Garg Consultancy Services

02/03/2019

Contact on given numbers for any kind of help related to Income Tax, GST, TDS, Accounting, Bookkeeping, etc. If anyone wants to take any kind of advice related to LIC can also contact.

Please guys feel free to contact.

03/06/2018

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24/05/2018

1. Task force rewriting the income-tax laws has been granted three months more till August to submit its report to the government. CBDT set up to draft a law to replace the income Tax Act, which has been in force since 1961, was to submit its report by this month-end.

2. Due Date for Quarterly statement of TDS deposited for the quarter ending March 31, 2018 is May 31, 2018.
E-way bill for moving goods within a state will become mandatory from June 3, with the country-wide roll out of the mechanism. The government had launched the electronic-way or e-way bill system from April 1 for moving goods worth over Rs 50,000 from one state to another.

3. If turnover 1.5 cr or more, Last Day to file GSTR-1 for Apr is 31.5.2018 & for May is 10.6.2018. From May, 10 days to file GSTR-1 i.e. before GSTR3B.

4. Cabinet cleared the IBC Ordinance paving way to a host of changes in the modality of the Insolvency and Bankruptcy Code (IBC). The Ordinance is based on the changes suggested in a report by a 14-member Insolvency Law Committee.

5. SEBI is planning to ease the norms for mutual funds (MF) participation in the derivative markets. The regulator is considering measuring such as, allowing domestic funds to 'write' options and increasing cap on F&O investments.

26/04/2018

Quotes of the Day:

1. One step back does not mean defeated, it just means that we will take the same step forward again but wiser this time.

2. Everyone may not be nice but there is something nice in everyone. Never keep a fixed image for anyone, because it's natural for the people to act differently with different people.

21/12/2017

1. Monthly filers file GSTR-1 of July, August, September, October and November in this order. GSTR-1 can be filed if GSTR-1 & 3B of earlier period filed.

2. No GST Being levied on completed property but GST being levied on under-construction properties.

3. E-Way Bill made applicable in Rajasthan with effect from 20.12.2017.

4. Companies (Amendment) Bill, 2017 which seeks to bring about major changes in the Companies Act, 2013, was passed by the Rajya Sabha on Tuesday by a voice vote.

5. MCA has decided to introduce a Scheme namely “Condonation of Delay Scheme 2018” which will be implemented with effect from 01.01.2018 and shall remain in force up to 31.03.2018.

6. Reserve Bank today asked banks and other financial institutions to share information about assets of creditors with information utilities registered under the insolvency law.

20/12/2017

1. Assessee with turnover up to 1.50 cr can file Quarterly(No change to monthly in 17-18). File GSTR-1 of Jul Monthly & Aug-Sep, Oct-Dec Quarterly.

2. Central Government has decided to introduce a Scheme namely “Condonation of Delay scheme 2018” [CODS-2018] with effect from 01.01.2018 and shall remain in force up to 31.03.2018.

3. This scheme is applicable to all defaulting companies (other than the companies which have been stuck off/whose names have been removed from the register of companies under section 248(5) of the Act). A defaulting company is permitted to file its overdue documents which were due for filing till.

4. 30.06.2017 in accordance with the provisions of this Scheme.
Procedure to be followed for the purposes of the scheme:-
In the case of defaulting companies whose names have not been removed from register of companies:-

The DINs of the disqualified directors de-activated at present shall be temporarily activated during the validity of the scheme to enable them to file the overdue documents.

The defaulting company shall file the overdue documents in the respective prescribed e-forms paying the statutory filing fee and additional fee payable as per section 403 of the Act read with Companies (Registration Offices and fee) Rules, 2014 for filing these overdue documents.

The defaulting company after filing documents under this scheme, shall seek condonation of delay by filing form e-CODS 2018 attached to this scheme along with a fee of Rs. 30,000/- (Rs. Thirty Thousand only) as prescribed under the Companies (Registration Offices and Fee) Rules, 2014 well before the last date of the scheme.

The DINs of the Directors associated with the defaulting companies that have not filed their overdue documents and the e-form CODS, and these are not taken on record in the MCA21 registry and are still found to be disqualified on the conclusion of the scheme in terms of section 164(2)(a) r/w 167(1)(a) of the Act shall be liable to be deactivated on expiry of the scheme period.

In the event of defaulting companies whose names have been removed from the register of companies under section 248 of the Act and which have filed applications for revival under section 252 of the Act up to the date of this scheme, the Director’s DIN shall be re-activated only NCLT order of revival subject to the company having filing of all overdue documents.

13/11/2017

GST Council Meeting Result:
1. All businesses to file GSTR-1 and GSTR-3B till March 2018. GSTR-2 and GSTR-3 due dates will be notified.

RELIEF IN GST RETURNS COMPLIANCE:
2. GSTR-3B
Filling:
Continues till March 2018 – Due date as usual 20th of succeeding month.
Late Fee:
July to September: Waived for GSTR-3B – will be credited to Electronic Cash Ledger under “Tax Head”.

