CBIC (Central Board of Indirect Taxes & Customs)
has released Circular No.22/2020 on April 21st 2020. Exporters will
be informed by these circular regarding decisions taken by authority. Facility
of SB005 error correction for shipping bills has been extended by 31 Dec 2019
for IGST Refund.
According to information this is a fully automated mechanism of disbursal of complete IGST Refund. It was blocked because of the error SB005. This error was occurred by mismatches in GST return data and data of customers that was presented with shipping bills.
Here you need to know that investors use two type of
invoices one is commercial invoice and second is tax invoice. GST is used in
tax invoice and commercial invoice is used by exports. The reason of Error
SB005 was matching of invoice numbers.
CBIC already informed all the members of trade,
exporters, shipping lines and custom brokers to understand this error. It is
also decided to reduce the chance of occurrence of this type of errors in
Tax Departments are working to announce new format of Income Tax Return filing forms so that all taxpayers can take benefit of all changes done by government due to COVID-19 lockdown situation in India. CBDT amends the ITR forms in line with provisional benefits of tax. The government has decided to give these benefits to tax payers of India due to COVID-19.
forms will let all taxpayers of India to get the benefits of all financial transactions
from April 1st 2020 to June 30 2020. We are expecting the
possibility of extend of due date for ITR Return filing for current financial
year. Current due date of ITR filing is July 31st, 2020.
departments introduce subsequent changes in return filing once the CBDT
introduce the amended forms. New ITR forms can be implemented with utilities by
the end of May 2020.
changes have been made by the government related to tax, tax filing deadlines
and making of investments deadlines. Many reliefs have been declared by the
government for taxpayers to handle the situation due to lockdown. This lockdown
is expected to remove by May 3, 2020 but not sure.
There are many companies who provide GST filing software’s online. GEN Soft Solutions Online is one of the best GST Software providers in Hyderabad, India. GEN GST software is build with multiple features that allows users to fill their GST return without any error. Below are the features of GEN GST Filing Software you must know.
Cloud Platform: GST 2.0 Version is the latest GST
Filing software by GEN Soft Solutions Online. This software is based on cloud
platform and can be accessed off line and on line from anywhere in the world.
Run on Any platform: GEN GST Software 2.0 is not
depended on any specific platform. It can be run on any platform without
further modifications. Platforms like Mobile/Tablet, PC and MAC
OS Independent: This software is not dependent on
any specific OS. IT can be run using any operating system without any
modification. Version 2.0 GEN GST Software supports following operating system.
Android, iOS, Windows and Android
Retun Forums: This software has a feature that shows
return forum filed directly using the software.
Data Import: Gen GST software can import various data from excel, GST
portal and renowned accounting software’s easily.
To know more about GEN GST Filing Software you can visit this page.
Here you can get the latest company law updates by MCA. All updates such as notifications, updates, amendments and relevant sections with accuracy. Keep yourself updated with all latest changes in company law firm. You can notify further to your tax professionals with the latest changes in company law under MCA.
What is Company Law?
is actually a collection of laws that govern the working of the various
companies. A company is an artificial person in the eyes of law and that is formed
by various groups of different individuals for business purpose. All the producers
regarding the funding, working, incorporation and death of company are
consisted by it.
Updates under MCA for Lawyers and Companies
on Regular and special decisions taken by companies under Act 2013 companies
Act and rules committing due to covid19 in India.
for DIN holders who haven’t filed DIR-3KYC/DIR-3KYC, can file from April 1st
2020 to Sept 30, 2020.
on PM Cares Fund as eligible CSR activity.
in the due date for public comments on draft companies amendment.
an Indirect Tax for the entire country on the supply of goods and services,
which has been replaced for many Indirect Taxes in India like VAT, CST, and
many other taxes charged by the state government. It took 17 years to evolve
this law, and in 2017 the GST Bill was passed in the Lok Sabha and Rajya Sabha.
The Goods & Services Tax Law is a comprehensive, multi-stage,
are three types of GST: CGST, SGST/UTGST, IGST.
Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST)
is imposed on the supply made by a registered person within the state.
is imposed along with CGST on a supply made by a registered person within a union
will be levied on the import or interstate supply of goods or services or both.
To Calculate GST?
easily calculate the GST levied on you by the software provided by the ABV Pvt.
