Goods and Services Tax

No its neither the taxpayers nor the consultants who want extension of due dates: Every time a due date approaches for statutory compliance, there is a hue and cry and number of petitions, representations, letters get piled up with ministers for seeking extension in those dates. There has always been a dilemma that we the taxpayers has become habitual of seeking extensions due to our laid back attitude. Similarly it is happening with GSTR 9 and GSTR 9C for FY 2017-18 which is due in about 3 days’ time. No, its not the taxpayers or their consultants who run for these extensions, but it is the lethargic and lack of panoramic view of the officials which blocks the road. Originally this return, GSTR 9 was supposed to be filed by 31 st December 2018 i.e. after about 18 months from the day GST was enforced. On that date there was no sign of filing of return, there was neither formats available nor the system and not even any alternate procedure for filing was introduced. Th...

Issues you must check before you sign off GSTR 9C (Keshav R Garg) B.com, FCA, CS, ISA(ICAI), AMP-IIM-A, LLB Although most of the fields in GSTR 9 and GSTR 9C has been made optional, it does not mean that as an auditor you can sit back and relax and sign whatever comes your way. At the outset it must be understood that “optional” does not mean “not required”, it certainly means that if the necessary data is available, you must enter that while filing annual returns. Further if it is becoming time consuming and is something which is making filing of annual return difficult, you can leave those at the moment. But it is most likely that the assessing authority would certainly call for these details at the time of assessment proceedings. So with this background, as an auditor you must understand that your responsibility has not been waived off, instead it would be the auditor or the consultant who would have to clarify issues at the later stage. So what are the check po...

Finally GST Annual return for FY 2017-18 will be filed by 31 st January 2020. Thereafter as anticipated, activism from the GST Department will begin. There would be huge number of notices/summons which department is planning to serve to taxpayers. All sorts of interpretational issues/classification issues/ ITC issues and various others are going to come on surface again. We also know that GST being an e-tax, the replies to these notices shall be mandatorily be submitted online. If you are a consultant who had been rendering services to the taxpayers, you might be under tremendous pressure of preparing the professional replies to the notices/summons/queries/issues raised by the tax department. To support and to hand hold when you deal with the department, M/s Infinitive Consultancy Services LLP is launching Unitax – A unique solution to handle tax assessments. Just upload the notices at Unitax portal and get the tailor made expert replies from the team of Unitax. Unitax ha...

There is more to FY 2017-18, after you file GSTR 9 (Keshav R Garg) B.com, FCA, CS, ISA(ICAI), AMP-IIM-A, LLB Now that the time limit for filing of annual return 2017-18 is reaching final stage, most of the taxpayers would have filed their returns. But what after that. Is it the final step to close FY 2017-18 or still there is something left. Once you file your annual return, the GST department would begin its activism. As far as taxpayer is concerned, data from his side will attain finality after filing of annual return. There shall be no further opportunity to amend your data. Let’s understand what is there in store for you and how to tackle it: 1.      Assessment notice from department : If you really feel that FY 2017-18 would be a cake walk with no accountability , you might be wrong. Revenue department is all set to bombard you with its notices and inquiries. Once these inquiries start, you must first check whether the department is ...

If you just received your CA degree, you must read this (Keshav R Garg) B.com, FCA, CS, ISA(ICAI), AMP-IIM-A, LLB From past couple of days, social media has been flooded with once in lifetime pictures of chartered accountants who have been accorded degree of one of the prestigious institutions of the country : ICAI. Now that you are a part of esteemed fraternity who shall become the pillars of Indian economy, you must understand the real and practical challenges you might have to face in setting up your career. Before we even start listing these challenges, one thing should be absolutely clear that whether it's your client, your team or even your relatives, you'll get the space till you are adding value. The day you become monotonous who believes repeating things without innovation, you are out of the game. Let us now list the challenges you are going to face if you pursue your career as a chartered accountant: For those choosing practice over job: ...