In today’s ambitious aeon, having a graduate degree is generic. To get triumph in the cut-throat competition, a postgraduate degree or a professional qualification is an ad hoc. It is like an eligibility to begin the journey to the crest of success, to become a part of esteemed organisations, to work under big names, to seize the opportunities for your own business.

For the commerce students, Chartered Accountancy (CA) and Master of Business Administration (MBA) in Finance are two of the most rewarding career paths that grow aspirants intellectually, financially & theoretically while breaking the ice for exemplary opportunities with high-income packages.

WhereChartered Accountancy is one of the most sought after and prestigious professional stream for graduate and under-graduate commerce students, Finance is also one of the most coveted options by young professionals and graduates. Both are the most demanding courses which assist in getting an edge in the industry.

Now lets us compare both the courses in terms of duration, scopes, packages etc.

Colleges and Entrance Exams:

CA is three-stage program – the Foundation course, Intermediate course, and the Final course, which is offered by the Institute of Chartered Accountants of India (ICAI) and C.P.T is the entrance exam for it. MBA in finance can be done from government universities, private colleges as well as from Foreign universities. The entrance exam for the same is the Common Aptitude Test (CAT), SNAP, MAT, CMAT, XAT, etc. Some private colleges may have different admission criteria which include their own entrance exams, management quota and merit-based admissions.

Eligibility Criteria:

For a CA aspirant, the minimum eligibility for pursuing the course is 10+2 examination (or equivalent) from an accredited board while for pursuing an MBA in Finance, the minimum eligibility is Graduation.
This means one may inaugurate the avenue to become a CA professional just after his/her schools. But M.B.A can be done only after graduation.

Duration:

If one starts his/her CA journey just after the school then it will take an average duration of 4.5 years tobecome a CA professionalwhile if it begins after graduation than it takes three years of time frame. However, the time span for completing full-time MBA in Finances varies from 18 to 24 months i.e. a maximum of 2 years.

Subjects Covered:

Financial accounting and reporting, law, taxation, audit, finance, business environment and concepts, are the main subjects of CA course. Business Finance, investment banking, credit risk management, asset management, etc. are the pivotal subjects for MBA in Finance course.

Read Also : Top Online Courses for Chartered Accountancy (CA) Preparation

Career Opportunities:

A Chartered Accountants can work in accounts and finance departments of eminent firms. The wide array of career options for CA includes financial and accounting management, internal audit, taxation, statutory audit, investment decisions, banking and so on. A well-versed CA can practice the profession privately also and can impart freelancing services to the organisations.
MBA in Finance unplugs career opportunities and infinite possibilities for candidates in private as well as government sectors that include financial bodies, financial consultancies and banks.
Most promising and popular career scopes for MBA in Finance are accounts and finance management, investment banking, business analyst, credit management, insurance & risk management, financial analyst, etc.

Salary Packages:

An average earning of a fresher CA is approx INR 6-7 lakh per year. While an average salary package of MBA Finance graduates from top universities/colleges is around INR 10-15 lakh.

Both the courses requires diligent hard work, dedication & continuous efforts which in turn open global opportunities to work in diverse industries and MNCs.

The integration of technology with accounting is giving the edge to the companies in the digital scenarios where competition is soaring at a high pace. The company adopting the technological advancements are able to cash in on more opportunities than those who are still stuck with the conventional method of working, thinking that “Old is Gold“.

“To stay ahead, you must have your next idea waiting in the wings.” Rosabeth Moss Kanter

The companies, which accept the changes and move ahead with the advancement and innovation, automate & ease their work and attract more financial gains and organised internal functioning.
Automatic intelligence is one of those innovations that automates the processes and yield remarkable results. It knocks off the monotonous and tiresome human activities and replaces it with technology that adds efficiency & accuracy and let employees invest their creativity & skills in other productive tasks.

“Opportunities are like sunrises. If you wait too long, you miss them.” William Arthur Ward

Automatic intelligence is like an opportunity which should be availed by every organisation today if it wants to move forward with the same pace as technology & other industries. One should not wait for enough to accost the latest innovations in business because that restricts you to avail the advantages it comes up with. The outmoded methods not only hamper the growth of the company but also of the employees because they keep doing the humdrum activities and learn nothing new.

Although many people are well-acquainted with the benefits of this innovation, some people still spell out Artificial intelligence, as a technology that replaces human employees. But it is not true, AI does not oust employees, rather it helps employees by reducing their tedious job and enhancing their experience, particularly in the management of Voluminous data and adjustment of Complex mutating patterns.

Read Also: Points to Keep in Mind Before Business Startup in India

Recent surveys claim that above 80% of people think that AI gives competitive advantage and 79% thinks that AI boosts the company’s productivity. Nowadays many accounting firms use Artificial intelligence to analyze hefty data at a high pace which would have been very difficult for humans.

Reasons & Advantages of Introducing Artificial Intelligence with Accounting Business.

Streamline Data Entry and Analysis

The financial information of a company is stored in diversified accounts, spreadsheets and PDFs. Entering data in various files & spreadsheet and analysing them thoroughly is a time taking, a troublesome & tiresome job which is prone to errors. A human accomplishing this task may get completely baffled and may need more people to help him in this complicated job.

Artificial intelligence, here, plays a pivotal role by compiling the spreadsheet, accounts & PDFs, together and by creating & keeping the reports related to different issues separately. AI not only brings accuracy but also quickens the tasks that lead employees to focus on strategies which can lead businesses to the crest.

AI foresees long term objectives in a much more organized way, compiles past data for a comprehensive view of work accomplished and analyse the current information to bring more efficiency.

Fraud Deduction and Reduction

A business entity is exposed to internal as well as external frauds. A big company with many employees have more chances of internal fraud because every employee needs funds at different levels for different needs which is hard to be tracked by a human.

A techno deficient company can not ensure fraud-free ambience because they do not have any particular way to transfer the financial data or funds without human intervention. Here artificial intelligence plays the role of a defender. It knocks off the need to hand over the financial data to one or the other person and thus maintain confidentiality.

