Saturday, 7 April 2018

Income Tax Rates for FY 2018-2019 for Individual / HUF and Companies

Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%Save Rs 7,500 in taxes. 
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes.
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 3,00,000*No tax
Income from Rs 3,00,000 – Rs 5,00,0005%Save Rs 7,500 in taxes. 
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes. 
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 5,00,000*No tax
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes. 
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slab for Domestic Companies for FY 2018-19 – Part IV

Turnover ParticularsTax Rate
Gross turnover upto 250 Cr. in the previous year25%
Gross turnover exceeding 250 Cr. in the previous year29%
In addition cess and surcharge is levied as follows:
Cess: 4% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%

TDS TCS Due dates for FY 2017-2018

TDS Last Dates of FY 2017-18 for Return Filing

QuarterPeriodLast Date of Filing
1st Quarter1st April to 30th June31st July 2017
2nd Quarter1st July to 30th September31st Oct 2017
3rd Quarter1st October to 31st December31st Jan 2018
4th Quarter1st January to 31st March31st May 2018
Note: TDS Deducted under section 194IA on the transaction in the month of March, has to be deposited on or before 30th April of 2018.

TCS Last Dates of  FY 2017-18 for Return Filing

QuarterPeriodLast Date of Filing
1st Quarter1st April to 30th June15th July 2017
2nd Quarter1st July to 30th September15th Oct 2017
3rd Quarter1st October to 31st December15th Jan 2018
4th Quarter1st January to 31st March15th May 2018
Note:
  • The due date for non-government deductor of depositing TDS/TCS is 7th of next month except March.
  • Deposit date of TDS Deducted in March is 30th April (other than Government), TCS Deducted in March for other than Government and TDS for government deductees due date is 7th April.
  • Quarterly TDS/TCS Certificate: After uploading quarterly TDS return you can generate TDS/TCS certificate within 15 days of uploading your return.

Due Dates for Deposit/Filing TDS/TCS in April 2018

  • Deposit date of TDS/TCS deducted in March is 30th April (Non-Government/Government)
  • Deposit date of TDS/TCS deducted in March is 7th April (Government)
  • File Quarterly Return of TDS (Quarterly Month – 1st January to 31st March) – 31st May 2018
  • File Quarterly Return of TCS (Quarterly Month – 1st January to 31st March) – 15th May 2018

Due Date of 15G/15H Form

The due date for quarterly furnishing of 15G/15H declaration received by the payer from 1/04/2017 onwards and the manner for dealing with from 15G/15H received by payer during the period from 01/10/2015 to 31/03/2016 has been specified in Notification No. 09/2016 dated 9th June 2016 wide F.No.DGIT(S)/CPC(TDS)/DCIT/15GH/2016-17/4539.
Taking into account the need of the stakeholders the due dates for uploading of Form 15G/15H are hereby extended as under:
S.No.ScenariosOriginal Due DateExtended Due Date
1For 15G/H Received during from 1/04/2017 to 30/06/201715/07/2017
2For 15G/H Received during from 01/07/2017 to 30/09/201715/10/2017
3For 15G/H Received during from 01/10/2017 to 30/12/201715/01/2018
4For 15G/H Received during from 01/01/2018 to 31/03/201830/04/2018

TDS on Sale of Immovable Property

  • Time limit for TDS deposition on the transfer of immovable property is the 30th day of the following month in which the property is transferred. For Example: if the property is sold in the month of June than TDS can be deposited by 30th July.

Friday, 30 March 2018

When is E-way Bill Mandatory

As per the e-way bill rules, there are certain scenarios, where e-way bill requirement is mandatory, irrespective of the value of the consignment. In other words, even if the value of the consignment is less than INR 50,000, such scenarios warrant an e-way bill to be raised, and thus businesses should be aware about when is e-way bill mandatory.
In this blog, we will understand about the 2 major scenarios, when e-way bill is required mandatorily, irrespective of the value of the consignment of goods, which are:
  • Inter-State movement of goods by the Principal to Job Worker by Principal / Registered Job Worker
  • Inter-State movement of handicraft goods from person exempted from registration i.e. from an unregistered dealer

When is e-way bill mandatory?

