decided in 28th GST council meeting RCM on transaction with unregistered supplier has been defered for another one year vide notification 22/2018 CT(R).

Address

F1, Saligrama Complex, Opp To KLE Arts College, Vidyanagara
Hubli
580031

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm
Saturday 9am - 2pm

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