CA Experts Club

26/04/2021

Sec 61 Scrutiny of Returns to be read with Rule 99 of CGST Rules. Learn how to reply Notice ASMT 10

Process Flow of Sec 61 of CGST Act• To verify the correctness of the returns• PO may scrutinize the return and related particulars furnished by the RP •...

24/04/2021

Assessment Sec 2 (11)
“Assessment” means determination of tax liability under this Act and includes self assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment;

Assessment Sec 2 (11) “Assessment” means determination of tax liability under this Act and includes self assessment, re-assessment, provisional assessment, s...

17/04/2017

In GST
E-Way Bill will be required for movement of all goods, whether within the state or across states.

09/04/2017

Audit Requirement in GST

As per Sec 35 (5) of CGST Law..
Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed.

26/02/2017

Under GST

If you do not file your return and pay the tax, your customer will not be eligible to avail Input Tax Credit .

Also, if you miss a monthly filing, you will not be allowed to file for next month unless you have cleared previous month filing.

03/11/2016

GST Rates finalised.

GST panel fixes rates @
0%, 5%, 12%, 18% & 28%.

0 rate of tax for several items constituting 50% of CPI basket.

Food grains slab set @ 5%

2 Standard rate of 12% & 18%

White goods currently @ 30%-31% will be set to new rate @ 28% but with riders.

Several items will be transferred from 28% slab to 18% slab now onwards.

Cess will be levied on to***co & other luxury items with a yearly reviewal.

More details will be published shortly.

Forwarded as received

18/10/2016

GST

Under GST assessee to e-file audit report cm reconciliation statement by CA/ICWA in FORM GSTR-9B with audited accounts, if turnover exceeds Rs 1 crore.

17/10/2016

MCA notifies draft rules related to insolvency resolution and liquidation of insolvent corporate persons.

16/10/2016

Income Tax

Monday (17.10.2016) is the due date to file income tax return of companies /firms etc. where audit is required for the F.Y. 2015-16.

15/10/2016

Mistakes, failures, Insult, frustration and rejections are part of progress and growth.

Nobody ever achieved anything worthwhile without facing these five Things.

12/05/2016

DVAT Regd dealers to display certificate of registration at principal place and certified copy at other places of business in Delhi.

DVAT circular no: 4 of 2016-17.

03/05/2016

Income Tax

Now, deductor is liable to furnish of evidence of claims by employee for deduction of tax under section 192 of IT Act, 1961.
Notification no. 30/2016 dated 29.04.2016.