GST UPDATES

1. GST Press Release Dated 14th November,2019 : Due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 extended to 31 st December 2019.

2.Due dates of filing of kind GSTR-9 (Annual Return) and kind GSTR-9C (Reconciliation Statement) for year 2018-19 to extended thirty one st March 2020.

3. No ought to fill HSN level info of outward and inward provides.And to not offer bifurcation of input step-down availed on inputs, input services and capital product.

4. GST changes created area unit as below: kind GSTR 9: Table – four (Outward Supply): 4B To 4E are often stuffed internet of Credit Notes, Debit Notes and Amendments*, rather than reportage in severally in 4I, 4J 4K & 4L;

5. GST Changes: Table 5A to 5F are often stuffed internet of Credit Notes, Debit Notes and Amendments, rather than reportage in severally in 5H, 5I, 5J & 5KJ; just in case of Table 5D, 5E & 5F ( exempted, cypher rated and Non-GST supply) – *Single figure are often rumored against EXEMPTED* in 5D;

6. GST Changes: Table vi – ITC availed throughout the FY,  In Table 6B, 6C, 6D & 6E the registered person will report the complete input step-down underneath the *“inputs” row only*;  Table seven – ITC Reversal: Details of table 7A to 7E are often rumored underneath 7H (Other Reversal); but TRAN I & II reversal has got to be rumored respectively;

7. GST Changes: Table eight – alternative ITC connected information: The registered person will transfer the small print for the entries in Table 8A to 8D (Reconciliation of GSTR 2A with GSTR 3B) *duly signed, in PDF format in kind GSTR-9C* (without the CA certification); Table fifteen, 16, seventeen (*HSN outline also*) has been created nonobligatory

8. kind GSTR 9C: Some relaxation has been created during this kind conjointly that area unit as below: Detail of turnover changes needed in *Table 5B to 5N created optional* and every one the adjustment needed to be rumored are often rumored in Table 5O;

9. GST Changes: Table 12B, 12C and fourteen (ITC reconciliation) has conjointly been created optional; Some minor changes in Declaration half conjointly.

10. No GST returns, no E-way bills! Centre to throttle on non-filers: involved with the dipping monthly collections of products and Services Tax (GST), the govt. and revenue enhancement department area unit currently coming up with stricter measures against non-compliant taxpayers.

11. GST department is currently reaching to block the power to get e-way bill for taxpayers World Health Organization don’t file 2 consecutive GSTR-3B returns wef 17 November 2019. Once the remunerator has filed one in every of the unfinished returns, the power to get e-way bill are mechanically improved.

How can one convert a Partnership firm to a Private Limited Company?

India is known for many start-ups.  We must have noticed that every day some of the other startups get established in our country. Due to globalization, the startup culture is showing a positive trend in recent times. This startup culture is mainly undertaken by those entrepreneurs who are ambitious and want to achieve something in their life.

With sheer determination and hearth in their belly, several young aspiring entrepreneurs area unit going ahead with beginning their own company be it a ownership firm or a Partnership registration.
A Partnership is one in every of the foremost well-known sorts of business constitution. it’s owned , managed associated controlled by an association of 2 or a lot of persons entirely for the aim of creating a profit. These sorts of business considerations area unit standard among little and medium based mostly business organizations that have restricted capital. they’re comparatively straightforward to make since they need solely minimum formalities.

Now suppose if your partnership is basically doing well can you continue with identical business entity or would you wish to require an extra jump?
Obviously for no reasons one would undoubtedly favor to take one step ahead. Imagine what is going to be your goals and wherever would you stand five years down the line?

If you discover that your business is flourishing and there area unit investors to back-up and grant funding can you continue to follow identical business entity? undoubtedly, you’ll be trying to find growth so the planet are observing you from a special perspective. Don’t they?

This is once one will check up on changing from a partnership firm to a personal Ltd.. thanks to corporatization happening in an exceedingly brisk manner the complete world is step by step inching towards single world market while not making any obstacles in trade among the countries. Expand your business reach with higher funding, credibleness, and security by changing to a personal Ltd..

The major advantage of personal Ltd. registration is that it provides a standing of a separate legal entity that a partnership firm doesn’t supply. just in case of a partnership, a partner’s personal assets area unit hooked up and that they would be control in person chargeable for every and each debt or liability arising out of the business. Therefore, with the growth of business, if the partners wish to extend their credibleness and place liability on its members, it’s a lot of sensible to convert their partnership into a personal Ltd.. albeit the legal compliances for a personal Ltd. area unit a lot of beyond those of a partnership concern, it provides the firm a lot of opportunities to expand and flourish the business.