Inter-State movement of goods by the principal to the job worker by principal / job worker

Let us begin by revisiting our understanding of job work under GST. Job work primarily means the undertaking of any treatment or process by a person on goods belonging to another registered taxable person. It can be undertaken for the initial process, intermediate process, assembly, packing or any other completion process in the manufacturing cycle. Any such person who undertakes the job work is referred to as the job worker.

Now, as per the CGST rules, information with regards to the e-way bill is to be furnished prior to the commencement of the movement of goods, and also, the e-way bill is to be issued whether the movement is in relation to a supply or for a reason other than supply. The reason “other than supply” includes Job Work, removal for testing purpose, send on approval basis, non-taxable supply etc.
Thus, in keeping with the above, the provisions when is e-way bill needed are as follows:
  • When goods are sent by a principal located in one State to a job worker in any other State, the e-way bill shall be generated by the principal, irrespective of the value of the consignment, i.e. e-way bill requirement is mandatory
  • The principal is liable to generate the e-way bill before commencement of such movement of goods
  • If the job worker who causes movement of goods is registered, the job worker has to generate the e-way bill, otherwise the principal has to generate the e-way bill
  • If the job worker is registered and goods are returned back to the principal then, the job worker has to generate the e-way bill, since the movement is caused by the job worker
  • If the job worker is unregistered, then either the principal or the transporter may generate the e-way bill

Inter-State movement of handicraft goods from person exempted from registration i.e. from an unregistered dealer

When handicraft goods are transported from one State or Union territory to another State or Union territory by a person who has been exempted from the requirement of obtaining registration, i.e. someone who is an unregistered person, the e-way bill shall be generated by the said person irrespective of the value of the consignment. In other words, if such a person dealing in handicraft goods wants to understand when is e-way bill mandatory, the answer is yes, there is a mandatory e-way bill requirement.
The following are the list of handicraft goods for which e-way bill requirement is mandatory, as specified under the e-way bill rules:
  • Leather articles (including bags, purses, saddlery, harness, garments)
  • Carved wood products (including boxes, inlay work, cases, casks)
  • Carved wood products (including table and kitchenware)
  • Carved wood products
  • Wood turning and lacquer ware
  • Bamboo products (decorative and utility items)
  • Grass, leaf and reed and fibre products, mats, pouches, wallets
  • Paper mache articles
  • Textile (handloom products)
  • Textiles hand printing
  • Zari thread 5605
  • Carpet, rugs and durries
  • Textiles hand embroidery
  • Theatre costumes
  • Coir products (including mats, mattresses)
  • Leather footwear
  • Carved stone products (including statues, statuettes, figures of animals, writing sets, ashtray, candle stand)
  • Stones inlay work
  • Pottery and clay products, including terracotta
  • Metal table and kitchen ware (copper, brass ware)
  • Metal statues, images/statues vases, urns and crosses of the type used for decoration of metals
  • Metal bidriware
  • Musical instruments
  • Horn and bone products
  • Conch shell crafts
  • Bamboo furniture, cane/Rattan furniture
  • Dolls and toys
  • Folk paintings, madhubani, patchitra, Rajasthani miniature
In conclusion, principal businesses and job workers, as well as unregistered dealers dealing in handicrafts, who are dealing in inter-State supplies, need to be aware about when is e-way bill mandatory and should be equipped to raise an e-way bill irrespective of the value of the transactions.