Limited. A GST software calculates Integrated GST as the sum total of CGST and
SGST or UTGST.
formula used to calculate a GST is:
Amount = Actual Cost of an
Item of the product X % GST Rate Imposed for the Goods or Services.
calculate GST and account for it in an invoice:
Value = Taxable Value (+) GST Amount
Value GST will be levied on the value of supply so, the correct value of supply
GST SOFTWARES FROM GEN SOFT SOLUTIONS ONLINE
A GST software is a complete GST solution that is designed and developed by ABV Pvt Ltd. The software is available on Desktop and Online also. The desktop and online variants of GST software are based on the highly secured computer programming language. GST software designed by soft solutions online gives the best user-interface presenting each and every feature displayed on-board. GST ready software (Billing, Returns Filing & e waybill, and many more) designed by our company is Operating System (OS) independent (Online). So, regardless of OS running on the system, the software is all set to work and operate on the desktop right away from the installation. You can access our software anytime and anywhere, giving on-the-spot assistance to the small businesses in India for GST billing, e-filing & E way bill purpose.
ONLINE SOFTWARES FOR INCOME TAX FROM SOFT SOLUTIONS ONLINE:
Gen Soft Solutions Online gives the best Income Tax, TDS, Audit, CMA Taxation software. We are India’s Best Taxation Software to file your Income Tax Returns, TDS returns, and Audit Reports easily. The modules like Income tax return e-filing, GST, GST compliance software, etc. modules are inbuilt into the software. We have designed an Income tax software, which is a complete package of Income-tax computation software, ITR software, and income tax e-filing software. You can take advantage of ITR software for easy preparation and generation of ITR forms in paper returns. You can also get an e-return by just filling the values from the computation sheet and balance sheet to ITR forms.
ONLINE PAYROLL SOFTWARE FROM GEN SOFT SOLUTIONS ONLINE:
Gen Soft Solutions Online also designs Payroll Softwares for efficiently managing and smooth-running of the process of making payments to employees. The software is designed by our company is used by other Companies for the automatic calculations of payments, withholding taxes, and depositing monthly payments into the designated bank account of employees. Our Payroll software has an inbuilt automatic calculation of deductions for with holdings (taxes, insurance retirement contributions). You can also use our Payroll for the processing of direct paycheck deposits, generating tax forms, and deducting wage garnishments.
● It is
an easy-to-use software that ensures 100% accuracy and compliance.
can upload data in a single click. It will file 100% compliant returns.
software is easy data ingestion and handling.
software is having the Inbuilt validations for error-free filing.
will Import data directly from Excel, Tally, Busy
works with all versions of Tally & Busy, and no manual data entry required
● It is
a complete Solution For All GST compliance.
GST Software is for everyone.
CAs & Experts, for them, it manages all clients efficiently in one place.
The software avoids errors & also saves time.
it does the error-free invoicing and even the return filing in minutes.
Tally/Busy Users, our software import data from accounting software or excel
E-commerce Sellers, it directly imports invoices from amazon/Flipkart to file
today’s digital world, security is one of the foremost critical assurances.
Secure software will protect confidential business information and avoid any
compromise that may pose a threat to your business. We have witnessed how the
Wannacry virus has recently hit computer systems across the world, and hackers
have asked users for payment in bitcoins against retrieval of knowledge. Hence,
we ensure that our GST filling software is robust not only in return filing but
also from a data security point of view as well.
the new regime, every business has got to be compliant; there’s little choice
of an alternate. The concept of invoice matching has been introduced, which can
make sure that every taxable person within the value chain files his/her GST
returns on time. This will directly affect the compliance rating of companies.
Our GST filling software is enabled on multiple platforms, and it is accessible
from desktop, tablets, or mobile phones at any point in time, which increases
the ease of online return filing.
large companies are already using some version of an Enterprise Resource
Planning (ERP) Software to manage their business operations and record or
report processes. Even small and medium businesses, for that matter, have
accounting tools for book-keeping. In such an environment, fixing new master
data during a new application (GST Software) isn’t a feasible option. Our GST
filling software is flexible enough to integrate with existing systems and
provide a seamless experience. Multiple standalone systems operating in silos
will only inflate the operating expense of companies.
Under the GST regime, an average taxpayer registered in one state will have to file twenty-five returns during a financial period. If we glance into the dynamics of today’s businesses, most brands are pan-India or have a worldwide client base. Taking the example of a single online seller who operates all over the country, we see that he may have to file 25 into 29 (29 states)= 725 returns in a single year. That is a mean of just about two returns a day! Our GST filing software evaluates the intelligence to communicate the user of all possible events coming. This will make sure that no deadline is missed, and your business remains up and running!
Interface and Reporting
discussed all the features above, one key element which is universally
appreciated is a beautiful user interface. For any typical business person,
this ‘beauty ‘means informative dashboards and Informative Reports (MIS). This
will enable quick deciding and transparent operations. Real-time information
may assist you in avoiding over/under stocking and should save on capital.