3. GSTR-1 Due Dates:
(i) Annual aggregate turnover up to Rs. 1.5 crore – Quarterly Returns
Jul- Sep
31st Dec 2017
Oct- Dec
15th Feb 2018
Jan- Mar
30th April 2018
(ii) Annual aggregate turnover more than Rs. 1.5 crore – Monthly Returns
Jul- Oct (Every month)
31st Dec 2017
Nov
10th Jan 2018
Dec
10th Feb 2018
Jan
10th Mar 2018
Feb
10th Apr 2018
Mar
10th May 2018

4. GSTR-2 and GSTR-3:
Till March 2018 will be notified soon.

5. Other Due Dates which got extended:
(i)
GST ITC – 04 (July – Sept)
31st December, 2017
(ii)
GSTR- 4 (July – Sept)
24th December, 2017
(iii)
GSTR-5 (for Non Resident)
15th Dec 2017
(iv)
GSTR-6 (for ISD)
31st Dec 2017
(v)
Tran – 1
31st Dec 2017

6. Late Fess for GST Returns
October 2017 on-wards:
Tax Liability – NIL: Rs. 20/- per day
Tax Liability – OTHERS: Rs. 50/- per day.

7. Changes in Composition Scheme
– Composition scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore later).
– GST rate of 1% for manufacturers & traders
– Composition tax of 1% on turnover of taxable goods (turnover of exempted goods to be excluded)
– Those supplying goods and services (services not exceeding Rs 5 lakhs in total) eligible for compositions scheme
– Composition Returns, GSTR-4 due date extended to 24th December.

8. Relief for service providers
All service providers with turnover up to Rs. 20 lakhs exempt from GST registration. Including those who supply inter-state or supply through e-commerce operator, such service providers do not have to register.

9. Restaurants
GST rate cut to 5% with no input tax credit.

10. GST Rates: – Major Changes in GST Rate.

08/11/2017

Highlights of GST council 22nd Meeting:

1. Turnover for composition scheme raised from 75 Lakhs to 1 crores. This Threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.

2. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018.Persons who are otherwise eligible for composition scheme who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.

3. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.

4. Persons having Annual aggregate turnover up to Rs. 1.5 crores. shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the October-December, 2017. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017.

5. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018. Specific reverse charge u/s 9(3) shall continue.

6. Taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies shall be payable only when the supply of goods is made.

7. The services provided by a GTA to an unregistered person shall be exempted from GST.

8. Registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.

9. The e-way bill system shall be introduced w.e.f.01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018.

10. The last date for filing the return in FORM GSTR-4 & FORM GSTR-6 for the months of July, August and September, 2017 shall be extended to 15.11.2017.

11. Invoice Rules are being modified.

12. Rate of GST is reduced on 27 items significantly. (Check in press release):

The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses:

22/10/2017

1. Turnover for composition scheme raised from 75 Lakhs to 1 crores. This Threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.

2. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018.Persons who are otherwise eligible for composition scheme who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.

3. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.

4. Persons having Annual aggregate turnover up to Rs. 1.5 crores. shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the October-December, 2017. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017.

5. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018. Specific reverse charge u/s 9(3) shall continue.

6. Taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies shall be payable only when the supply of goods is made.

7. The services provided by a GTA to an unregistered person shall be exempted from GST.

8. Registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.

9. The e-way bill system shall be introduced w.e.f.01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018.

10. The last date for filing the return in FORM GSTR-4 & FORM GSTR-6 for the months of July, August and September, 2017 shall be extended to 15.11.2017.

16/10/2017

Failures, setbacks, weaknesses – none of these can stop you as long as your desire to succeed overpowers the negativity in your mind. Just tell yourself one thing when you wake up in the morning.

16/09/2017

1.Income Tax Dept is working on a new system of jurisdiction-free assessment, where a taxpayer would be assessed by a taxman based in any part of the country as part of measures to reduce instances of corruption and harassment.

2.Ministry of corporate affairs (MCA) and Central Board of Direct Taxes (CBDT) have teamed up to share data and information on companies to keep a check on activities of shell companies and curb money laundering.

3. GST: For ITC claim of more than Rs 1 cr in TRAN-1, closing balance of ITC in ST, VAT returns etc & eligibility of such claim under GST being verified.

4. In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country, a senior tax official told ET.

5. Compounding assessee to file GSTR-4 for July-September by 18 October. No GSTR-4A for inward supplies & no Inward supplies details in GSTR-4 for this quarter.

6. Finance ministry on Wednesday issued an official circular to begin the process of drafting the Union Budget for 2018-19.The Budget is likely to be presented on February 1, 2018.

13/09/2017

1. Supreme Court of India recently ruled that the CBDT has no power to amend the provisions of the law through issuing circulars. In the instant case, the petitioners, S V Gopala Rao and Sons.

2. 20/09/2017 is the due date of filing of GSTR-3B & for Payment of Tax for the month of AUG 2017.

3. New GST Tax Rates on Luxury Cars:
- Small cars (Petrol): 28.00% base + 1.00% cess = 29.00%
- Small cars (Diesel): 28.00% base + 3.00% cess = 31.00%
- Mid-size cars: 28.00% base + 17.00% (+2%) cess = 45.00%
- Luxury cars: 28.00% base + 20.00% (+5%) cess = 48.00%
- SUVs: 28.00% base + 22.00% (+7%) cess = 50.00%
- Hybrids: 28.00% base + 15.00% cess = 43.00%
- Electric: 12%

4. Global auditing firms may come under greater scrutiny for any wrong doing as regulators mull ways to make them more accountable, with the role of such auditors , especially the Big Four coming under the lens in various corporate misdoings.

5. SEBI has issued a press release stating that ascertaining acquisition of ‘control’ under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”) requires consideration of facts and circumstances of each case.