Sunday, December 31, 2017
IMPORTANT NOTIFICATIONS
1. *Notification- 71/2017-Central Tax ,dt. 29-12-2017*
Extends the due dates for *quarterly* furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of upto Rs.1.5 crore.
Jul-Sep’17 : 10-Jan-2018
Oct-Dec’17 : 15-Feb-2018
Jan-Mar’18 : 30-Apr-2018
2. *Notification 72/2017-Central Tax ,dt. 29-12-2017* Extends the due dates for *monthly* furnishing of FORM GSTR-1 for taxpayers with aggregate turnover of more than Rs.1.5 crores.
Jul-Nov’17: 10-Jan-2018
Dec’17 : 10-Feb-2018
Jan’18 : 10-Mar-2018
Feb’18 : 10-Apr-2018
Mar’18 : 10-May-2018
3. *Notification 73/2017-Central Tax ,dt. 29-12-2017* Waives the late fee payable for failure to furnish the return in FORM GSTR-4
Saturday, December 30, 2017
Japan’s economy could get a boost in 2018 from bitcoin
Bitcoin’s 1,500% rally in 2017 has left crypto-crazed Japanese investors likely sitting on hefty gains that Nomura thinks will spur consumer spending
New York: Bitcoin’s about to boost the world’s third-largest economy, according to analysts at Nomura.
The digital coin’s 1,500% rally this year has left crypto-crazed Japanese investors likely sitting on hefty gains that Nomura thinks will spur consumer spending.
“Rises in asset values often result in a rise in consumer spending, too, known as the wealth effect,” the team, led by Yoshiyuki Suimon, wrote on Friday. “We estimate the wealth effect from unrealized gains on bitcoin trading by Japanese investors since the start of fiscal year 2017, and estimate a potential boost to consumer spending of 23.2-96.0 billion yen.”
The note points out that trading volume in the bitcoin market is roughly 40% yen, which is larger than even the US dollar’s share.
Bitcoin has fallen about 25% since closing in on $20,000 on 18 December, trading around $14,500 in New York on Friday afternoon.
Still, Nomura is confident that the share of investors who have benefited is much larger than those who may have lost money due to the recent decline.
“Moreover, the fact that the rise in bitcoin prices was concentrated in 2017 fourth quarter could result in the wealth effect materializing in 2018 first quarter, and if that is the case, we estimate a potential boost to real GDP growth on an annualized quarter over quarter basis of up to about 0.3 percentage points,” Nomura said. Bloomberg
Friday, December 29, 2017
25 GST FAQ posted by @askgst_goi on 28th Dec 2017
Question No. 1: Registered as Composition dealer in UP VAT & Now as Regular in GST regism, how to claim LTC on TAX PAID stock in hand as on appointed date.
Answer: Please refer rule no. 117(2) (b) of SGST Rules, 2017. Same to be availed through TRAN -1.
Question No. 2: Last date for filing trans 1 ??? Can it be filed with late fee if filed after a due date ?? plz reply urgently..
Answer: Last date was 27th December, 2017. No it can’t be filed with late fee after due date.
Question No. 3: Our firm export without LUT/Bond. Now I will pay IGST Yes or no. and if will pay IGST. What if refund process. How show in gst3b
Answer: If you export without LUT, IGST will be required to be paid at the time of Export, you can pay it through LTC and your shipping bill will itself will be considered a refund application of the paid IGST. Refer Rule 96. In GSTR-3Bit will be shown in column 3.1 (outward taxable supplies) (zero rated).
Question No. 4: late fee payment done in penalty column online. how we get reverse?
Answer: Apply for refund of the same, it can be done manually too, please refer circular no. 24/2017 dated 21.12.2017.
Question No. 5: If I have opted for composition on 13th August, then do i have 2 pay comp tax after August 14th to September and normal return for and before 13th August. Plz help
Answer: please refer rule 3A of CGST Rules, 2017, composition scheme would be effective from the first day of the month immediately succeeding the month. So file composition return till august and normal return thereafter.
Question No. 6: While putting credit note entry I am getting processing with error because of this Sept gstr1 is not getting uploaded.
Answer: For any system related problem please send your query at @askGSTech.
Question No. 7: PL REF NOTFN 40&41 CENTRAL TAX GST TO CHARGE 0.10% TO MERCHANT EXPORTERS & OPTION NOT AVAILABLE IN GST RETURNS TO SHOW THESE SALES
Answer: In GSTR-3B it has to shown in table 3.1 row (a) Outward supplies (other than zero rated, nil rated and exempted). And in GSTR-1 it should be shown in Table 4 only.
