Recommendations of the 42nd GST Council Meeting

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs

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MCA clarification on Form ADT-1 & Form INC-22A (Active)

To resolve the issue Faced by stakeholder while filing INC-22A regarding the non prefill of Auditor details for those who have file GNL-2 instead of ADT-1 MCA issued the following clarification. Based on feedback received from stakeholders who were unable to file e-form ACTIVE as they had filed ADT-1 forms for appointment of auditors for the period from 2014-15 to 2018-19 as an attachment with GNL-2 e-form during the period from 01/04/2014 to 20/10/2014 (due to non-availability of e-form ADT-1 during that period), it has now been decided to permit re-filing of ADT-1 to such companies for the said period…

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Amendment in Form 16 and Form 24Q

Income Tax Department has updated the Form 16 and Form 26Q. The effective date for the same is  12th May 2019. Highlights: A. In Form No. 16: The “Notes” occurring after “Part A” has removed; “Part B" (Annexure), has been replaced with new “Annexure” as show bellow Government deductors to fill information in item I of Part A if tax is paid without production of an income-tax challan and in item II of Part A if tax is paid accompanied by an income-tax challan. Non-Government deductors to fill information in item II of Part A. The deductor shall furnish the…

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FAQs of GSTR-9C Offline Utility

1. What is Form GSTR-9C?Form GSTR-9C is a reconciliation statement, duly verified and signed by Chartered Accountant/ Cost Accountant, and required to be furnished along with filing of annual return in Form GSTR-9 by the taxpayer whose turnover is above Rs.2 Crores during a financial year.2. Who needs to file Form GSTR-9C?Every taxpayer is supposed to file GSTR-9C and required to get his accounts audited by Chartered/Cost Accountant when turnover during a financial year exceeds the prescribed limit, along with filing of his/her annual return in Form GSTR-9.This requirement is not applicable to Central Government or a State Government or…

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Clarification on e-Form DIR-3 KYC filings on Annual Basis

Every person who is holding a DIN on 31st March is required to file DIR-3 KYC e-Form Every year on or before 30th April. After expiry of the respective due dates, the system will mark all non-compliant DINs against which DIR-3 KYC form has not been filed as ‘Deactivated due to non-filing of DIR-3 KYC’. Consequences of non-filing of e-Form DIR-3 KYC within the specified due date? If a Director, fails to file eform DIR-3 KYC before the expiry of the due date, then MCA21 system will mark his/her DIN as ‘De-activated’ with reason as ‘Non-filing of DIR-3 KYC’. However, the…

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March 2019 Form GSTR-1 Due Date Extended.

Central Government has extended March 2019 GSTR-1 filing Due date to 13th April 2019Below is the Official announcement [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification No. 17/2019 – Central TaxNew Delhi, the 10th April, 2019G.S.R.....(E).– In exercise of the powers conferred by the second proviso to sub-section (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby makes the following amendments…

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Major Changes in new ITR Forms- AY 2019-20

Income Tax Department has released new Income Tax Return Forms for AY 2019-2020 and these form required more details about the income as compared to previous years to reduce the tax evading  Below are some major changes have been introduced in ITR Forms for 2019-20.ITR-1 (Sahaj)Applicable for: Individuals having a total income of up to Rs 50 lakhHaving income from salariesOne house propertyOther sources (like interest), andAgricultural income up to Rs 5,000.Changes in the new formCannot be used for an individual who is director of a company, has the investment in unlisted equity sharesDetails about the allowances exempt u/s 10Details about Income…

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GSTN issues advisory to start new Invoice series from 1st April 2019

The Goods and Service Tax Network (“GSTN”) has issued an advisory dated April 04, 2019 which state that all taxpayers is invited to Rule 46 (b) of the CGST Rules 2017, which specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters – hyphen or dash and slash symbolized as “-” and “/” respectively, and any combination thereof, unique for a financial year.This rule implies that with the start of new financial year 2019-20 (w.e.f. April 01, 2019), a new invoice…

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