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.

Register your Trademark

In today’s competitive world, once protective the identity of a business is extremely robust, it’s terribly crucial to shield distinctive identity of your business and your rights. to tell apart a business from others, Trademark, Patents and Copyrights ar used. However, employing a trademark doesn’t offer you exclusive rights over it unless you register the trademark below the Trade Marks Act, 1999. Trademark may be a de jure perceptible mark, like word, logo, device, symbol, or label. anyone (natural or artificial) will apply for a Trademark registration, together with a Body company, Company, Association of individuals, Individual, Startups, little Enterprises, proprietary Concern and lots of additional. it’s a particular character which supplies its owner exclusive rights of usage and additionally safeguards the mark from others.
You can apply for trademark registration below each on-line and off-line modes. There ar forty five classes below that a trademark is registered. These classes represent the kind of business that a trademark are registered. For the whole registration of your trademark, the Trademark department provides United States of America with the subsequent varied statuses:

• Formality Check Process: Once AN application for trademark registration is filed, all the documents hooked up to that ar 1st cross examined.
• Marked for Exam: once the formalities ar passed, the applying is marked for examination wherever the registrar checks on the similarities and different discrepancies arising among some relevant/alike registered marks.
• Objection: once scrutinizing the trade mark application, objections could also be raised by the Registrar/Examiner below Sections nine and eleven of the Trade Marks Act, specializing in the descriptive goods/generic/laudatory/indicating quality or nature of products and identical/similar trade mark in respect of identical/similar goods/services already on record within the Trade Mark written record.
  Advertised before Acceptance: once the mark is however not accepted by the department however isn’t having any objection in advertising it within the journal.
• Accepted & Advertised: this can be shown once the mark is each accepted by the department and publicized  within the journal.
  Abandoned: once the reply for the examination report or any objection report isn’t stuffed inside the time given, then the applying shall be termed as Abandoned.
• Opposition: If anyone is already mistreatment the similar Trademark, he could file AN opposition letter. Registrar shall issue notice of hearing and each the parties shall gift their case.
• Registered: once all the objections and needs ar consummated, then the mark is registered.
• Withdrawal: once the soul wilfully withdraws the applying stuffed.

In best situation, a trademark gets registered in 8-12 months. the amount could get extended supported the criticalities concerned and objections raised against the trademark.

If you have any Query, Click here

What is GSTR-9?

Hello, during this post we’ll discuss all relating to GSTR-9 or the GST annual come back. Meaning, differing kinds, maturity and GSTR nine format or the main points. Also, we’ve got given a downloadable PDF of GSTR- nine format. scan the complete post to understand additional.
Meaning of GSTR nine
GSTR nine is that the annual come back. it’s a compilation come back which has all business transactions in dire straits the actual twelvemonth. GSTR-9 consists of details regarding the provides created and received throughout the year below totally different tax heads i.e., CGST, SGST, and IGST. It consolidates the data equipped within the monthly/quarterly returns throughout the actual year.
GSTR-9 maturity
The maturity to file the GSTR-9 is thirty first Dec of the preceding year. as an example, thirty first December 2018 for the FY 2017-18.
Frequently Asked queries on GSTR-9
1. that type to be filed PAN or GSTN wise?
GSTN wise i.e., on an individual basis for every GSTN.
2. What if your GSTN is Cancelled?
Even if your GSTN is off, say throughout FY 2017-18, taxpayers area unit needed to file GSTR-9.
3. WHO cannot file GSTR-9?
Below is that the list of WHO cannot file GSTR-9:

• Composition Dealers
• Input Service Distributors
• Tax Deductor
• Tax Collector
• Casual ratable person
• Non-resident ratable person

4. that type Composition Dealer must file?
Composition dealer must file GSTR-9A.
5. What if opted out or in Composition Dealer throughout the year?
If you have got opted out or in Composition Dealer throughout the year, the payer must file GSTR-9 and GSTR- 9A for the relevant periods.
6. Is it necessary to file goose egg Return?
Yes, it’s necessary to file goose egg come back.
7. what’s a 0 return?
Nil come back are often filed for the twelvemonth if you have got not: –

• made any outward offer (commonly called a sale)
• Received any product / services (also usually called a purchase)
• Have no alternative liability to report
• Claimed any person any refund
• Received any order making demand

8. that type to file if you have got the turnover higher than Rs. 2 crores?
You need to file GSTR-9C once filing GSTR-9.
9. will GSTR-9 be filed if the payer has not filed GSTR-1 and GSTR-3B?
GSTR-9 can’t be filed unless GSTR-3B and GSTR-1 area unit filed.
10. will GSTR-9 be revised?
No, presently GSTR-9 doesn’t enable any revision once filing.
11. Implication of cant in GSTR nine filed?
Incorrect information will attract tax demands, interest and penalties on identical and also the long-run litigations that follow years later.
12. will extra liability be paid?
Liability known throughout the filing of annual come back are often deposited with Government exploitation DRC-03 type (i.e., Liability not earlier paid through GSTR-3B)
13. can the extra liability be auto-calculated within the Form?
No, liabilities must be self-calculated and additionally self-deposited (Except Late filing fees of GSTR-9)
14. will extra ITC be claimed?
ITC that isn’t claimed in GSTR-3B can’t be claimed in GSTR-9. Also, identical must be claimed in GSTR-3B upto the extended timeline for claiming input credit.

