Chartered Accountants

RBI CIRCULAR : MSME SECTOR – RESTRUCTURING OF ADVANCES DATED 01-01-2019

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[RBI/2018-19/100 :-: DBR.No.BP.BC.18/21.04.048/2018-19 dated 01-01-2019] Dear Sir/ Madam, Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances 1. Please refer to the circulars DBR.No.BP.BC.100/21.04.048/2017-18 dated February 07, 2018 and DBR.No.BP.BC.108/21.04.048/2017-18 dated June 6, 2018. In this regard, with a view to facilitate meaningful restructuring of MSME accounts {MSME as defined in the Micro, Small and Medium …

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DOCUMENTS REQUIRED FOR GOODS & SERVICES TAX (GST) REGISTRATION IN INDIA

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The Check-List of documents required for Goods and Services Tax (GST) Registration are noted below for ready reference:- 1. Taxpayers Constitution Documents:- a) PAN Card – Self Attested b) Constitution Certificate of the Tax Payer viz. Partnership Deed, AOA/ MOA, Registration Certificate or Other Proof of Constitution 2. Documents of the Proprietor/ Partners or Directors (as …

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AADHAR-PAN LINKING MANDATORY BEFORE 31-03-2019

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Constitutional validity of Aadhaar has been upheld by the Hon’ble Supreme Court of India in September 2018. Consequently, in terms of Section 139AA of Income Tax Act., 1961 and order dated 30.6.2018 (F. No. 225/270/2017/ITA.II) of the Central Board of Direct Taxes, Aadhaar-PAN linking is mandatory now which has to be completed till 31.3.2019 by the PAN holders requiring …

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FORTHCOMING CHANGES UNDER GOODS & SERVICES TAX (GST) E-WAYBILL SYSTEM

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1. Auto calculation of route distance based on PIN code for generation of EWB Now, E-waybill system is being enabled to auto calculate the route distance for movement of goods, based on the Postal PIN codes of source and destination locations. That is, the e-waybill system will calculate and display the actual distance between the …

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Goods and Services Tax (GST) – REQUIREMENT OF BOOKS & RECORDS

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As per section 35 of the CGST Act, 2017 and Chapter VIII of the CGST Rules, 2017 (hereinafter referred to as rules) provide that every registered person shall keep and maintain all records at his principal place of business. It also cast, responsibility on owner or operator of warehouse or godown or any other place used …

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INTERIM BUDGET 2019 – INCOME TAX RATES, EXEMPTIONS, DEDUCTIONS AND PROVISIONS FOR F. Y. 2019-20 (A.Y. 2020-2021)

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A quick review (Limited Information) of the applicable provisions under the Income Tax Act for the F. Y. 2019-20 (A. Y. 2020-21), after incorporating amendments (only key and selective amendments) proposed by the Interim Union Budget of 2019, are given below for ready reference and information of our clients:-   (A)  RATE OF INCOME TAX …

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ADVANCE RULING MECHANISM UNDER GOODS & SERVICES TAX (GST)

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Introduction An advance ruling helps the applicant in planning his activities, which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities. Further, it helps in avoiding …

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Major Decisions taken by the GST Council in its 32nd Meeting

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The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others – 1. Increase in Turnover Limit for the existing Composition Scheme: The limit …

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GST on Solar Power Generating plant and other Renewable Energy Plants

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To resolve the dispute inirespect of the GST Liability on Solar Power Generating Plant and other Renewable Energy Plants, the GST Council in it’s 31st meeting held on 22nd Dec, 2018 has decided as below:-   GST rate of  5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas …

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Policy Decisions made during 31st Meeting of the GST Council dated 22-12-2018

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The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations: There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. A scheme of single authority for disbursement of the refund amount sanctioned by …

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