RITUL PATWA & CO, Chartered Accountants – Page 10 – Professional Updates and Articles on latest amendments and changes in Direct and Indirect Taxes in India

FILE YOUR STATEMENT OF FINANCIAL TRANSACTION (SFT) BEFORE MAY 31, 2017

Chartered Accountants / By CA Ritul Patwa

The government has made the filling of Statement of Financial Transaction (S.F.T.) mandatory for persons liable for Audit under section 44AB of the Income Tax Act, 1961. The Last date for filling SFT is 31 May, 2017. Here we are answering some Frequently Asked Questions regarding filling of Statement of Financial Transactions (SFT) for persons …

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LAST DATE OF Q4 VAT RETURN FOR F. Y. 2016-17 EXTENDED TO 25-05-2017

Chartered Accountants / By CA Ritul Patwa

The Commercial Taxes Department of Rajasthan has extended the last date for filling the VAT Return for the last quarter (Q4) of F. Y. 2016-17 by 10 days from 15-05-2017 to 25-05-2017. The copy of the Notification is enclosed for ready reference. All assesses are required to file their last quarter (Q4) return of F.Y. …

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LAST OPPORTUNITY FOR GST ENROLMENT & MIGRATION

Chartered Accountants / By CA Ritul Patwa

The government has announced a last opportunity for Enrolment and Migration of the existing Taxpayer under the old laws like VAT, Service Tax, Excise etc to GST starting from 01-06-2017. The window will remain open for a period of 15 Days. In order to maintain a continuity in the business operations for Tax Compliances, …

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HOW TO APPLY FOR NEW GST REGISTRATION

Chartered Accountants / By CA Ritul Patwa

We are noting below the Procedure (Para I), Requirements (Para II) and Applicability (Para III) for new Registration under the Goods and Services Tax (GST) Act. These provisions are expected to be effective from the appointed date for the rollout of GST which is currently expected to be 01-07-2017:- (I) What is the procedure …

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HOW TO PREPARE YOUR BUSINESS FOR GOODS & SERVICE TAX (GST)

Chartered Accountants / By CA Ritul Patwa

GST is one of the most radical Tax reform in the Indian Taxation System after independence, with a concept of ‘1 Nation and 1 Tax Policy’ for the first time in India. GST enables a platform of uniformity and level playing field across the nation in terms of Tax Laws and Rate of Taxes. Additionally, …

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LAST DATE FOR FILLING SERVICE TAX RETURN FOR H2 OF FY 2016-17

Chartered Accountants / By CA Ritul Patwa

In light of the Intermittent Difficulties faced by the assesses in accessing the ACES website, the CBEC has extended the last date for submission of ST-3 for the H2 of FY 2016-17 (i.e. from 01-10-2016 to 31-03-2017) from 25-04-2017 to 30-04-2017. The copy of the notification is attached for ready reference below.

TAX COLLECTION AT SOURCE (TCS) LIABILITY ON E-COMMERCE OPERATOR UNDER GST IN INDIA

Chartered Accountants / By CA Ritul Patwa

FAQ 1 : Who is an E-Commerce Operator? Reply : As per Section 2 (45) of the Central GST Act, 2017, ‘electronic commerce operator’ means any person who owns, operates or manages digital or electronic facility or platform for electronic commerce; FAQ 2 : What are the provisions for Tax Collection at Source on supplies …

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GST : ACTIVITIES TO BE TREATED AS SUPPLY OF GOODS OR SERVICES

Chartered Accountants / By CA Ritul Patwa

As per Schedule II read with Section 7 of the Central Goods and Services Act, 2017, following activities shall be treated as Supply of Goods or Supply of Services:- 1. Transfer (a) any transfer of the title in goods is a supply of goods; (b) any transfer of right in goods or of undivided …

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GST BILLS RECEIVED ASSENT OF THE PRESIDENT : 12-04-2017

Chartered Accountants / By CA Ritul Patwa

The four bills (noted below) that were to be passed by the Central Government for the implementation of GST have received the ascent of the President Sh. Pranab Mukherjee on on 12th April, 2017. The State GST Bill have to be passed by the respective State Legislative Assmeblies of each state. NOTE – As per …

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RESTRICTION ON CASH TRANSACTION IN F. Y. 2017-18

Chartered Accountants / By CA Ritul Patwa

The Government has taken several steps for curbing black money, discouraging cash transaction and promoting digital payments. In this regard the government has issued a press release with brief of the initiatives taken by the government in this regard in the Budget for the FY 2017-18. KEY INITIATIVES:- A) Restriction on receiving Cash above Rs. …

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