Benefits of Filing Income Tax Return (ITR)

Income Tax Return is a document an individual is required to file with the Income Tax Department on a yearly basis. However, it is not mandatory for everyone to file the Return. If your income in the previous year is above the basic exemption limit of INR 2,50,000 (Rupees Two Lakh Fifty Thousand only), then you are required to file the Income Tax Return compulsorily.

Even though it is not mandatory for some persons to file the Income Tax Return, one should file it every year as there are many benefits of filing it.

Here are some of the major benefits of filing Income Tax Return:
Loans and credits:
In order to urge a loan, one ought to have the revenue enhancement Returns for the last 3 years. All banks and loaning establishments elicit a minimum of 3 years of revenue enhancement Returns to grant a loan to a personal.  At the time of process application, banks and loaning establishments check the declared financial gain and supply to verify the repaying capability of the individual seeking a loan. They use revenue enhancement Returns to verify an equivalent.

In case you’re seeking a private loan, a home equity loan, or a auto loan, it’s essential for you to file revenue enhancement come. If you frequently file revenue enhancement come, you’ll get a loan from any bank or financial organization terribly simply. Even the banks like allotting credit cards to perons United Nations agency file regular revenue enhancement Returns.

Easy to say your TDS:
TDS suggests that Tax subtracted at supply. it’s a Tax subtracted from your financial gain by the person paying the earnings or creating the other payment on that TDS is applicable. The deductor whereas creating the payment deducts the tax quantity and pays it to the revenue enhancement department directly on your behalf.

You may get the tax quantity therefore subtracted by filing revenue enhancement come. If there’s no revenue enhancement quantity collectible at the time of filing the revenue enhancement come, the entire TDS quantity are refunded.

If you’re operating as Associate in Nursing worker in a very company and earning but Rs two.5 100000 a year, you’ll claim your TDS from the Tax department. just in case you’re a man of affairs and need your TDS to urge back in your account, it’s necessary to file Associate in Nursing ITR once a year.

For going out of country
In order to use for a VISA to go to any country, you would like to possess revenue enhancement Returns. whereas giving VISA, embassies officers check the financial gain proofs and address proofs of a personal. Thus, revenue enhancement Returns ar checked by the officers to verify the financial gain and address. Therefore, if you’re going to go abroad, you want to get your revenue enhancement come filed instantly.

From the twelvemonth 2017-18, revenue enhancement come of a previous year will be filed within the same assessment year solely. when the top of the assessment year, the revenue enhancement come of the previous year can’t be filed.

Required for big insurance cover:
If you would like to use for Associate in Nursing insurance cowl of over INR fifty,00,000 (Rupees Fifty 100000 only), the insurance firms elicit revenue enhancement come. The annual financial gain and tax returns facilitate insurers to work out the precise premium quantity and security quantity. Most of the days, revenue enhancement come may be a necessary document for getting Associate in Nursing insurance cowl.

Helps in capital punishment money transactions:
Income Tax come is needed just in case of capital punishment some money transactions. Transactions or payments for house, car, mutual funds etc need revenue enhancement Returns. Some payments for giant investments conjointly would like revenue enhancement Returns.

Address proof:
Income Tax come works as Associate in Nursing address proof in several government organisations and agencies. you’ll use it as Associate in Nursing Address proof in situ of inaccessibility of different documents.

If you have any Query, Click here

What is GSTR-9?

Hello, during this post we’ll discuss all relating to GSTR-9 or the GST annual come back. Meaning, differing kinds, maturity and GSTR nine format or the main points. Also, we’ve got given a downloadable PDF of GSTR- nine format. scan the complete post to understand additional.

Meaning of GSTR nine
GSTR nine is that the annual come back. it’s a compilation come back which has all business transactions in dire straits the actual twelvemonth. GSTR-9 consists of details regarding the provides created and received throughout the year below totally different tax heads i.e., CGST, SGST, and IGST. It consolidates the data equipped within the monthly/quarterly returns throughout the actual year.

GSTR-9 maturity
The maturity to file the GSTR-9 is thirty first Dec of the preceding year. as an example, thirty first December 2018 for the FY 2017-18.

Frequently Asked queries on GSTR-9
1. that type to be filed PAN or GSTN wise?
GSTN wise i.e., on an individual basis for every GSTN.

2. What if your GSTN is Cancelled?
Even if your GSTN is off, say throughout FY 2017-18, taxpayers area unit needed to file GSTR-9.

