GSTN: Downloading document-wise details of Table 8A of Form GSTR-9

 1. A facility has been provided to the taxpayers to download document wise details of Table 8A of Form GSTR-9, from the portal in excel format. This can be done by using a new option of ‘Document wise Details of Table 8A’ given on the GSTR-9 dashboard, from Financial Year 2018-19 onwards. This will help the taxpayer in reconciling the values appearing in Table 8A of Form GSTR 9, thus facilitate filling the Form GSTR 9.

2. Table 8A of Form GSTR 9 is populated on basis of documents in filed Form GSTR-1 or Form GSTR-5 of the supplier. Thus, all documents which are present in GSTR-2A (Table 3 & 5), will not be available here, as documents which are in uploaded or submitted stage in Form GSTR 1 or 5, are not accounted for credit in table 8A of Form GSTR 9.

3. This excel download will address issues like:

• Figures of Input Tax Credit (ITC), as pre-populated in table 8A of GSTR-9, not matching with the figures, as appearing in their Form GSTR-2A;
• To view details of documents that are auto-populated from GSTR-2A, to table 8A of Form GSTR-9

4. Steps to Download: To download, navigate to Services > Returns > Annual Return > Form GSTR-9 (PREPARE ONLINE) > DOWNLOAD TABLE 8A DOCUMENT DETAILS option.

5. Downloaded excel file will contain:

• GSTIN, Trade Name or Legal Name of the supplier
• The period (month) in which the document featured in GSTR-2A of the recipient
• Document wise details of B2B (invoices), B2BA (amended invoices), CDNR (credit and debit notes) and CDNRA (credit and debit notes amended), filed by supplier in their Form GSTR-1/GSTR-5, in separate Excel sheets
• Details from only Form GSTR-1/GSTR-5, which are filed till 31st October of subsequent year
• In case of amendments, only latest value will be accounted for
• Field showing “ITC available for Table 8A” – “Yes” or “No”
• If ITC is not available, a column named ‘Reason for Non-accounting’ with reasons for non-accounting in Table 8A

6. Some other Important Points:

• Excel download option will be available once GSTR-9 tab for filing is enabled
• Generated excel will be downloaded as a zip file, if number of documents are less
• Generated excel can be downloaded in multiple parts, if number of documents are large
• Data saved/submitted in Form GSTR-1/5 will be shown in Form GSTR-2A, but will not be shown in downloaded excel file of Table 8A of Form GSTR-9

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TDS on Cash Withdrawal w.e.f. 1st July 2020: All You Need to Know

The recent changes introduced to ‘TDS on Cash withdrawals’ under Sec 194N of Income Tax Act.

The Finance Act, 2020 tightened the existing provisions for those who have not been filing income tax returns. This will be applicable from July 1, 2020.

*2% TDS will apply on cash withdrawn  in a financial year exceeding Rs. 20 lacs and up to Rs. 1 Crore.

*5% TDS will apply on cash withdrawn in a financial year, above Rs. 1 Crore.

The Amendment of Section 194N will be with effect from 1st July, 2020.

The section will apply to withdrawals made by taxpayers who are an individual, A Hindu Undivided Family (HUF), a Company, a partnership firm, or an LLP, a local authority, an Association of Person (AOPs) or Body of Individuals (BOIs).

However, this section will not be applicable to government bodies, banks including co-operative banks, business correspondents of a banking company, white-label ATM operator of any bank, farmers whom the Central Government specifies the commission agent or trader.

For example, if Mr. ‘Y’ has filed all his returns and if he withdraws cash up to Rs. 1 Crore then no TDS will be applicable. In case Mr. ‘Y’ withdraws cash which is more than Rs. 1 Crore then only 2% TDS will be applicable.

On the other hand if Mr. ‘Z’ has not filed all his returns and if he withdraws cash from Rs. 20 Lakh to Rs. 1 Crore then 2% of the TDS will be applicable. In case Mr. ‘Z’ withdraws cash which is more than Rs. 1 Crore then 5% TDS will be applicable.