In addition to this, artificial intelligence audit all the expenditures at every employee’s level and so leaves no space for ambiguity. This curtails down the chances of internal fraud and leads to a safe and protected work environment.

Corporate Policy Implementation

Every business organisation has some policies to adhere to. These policies safeguard the organisation from internal and external inconvenience & abuse. The policies are formulated with an aim to maintain the financial stability of the company by combating with any disparities and errors.
Artificial intelligence automates human work and so reduce their intervention in technical data. This yields correct calculations and accuracy while allocating more time to employees to focus on pivotal strategic aspects.

Most common discrepancies and lapse which results in the incurrence of the loss to the company include Purchase orders, Employ receipts, Credit card transactions, Travel bookings and so on. It is quite apparent that the companies who are lacking behind in introducing new techniques in their organisation are more inclined to risks.

Artificial intelligence comes with a vast array of benefits and infinite possibilities that includes simplification, automation, efficiency, accuracy and so on.

A well-organized method of artificial intelligence compiles the data from different sources and concludes results. For example, an AI gathers the survey to conclude the consequences of newly formulated policies of the company. So in this way, AI assists in getting reviews and better outlook about the current system.

Wrapping up: To deal with lofty demands from clients and increasing regulations, many firms are now switching on to a new type of workforce where new technologies streamline their business activities. Accounting is one of the topmost business operations and so companies today are implementing AI in accounting to ensure positive results like booming productivity, improved accuracy, and curtailed cost.

This is for the employees to notice, the due date for employers to provide Form 16 to their employees is 10 July. some might have received and if not then one must ask the authorities for the same. Another thing to keep in mind is that the form must be downloaded from TRACES.

About TRACES

TRACES stands for TDS Reconciliation Analysis and Correction Enabling System. TRACES online servicesallows registered TDS deductor or employer to download Form 16. TRACES are the detailed records of the TDS Tax Deducted at Source which allows the taxpayer to effortlessly file an income tax return.

Mandatory for Employers to Provide Form 16 to the employees only From TRACES Portal

I-T Department has already alerted the employers about downloading and generating Form 16 only from the TRACES. Now the department also wants the employees to make sure about the same.

To be remembered, the final date for the taxpayer to file an ITR is 31st July 2019. TRACES is an online application operated by Income Tax Department which facilitates the taxpayer to view and download challan status, Form 16 or Form 16A (verifying the status of TDS) and Form 26A (the annual tax credit form).

For salaried individuals, verifying Form 16 and Form 26A is mandatory. Form 16 has details of income received from the employer, TDS deducted by the employer, and other tax deductions in FY 2018-19. Form 26A has all the calculated knowledge of deducted tax by the deductor, collected tax, advance or self-assessment tax, and refunds paid by Income Tax Department.

To avoid future faults, here are the tips to check the validity of Form 16 from TRACES:

• There will be a unique 7 character alphabet certificate number on original Certificate downloaded from TRACES.
• The document will contain a TDS-CPS logo on the left corner and on the right corner there will be an image of the national emblem.

Form 16 Re-designed Under New Laws

Form 16 is re-designed under new laws, therefore it is important to download the new format of Form 16 from TRACES. Form 16 has two segments A and B. Segment B of Form 16 was reviewed recently by the Central Board of Direct Taxes (CBDT). CBDT has already issued a notice for the employers to issue Part-B of Form 6 to the employees received only from TRACES portal. 

To be noted, Part B of Form 16 contains details of all the allowances and other requisites employer has provided to the employee.

Lastly, it is mandatory for employers to file form 24Q which requires the salary description in the last quarter of FY 2018-19.

Last four months from February to May have witnessed continuous drop-off in the number of return filings. The data count total decline of approx 8 lakh, i.e. 10% of the total GST return filed in India, in return filings in these months.

The total number of GSTR-3B filed in the month of May this year is around 75 lakh which is considerably lesser than the number of GSTR-3B required to be filed which is 1.03 crore. This apparently implies that around 1/4th of the business entities who were under obligation to file returns as per GST law didn’t do so.

When questioned by the Rajya Sabha about the measures that need tax officials to inspect the concerned business premises who failed to file GSTR, Anurag Thakur, minister of state for finance said: “The government is considering to put in place an extensive plan to hunt for these missing GST payers,”.

The total number of businesses registered under the GST is more than 1 crore, from which around 84 lakh business entities filed the returns in the month of February this year.

Read Also: Key Points About New GST Return Filing System

But in the march of the total number of GST return filers ((GSTR-3B) curtailed to 82.5 lakh. The downward trend continued in the month of April as well when the number of GST filers dwindled to 79 lakh business which further dropped over 75 lakh in the same month.

The gross GST collection by GOI (government of India) was undergoing the antrorse trend from February to April this year with the total collection of Rs 97,247 lakh crore, Rs 1,06,577 crore and the highest Rs 1,13,865 crore in the month of February, March and April respectively. But the month of May encountered sudden collapse with Rs 1,00,289 crore GST collection.

An incongruous scenario has emerged out when there is an increment by 23 lakhs in the number of businesses registered under the GST and the GST registered business gone up to 1.03 crore whereas, in the same period, the number of GSTR-3B filed decreased by more than 10% which means around 8 lakh corporate entities have been lackadaisical in filing GSTR-3B.

In such a paradoxical situation, minister of state for finance is stepping ahead with the measure to quest such defaulters of GSTR filing.

R

GSTR 6 Return form for all the input service distributors who have registered under the Goods and Services Tax (GST). Every Input Service Distributor (ISD) will require to furnish the details of invoices in GSTR- 6 form at GSTN portal. After correcting, modifying, removing and adding the details of form GSTR-6A, the GSTR 6 is furnished and most of the information is auto-populated. The details of the received credit taken from different invoices are covered under GSTR 6.

• GSTR 6 Features
• Who is Required to File GSTR 6?
• What is the Input Service Distributor?
• How to File GSTR 6 Return?
• General Queries on GSTR 6 Form

The due date of GSTR 6 form is 13th July 2019 for the month of June 2019. Form GSTR 6 now available to fill for Input service Distributors (ISDs) on the GST official portal.

