P Square & Associates

18/01/2018

Today after Listening the Finance minister's speech at GST Council meeting it is clearly seen that Government will attack Tax Evasion in the coming years . Two actions Government is going to take in the near term .

1. E-Way Bill Implementation from February for Inter state Movement of Goods .
2. Hiring of Data Analytics professionals to analyse the data uploaded at GSTN .

Play Safe .. Avoid suppressing the Sales/ Revenue by indulging to be a part of Parallel Economy !!

Pankit Satra
Chartered Accountant

The above are views or opinions on the basis of analysis done by the author .

17/12/2017

*Filing of GSTR1 (Quarterly or Monthly) is live now , you can file it by Providing the details of your turnover in previous financial year*

*Remember once opted you can't revise the details of your turnover, Be careful while feeding the data*

16/12/2017

Decisions taken by GST Council Today -

1. Inter State E-Way bill to be made compulsory from 1st February,2018 . Voluntarily it can be done from 16th January,2018.

2. Intra State E-way bill to be made compulsory before 1st June,2018 as per the Control Requirements of the State.

Uniform System will be in force by 1st June,2018 nationwide.

14/12/2017

https://twitter.com/askGST_GoI/status/941191570019069954

“Clarification about applicability of GST on Under Construction and Ready-To-Move-In Property ”

11/12/2017

What the Maharashtra State and Central Government has for the Textile Sector !!

05/12/2017

Buying life insurance policy? Don’t ignore these 5 things
Your life insurance policy can be your lifeline if you avoid these mistakes

Your life insurance policy can be your lifeline if you avoid these mistakes…

01/12/2017

WANT TO START A PRIVATE LIMITED COMPANY OR AN ONE PERSON COMPANY(OPC)???

MCA (Ministry of Corporate Affairs) has come up with simplified proforma for Incorporating a Company by filing a single Form SPICe (INC – 32) .
The Form is multipurpose as stakeholders can avail 5 different services
 Name Reservation,
 Allotment of Director Identification Number (DIN) ;
 Incorporation of New Company ,
 Allotment of PAN and
 Allotment of TAN
[Note - Section 8 company (Companies with Charitable Objects) can also be incorporated using SPICe form but after reserving a name using INC-1) ]
Companies who can avail this facility :-

1.Section 8 company with less than 7 subscribers
2.New Company - Others (including OPC) with less than 7 subscribers

This Form Requires authentication by a Professional (Chartered Accountant, Company Secretary and Cost Accountant ,Advocate)

For any Queries relating to Incorporation of a Company please Contact on - [email protected]

06/11/2017

Have you collected refund of deposit of Rs. 25000 with VAT Department made at the time of Voluntary Registration?

No....
Let's discuss the Circular 34T/2017 issued by sales tax department relating to such refund.
After the GST ERA the REGISTRATION under MVAT is deemed to be cancelled with effect from 1st July, 2017. The following time limits are DISCUSSED for Application of refund.
Two cases are discussed in the circular :
1. If deemed cancellation is within 36 months of registration then application to be made till 31st December, 2017.

2.If deemed cancellation is after the period of 36 months of Registration then application is to be made in 1 year from the end of 36 months.

Get your application done at the earliest.. For more clarifications refer circular or you can contact the author at
Mail - id - [email protected]
CA PANKIT PREMJI SATRA
(The views in post are independent thoughts of the author.,it might differ from other views)

03/11/2017

Are you into a SME? Then this one is a must read for you!
GST has come up with composition scheme for person having Turnover upto Rs. 1crore.

To opt for this scheme two important things to be taken care of
1. All your customers are end consumers (who will take not take input tax credit)
2. You are into a business wherein margins are high (Refer illustration for knowing as to your margins are high)

Who can opt?
1. Manufacturers - 2%
2.Restaurants /Food industry - 5%
3. Traders - 1%

Illustration shown below is taken for
A. Trader dealing in a 5% product - Margin more than 40%
B. Trader dealing in a 12% product - Margin more than 17%
C. Trader dealing in a 18% product - Margin greater than 11.2%
D. Trader dealing in a 28% product - Margin greater than 7.2 %
If you are dealing in multiple products then the margin depends on Proportion of products sold.

Let's take an example illustrating the above numbers
A. Say you are dealing in a product having GST 5%
You buy a product At Rs. 100 and sell a cost plus 50%.
If you are a regular dealer you will pay Rs. 2.5 (7.5 - 5) in cash, whereas if you were a composition dealer you would pay Rs. 1.5 in cash on (gross sale). Here you make a profit of Rs. 1.
By applying this method you will end up in savings if you take a proper and informed decision.

The option to opt for composition is available till 31/03/2018.

Pankit Satra
(CA, B. COM)
Author can be contacted on - [email protected]

(The above views are of the author, it may have some other view)