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

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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

TDS and TCS rates cut by 25% till March 31, 2021

From May 14 to March 31, 2021 TDS and TCS rate has been reduced by 25% of the existing rate and is applicable to all payments. It will release Rs 50,000 crore in the hands of the people instead of paying them as taxes: FM

Source: click here

MCA issued clarification

The Ministry of Corporate Affairs (“MCA”) vide General Circular No. 21/2020 dated May 11, 2020 which provided clarification on the mode of issue of the notice referred to in section 62(1)(a)(i) of Companies Act (“the Act”) read with section 62(2) of the Act for rights issue by listed companies, as the difficulties are being faced by companies in sending notices through postal or courier services on account of the threat posed by  Covid-19.

2. Further in term of Circular

No. SEBI/HO/CFD/DIL2/CIR/P/2020/78 issued by SEBI dated May 06, 2020, it was clarified that for the rights issues opening upto 31st July 2020, in case of listed companies, which comply with the aforementioned SEBI Circular dated 6th May, 2020, inability to dispatch the notice referred in para 1 of this Circular to their shareholders through registered post or speed post or courier would not be viewed as violation Of section 62(2) of the Act.

The circular can be accessed at: click here

COVID-19 impact in India

COVID-19 is far more than a health crisis. The economic crisis a severe fallout of the virus is grim and much grimmer for developing countries like India. The pandemic has already exposed the health vulnerabilities facing India, especially it’s rural poor and urban slum dwellers. As a measure to contain the community transmission of the virus, the government announced a nationwide lockdown which was extended twice to continue through 17 May.

The impact of a little less than two-month lockdown is turning out to be immense. Since economic activities have come to a standstill, factories are not running, establishments are closed, and most markets are shut, there is a disruption in work, wages/income, and food all three interconnected for crores of people in India. Almost 90 percent of workers in India work in the informal economy that part of the economy which thrives on daily work, and daily cash, with little provisions of employment protection. Like demonetization, the current lockdown has exposed millions of workers and their families to starvation, hunger, death, and very bleak future prospects.

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COVID-19-impact-India

After 12% GST and Mandi tax, now 2% farmers will face grievance crisis due to agriculture tax

Jodhpur, which is called Asia’s biggest ghee market, has a crisis in the ghee industry. A week ago, the government is likely to have an impact on the sale of ghee by adding a new tax of two percent as farmer agriculture. Before the lockdown, there was five thousand tin ghee sold daily, which has now decreased. The new tax will be a burden on the general public, while ghee traders fear losing competition from neighboring states.

After GST and Mandi tax, a new tax has been imposed in the name of 2 percent and Kisan Krishi Tax. Mandi tax is being taken only in Rajasthan. Mandi tax is not levied in any of the surrounding states. Now farmers have also added agricultural tax. With GST, both these taxes are to be recovered from the public. Anyway, before GST, VAT on food items including oil and ghee was charged at the same 5 percent, but after GST, there is 5 percent tax on oil, but on Ghee, there is 12 percent GST. After that, the tax was added at 1.60 percent value. Now farmers have imposed 2 percent tax directly as agriculture.

agriculture tax

Read More at: click here

Weekly GST Communique dated May 11, 2020

GST

Important Notifications, Circular, etc.

 • CBIC issued instruction on provisional clearance of goods under India’s Trade        Agreements 

• CBIC further extends the validity of E-Way Bill till May 31, 2020 

• CBIC further extends the due date for filing GSTR-9 & GSTR-9C for F.Y 2018-19 till September 30, 2020 

• CBIC allowed registered person under Companies Act to file Form GSTR-3B through EVC

 • CBIC amends the special procedure for corporate debtors undergoing CIRP process under IBC 2016 

Important Updates 

• GSTN has enabled new facility to adjust negative ITC while distributing ITC to its units by ISD in Form GSTR-6 

• GSTN has enabled the facility for creation of Electronic Cash Ledger and Liability Register for UIN holders

Income Tax

Important Updates 

• CNBC-TV18: Government's F.Y-20 direct tax collections are over Rs 1.2 lakh Cr 

• CBDT orders tax officials not to issue scrutiny notices to taxpayers 

Important Press Releases

 • CBDT issued clarification in respect of residency under Section 6 of the Income Tax Act, 1961

 • CBDT issued new procedure for registration, approval, etc. of certain entities deferred to Oct 01, 2020

Weekly GST Communique

GST: Audit Guidelines Need To Be Reviewed To Include Video Conferencing

GST officers would have to audit and assess taxpayers via video-conferencing instead of undertaking physical visits amid the coronavirus pandemic, and the current guidelines need to be reviewed for this, according to experts.