Also, for many businesses, and evaluation criterion for new software is the
number of clicks to perform a particular task. Our GST filling software
accommodates such requirements as well and operates on a minimum user interface
Do you know your GST registration can be cancelled if you are unable to file your returns for six months? Kerela High Court recently gave a verdict permitting the tax officials to cancel the GST registration of the taxpayers who are unable to fill up returns for six months. In the hearing, the petitioner defaulted returns the filing from May 20 onwards. The petitioner is a taxpayer that failed to file the returns since May 20 for which financial crises is being held responsible.
Countering the appeal of the petitioner, the fourth respondent issued Ext.P-1 proposing to cancel the GST registration of the petitioner on account of delay in filing the returns for 6 consecutive months. Hereon the 4th respondent challenged the petitioner by issuing the Ext.P-3 order that is meant to cancel the registration of a particular assessee (business firm) under Sec. 29(2) (c) of the CGST Act.
The primary dispute here was for the petitioner is to the effect that though the 4th respondent found that as on the date of Ext.P-1 notice dated 13.11.2019 there were six months continuous default on the part of the petitioner, that indeed there were only 5 months continuous default and not the mandatory six months continuous default in filing the returns as envisaged in Sec. 29(2)(c) of the CGST Act.
So here the challenging order Ext.P-3 is illegal and therefore is forbidden by the Court. Moreover, the said challenging order Ext P-3 demanding cancellation of petitioner’s GST registration was launched on 10.12.2019. Till 10.12.2019, the petitioner has already filed returns for May month that can easily be referred from the Ext.P-2 document.
The appeal was heard by judge Justice Alexander Thomas and concluding the case he delivered the order based on a writ petition filed by M/S.PHOENIX RUBBERS.
Any concerned officer might cancel the registration of the taxpayer from that date onwards or any retrospective date, as he may deem fit, where,–
He (taxpayer) has violated provisions of the Act or the rules made there under as may be prescribed; or
He is paying tax under Section 10 and has not submitted the returns for three back to back tax periods; or
Any registered individual (excluding the person determined by Clause (b)) found guilty of not furnishing returns for consecutive six months; or
An individual who has voluntarily taken up the registration under sub-section (3) of Section 25 and has not started any business (within six months) starting from the date of registration; or
Registration is acquired through unfair means by the assessee, any intentional misstatement or hiding of facts.
The following of the newest GST notifications in accordance with proper laws, rules and rates may be a must for each trading and business unit and can keep the tradition in a proper managerial way. Goods and services tax has been unravelled and nearly every business company must be acting by the latest notifications being issued by the official government departments and according to the central board of excise and customs.
According to the notifications over the Central tax, follow and
have a glance at the link and be updated through the newest update over central
tax issues. Also, the notifications regarding the central tax (rate) will keep
you updated through the ups and downs within the rates of central taxes.
Central taxes are going to be levied on the idea of Central GST and can be
collected by the central government from every transaction of both interstate
and intrastate in nature.
“Notification issued to prescribe due dates for filing of
return in FORM GSTR-3B during a staggered manner.”
Corrigendum “Seeks to extend the last date for furnishing of
annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for the
period from 01.07.2017 to 31.03.2018.”
“Seeks to appoint the Revisional Authority under CGST Act,
“Seeks to increase the one-time amnesty scheme to file all FORM
GSTR-1 from July 2017 to November 2019 till 17th January 2020.”
“Seeks to amend the notification No. 62/2019-CT dt. 26.11.2019
to amend the transition plan for the UTs of J&K and Ladakh”
“Seeks to make amendment (2020) to CGST Rules.”
“Seeks to bring into force certain provisions of the Finance
(No. 2) Act, 2019 to amend the CGST Act, 2017.”
Currently introduced by FM Nirmala Sitharaman, Union Budget 2020-21 seems to be a set of challenging income tax provisions. There have been no provisions like the provisions of Union Budget 2020. In the said budget, FM has introduced the new tax slabs with reduced slab rate which taxpayers may adopt on a voluntary basis. This means taxpayers have a choice of selecting either of the two options (old or new slabs rate). It is witnessed that the new slabs are not much in favor of the employed individuals and adopting the new income tax slab 2020 might lead them to a huge tax outgo from their accounts.
According to CA Vinod Jain, the administration is now looking forward to having a simplified version of the tax rate structure and also the normal taxpayers who have no investments should get some incentives. Earlier when the corporate sector enjoyed a considerable benefit in tax rates there was an echo seeking incentives for the common taxpayers.