Salient Features of GSTR 6 Return Form

• The form GSTR 6 is filled by all the Input Service Distributors who are registered under the Goods and Service Tax (GST)
• It  should be filled by 13th of succeeding month
• The taxpayer is required to furnish the details of tax invoices on which the credit has been received

Who Should File GSTR 6

All the Input Service Distributors required to file the return excluding:

• Composition Dealers
• Taxpayers liable to collect TCS
• Taxpayers liable to deduct TDS
• Suppliers of OIDAR (Online Information and Database Access or Retrieval)
• Compounding taxable person
• Non-resident Taxable Person

Definition of Input Service Distributor

Input Service Distributor works as an intermediary between the manufacturer businesses or final product producers. According to Rule 2(m) of Cenvat Credit Rules, 2004:

• ISD is the office of the supplier of goods and /or services
• The ISD receives tax invoices towards receipt of input services
• It distributes credit of CGST/SGST/IGST to a supplier of goods/ services having the same PAN from office referred above
• ISD issues documents or invoices for distribution of Credit

In GSTR-6, an ISD requires filling information regarding the distribution of credits. Here are the revised dates to file the GSTR-6 for the months after GST rollout:

• For the Year 2017, ISD needs to file the form until 31st December 2017
• For all the coming month, ISD needs to file the form before or on 13th of the succeeding month of the tax period

The Following Information Is Needed To Be Added To File GSTR 6:

Table 1&2: Details Of The Taxpayer

• GSTIN:  GSTIN stands for Goods and Services Taxpayer Identification Number. The GSTIN is a 15-digit number includes 2-digit state code,10-digit permanent account number, and 3-digit includes state, future use, and check-digit. It is auto-populated when we file returns.
• Name of Taxpayer: This is the name of a Non-resident taxpayer owning business outside of India and supplies goods and services. This field is also auto-populated at the time of return filing.
• Month-Year(Period): The taxpayer requires to choose the date from drop down for which month and year for which GSTR-6 is being filed.

Table 3: Details Of Input Credit Received

• Details Of Inward Supplies From Registered Taxpayer:  ISD fills out the details of supplies received and input credit amount from a registered taxpayer. Most of the information especially inward supply details are auto-populated from GSTR-1 and GSTR-5 of the counterparty. The person has to fill all the credit covered under CGST/SGST, and IGST.  If the received supplies are in more than one lot, then the taxpayer needs to mention only the last lot information

Table 4: For The Given Tax Period Eligible/ Ineligible ITC

• The information is auto-populated by table-3 and fill all the information regarding input tax creditwhether it’s eligible or ineligible

Table 5: The Available Credit Under CGST, SGST, And IGST

• This head includes the information regarding the available credit under CGST, SGST, and IGST. the details in this head is of the ITC mentioned in table-4. Here we need to fill the details of the invoices to furnish the fields

Table 6: Any Changes For Table 3

Interest on Late Payment of GST Tax & Missing GST Return Due Date PenaltyModification To Details Of Inward Supplies: Taxpayer provides modified and revised invoices and information along with CGST/SGST and IGST charged if there is any modification or change to the earlier tax period

Table 7: Mismatches And Reclaims To The ITC Should Be Cleared Here

• If there is any changes or mismatches or reclaims to be done in input tax credit under CGST, SGST, and IGST, it should be recovered in this head

Table 8: Distribution Of The Input Tax Credit Which Is Mentioned In Table 6&7

• The amount distribution for table 6 & 7 under CGST, IGST, and SGST is covered in this head

Table 9: Re-distribution If Distribution Is Done Wrong

• If wrongly above mentioned tables are filled by distributed money to the wrong person, the changes and redistribution is possible under this head

Table 10: Late Fee Payable

• In case of late fee payable or paid, this head is separately mentioned for it. The taxpayer fills the details in it regarding the late fee if applicable

Table 11: Refunds

• As the heading suggests it covers the refund amount and information of the electronic cash ledger

At the end of filing the form, Input Service Distributor needs to sign the form electronically to verify the correctness of the information.

Interest on Late GST Payment & Missing GSTR Due Date Penalty

Among the many rules of GST, there are also rules of penalties and the late fee for the negative aspects of the implementation part, like late payment or taxes or delay in filing returns. The GST rules say that the delay in the payment of GST taxes will lead to an 18 percent annual interest rate, in which a late fee will be charged on each day for the period after the due date of tax payment. Read more details about GST interest mechanism at the URL below.
https://cbec-gst.gov.in/CGST-bill-e.html

Example: As a taxpayer, if you miss the deadline of GST payment for a particular month, you will still be required to pay the tax but will also have to pay additional interest at the rate of 18% or 1000*18/100*1/365= Rs. 4.93 per day approx Where Rs. 1000 is your assumed tax liability. For each day you do not pay tax after the due date, the interest will grow by Rs. 4.93 approx.

In case if a taxpayer does not file his/her return within the due dates mentioned above, he shall have to pay a late fee of Rs. 50/day i.e. Rs. 25 per day in each CGST and SGST (in case of any tax liability) and Rs. 20/day i.e. Rs. 10/- day in each CGST and SGST (in case of Nil tax liability) subject to a maximum of Rs. 5000/-, from the due date to the date when the returns are actually filed.

General Queries on GSTR 6 Form

Q.1 What is Form GSTR-6?

• GSTR-6 form is a monthly return which is required to be filed by all the Input Service Distributor’s (ISD) for the distribution of credit (ITC) among its units.

Q.2 Who is supposed to file Form GSTR-6. Is filing this form mandatory?

• GSTR-6 is to be filed by only those taxpayers who are registered as Input Service Distributor (ISD). It is a mandatory return which is required to be filed on a monthly basis. In the case of no business activity, a nil return is required to be filed.

Q.3 What is the last date for filing GSTR-6 form?

