June 21, 2017

Lets Get Ready for Good and Services Tax GST India

( Pl read all points 1-35 )

Dear Traders,

1. Get Complete your working for Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date .
2. Allocate your such stock into quantative mode.
3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compiled them from your books.
4. Rectify *Mismatch Reports of Purchases *, if persists .
5. Revise your Vat Returns if point no.4 applies to you.
6. Make strict follow-up to Collect all the C forms/H Form/ I forms .
7. Get your Books Finalise for FY 2016-17
8. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.
9. Stock ageing be made to ascertain if any stock is more than 1yr old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally.
10. Classify stock tax rate wise, purchased locally to get ITC into SGST.
11. Classify stock purchased on invoices bearing Duty Payment & non duty payments to get ITC transferred to CGST.
12. Inform your GSTIN / ARN to all suppliers of Goods & Services.
13. Obtain GSTIN of all Suppliers & Buyers.
14. Apply for migration in all states if you have centralised registration under Service Tax.
15. Train your accountants for GST accounting and returns formats.
16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.
17. Check whether any stock of one year old is lying with you .
18. Analyse P and L and see which expenses are liable to RCM.
19. Be in regular touch with your GST Consultant .
20. Kindly Place the order to your printer for * Draft Format *of Tax Invoice/ Bill of Supply/ Debit - Credit Note etc  ( as applicable to your business )

21. If you are planning to generate , invoices through any Software , do align with Software Consulting firm.

22. And Get approved the Draft ( pt no. 20-21) from your GST Expert.

23. Use  only original Softwares for Accounting & Invoicing purposes.

24. Pl pay special attentions for any Calls, mails , messages or communication of your GST Consultant/ Department.

25. Make a practise to Upload your Sales / purchases on regular basis at GST Portal

26. GST / Interest/ penalty or any levy may be paid through RTGS/ NEFT/ Debit Card/ Credit Card Etc.

27. Due Dates for uploading of Returns :

GSTR 1  :    10th of Next Month   
GSTR 2  :   15th of Next Month
GSTR 3. :   20th of Next Month   
* ( For Regular Dealer ) *
GSTR 4. :   18th of Next Quarter          * ( Composite Dealers ) *
GSTR 5  :    20th of Next Month    * ( For Non Resident )*
GSTR 6  :   13th of Next Month    (Input Service Distributors)
GSTR 7. :    10th of Next Month    * ( For TDS Returns )*
GSTR 8. :    10th of Next Month    ( E-Commerce Operators )
GSTR 9.  :   31st December of Next F.Y.
(Registered Taxable Person)

28. Penalty Provisions for non submission of GST returns : Rs 100/- per day but subject to max. Rs.5000/- in each acts.

29. Penalty Provisions for non submission of Annual Return is 0.25% of Annual Turnover .

30. Please Final the terms & remuneration of your GST Service provider before GST Implementation Date .

31. Option of revising the return is not available in GST Regime but you can modify your uploaded data by Debit & Credit Notes.

32. Every Normal Dealer filing GSTR 1 -3 required to submit Annual Return in GSTR 9 by the due date .

33. Late filing would be permitted on payment of late fees only. Hence late filing of return will not be possible without payment of fees.

34. A return furnished without payment of full tax due as per such return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person.

35. Input tax credit is eligible only after filing a valid GST return.

* Thanking You for the time to read the above*

Source : Various Sources

June 16, 2017

Easily Link Your Aadhar Card with Permanent Account Number PAN Card

The government has made Aadhaar card an essential document for availing benefits of various socio-economic schemes. The Income Tax Department has also made Aadhaar mandatory for filing ITR and has given options to link Aadhaar with PAN.

Benefits of Linking PAN with Aadhaar Card

Saves your PAN from becoming invalid: As per the law, all PAN numbers which are not linked to Aadhaar card will become invalid soon. So linking PAN to Aadhaar will save from such an unpleasant situation. The Income Tax Department has given excellent facilities to link these identities.

Makes you law compliant: As per Section 139AA of the IT Act, linking of Aadhaar to PAN is mandatory for filing income tax returns. All PAN holders are required to submit their Aadhaar number to the I-T department. Those applying for new PAN cards should also quote their Aadhaar. So by linking these two identities, you will comply with this law.

Check on loan defaulters: It has come to the notice that multiple PANs are being used to get loans from banks and financial institutions. Linking PAN to Aadhaar will help check this malpractice.

How to link PAN with Aadhaar

A Simple 2 Step Process
Step 1: Visit the Income Tax Department’s e-filing website and click ‘Link Aadhaar’ on top of the services section
Step 2: Provide PAN, Aadhaar Number, and name as written on Aadhaar Card. Enter Captcha and submit.
Step 3: The visually challenged user can request OTP instead of the captcha.

Log in to link PAN and Aadhaar

Step 1: Login to the Income Tax Department’s e-filing website. Register if not already registered.
Step 2: Login to your account with user ID and password.
Step 3: On logging in to the website, a pop-up window will appear that will prompt you to link PAN with Aadhaar.
Step 4: Your personal details like name, date of birth, and gender will be mentioned as you submitted at the time of registration. Match the details with details in your Aadhaar card.

Step 5: If the details are correct, enter your Aadhaar card number and captcha code and click the ‘Link Now’ button.
Step 6: A pop with message “Aadhaar Pan linking is completed successfully’ will appear.

Linking PAN with Aadhaar through SMS

The Income Tax Department has also provided an SMS facility to link PAN with Aadhaar. You can do it by sending a message to 567678 or 56161. The format for the message is as follows:
UIDPAN 121233223322 AAAAAE456E

Linking these two identities is very easy. Then why aren’t you linking your PAN with Aadhaar today?

Source : Various Sources

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