According to him, the new tax rates FY 2020 are not beneficial for the employed individuals who have their investments in the form of PF, insurance, home loans, etc. LTA, house rent, standard deduction, medical such as 80 C, investment of Rs 2 lakh, etc. are non-exempt as per the protocols of the new Union Budget.
Read Also: Current Income Tax Rates for FY 2019-20 (AY 2020-21)
Example: Here if a taxpayer is not having enough investments then it is beneficial for him to go with the new slab and later on if he invests in multiple instruments then he can switch back to the old tax slab.
As declared by Manish Khemka (chairman of Global Taxpayers Association and co-chairman of the PHD Chamber of Commerce and Industry-UP), the amendments in the tax slabs are actually a step towards the future direction. The government is aiming towards an entire simplified new GST system and so the complexities related to various concessions are over.
Next, there will be a system where the tax rates will be less and there will be more incentives on the investments. The step will allure the new professionals with high packages to invest. Such professionals are heavily taxed and therefore FM Nirmala Sitharaman has given them the relief in Budget 2020.
Several employed individuals have already invested in LTA, PF, home loan, life insurance, etc. and every single year a considerable amount from their bank balance goes in such instruments. So clearly such salaried individuals will want to stick to the old tax slabs fy 2019-20 rather than shifting to the new slabs fy 2020-21.
As per Tax Expert Balwant Jain, many incentives in terms of tax payment have been abolished which makes it a less attractive choice of the taxpayers. According to him, a regular taxpayer will have to hire a tax expert to know the profit and loss arising after the deductions and exemptions as per the new policies.
Nobody is ever going to sacrifice the handsome amount earned under the exemption in the old system. There is no one who is not availing the benefits of exemptions under 80C. The old system had the standard deduction up to Rs. 50,000, LTA, interest on a home loan, Rs 50,000 on interest income to senior citizens, which no taxpayer would want to give up for the sake of adopting the new policies.
Below is the study revealing the advantages and disadvantages of both the system under different salaries:
Salary Rs. 10 Lakh Per Annum
Old Tax Slab FY 2019-20
If a professional with an annual package of Rs. 10 Lakhs has no investments, then such a person is compelled to pay the total tax of Rs. 1,12,500 as per the old slabs.
Deduction – From the above-mentioned amount Rs. 50,000 is reduced as the standard deduction, now he is obliged of paying Rs. 1.5 lakhs under 80C, 25,000 under mediclaim and 2 Lakh interest a year for a home loan. So clearly his payable tax is just Rs. 27,500.
New Tax Slabs for FY 2020-21
As per the new tax slab, the overall taxability of the person with an income of Rs. 10 Lakh per annum is Rs. 75,000. If an individual adopts the new tax slab then he/she is in a loss of Rs. 47,500 in a year.
Salary Rs. 12.5 Lakhs Per Annum
Old Tax Slab FY 2019-20
As per the old tax slab if the standard deduction is excluded (that means he/she has not done any investment) his total payable tax is Rs. 1,87,500. If the standard deduction is included then Rs. 50,000 is reduced from the tax-ability of the person. And if he has paid Rs. 1.5 lakh under 80C, Rs. 25,000 under Mediclaim and an interest of Rs. 2 lakh on a home loan in that year. Then his total taxability remains Rs. 77,500 only.
New Tax Slabs for FY 2020-21
As per the new tax slabs rate 2020, an individual with a gross income of Rs. 12.5 lakhs per year is liable to pay Rs. 1,25,000 as tax. So the individual adopting the new tax slab is clearly in the loss of Rs. 47,500.
Important: Section-Based Income Tax-Saving Tips For Salaried Person
Salary Rs. 15 Lakhs Per Annum
Old Tax Slab FY 2019-20
If a salaried individual with an annual income of Rs. 15 Lakhs is not having any investment and the standard deduction is also excluded then his/her total tax liability is Rs. 2,62,500. On the other hand if the standard deduction of Rs. 50,000 is excluded and if he has paid Rs. 1.5 lakh under 80C, Rs. 25,000 under Mediclaim and an interest of Rs. 2 lakh on a home loan in that year then his/her total tax liability falls down to be only Rs. 1,35,000.
New Tax Slabs for FY 2020-21
As per the new income tax slabs 2020, an individual with a gross income of Rs. 15 lakhs per year is liable to pay Rs. 1,87,500 as tax. So the individual adopting the new tax slab is clearly in the loss of Rs. 52,500.
The government has listened to the pleas of the taxpayers and extended the due dates of Form GSTR 9 (annual return) and Form GSTR-9C (reconciliation statement) for Financial Year 2017-18 in a staggered manner for different groups of States to 3rd February, 5th February and 7th February 2020.