As per the current goods and services tax (GST) audit guidelines, taxpayers have been broadly categorised into three groups based on their annual turnover large, medium and small. While large and medium units are compulsorily under premises-based audits; for small units, desk-based audit has been suggested.

Major relief to business community in filing GST statements: Min

Bihar Deputy Chief Minister Sushil Kumar Modi on Thursday said the Centre has given big relief to business community in filling of GST statements, taking into account the slow-down due to lockdown enforced to check spread of Coronavirus.

 The date of filing annual statements of GST for businessmen with turnover of more than Rs five crores was earlier extended till June 30 and it had now been extended till September 30, he stated.

GSTN has enabled new facility to adjust negative ITC while distributing ITC to its units by ISD in Form GSTR-6

The GSTN Portal has enabled a new facility in Form GSTR-6. The adjustment of negative Input Tax Credit (“ITC”), while distributing credit to its units by ISD, through Form GSTR- 6.

• The persons registered as ISD can distribute ITC among its Units by filing Form GSTR-6, every month.
• Previously, ISD was not able to adjust negative ITC to its units, under a major head through ITC available under another major head. For example, if in a particular month, no ITC had accrued under a head but ITC reversal was required to be done under that head or in cases where no inward supplies under a head but receipt of Credit Note(s) under that head for past supplies etc.
• ISD would now be able to adjust negative ITC while distributing credit through Form GSTR 6.

CBIC issued clarification w.r.t. challenges in implementing the GST Law

The CBIC vide Circular No. 138/08/2020 – GST dated May 06, 2020 which has clarified the challenges which were faced by the registered person in implementing the GST Law.
 The following are the clarification made by the department are as thereunder: click here

GSTN develops functionality for transfer of amount available in electronic cash ledger

GST Network (GSTN) on Tuesday said it has developed a new functionality on the portal through which taxpayers can now transfer amount available under one head to another in the electronic cash ledger. Form GST PMT-09 provides flexibility to taxpayers to make multiple transfers from more than one head (major or minor) to another head (major or minor) and helps with the intra-head or inter-head transfer of amount available in electronic cash ledger.

The ‘major’ heads are Central GST, State or Union Territory GST, Integrated GST and cess, whereas the ‘minor’ heads defined in the law are tax, interest, late fee, penalty and others. In a statement, GSTN said this new functionality on the GST portal is aimed at providing a major relief to taxpayers, especially at the time of the COVID-19 crisis when there is limited access to cash resources. “Thus, the taxpayers need not apply for refund for tax wrongly deposited under a particular head or deposit the amount in cash ledger again,” GSTN said.

CBIC allowed registered person under Co’s Act to file Form GSTR-3B through EVC

CBIC vide Notification No. 38/2020 – Central Tax dated May 05, 2020, which makes further amendments in the Central Goods and Services Tax Rules, 2017. The following are the amendments made under the rules are as under:-

1. In rule 26(1) i.e. Method of Authentication, after the provision of sub-rule 1, the following proviso has been inserted are as:- Provided further that a registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, during the period from the 21st day of April 2020 to the 30th day of June 2020, also be allowed to furnish the return under section 39 in FORM GSTR-3B verified through electronic verification code (EVC). Therefore, the registered person registered under Companies Act, 2013 is allowed to file the Form GSTR-3B during the period April 21, 2020 to June 30, 2020, through electronic verification code (EVC). This provision is effective from April 21, 2020.

2. After rule 67, a new rule 67A i.e. Manner of furnishing of return by short messaging service facility is inserted in the following manner:-Notwithstanding anything contained in this Chapter, for a registered person who is required to furnish a Nil return under section 39 in FORM GSTR-3B for a tax period, any reference to electronic furnishing shall include the furnishing of the said return through a short messaging service using the registered mobile number and the said return shall be verified by a registered mobile number based One Time Password facility. Explanation. – For the purpose of this rule, a Nil return shall mean a return under section 39 for a tax period that has nil or no entry in all the Tables in FORM GSTR-3B.