Question No. 8: A person sold 0% (Nil Rated) item to a registered person. II it b shown in Table 4A or in Table SA or in both. Please clarify
Answer: Please show it in table 8 and not in table 4.
Question No. 9: What is the due date to file Tran-2 from Jul-Dec 17?
Answer: Please refer rule 117(4)(b)(iii), time period to submit TRAN-2 is six tax period.
Question No. 10: My Annual turnover is less than 1.5cr. Is it mandatory to give HSN wise details in tile 12 of GSTR 1
Answer: Please refer notification no. 12/2017 dated 28.06.17, taxpayer having turnover less than 15 crore is not required to write HSN code.
Question No. 11: Please explain payment and receipt voucher head under documents issued in GSTR-01
Answer: Please refer section 31(3) (e) and (g) of CGST Act, 2017. Also refer rule no. 52 of CGST Rules, 2017
Question No. 12: Can a company registered in Gujarat, claim credit of CGST of other state (in case of hotels) for payment of IGST
Answer: No, credit of CGST of other state can’t be availed.
Question No. 13: Will govt take action against those who have 20+ lac turnover but don’t have GST no.? Therefore they don’t provide any bill. If yes, then what’s the procedure of filing complaint against such people?
Answer: Complaint can be filed with the nearest tax authority.
Question No. 14: Whether GST paid on insurance and Repairs on Vehicles is allowed, when vehicles is used for Business purpose only??
Answer: ITC is available
Question No. 15: Y there is no provision to file GST-1 under 0.1% yet on the gst portal? Third party exports are made under either 0.1% IGST or 0.05 cgst+ 0.05 sgst. How do I file my octgst-1 without this provision?
Answer: In GSTR-3B it has to shown in table 3.1 row (a) Outward supplies (other than zero rated, nil rated and exempted). And in GSTR-1 it should be shown in Table 4 only.
Question No. 16: In R1 Return where should we show RCM Details or Transaction
Answer: In table 4B of FORM GSTR- 1
Question No. 17: If a person has not filed gstr 1 for July, then can he file combined data for July to Sep in quarterly return instead of separately filing July and other 2 months @askGST_Goi
Answer: he can file combine data for complete quarter
Question No. 18: Can online seller take credit of gst paid, on commission and other fees charged by the online portals like Amazon and Flipkart.
Answer: yes he can.
Question No. 19: Can supplier issue a single invoice to his client for services he offers in multiples states ?
Answer: Single invoice can be issued to the recipient depending upon the terms of contract.
Question No. 20: I received bulk material by rail rake. Supplier used tarpaulin to protect material which was received along with material. We want to send tarpaulin to supplier as it is re-usable. Whether we have to issue tax invoice for it ? Tarpulin value not included in the material value.
Answer: It can be sent back on delivery challan. Please refer to rule no. 55 of CGST Rules, 2017.
Question No. 21: Bank interest income and fixed deposit interest income, PPF INTEREST are exempt supplies. Do we need to show in GSTR-1 exempt outward supplies ?
Answer: Yes, in the table no. 8 of GSTR- 1.
Question No. 22: I have a problem with the bill, I think I was charged taxes more than I should, who do I contact?
Answer: A complaint can be filed with any local tax authority
Question No. 23: can we issue credit note for services supplied pre gst and if yes then do I need to reverse only cgst amount or sgst would also be reversed?
Answer: credit note can be issue for the tax (Central/ State) whichever was charged excess.
Question No. 24: guide on already regd persons. Below 20 lacs to services provider, igst. Filled all returns till date. Sud they cancel regn, IF YES, HOW
Answer: Below 20 laks no need to take registration please refer section 22 of CGST Act, for cancellation please refer Rule 22 of CGST Rules, 2017
Question No. 25: export unit goods are ready but no export supply during July 17, how to claim refund of accumulated ITC for july 17
Answer: Refund of accumulated ITC can be claimed only after export takes place.
13 New FAQs on GST replied by Government on 26.12.2017
13 New FAQs on GST replied by Government on 26.12.2017
.
.
.
.
News Live: Government extends deadline for filing final GST returns till Jan 10
This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
The government has extended the last date for filing of final sales return GSTR-1 by 10 days, until January 10 under the Goods and Services Tax, sources said.Businesses with a turnover of up to Rs 1.5 crore will have to file GSTR-1 for July-September by January 10, 2018, as against December 31, 2017, earlier.