• We are trying to make you understand the same through an example.
  • The ISD return for a month, say M, could be filed on or after the 11th of month M+1 and on or before the 13th of month M+1 or the extended date if any.

Q.4 From where can a taxpayer file the Form GSTR-6?

• After logging in to the Returns Dashboard, GSTR-6 form is accessible through the GST Portal.
  • We assist you with the path below:-
  • Services > Returns > Returns Dashboard

Q.5 When and where we can see the auto-populated invoices in the Form GSTR 6?

• Once the Form GSTR-1/Form GSTR-5 is got successfully saved by the supplier, the auto-populated invoices would reflect in Form GSTR-6A, (Table 3 and 4) and Form GSTR 6 (Tables 3, 6A, 6B, and 6C). An action could be taken on these invoices once GSTR 1/5 form has been submitted by the supplier.

Q.6 Is it required as mandatory to take action on all invoices/CDN which have been auto-populated in Form GSTR-6?

• Yes, action on a mandatory basis is required to be taken against all such invoices/CDN which have been auto-populated in your Form GSTR-6. Not doing so, would lead the taxpayer unable filing GSTR-6 Form.

Q.7 What actions could be taken on invoice data which are auto-populated in table 3 & 6 of Form GSTR-6?

• The below actions could be taken for invoices or credit/debit notes against the data received in Form GSTR-6, you can take the following actions:
  • Accept
  • Reject
  • Modify
  • Keep Pending

Q.8 What all actions could be taken on invoice data auto-populated in table 6A & 6C of Form GSTR-6?

• For data received in Form GSTR-6 in the invoices or credit/debit notes, the following actions could be taken;
  • Accept
  • Reject
  • Keep Pending

Q.9 Can one file the ISD return if their counterparties have not filed Form GSTR-1/5?

• Yes, one is eligible to file the GSTR-6 return even if their counterparties have not filed their respective Form GSTR-1 or Form GSTR-5.
• This could be simply done by uploading the missing invoices using the ADD MISSING INVOICE functionality and thus filing the return within the prescribed timeline.

Q.10 What would happen if Form GSTR 6 is filed before Form GSTR-1/5 and then Form GSTR-1 and Form GSTR-5 are filed?

•  In the case where Form GSTR-1 and Form GSTR-5 did not get filed till 10th of the succeeding month of the tax period by the counterparties, no auto-population of the B2B details would take place in Form GSTR-6A and Form GSTR-6 for that tax period.
• In such a case, it is the ISD who would add the missing invoices/CDN by using the functionality – ADD MISSING INVOICE DETAILS/ADD CREDIT NOTE/DEBIT NOTE. These details would be available under “Uploaded by supplier” table. Again, the uploaded B2B details would flow directly to the Form GSTR-1/Form GSTR-5 of the suppliers.

Q.11 Is there any Offline Tool for filing Form GSTR-6?

• Yes, there is an offline tool available for filing Form GSTR-6.

Q.12 Is there any late fee attached to the system in case of the delayed filing of Form GSTR-6?

• Yes, as per the prescribed law there is a late fee which is required to be paid in the case where the form GSTR-6 is filed late.

Q.13 Is there a system for Electronic Credit Ledger available for ISD Registrations?

• No, there is no such Electronic Credit Ledger maintained for ISD Registrants. ISD is responsible to distribute credit available during a tax period.

Q.14 Could a taxpayer mark the eligibility of ITC at the invoice-level?

• No, the provision is that the eligible Input Tax Credit gets auto-updated in Table no. 4 based on the invoice/CDN uploaded (based on the action taken on the Auto drafted from Form GSTR-1/5) in Table no 3 & 6. The eligibility is required to be taken concern of only at the time of distribution of Credit to units.

Note: – Input Tax Credit (ITC) for distribution should be available only against those inward supplies where the Place of Supply (POS) and the State where ISD is registered is the same.

Q.15 Is an ISD liable to pay tax on a reverse charge basis? OR Is reverse charge mechanism applicable to ISDs?

• Reverse charge liability is not applicable for an ISD.

Q.16 How could one allocate credit to his/her other units in GSTR 6 Form?

• With the help of Table 5 and Table 8 of the Form GSTR-6, both eligible and ineligible ITC could be conveniently distributed to the units.

Q.17 Could Amendment be made to the credit allocated to the units in Form GSTR 6 of earlier tax periods? If yes, how?

• Yes, the credit allocated to a unit in a previous tax period could be redistribute using Table 9 of the Form GSTR-6.

Q.18 Can the date of filing of Form GSTR-6 be extended?

• Yes. The date of filing of Form GSTR-6 could be extended by the Government through a notification.

Q.19 What are the pre-conditions for filing GSTR-6 returns?

• Pre-conditions for the filing of Form GSTR-6 are:
  • The recipient should have been Registered as ISD and must be retaining an active GSTIN.
  • The Recipient should be having valid login credentials (i.e., User ID and password).
  • It is required that the Recipient should have a valid and non-expired/ unrevoked Digital Signature Certificate (DSC which is mandatory for companies, LLPs and FLLPs).
  • It is required that the Recipient should an active mobile number which is mentioned in his registration details at the GST Portal at the time of enrolment/ registration or amendment thereof for authentication through EVC.
  • The recipient would be given an option to file Form GSTR-6 for a canceled GSTINs for the period in which it was active.

Q.20 What happens after Form GSTR-6 is filed?

• Let us look broadly for what happens after the Form GSTR-6 is filed:
  • On successfully filing of the Form GSTR-6 Return an ARN is generated.
  • An SMS and an email for acknowledgment sent to the applicant on his registered mobile and email id.
  • In case, if there is any modification or addition made in Form GSTR-6, these modified details are auto-populated in Form GSTR-1//5 of counterparty supplier.

Q.21 What are the modes of signing Form GSTR-6?

• Form GSTR-6 could be filed using DSC, or EVC.