3. WHO cannot file GSTR-9?

Below is that the list of WHO cannot file GSTR-9:

• Composition Dealers
• Input Service Distributors
• Tax Deductor
• Tax Collector
• Casual ratable person
• Non-resident ratable person

4. that type Composition Dealer must file?
Composition dealer must file GSTR-9A.

5. What if opted out or in Composition Dealer throughout the year?
If you have got opted out or in Composition Dealer throughout the year, the payer must file GSTR-9 and GSTR- 9A for the relevant periods.

6. Is it necessary to file goose egg Return?
Yes, it’s necessary to file goose egg come back.

7. what’s a 0 return?
Nil come back are often filed for the twelvemonth if you have got not: –

• made any outward offer (commonly called a sale)
• Received any product / services (also usually called a purchase)
• Have no alternative liability to report
• Claimed any person any refund
• Received any order making demand

8. that type to file if you have got the turnover higher than Rs. 2 crores?
You need to file GSTR-9C once filing GSTR-9.

9. will GSTR-9 be filed if the payer has not filed GSTR-1 and GSTR-3B?
GSTR-9 can’t be filed unless GSTR-3B and GSTR-1 area unit filed.

10. will GSTR-9 be revised?
No, presently GSTR-9 doesn’t enable any revision once filing.

11. Implication of cant in GSTR nine filed?
Incorrect information will attract tax demands, interest and penalties on identical and also the long-run litigations that follow years later.

12. will extra liability be paid?
Liability known throughout the filing of annual come back are often deposited with Government exploitation DRC-03 type (i.e., Liability not earlier paid through GSTR-3B)

13. can the extra liability be auto-calculated within the Form?
No, liabilities must be self-calculated and additionally self-deposited (Except Late filing fees of GSTR-9)

14. will extra ITC be claimed?
ITC that isn’t claimed in GSTR-3B can’t be claimed in GSTR-9. Also, identical must be claimed in GSTR-3B upto the extended timeline for claiming input credit.

GSTR 9

How Easy It Is To Do Business In India 2019?

A whooping numbers of more than three hundred thousand corporations being registered in india from 2016. Sounds stunning and wonderful, however this is often right and attainable solely owing to the amendment within the norms, rules and laws in incorporating a corporation by the Ministry of corporate Affairs.

Prior to 2016 beginning your business in India wasn’t that easy and it would take a protracted time to include your company. The name approval method itself would take anyplace between 5-15 days. additionally to order your name previous would need filling a kind known as INC-1 and there was a demand to fill a substantial of fifteen vital fields. This has been jury-rigged by substitution the INC-1 kind with a straightforward internet service which needs solely three relevant fields to be stuffed.
This itself could be a nice saving on the timelines of obtaining the registration done. Next vital reform taken is that the all new integrated E-Form SPICe. Before this manner had been introduced, from name approval to company incorporation to DIN Registration everything was done individually, however with the SPICe E-Form applying of name, Company Incorporation, DIN of the administrators, PAN and TAN are often integrated at the same time.

So we are able to say that the procedures are simplified to create the incorporation higher and easier.
Also currently the corporate seal isn’t necessary that is eliminated as per the corporate (Amendment) Act 2015.
The next step taken towards the convenience of doing business is that the fee structure concerned. there’ll be no fees for filing SPICe kind, flightless bird and AOA in 2 cases:

• Suppose your licensed capital is upto ten hundred thousand and if the corporate additionally includes a share capital
• Secondly, once the members within the company ar upto twenty and also the company doesn’t have share capital.

So briefly i might wish to capture {the major|the main|the most vital|the key|the foremost} changes that have improved the whole company registration process: (4 important reasons)

• The number of days reduced in obtaining the name approval done
• Five procedures as well as name approval, Company Incorporation, DIN of the administrators, PAN and TAN integrated at the same time with E-Form SPICe
• Zero price concerned for filing SPICe, flightless bird and AOA in terms of share capital, licensed capital and range of members
• Company seal isn’t necessary.

This little bit of info is extremely vital to understand, particularly for entrepreneurs WHO have already set to induce there company incorporated. tho’ at an exact purpose of your time it’s easier to approach the specialists for obtaining the corporate registered still to possess associate degree insight into the timelines and price concerned certainly procedures is extremely vital.
Without a corporation registration you can’t begin a business could be a well-known truth, however you must even be well-known concerning what all is concerned in an exceedingly company registration. Usually, solely company registration method takes roughly anyplace between 10-15 days provided correct documents ar submitted.

The process involves; Name Approval, drafting of flightless bird and AOA beneath the certification of knowledgeable comptroller or Company Secretary, Director number (DIN), Digital Signature Certificate (DSC), Company PAN and TAN and at last your incorporation certificate.
Hope this web log has created it clear that these days beginning or doing a business in {india|India|Republic of Bharat|Bharat|Asian country|Asian nation} is created abundant easier and easier to encourage a lot of range of start-ups within the creating of latest India with innovative ideas and additionally to run a business de jure.

Chartered accountant in India