For more info: click here

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TDS-Cash-Withdrawal

How to file Nil GSTR-3B through SMS

Step 1:  SMS to 14409 from your registered mobile number.  The registered mobile number of such a representative cannot be common with other authorised representatives for the same GSTIN. 

The message should be as follows: 

NIL<space>3B<space>GSTIN number<space>Tax period (MMYYYY)

Example: NIL 3B 09XXXXXXXXXXXZC 062020

The user will then receive a six-digit validation code from VD-GSTIND, which will have a validity of 30 minutes.

Step 2: Confirm the NIL filing with another SMS:
CNF<space>3B<Space>Code

Example: CNF 3B 123456

A receipt message should come with an ARN code.

The ARN code can be used to track the status of the return at www.gst.gov.in, by going to Services > Returns > Track Return.

For help, users can SMS: HELP 3B to 14409.

To get free e-Book on GST WhatsApp your name to 9073323071

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Nil-Return-GSTR-3B

Thrust on local Product: No global tender for up to Rs 200-crore govt purchase

Finance minister Nirmala Sitharaman announced: “Indian MSMEs and other companies have often faced unfair competition from foreign countries. Therefore, global tenders will be disallowed in government procurement of up to Rs 200 crore. The necessary amendments of General Financial Rules will also be done.” This will be a step towards self-reliant India and will also support the ‘Make in India’ initiative.

This announcement ensure that local businesses, especially small and medium ones, don’t face unfair competition from large foreign companies with deep pockets. 

Read More at: click here

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thrust-local-Product

Companies will have to reverse tax credit availed on goods destroyed due to Covid-19 lockdown

Many FMCG and pharma companies that had paid Goods and Services Tax (GST) on raw materials and services used to manufacture perishable goods are staring at a situation where they will have to reverse input tax credit (ITC) availed, as these goods could never be sold before their expiry date due to the nationwide lockdown.

As per the GST framework, companies have to first pay GST on raw materials or services used to make a product. Companies can avail the credit once the final product is sold to distributor or wholesaler. The wholesaler or the distributor could get the GST credit when they sell the product to the retailer.

The problem now is, in many cases, the retailers are coming back and saying they are unable to sell the products as their shelf life has passed. This will lead to a situation where companies, wholesalers and in some cases even retailers will have to reverse the input tax credit availed.

Read more at: Click here

ITR-4 Available for E-Filing for FY 2019-20

ITR-4- Key Insertions in the Income Tax Return form Now Available for E-Filing at Income Tax Portal for Assessment Year (AY) 2020-21 / Financial Year (FY) 2019-20

Today i.e. on the 5th of June, 2020, the department has made the Income Tax Return Preparation Software (also known as the income tax return utility) for ITR-4 available on its e-Filing portal for filing the income tax returns.

Starting today, all the taxpayers will be able to file their ITR-4 pertaining to financial year 2019-20.

ITR-4- For individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under section 44AD, 44ADA or 44AE and not for an individual who is either Director in a company or has invested in unlisted equity shares.

Detail change of ITR-4: Click here

Source: https://www.incometaxindiaefiling.gov.in/moreNewsUpdates

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Income Tax Department opens ITR filing window for those using ITR-1 Form for A.Y 2020-21

The Income Tax Department on Tuesday announced that it has opened the window for the filing of income tax returns (ITR) for the Financial Year 2019-20 (Assessment Year 2020-21) for those using ITR-1 form.

Due to the situation arising out of the spread of coronavirus and the nationwide lockdown, the I-T department has delayed the process of issuing ITR forms this year. The ITR filing deadline has also been extended from July 31 to November 30.

Source: Click here

Previous Post: Career Opportunities for GST Practitioners in India

Income Tax Appellate Tribunal is set to launch an E-Filling Portal

The Government of India vide Letter Dated June 01, 2020, issued an announcement of E-filing Portal. Therefore, in the current times of unique challenges on account of Covid-19 Pandemic, invoking digital strategies have become the most effective way forward for judicial / quasi-judicial institutions all over the world. Prime Minister has been leading the campaign of Digital India and has emphasized that “We must ensure that technology is accessible, affordable and adds value”.