Digital Signature Certificate (DSC)

• Digital Signature Certificates (DSC) are the digitized forms of physical or paper certificates. A Digital certificate presented electronically could prove one’s identity. It is also used to access the information or services available on the internet and to sign certain documents digitally.
• It is important to know that in India, Digital Signature Certificates (DSCs) are issued by authorized Certifying Authorities.
• The GST Portal is designed such that it accepts only PAN-based Class II and III DSC.

Electronic Verification Code (EVC)

• The Electronic Verification Code (EVC) is aided to authenticate the identity of the user at the GST Portal. EVC does this by generating an OTP. The OTP is sent to the registered mobile phone number of the Authorized Signatory filled in part A of the Registration Application.

Q.22 Could the Form GSTR-6 be previewed before submission?

• Yes, we can preview the Form GSTR-6 before submitting it on the GST Portal.

Gen GST is the best and ultra-secure GST software created by SAG Infotech Pvt Ltd to simplify and accelerate the taxation procedures such as return filing, invoice generation, ITC claims and so on.

Gen GST software comes in three variants – Desktop offline and mobile & cloud online variants. One can easily download and use the desktop variant of the software on a compatible PC or laptop, while the online version is platform- independent and can be accessed and used anywhere anytime.

The mobile app is also available and accessible at just a little additional amount.  All the variants are completely reliable, safe and confidential, backed with the restoration of up to the minute data. An integrated feature in the software lets you upload data directly to the GST portal.

With the price as low as Rs. 5,000 for the desktop version, Gen GST is envisioned as the most affordable and best GST billing software for all your taxation needs. It is attuned with Statutory Compliances and gets well-updated with latest government amendments and notifications.

A vast array of its innovative solutions includes – Invoice (Sale & Purchase) for Goods & Services, Import-Export Facilities, e-Filing, GST E Waybill, and so on. Here we shall discuss Invoicing for Goods and Services.

Gen GST Billing Software is a complete solution for automating all billing and invoicing related work while ensuring accuracy and alacrity.

Unique Features of Gen GST Billing Software

Gen GST is a complete and the only GST billing solution you will ever need. You can use the software for creating all types of GST compliant bills & invoices, e-way bills, etc. in an easy and hassle-free manner. Here’s why Gen GST is the best GST billing and invoicing software.

• Customized Billing

Customized billing opens avenues for easy, quick and economical invoicing for the taxpayer with user convenient interface.

• Digitally Signed Invoices

Invoices are attested with digital signatures and they get dispatched directly to the customers.

• Bill Book Feature

Bill Book facility in the software maintains and updates records and transactions accurately and timely.

• Bill Generation Facility

Bill is generated automatically or manually with the bill number of the client’s choice.

• Purchase Invoice for Unregistered Dealers under RCM

The software maintains a separate list of dealers under RCM and generates purchase RCM invoice for them.

• Mailing facility to the Customers

Gen GST offers an immediate mailing service every single time an invoice is generated.

• Advance Receipt

The software can prepare the receipt and compute GST on it in advance.

• Debit Credit Note

Software prepares and maintains reports on invoices, credit notes, debit notes, credit notes and revised invoices of purchase & sales.

• Refund Voucher

The software allows you to get refund vouchers from clients and assure you to maintain refund timeline.

• Industry-based Billing Format

Create billing software according to the Industry’s compliance with GST norms.

Other notable features of Best GST Billing Software include:

• Bulk SMS/Email Facility to Clients

With this feature, one can directly inform unlimited clients about Returns status through emails and messages.

• Instant Registration

Instant Registration facility for every taxpayer whether its  Regular, Composition or Practitioner under GST with govt accredited forms.

• Unique Client Authentication Tool

Unlimited password for unlimited clients. Every taxpayer will have his/her own password for any alterations in tax-related data.

• e-Payment

Secure single click online payments for GST returns, TDS & taxes while maintaining Challan Register and Challan Printing.

To find complete information about the best GST billing software (Gen GST), download a free demo now!

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Providing a sigh of relief to exporters, the centre announced to pay the input tax credit (ITC) refunds of state taxes which will translate into lesser transaction time and costs. while the manual interface is being said under processing.

As the industry claims, there is a huge difference between the amount claimed for ITC to amount sanction amount for state goods and services tax (SGST) from central tax authority to the amount actually payout.

As proposed in the 2019-20 budget, “The central government has been authorised to pay the amount of refund towards state taxes to the taxpayers”. Till now, the central tax officer received claim filing for a refund, was responsible for payment of half of the amount and later the file passed to the state tax authorities for sanctioning of the remaining amount which leads to more time-consuming in refund claim and sanction process.

Not even this, the partly electronic and partly manual nature of ITC claim process also makes it time-consuming for the exporters. They have to file refund application at the portal and further to provide its printout along with acknowledgement and necessary documents in hard copy to the GST authorities. The documents set also vary from authorities to authorities. This manual interface of ITC return claim results increases transaction time and cost.

Mr Ajay Sahai, director general at Federation of Indian Export Organisations said, “The states and Centre did their own respective approval of ITC refund but now only one will approve both. This is a relief for exporters as it would reduce transaction time and costs”.

Centre granted relaxation for exporters who have to combat with stringent credit norms amid slow pace global trade growth. In December 2018, sanctioned export credit amount to exporters was accounted INR 7.38 lakh crore, translates into a fall of 20% on Year on Year basis. The PSU banks’ share in amount sanctioned as export credit has been reduced from 65% in FY 16 to 45% in FY 18.

Read Also: Latest GST Updates and News for the Indian Exporters

In addition to this, exporters revealed a huge difference in the number of filed refund application on the portal and processed to the state tax office.

As per a tax expert, “The ability for Centre to give the refund for both the CGST and SGST will ease the problems being faced currently especially by the exporters and remove the delay in getting the entire cash post the sanction of refunds”.

Under the provisions of Section 194C and Section 194J, an individual or HUF are not liable to pay tax if they are not liable to get the tax audited under Section 44AB(a)/44AB(b).

So, an individual or HUF need not get the tax deducted from the payment which they made to contractor or professional for the services received exclusively for personal benefits and for the business/profession if the payer is not subject to tax audit under section 44AB(a)/(b).

