Goods and Services Tax

Season of Bank Audit is back and so is the time for Chartered Accountants to roll up their sleeves. This time it is even more important. The advent of GST on July 2017 is going to change the way audits had been conducted earlier. There are few things which an auditor should keep in mind, when analyzing the GST compliance made by the bank: 1.      Transitional Credit Most of the bank had opted for centralised registration under pre-GST era, but under GST they are required to take registration either at the branch level, region level or at the state level. Centralised registration is no more permitted. In this scenario they were required to transfer the closing input tax credit as on 30.06.2017 from centralised registration number to the decentralised GST registration numbers.   As per section 140(8) of Central Goods and Services Tax Act, 2017 input tax credit could be transferred as per the will of the bank. The manner of distribution was fully op...

Lakh crores scam, thousand crore NPA, Hundred Crores Ghotala, have become a usual thing for we Indians. And why is it so, because we are least bothered about what’s happening next door. Country which had been ruled for so many years is not ready to step up and walk free. We say we are independent, but are we actually independent and free from all bounds. 125 crore people strive daily to earn their bread and butter without even thinking that one day someone else will take his butter and leave a dry breadcrumb to his destiny. We need to sit down and think beyond politics to build a system which shall take care of all of us. Let’s move beyond Narendera Modi and Rahul Gandhi. Let’s accept this fact that these people have no job other than criticizing one another. As my experience suggests that most of the scams are done by the so called creamy layer because as such a common man in our country is occupied in working hard and somehow pass his day. Be it 2G scam, Commonwealth ...

GST returns are being filed in huge numbers including GSTR 1, GSTR 3B. But what happens once you have filed them. Are you supposed to get them scrutinized, or they remain self-assessed, what to do? Let’s first put it categorically that GSTR 1 is not a return but merely a statement of outward supplies. The return was supposed to be GSTR 3 which has been deferred till 31 st March 2018. Now in place of GSTR 3, GSTR 3B shall be considered as a return. Now what happens after you have filed all such returns? Have you forgot to take input tax credit against any invoice, or you have not shown any outward taxable supply or you have not claimed any refund? Relax, where you have not claimed any input tax credit till 31.03.2018 for FY 2017-18, you can claim the same before filing of GSTR 3B for the Month of September 2018 or filing of your annual return whichever is earlier. Now what is this annual return? Every taxpayer is required to file an annual return in form of GSTR 9 which is to ...