The Standard Operating Procedures (SOPs) detailed guidelines for use of the facility of E-Filing Portal are under consideration and shall be announced once the Portal is hosted on the NIC server after completion of formalities, very soon.

The announcement can be assessed at: click here

Previous Post: Career Opportunities for GST Practitioners in India

Career Opportunities for GST Practitioners in India

The concept ‘GST Practitioner’ being introduced by the Indian Government under the GST Act, 2017.

Eligibility Criteria for becoming a GST Practitioner:

A person is eligible for becoming a GST practitioner under the GST regime if he or she satisfies the below mentioned conditions, He / She:

·         is a citizen of India

·         is mentally solvent (of sound mind)

·         is not declared as an insolvent

·         is not been convicted of an offence with imprisonment for a period exceeding two years.

 

Qualification required for becoming a GST Practitioner:

So far, GST does not create any bar for the candidates who want to work as a GST Practitioner. A qualified professional or a non-qualified professional like a graduate can bag the role of a GST Practitioner by duly upgrading their knowledge.

Real fact and data:

Total number of registered business in India (before GST) was around 60 lakhs and it raised( after GST) 1.21 crore (on 2019). So the registration almost double within two years and the number is still increasing. So huge demand for GST practice, jobs & consulting creates these days. You need to be proper knowledge, guideline, practical experience, technical skills and patience to become a GST Practitioner.

The openings for GST practitioners in India are currently at an extreme high. However, the professionals who are initiating to do the work in GST field are insufficient in the market.

 

We are here for helping you:

If you are an aspirant who is looking forward to build your career in the lucrative GST field, we are here for helping you through your entire journey of becoming a GST practitioner.

Check out our Mentorship Program and Syllabus

Check our Instagram and Facebook pages regularly if you wish to stay updated.

WhatsApp- 9073323071 or 9073323073

Check your basic knowledge in this field: Click here

CBDT notifies New Form 26AS i.e. Annual Information Statement w.e.f from June 01, 2020

The CBDT vide Notification dated May 28, 2020, the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely—

1. Short title and commencement- (1) These rules may be called the Income-tax (11th Amendment) Rules, 2020. (2) They shall come into force with effect from the 1st June, 2020.

2. In the Income-tax Rules, 1962 –

• (I) rule 31AB shall be omitted;
• (II) after rule 114H, the following rule shall be inserted, namely:-
  “Annual Information Statement"

The Notification can be accessed at: click here

Previous Post: Career as Tax Consultant in India

Test Your Knowledge: Click here

GST Portal has now enabled filing of GST From ITC-02A

The GSTN has enabled the Form GST ITC-02A, wherein a registered person gives a declaration of unutilized ITC transferred for obtaining a separate registration within the same state or union territory. 

(1) A registered person who has obtained separate registration for multiple places of business in accordance with the provisions of Rule 11 and who intends to transfer, either wholly or partly, the unutilized input tax credit lying in his electronic credit ledger to any or all of the newly registered places of business, shall furnish within 30 days from obtaining such separate registration, the details in Form GST ITC-02A electronically on the common portal either directly or through facilitation, center notified on this behalf by the commissioner.

Details to be furnished in Form GST ITC-02A are as follows:

• Go to www.gst.gov.in: Login with your credentials.
• Then go to Dashboard, then click on to Returns, then click on to ITC Forms:
• GSTIN of Transferee: Newly registered person to whom you want to transfer ITC. This will auto-populate Transferee’s legal name and trade name.
• Amount of matched ITC to be transferred: Amount available in electronics credit ledger of which amount to be transferred needs to mentioned according to head of tax Central tax, State/UT Tax, Integrated Tax.
• Save the above details and submit with DSC/ EVC.
• Next Transferee needs to login to common portal and click on take action to accept credits transferred.

Source #GSTN Portal 

Previous Post: Career as Tax Consultant in India

Career as Tax Consultant in India

The keys to successful tax consultation are knowledge and experience. People that work in the tax field for few years and at the right levels can acquire the knowledge and experience to perform as tax consultation.