This exemption led the substantial payments, which were made by individuals or HUFs for contractual work or professional services, out of TDS ambit which further led the loophole for tax evasion.

Amendment for a New TDS Section 194M

So a proposal has been made to add a new section- Section 194M in the act for levying 5% TDS on the amount paid or credited for the contractual work, including the supply of labour for any work, or professional fees in a year by an individual or a HUF if aggregate annual amount is more than Rs. 50 lakhs.

It should be noted that it excludes the individuals who need to get the tax deducted as per the provisions of section 194C or section 194J. However, to abbreviate the compliance burden, an amendment is proposed which states that such individuals or HUFs can deposit the tax deducted using their PAN and will not have to mandatorily obtain the TAN. This amendment will come into effect from 1st September 2019.

Meaning of Work, Contract and Professional Services for the Purpose of this Section

Cause (iii) and Clause (iv) of the Explanation to Section 194C defines the meaning of “contract” and “work” for the purpose of TDS deduction, while clause (a) of the Explanation to section 194J defines the meaning of professional services for the same purpose.

Procedural Aspects of TDS Section 194M

Let’s have a look on the procedural aspects of TDS section 194M given below:

Challan-cum-statement for TDS Payment u/s 194M

Under section 194IB, there is challan-cum-statement in Form 26QC for the payment of TDS by individual or HUF paying a monthly rent of more than Rs 50,000.
Under section 194IA, there is challan-cum-statement in Form 26QB for the payment of TDS by a person paying consideration for the transfer of immovable property of 50 lacs or above.
Similarly, Govt. may prescribe challan-cum-statement for the payment of TDS under the new section 194M.

Nil / Lower TDS Certificate Under Section TDS 194M

Under Section 197, a deductee can apply for nil or lower TDS certificate if his estimated tax liability approves no or tax deduction. The scope of Section 197 has been extended to this provision. So a payee can make an appeal to the Assessing Officer regarding obtaining such certificate for the amount paid or payable which are subject to TDS u/s 194M.

Due Date Under TDS Section 194M

Under section 194M, no due date has been prescribed separately for depositing the tax deducted. So, the due dates for the TDS payment under the new Section 194M shall remain the same, i.e., the timeframe of 30 days from the end of the month in which tax is deducted.

Note: Liability for tax audit and purpose of maying payment plays an insignificant role in TDS payment under section 194M

GST practitioner is personnel who is approved by the government (state or central) to take charge of all the tax-related activities on behalf of taxpayers and business firm. GST practitioner is a person concerned for fresh registrations under GST, applying for amendments or cancellation of registration. No shells of GST are left uncovered for a GSTP.

He is the one responsible for all the detailing like monthly, quarterly or annual returns of the business unit or furnishing of ITR on a taxpayer’s behalf. He represents the company on legal grounds and takes the sole credibility for any legal action of the company.

Whether it is Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) or Non-Resident Taxable Person (NRTP) or OIDAR or UN Body or Embassy or ONP, a taxpayer (individual or business unit) needs a GST practitioner to file all the necessary Amendments of Registration of Core and Non-Core fields.

Read Also: All About GST Practitioner and Registration Guide on GST Portal?

To be noted – GST officer can only make necessary changes and save in the drafts which enable the taxpayer to further work on the basis of the drafts saved. Final application has to be filed by the taxpayer.

What a GST practitioner can do in favour of a taxpayer?

Amendments of Registration – GSTP is responsible to generate an application for amendments of registration, filing clarifications, Composition Levy, the official cancellation of the registration and save it for later proceedings by the taxpayers. He is also concerned with tracking of application status.

Ledger Tasks – GSTP can examine Electronic Cash Ledger, Electronic Credit Ledger, and Electronic Liability Registers on behalf of the taxpayer. This helps the taxpayer to keep a record of all the GST payments he has done in the past.

Keeping a track of returns – On taxpayer’s behalf, GSTP can check Return Dashboard, transition forms, ITC forms, and return status. They can even prepare Annual Returns along with different other returns (including invoice uploading).

Payments – GSTP can see the taxpayer’s Saved challans and History of other challans on GST portal. It is possible to partially create a challan and save. To be noted, the challan generated by the GST Practitioner can be utilized by the taxpayer on later stages.

User Applications – A GSTP can create a new application for advance Ruling, Rectifying Order, Form DRC-03, Letter of Undertaking, Restoration of Provisional Attachment, Deferred Payment, Instalments to be paid in future, Provisional Assessment ASMT-01. He can check all new, old and submitted applications.

He can download certificates, check the clause list, look for six-digit HSN code or Service Classification Code.

Refunds – GSTP can help taxpayers with checking saved or filed refund applications, keeping the update of refund application status preparing a refund application, track refund application status.

Above mentioned are the business which a GST practitioner can perform on GST portal on a taxpayer’s behalf.

To keep in mind, GST practitioner can save a partial application as a draft. It is the taxpayer who has to file an application using those drafts.

GST practitioner is personnel who is approved by the government (state or central) to take charge of all the tax-related activities on behalf of taxpayers and business firm. GST practitioner is a person concerned for fresh registrations under GST, applying for amendments or cancellation of registration. No shells of GST are left uncovered for a GSTP.

He is the one responsible for all the detailing like monthly, quarterly or annual returns of the business unit or furnishing of ITR on a taxpayer’s behalf. He represents the company on legal grounds and takes the sole credibility for any legal action of the company.

Whether it is Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) or Non-Resident Taxable Person (NRTP) or OIDAR or UN Body or Embassy or ONP, a taxpayer (individual or business unit) needs a GST practitioner to file all the necessary Amendments of Registration of Core and Non-Core fields.

Read Also: All About GST Practitioner and Registration Guide on GST Portal?

To be noted – GST officer can only make necessary changes and save in the drafts which enable the taxpayer to further work on the basis of the drafts saved. Final application has to be filed by the taxpayer.

What a GST practitioner can do in favour of a taxpayer?