For businesses with a turnover of more than Rs 1.5 crore GSTR-1 has to be filed for the period July-November by January 10.Earlier these businesses were required to file the GSTR-1 return for July-October by December 31 and that for November, by January 10.For the month of December, GSTR-1 is to be filed by February 10 and for subsequent months, it would be the 10th day of the succeeding month.
The GST Council had in November allowed businesses with a turnover of up to Rs 1.5 crore to file final returns GSTR-1 quarterly.Businesses with a turnover of up to Rs 1.5 crore will have to file returns by February 15 for the period October- December and that for January-March, by April 30.
Government in favour of separate regulator for CAs
NEW DELHI; The government is in favour of an independent regulator to oversee compliance with accounting and auditing standards as well as for oversight of audit professionals, Parliament was informed today.
However, the Institute of Chartered Accountants of India (ICAI) is of the view that existing framework of the regulator to perform these function is "adequate". "The government, however, is of the view that, in addition to the self regulation mechanism existing within the ICAI framework, there is a need for an independent regulator to inter alia oversee compliance with accounting and auditing standards and for oversight of audit professionals," Minister of State for Corporate Affairs P P Chaudhary said in a written reply to the Lok Sabha.
Internationally, also independent regulators have been assigned these functions in over 50 countries .The minister said that steps are underway for establishing the National Financial Reporting Authority (NFRA).
The Companies Act provides for setting up of NFRA for recommending to government on formulation and laying down of accounting and auditing policies, adoption of standards, monitoring their compliance and overseeing quality of service of professionals associated with such compliance. ICAI informed that till December 20 this year, a total of 1,583 cases are pending at different stages of disciplinary actions.
Kamala Mills Mumbai Fire tragedy: What we know so far
Dec 29, 2017, 10.12 AM IST
The midnight tragedy
The fire broke out at midnight on the top floor at the Kamala Mills compound in Mumbai's Lower Parel area. The tragedy has claimed 14 lives so far, besides injuring 12 others.
Reuters
Building gutted
At least 36 shops operated in the building that went ablaze after a fire broke out on the top floor. Reports allege the building did not have a fire exit, thereby leading to a situation wherein the victims were trapped and unable to escape the tragedy.
Reuters
Outlets suffer damages
These were the popular outlets located within the compound- Cafe Coffee Day, Zesto, Cafe Delhi Heights, Grandmama's Cafe, Flyp, Mighty Small, 1 Above, Farzi Cafe, Mojo's Bistro, Bombay Canteen, Kode, Play, London Taxi, Talaiva, Old Wild West, Xico, Theory, Bar Stock Exchange, Smaaash, Beer Cafe, South High, Pravas, Poh, Pop Tate's, Fatty Bao, D'Oh, Oye Kake, Verbena, Frontier Post, Koko, Desi Culture, Talaiva, Sky View, Shri Krishna, Haqq Se and Copper Pan Express.
Reuters
Family, leaders condole deaths
Several political leaders, including the Prime Minister himself, have expressed their grief over the tragedy. Chief Minister Devendra Fadnavis shared his condolences with the family members of the deceased over Twitter. An in-depth enquiry into the incident has also been ordered by the Maharashtra CM.
Reuters
Who is to be blamed?
Locals and rescuers have alleged negligence on part of these restaurant owners. It is being further alleged that there was only one entry and exit point at the Kamala Mills Compound, which could have trapped the victims at the building complex amid the raging fire.
Reuters
No clarity on how it happened
While some reports state there was a short circuit that sparked off the fire, there are others saying the flames were caused by a hookah. There is no confirmation for either of the claims from the authorities yet.
Reuters
In the aftermath of the tragedy
Family members and friends carry the body of a victim killed in a fire at a restaurant from a hospital in Mumbai. According to reports, most victims of the tragedy were women who were attending a birthday party at the rooftop of a restaurant.
Reuters
KEM hospital staff pressed to service
Victims were rushed to the KEM Hospital, where at least 12 people went through treatment for their injuries. So far, hospital authorities have confirmed the death of 14 people who were brought dead to the hospital.
Indian Parliament (Lok Sabha) passes landmark triple talaq bill — All you need to know
The Lok Sabha on Thursday dec 28 2017 passed a bill to make instant triple talaq illegal and void and awarding a jail term of three years for the husband.
Moneycontrol News@moneycontrolcom
The Lok Sabha on Thursday passed a bill to make instant triple talaq illegal and void and awarding a jail term of three years for the husband.