This is the right time

If you are in college, about to go to college or at any point in your career and thinking about to become a tax consulting then this is the right time to move on. There are a huge number of career opportunities for tax consultants ready to hit the market in the near future.

Primary role

An ideal tax consultant helps both business as well as individual entrepreneurs pay their taxes & prepares their tax returns. The primary role of a tax consultant is to ensure that their client complies with all the tax obligations. It is the responsibility of tax consultant to help their clients submit the documents to the government office of the internal revenue service.

Career Opportunities

Candidates who have knowledge in taxation are open to attract jobs in any leading company, bank, institute, college, government office etc. Additionally, one can get a job in taxation anywhere in India. The candidate can be a tax advisor, employment tax specialist, tax examiner, revenue agents, collectors etc. Also, one can work independently by establishing his own firm.
Becoming a successful tax consultant is not a rocket science. A candidate must be a hard worker who is determined to achieve the goal of becoming a tax consultant.

Check our Facebook and Instagram pages regularly if you wish to stay updated on the latest happenings in the field of Accounting, Taxation and GST.

Email ID: contact@teamace.co.in
WhatsApp No. 9073323071

Career-Tax-Consultant-India

How Can Accountants Help During COVID 19 Crises?

Accountants are like the backbones of the finance & accounts departments of a business, so they can help out a lot. For students pursuing any kind of accounts training, it’s good to know how they, as future accountants, might be able to help out when the going gets tough.

Let’s see some of them in detail.

Finding out all in-place aid options

Accountants can provide reliable info of Govt. aids the business is liable to receive at this time. This includes what relief programs the business is eligible for. These may include govt. loan guarantees, waivers, municipal grants, etc. 

Cutting through the noise

At first, accountants can help define how much financial support the business needs by forecasting the cash flow and modeling the revenue.

With a smart accountant, the entrepreneur can make a strategic relief plan tailored to the business goals and the government resources available.

 Helping to manage resources judiciously

  *Assists to lower costs and spot growth opportunities by keeping the books up to date. 

        *Optimize the cash flow by identifying profitable and unprofitable customers.
       *Highlight ways to reduce the inventory costs.

Helping to make personnel decisions

Accountants can also help managers make decisions on the team. Hardworking, resourceful employees never give up no matter the situation. Temporary pay adjustment for other benefits in kind may help reduce some cost while granting benefits to the capable workforce.

Check our Facebook and Instagram  pages regularly if you wish to stay updated on the latest happenings in the field of Accountancy, Taxation and GST.

Read more at: click here

Accountants-Help-Business

GST compensation to states pending for Dec-March FY20

Finance Minister Nirmala Sitharaman on Sunday said GST compensation is due to all the states for the four-month period of December-March. “We are periodically talking about it. GST dues are very clearly explained in the GST Council. It is not for selective states… All states’ GST dues which we recognise for December, January, February, March have not been paid,” Sitharaman told reporters here.

Under GST law, states are guaranteed to be paid for any loss of revenue in the first five years of the GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 percent annual growth in GST collections by states over the base year of 2015-16.

Under the GST structure, taxes are levied under 5, 12, 18, and 28 percent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.

Read More at: click here

GST-compensation-pending

Taxpayers denied pre-GST tax credits; Govt amends law

The relief given by the Delhi High Court to GST taxpayers on the matter of pending transitional credit has been taken away by the government through a retrospective amendment in the GST law. The amendment, which imposes a restriction on the time limit to claim transitional credit, is being notified by the government from 18 May 2020. The amendment comes into effect from 1 July 2017.

The Delhi High Court in an order passed on 5 May 2020 had allowed all taxpayers to claim transitional credit accumulated before the implementation of GST by 30 June 2020. It was a significant judgment as it extended the period for claiming input credit from 90 days to 3 years and also allowed all taxpayers to take benefits of the order.

Read More at: click here

GST-Law-amends

Due date of all Income Tax Return will be extended

As per the recent tweet of CNBC TV-18, the Finance Minister Nirmala Sitharaman extends the due date of all Income Tax Return for F.Y 2019-20 will be extended from July 31, 2020 & October 31, 2020 to November 30, 2020.

Source: click here