happiTAX

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28/08/2020

Whether your sales is more than INR 10 crores?
Yes?
Then this Very very important update is for You :

Seller whose sales/turnover or gross receipts exceeds INR 10 crores during the preceding financial year(i.e. FY 2019-20) will be required to collect tax at the rate of 0.1% of the aggregate sale consideration with respect to buyers who are buying any goods exceeding INR 50 Lakhs from You applicable from 1 October.

Eg:
Your Total Sales is INR 12 Crores in FY 2019-20.

You billed to Mr. X for sale of some goods for INR 51 Lakhs on 01-10-2020 (GST rate 18%), then your invoice will be like this:

Taxable value of Sales 51,00,000.00
IGST @ 18% 9,18,000.00
TCS @ .01% 5,100.00

Total Value 60,23,100.00

(Disclaimer : Due care has been taken while analyzing the above provision, however the same should not be taken as legal advice)

The Author of this Article is CA. Pratik Dokania, and can be reached @ 9681112341

02/04/2020

Attention Loan Borrowers:

Do not opt for moratorium/relaxation in your EMI as offered by bank for next 3 Months.

Reason with example -
Say your EMI is Rs. 25,000 @ 8% and tenure left is 15 years.
This Rs. 75,000 relaxation now can cost you upto additional Rs. 1,84,259.

For more details, you may connect @

CA.Pratik Kumar Dokania.
[email protected]
9681112341.

21/05/2018



Dear all
31/07/2018 is coming near.

This is a timely information for your Income Tax compliance.
As You may know that from this year onwards(i.e. A.Y. 2018-19 onwards), there is a big penalty for late filing of your Income Tax Return as follows:

Due date is 31/07/2018 (30/09/18 for Tax Audit Assessee)

If you file your return after 31/07/2018 - Penalty is ₹ 5,000.

If you file after 31/12/2018 - ₹ 10,000

So get your return filed timely and accurately.

You may also reach us @
968 111 2341 / [email protected] for assistance.

03/03/2018

🔊🌞UPDATES BY happiTAX🔉🌞

➡️New form AOC-3A notifies by MCA for sending financial statements to members by Ind AS Complaint Co.

➡️The deadline for linking Aadhaar card with essential services is March 31, 2018.

➡️Aircel files for Bankruptcy.

➡️India’s GDP Growth Rises To 7.2% in December quarter, India Fastest Growing Economy ahead of China in race

➡️Govt. exempts Ind AS companies engaged in defence production from segment reporting.

08/02/2018



E-way Bill required even for Personal Movement of Goods if the Purchaser is Registered Dealer in GST and his GST Reg. No. is quoted in Tax invoice.

Eg:-
Mr. A, a registered dealer purchase a Mobile of Rs. 70,000 for Personal Use and carrying it to his Place say in Motorbike.
Now if his GST Reg. No. has been mentioned in Tax Invoice, then he has to generate Eway bill for the same, otherwise the Authority has the power to Stop him.

01/02/2018

:
Trial phase for Generation of E-WAY BILL extended

Till further notification..

08/12/2017

Deadline: AADHAR - PAN

Govt. extends deadline to Link Aadhar with PAN till MARCH 31, 2018.

09/09/2017

GST update for Return Filing:

GSTR1 for July- 10th oct

GSTR3B now till December month for collecting Payments

GSTR2 for July- 31st Oct
GSTR3 for July- 10th Nov

No Schedule now for GSTR 1, 2 & 3 for August onwards. To be announced later.

TRAN 1 extended upto 31/10/17. TRAN 1 filed earlier can be revised.

09/09/2017

GST attention:

If Supplier doesn't file GSTR - 1 withing due date of 10/09/2017 for the month of July, he will not be able to Upload Invoices or Submit Form GSTR1 during the period of filing of Form GSTR-2 of July, 2017, viz. 11th to 25th September, 2017.

25/08/2017



Last date for those

✔who do not want to claim transitional credit in TRANS-1 this month - 25th August,2017

✔who want to file up TRANS-1 this month - 28th August,2017

✔for payment of tax - 25th August,2017

Regards:
Team happiTAX

18/08/2017



Payment of GST Liability under Reverse Charge has to be paid by Cash and not through Input Tax Credit Adjustment.

Team happiTAX

Address

Kolkata

Telephone

9681112341

Website

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