Amendments of Registration – GSTP is responsible to generate an application for amendments of registration, filing clarifications, Composition Levy, the official cancellation of the registration and save it for later proceedings by the taxpayers. He is also concerned with tracking of application status.

Ledger Tasks – GSTP can examine Electronic Cash Ledger, Electronic Credit Ledger, and Electronic Liability Registers on behalf of the taxpayer. This helps the taxpayer to keep a record of all the GST payments he has done in the past.

Keeping a track of returns – On taxpayer’s behalf, GSTP can check Return Dashboard, transition forms, ITC forms, and return status. They can even prepare Annual Returns along with different other returns (including invoice uploading).

Payments – GSTP can see the taxpayer’s Saved challans and History of other challans on GST portal. It is possible to partially create a challan and save. To be noted, the challan generated by the GST Practitioner can be utilized by the taxpayer on later stages.

User Applications – A GSTP can create a new application for advance Ruling, Rectifying Order, Form DRC-03, Letter of Undertaking, Restoration of Provisional Attachment, Deferred Payment, Instalments to be paid in future, Provisional Assessment ASMT-01. He can check all new, old and submitted applications.

He can download certificates, check the clause list, look for six-digit HSN code or Service Classification Code.

Refunds – GSTP can help taxpayers with checking saved or filed refund applications, keeping the update of refund application status preparing a refund application, track refund application status.

Above mentioned are the business which a GST practitioner can perform on GST portal on a taxpayer’s behalf.

To keep in mind, GST practitioner can save a partial application as a draft. It is the taxpayer who has to file an application using those drafts.

It is a moral duty of every organization and taxpayer to file an income tax return and pay the taxes. Recently the budget 2019 income tax amendments have stated that the ITR is important to be filed in case the electricity bill is more than 1 lakh and more than 2 lakh for foreign travel expense. The income tax return form 7 is to be filed by all the Charitable /Religious trust u/s 139 (4A), Political party u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions or Khadi and Village industries u/s 139 (4D). These organizations have to file the form for claiming the exemptions.

What is ITR 7 Form?

The Firms, Companies, Local authority, Association of Person (AOP) and Artificial Judiciary Person are eligible for filing Income Tax Return through ITR-7 Form if they are claiming exemption as one of the following categories:

• Under Section 139 (4A)- if they earn from a charitable /religious trust
• Under Section 139 (4B)- if they earn from a political party
• Under Section 139 (4C)- if they earn from scientific research institutions
• Under Section 139 (4D)- if they earn from university or colleges or institutions or khadi and village industries

Who are Not Eligible to File ITR 7 Form Online?

Taxpayers who are not claiming exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C) or Section 139 (4D) are not liable to file ITR-7 Form for Income Tax Return.

What is the Eligibility Criteria for Filing Online ITR 7 Form?

Any taxpayer can use ITR-7 Form for filing Income Tax Return if they file as a Trust, Company, Firm, Local authority, Association of Person (AOP) or Artificial Judicial Person and claims exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).

What is the Last Date for Filing ITR 7 Form?

The due date for filing ITR-7 Form is different depending upon the audit of the accounts. Tax Assessees whose accounts are required to be audited can file till 30th September while those whose accounts are not required to be audited can file until 31st July.

Read Also: Penalties for Late Income Tax Return Filing in India

Know the Steps to File ITR 7 Online

Part A-GEN

• Name (as mentioned in deed of creation/ establishing/ incorporation/ formation)
• PAN
• Flat/Door/Block No
• Name Of Premises/Building/Village
• Date of formation/incorporation
• Road/Street/Post Office
• Area/Locality
• Office Phone Number with STD code/Mobile No. 1
• Fax Number/Mobile No. 2
• Email Address 1
• Email Address 2
• Whether any project/institution is run by the assessee? (Yes/No) If Yes, then please furnish the details: Details of the projects/institutions run by you
• Details of registration or approval under the Income-tax Act (Mandatory, if required to be registered)
• Details of registration or approval under any law other than Income-tax Act

Filing Status

• Return filed u/s (Tick)
• Return furnished under section
  • 139(4A)
  • 139(4B)
  • 139(4C)
  • 139(4D)
  • Others
• If revised/ defective/Modified, then enter Receipt No. and Date of filing original return (DD/MM/YYYY)
• If filed, in response to a notice u/s 139(9)/142(1)/148/153A/153C or order u/s 119(2)(b), enter date of such notice/order, or if filed u/s 92CD enter date of advance pricing agreement
• Residential status?
  • Resident
  • Non-resident
• Whether any income included in total income for which claim under section 90/90A/91 has been made?
• Whether this return is being filed by a representative assessee?
• Whether you are Partner in a firm?
• Whether you have held unlisted equity shares at any time during the previous year?

Schedules To The Return Form (Fill As Applicable)