Therefore, a registered person can file the Nil Return under section 39 i.e. Form GSTR-3B through SMS from his registered mobile number, to be verified based on the OTP facility. This rule 67A will effect from a date to be notified later.

The notification can be accessed at: click here

Pre-GST CENVAT credit available till June-end revised

The Delhi High Court on Tuesday allowed taxpayers registered under Goods and Services Tax (GST) to claim accumulated CENVAT credit from pre-GST regime till June 30, 2020, and noted that the benefit of transitional credit will be applicable for three years (since launch of GST on July 1, 2017) which is the period mentioned in the limitation Act.

Under the GST Act, taxpayers were allowed to carry forward input tax credits from excise and service tax regime by filing TRAN-1 form. Although the original deadline expired in September, 2017 the government granted several extensions till December 27, 2017. Further, taxpayers who couldn’t file the claim due to technical glitch in the system were allowed to do so till March 31, 2020.

CBIC further extends the due date for filing Annual Return for F.Y 2018-19 till September 30, 2020

CBIC vide Notification No. 41/2020 – Central Tax Dated May 05, 2020 which further extends the time limit for furnishing of the Annual Return i.e. Form GSTR-9, specified under section 44 of the CGST Act, 2017 read with rule 80 of the CGST Rules, 2017, electronically through the common portal, for the Financial Year 2018-2019 till September 30, 2020.

The notification can be accessed at:click here

CBIC further extends the validity of E-Way Bill till May 31, 2020

CBIC vide Notification No. 40/2020 – Central Tax Dated May 05, 2020, has further extends the validity of E-Way Bill till May 31, 2020, for those E-Way bills which has been generated under rule 138 of the CGST Rules, 2017 on or before March 24, 2020, and its period of validity expire’s during the period March 20, 2020 to April 15, 2020.

COVID-19 impact: States see sharp erosion in GST collections for April

The COVID-19 outbreak and nationwide lockdown is severely denting the revenue collections of states pushing them to look at possible revenue earning measures including phased opening of liquor vends and pan and gutka shops in the first phase of relaxations for restarting economic activity post lockdown.

The delay is because the government deferred allowed delayed filing of GSTR 3B returns for 15 days from the due date of April 20 to ease compliance burden on taxpayers during lockdown. The worst hit seems to be states such as Delhi, West Bengal, Assam, Andhra Pradesh that are reporting fall in April GST collections to the tune of 90 per cent.

West Bengal is also facing serious fall in tax collections as lockdown has completely stopped service sector activity while manufacturing also remains suspended. GST collections have been badly hit in hilly states that depend largely on tourism and hospitality for revenue.

Centre urged to release pending GST payments to tide over financial crisis

The extension of lockdown will further worsen the state’s finances. The steep fall in GST collection in April is likely to continue in May as well. The GST collection this April was around Rs 400 crore when compared to Rs 1,951.66 crore in the corresponding period last year. Finance Minister Thomas Isaac has demanded that the Centre release the pending GST payments urgently. The government will mobilise Rs 1,000 crore through open market this week.

This will be utilised for the salary and pension payment which comes to around Rs 3,900 crore. On Saturday, Isaac told media persons that central assistance was imperative for the state to meet its regular expenses and fund Covid-19 control measures.

PM Narendra Modi meets Nirmala Sitharaman for 2nd economic stimulus package

The prime minister held discussions with Shah and Sitharaman and would have follow up meetings with ministers of key economic ministries such as Micro, Small & Medium Enterprises (MSME), sources said.

The finance ministry, which deferred release of monthly GST collection numbers on Friday, is also scheduled to make a detailed presentation to the prime minister later in the day on the state of economy and several initiatives that it plans to undertake to stimulate Indian economy.

The prime minister already had meetings with different ministries including civil aviation, labour and power on Friday. He had detailed deliberation with commerce and MSME ministries among others on Thursday with focus on attracting both domestic and overseas investment and revival of small businesses in the country so that the recovery process is hastened.