Along with the extension of the due dates, the government also said that these forms will now be easy to file as there are multiple columns and files which have now been made as an optional.
As per the Central Board of Indirect Taxes & Customs (CBIC) notification, the amendments concerning the simplification of both the annual forms i.e. GSTR 9 and GSTR 9C allowing the taxpayers to not provide the input tax credit availed on inputs, input services and capital goods details.
Also, there is now no need to give the HSN level details of outputs or inputs, etc. for the FY 2017-18 and 2018-19.
This due date extension has given another chance to the taxpayers to file their annual returns on time with clarity and accuracy which is also observed by the government.
Previously, the taxpayers were required to file the GSTR-9 and GSTR-9C for Financial Year 2017-18 by 31st January which is now again asked for to be extended till 31st March 2020, and for the financial year 2018-19, it was 31st March 2020.
In response to the demand of the trade industry and ongoing issues on the portal, the Finance Ministry has decided to extend the last date for filing GST annual returns (FY 2017-18) to 3rd February, 5th February and 7th February 2020. While the general date for annual GST return filing was December 31, 2018.
Now in a further order released by the Central Board of Indirect Taxes and Custom (CBIC) said, “The competent authority has decided to extend the due date for filing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till to 3rd February, 5th February and 7th February 2020.”
Group 1: Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Telangana, Andhra Pradesh, Other Territory – 3rd February 2020
Group 2: Jammu and Kashmir, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Gujarat- 5th February 2020
Group 3: Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Andaman & Nicobar Islands, Jharkhand, Odisha, Chhattisgarh, Dadra and Nagar Haveli and Daman and Diu, Lakshadweep, Madhya Pradesh, Uttar Pradesh- 7th February 2020
The deadline for annual GST return has been extended owing to the continuous demands of various trade bodies. According to them, the format for annual GST Return along with the filing option is not yet available on the GST portal which makes it difficult to speculate things. GST annual return is kind of important deal as it gives a once-in-a-year opportunity to taxpayers to review and rectify their mistakes in any of the returns filed in that particular year. Therefore, businesses must be given sufficient time and resources to analyze, understand and fill the form.
More than one petition was filed to the Finance Ministry, all of which put the focus on the complexity of the GST returns filing process. According to a petition, more time is spent on correcting the returns rather than filing them. In addition, annual returns require the mention of HSN code for inward supplies as well, which was not a mandate for GSTR-3B returns. This further adds to the hassle of the taxpayers.
Taxpayers need time as they will have to review all their past returns and transactions to fill up details in the annual return form. It is going to be even more arduous and demanding for small businesses and traders who have no expertise in such tasks. Since the the due dates for GSTR-3B filing have been extended multiple times for different months during the year, the calculation of penalty, interest and the late fee is now more time-consuming.
Associations Come Forward to Extend GSTR 9 & 9C Due Date
In the wake of difficulties while filing the GSTR 9 and GSTR 9C on the GSTN portal have requested the extension of the due dates for both the GSTR 9 and 9C. The associations have asked the due dates to be extended to 31st March 2020 for the filing related to the FY 2017-18.
Goods and Services Tax Practitioners’ Association of Maharashtra
Tax Bar Association, Guwahati
Sales Tax Bar Association, New Delhi
Association Of Tax Practitioners, Ernakulam
Haryana Chamber Of Commerce & Industry
Ahilya Chamber of Commerce and Industry
Kerala Tax Practitioners’ Association (KTPA), Kochi
District Tax Bar Association Sonipat.
Central Gujarat Chamber of Commerce and Baroda Tax Bar Association
Jamnagar Chamber Of Commerce & Industry
The Southern Gujarat Commercial Tax Bar Association, Surat
Tax Bar Association, Jammu
The concerned association have also written a formal letter to the union finance minister Nirmala Sitharaman in this regard and therefore the decision is waiting for the approval.
Gen GST Software: Ultimate Solution for All Annual GST Returns
The government had announced revised due dates for the GSTR 9 and GSTR 9C annual return forms for the ease of taxpayers. The Gen GST software has been running successfully for 2 years since the GST was introduced in India and currently holds thousands of clients which are still growing. Here SAG Infotech brings you the most efficient solution to file annual returns i.e. Gen GST software.
The Gen GST software offers you almost all the desired features to file GSTR 9 annual return:
Try Gen GST software now and get complete features as per the government portal requirement with additional support services from technical staff. Hurry up, Get a demo now – https://saginfotech.com/gst-software.aspx