• Schedule I: Details Of Amounts Accumulated / Set Apart Within The Meaning Of Section 11(2)) Or In Terms Of Third Proviso To Section 10(23C)
• Schedule J: Statement Showing The Funds And Investments As On The Last Day Of The Previous Year [To Be Filled If Registered under Section 12A/12Aa Or Approved Under Section 10(23C)(Iv)/10(23C)(V)/ 10(23C)(Vi)/10(23C)(Via)/10(21)]
• Schedule K: Statement Of Particulars Regarding The Author(S) / Founder(S) / Trustee(S) / Manager(S), Etc., Of the Trust Or Institution (To Be Mandatorily Filled In By All Persons Filing Itr-7)
• Schedule LA: Political Party
• Schedule ET: Electoral Trust
• Schedule VC: Voluntary Contributions (To Be Mandatorily Filled In By All Persons Filing Itr-7)
• Schedule AI: Aggregate Of Income Derived During The Previous Year Excluding Voluntary Contributions [To Be Filled By Assesses Claiming Exemption U/S 11 And 12 Or U/S 10(23C)(Iv)/(V)/(Vi)/(Via)]
• Schedule ER: Revenue Expenditure Incurred During The Year And Amount Applied To Stated Objects Of The Trust/Institution During The Previous Year – Revenue Account [To Be Filled By Assessee Claiming Exemption U/S 11 And 12 Or U/S 10(23C)(Iv),(V),(Vi),(Via)]
• Schedule EC: Amount Applied To Charitable Or Religious Purposes In India Or For The Stated Objects Of The Trust/Institution During The Previous Year–Capital Account [Excluding Amount Exempt U/S 11(1A)] [To Be Filled By Assesses Claiming Exemption U/S 11 And 12 Or U/S 10(23C)(Iv)/(V)/(Vi)/(Via)]
• Schedule IE- 1: Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(21), 10(22B), 10(23Aaa), 10(23B), 10(23D), 10(23Da), 10(23Ec), 10(23Ed), 10(23Ee), 10(29A), 10(46), 10(47) And Other Clauses Of Section 10 Where Income Is Unconditionally Exempt)
• Schedule IE- 2: Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(23A), 10(24)
• Schedule IE- 3 Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(23C)(Iiiab) Or 10(23C)(Iiiac) (Please Fill Up Separate Schedule For Each Institution):
• Schedule IE- 4 Income & Expenditure Statement (Applicable For Assessees Claiming Exemption Under Sections 10(23C)(Iiiad) Or 10(23C)(Iiiae)( (Please Fill Up Separate Schedule For Each Institution):
• Schedule HP: Details Of Income From House Property (Please Refer To Instructions) (Drop Down To Be Provided Indicating Ownership Of Property)
• Schedule CG: Capital Gains
• Schedule OS: Income From Other Sources
• Schedule OA: General
• Schedule BP: Computation Of Income From Business Or Profession
• Schedule CYLA: Details Of Income After Set-Off Of Current Years Losses
• Schedule PTI: Pass-Through Income Details From Business Trust Or Investment Fund As Per Section 115Ua, 115Ub
• Schedule SI: Income Chargeable To Tax At Special Rates
• Schedule 115TD: Accreted Income Under Section 115Td
• Schedule FSI: Details Of Income From Outside India And Tax Relief
• Schedule TR: Summary Of Tax Relief Claimed For Taxes Paid Outside India
• Schedule FA: Details Of Foreign Assets And Income From Any Source Outside India
• Schedule SH: Shareholding Of Unlisted Company

Part B – TI Statement Of Income For The Period Ended On 31St March, 2019

• Voluntary Contributions other than Corpus fund
• Voluntary contribution forming part of corpus [(Ai + Bi) of schedule VC]
• Aggregate of income referred to in sections 11, 12 and sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi) and 10(23C)(via) derived during the previous year excluding Voluntary contribution included in 1 and 2 above (10 of Schedule AI)
• Application of income for charitable or religious purposes or for the stated objects of the trust/institution:
• Additions
• Income chargeable u/s 11(4) [as per item No. E36 of Schedule BP]
• Total (2+3-4viii+5viii+6)
• Amount eligible for exemption under sections 10(21), 10(22B), 10(23A), 10(23AAA),10(23B), 10(23EC), 10(23ED), 10(23EE), 10(29A)
• Amount eligible for exemption under section 10(23C)(iiiab), 10(23C)(iiiac), 10(23C)(iiiad), 10(23C)(iiiae), 10(23D), 10(23DA), 10(23FB), 10(24), 10(46), 10(47)
• Amount eligible for exemption under any other clause of section 10 (other than those at 8 and 9)
• Income chargeable under section 11(3) read with section 10(21)
• Income claimed/ exempt under section 13A in case of a Political Party
• Income claimed/ exempt under section 13B in case of an Electoral Trust (item No. 6vii of Schedule ET)
• Income not forming part of item No. 7 to 12 above
• Gross income [7+11+13v-8-9-10-12a-12b]
• Losses of current year to be set off against 13v (total of 2ix, 3ix and 4ix of Schedule CYLA)
• Gross Total Income (14-15)
• Income chargeable to tax at special rate under section 111A, 112 etc. included in 16
• Deduction u/s 10AA
• Total Income [16-18]
• Income which is included in 19 and chargeable to tax at special rates (total of col. (i) of schedule SI)
• Net Agricultural income for rate purpose
• Aggregate Income (19-20+21) [applicable if (19-20) exceeds maximum amount not chargeable to tax]
• Anonymous donations, included in 22, to be taxed under section 115BBC @ 30% (Diii of Schedule VC)
• Income chargeable at maximum marginal rates (22-23)

Part B – TTI Computation of tax liability on total income

• Tax payable on total income
• Surcharge
• Health and Education cess @ 4% on (1f+ 2iii)
• Gross tax liability (1f+ 2iii + 3)
• Tax relief
• Net tax liability (4 – 5c)
• Interest and fee payable
• Aggregate liability) (6 + 7e)
• Taxes Paid
• Amount payable (Enter if 8 is greater than 9e, else enter 0)
• Refund(If 9e is greater than 8) (refund, if any, will be directly credited into the bank account)
• Details of all Bank Accounts held in India at any time during the previous year (excluding dormant accounts) (In case of nonresidents, details of any one foreign Bank Account may be furnished for the purpose of credit of refund)
• Do you at any time during the previous year

14 Tax Payments

• Details of payments of Advance Tax and Self-Assessment Tax
• Details of Tax Deducted at Source (TDS) on Income [As per Form 16 A issued or Form 16B/16C furnished by Deductor(s)]
• Details of Tax Collected at Source (TCS) [As per Form 27D issued by the Collector(s)]

Verification

I, son/ daughter of, solemnly declare that to the best of my knowledge and belief, the information is given in the return and the schedules, statements, etc. accompanying it is correct and complete is in accordance with the provisions of the Income-tax Act, 1961. I further declare that I am making this return in my capacity as _________________ and I am also competent to make this return and verify it. I am holding permanent account number (if allotted) (Please see instruction). I further declare that the critical assumptions specified in the agreement have been satisfied and all the terms and conditions of the agreement have been complied with. (Applicable, in a case where the return is furnished under section 92CD)
Place……. Date…… Sign here……