Law Minister Ravi Shankar Prasad introduced the Muslim Women (Protection of Rights on Marriage) Bill, calling it a "historic day" amid opposition to its introduction by members of different parties, including RJD, AIMIM, BJD and All India Muslim League.
The law is about justice and respect for women and is not about any religion or community, he said, adding that the practice of instant triple has continued despite the Supreme Court order terming it void.
The law would only be applicable on instant triple talaq or 'talaq-e-biddat' and give power to the victim to approach a magistrate seeking "subsistence allowance" for herself and minor children.
The woman can also seek the custody of her minor children from the magistrate who will take a final call on the issue.
Under the law, instant triple talaq in any form — spoken, in writing or by electronic means such as email, SMS and WhatsApp — would be bad or illegal and void.
According to the law, which would be applicable to the entire country except Jammu and Kashmir, giving instant talaq would attract a jail term of three years and a fine. It would be a non-bailable offence.
Now, the Bill needs to be passed by the Rajya Sabha.
Pleading Guilty or Going to Trial: Pros and Cons:Provided by HG.org reproduced here for everyone's information
When a criminal defendant makes the decision whether to plead guilty or go to trial, he or she often has much more to consider than whether he or she is actually innocent. The risks of being found guilty by a judge or jury are substantial, causing some innocent people to plead guilty in order to avoid them. A criminal defense lawyer can discuss the pros and cons of each option, but it is ultimately up to the criminal defendant to make this critical decision.
Pros of Pleading Guilty
When a criminal defendant pleads guilty, he or she is confronting the case face-on. This means that he or she will be able to resolve the case more quickly than if he or she waited a year or more for a criminal trial.
Another advantage of pleading guilty is the expense for a lawyer is generally less when the lawyer does not have to go to trial. For someone who anticipates that he or she will be found guilty by a jury, saving thousands of dollars is a real consideration.
When a criminal defendant pleads guilty when represented by legal counsel, he or she usually does so through the process of plea bargaining. This process involves the criminal defense lawyer and the prosecutor reaching an agreement as to the sentence that the defendant should receive. In exchange for pleading guilty, the criminal defendant may receive a lighter sentence or have charges reduced.
Additionally, pleading guilty avoids the uncertainty of a trial. Juries can be unpredictable. Prosecutors may uncover additional evidence that can make it more likely for a jury to convict the defendant. Additionally, trials are very public ordeals, so pleading guilty avoids most media attention and does not subject the family to unwanted attention in the same way that a trial would.
Cons of Pleading Guilty
There are certain risks associated with pleading guilty. For example, innocent people may be subjected to criminal punishments, such as having to go to jail and pay fines for crimes that they did not commit. Furthermore, they will now have a criminal record that follows them for the rest of their life.
In some jurisdictions, there is a statutory minimum sentence that the prosecutor cannot get around. This means that the criminal defendant will be required to serve a certain sentence even if the prosecutor and the criminal defense lawyer would otherwise agree to a shorter sentence.
Additionally, the judge is responsible for sentencing. If he or she does not like the sentence that was suggested by the prosecutor and the criminal defense lawyer, he or she can generally reject it and impose a longer sentence.
Pros of Going to Trial
Going to trial also has several advantages. For example, going to trial buys the criminal defendant more time to prepare his or her defense and spend time with family before potentially going to jail.
Going to trial and receiving an acquittal is the only way for an innocent person to have justice. This is also the only way for a criminal defendant to escape any criminal responsibility or a criminal record.
Another benefit of going to trial is that the criminal defendant receives all of the benefits of the United States Constitution. He or she is presumed innocent during the proceedings. The prosecutor has the burden of proof of proving each element of the crime beyond a reasonable doubt. Police misconduct or a failure to follow rules can get evidence suppressed so that it is not used against the criminal defendant at the trial. This higher standards can help a defendant be found “not guilty.”
Some plea bargains will offer little benefit to criminal defendants, especially those that the prosecutor believes will simply plead guilty. If this is the case, there is little incentive for the criminal defendant to plead guilty if he or she is basically facing the same punishment as he or she would under a plea agreement. The prosecutor may decide to offer a better plea bargain closer to trial if he or she believes that the defendant will cost the prosecution the time and expense of a trial.
Cons of Going to Trial
Criminal defendants who decide to go to trial place themselves in the precarious position of putting their lives in the hands of a jury. Juries are often difficult to predict. They also face the maximum penalty for a crime. Criminal defendants may either have a public defender who is often bombarded with other cases or a private attorney who may charge significantly more for going to trial.
Copyright HG.org
Subscribe to:
Posts (Atom)