Source: http://blogs.tallysolutions.com

Saturday, 27 January 2018

ई-वे बिल 1 फेब्रुवारीपासून

जीएसटी कायद्या अंतर्गत एका राज्यातून दुसऱ्या राज्यात मालाची वाहतूक करताना मालवाहतूकदाराला आता इलेक्ट्रॉनिक वेबिल अर्थात ई-वे बिल बाळगावे लागणार आहे. ई-वे बिल १ फेब्रुवारी २०१८ पासून लागू होणार असून यामुळे करचुकवेगिरीला मोठ्या प्रमाणावर आळा बसून कर महसुलात २० टक्के वाढ होईल, असा विश्वास सरकारने व्यक्त केला आहे.  ई-वे बिल हे वस्तूंच्या हालचालीचा पुरावा देणारे जीएसटी पोर्टलवर निर्मित होणारे इलेक्ट्रॉनिक दस्तऐवज आहे. यात प्राप्तकर्त्याचा जीएसटीआयएन, पिन कोड, पावती क्रमांक, दिनांक, वस्तूंचे मूल्य, एचएसएन, वाहतूक दस्तऐवज क्रमांक, वाहतूकदाराचा तपशील इ. देणे आवश्यक आहे.




ई-वे बिल पद्धत लागू झाल्यावर ५० हजार रुपयांपेक्षा अधिक किंमतीच्या मालाची वाहतूक होत असताना त्याचा तपशील सरकारकडे राहील. यामुळे या मालाचा पुरवठादार व खरेदीदार किंवा ग्राहक यांच्या तपशीलात मालाबाबत फरक आढळल्यास तो चटकन ओळखून संबंधितांवर कारवाई करता येणार आहे.

ई-वे बिल संबंधित ठळक मुद्दे खालील प्रमाणे आहेत 

१) ई-वे बिल ५०००० पेक्षा जास्त रुपयाच्या Invoice Value वर लागू होईल. १ फेब्रुवारीपासून अंतरराज्यीय खरेदी व विक्रीचे मूल्य ५०,००० रुपयांपेक्षा जास्त असेल, तर ई-वे बिल निर्मित करणे गरजेचे आहे. तसेच १ जून २०१८ पासून राज्यांतर्गत होणार्या पुरवठ्या वर ई-वे बिल लागू असेल. 

२) मालाची वाहतूक सुरु होण्या आधीच ई-वे बिल काढावे लागेल. मालाची वाहतूक पुढील कुठल्याही कारणाने असू शकते अ) पुरवठा ब) आयात आणि निर्यात क) जॉबवर्क ड) प्राप्तकर्ता माहीत नसेल, तर इ) लाइनसेल फ) सेल रिटर्न ग) प्रदर्शन  ह) स्वत:च्या उपयोगासाठी पुरवठा केला असेल, 

३) पुढील गोष्टींमध्ये ई-वे बिल काढावे लागेल . अ) वाहतूक जर स्वत:च्या किंवा भाड्याने घेतलेल्या वाहनांमधून होत असेल आणि वाहतुकीत असलेल्या वस्तूंचे मूल्य अधिक लागू असलेला जी.एस.टी. म्हणजेच Invoice Value हे ५०,००० रुपयांपेक्षा जास्त असेल, तर विक्रेता किंवा प्राप्तकर्ता किंवा वाहतूकदार यांनी ई-वे बिल निर्मित करणे गरजेचे आहे. ब) जिथे विक्रेता आणि प्राप्तकर्ता दोघेही ई-वे बिल निर्मित करत नसतील आणि Invoice Value  हि ५०,००० रुपयांपेक्षा जास्त असेल, तिथे ई-वे बिल निर्मित करण्याची जबाबदारी ही वाहतूकदाराची असेल. क) जिथे प्रिन्सिपल एका राज्यात आणि जॉब वर्कर दुसºया राज्यात स्थित असेल व प्रिन्सिपलने जॉब वर्करला माल पाठविला, तर वस्तूंंचे मूल्य काहीही असले, तरीही प्रिन्सिपलने ई-वे बिल निर्मित करणे आवश्यक आहे. ड) जिथे जीएसटी अंतर्गत नोंदणी घेण्यातून मुक्त असलेल्या व्यक्तीने एका राज्यातून दुसºया राज्यात हँडिक्राफ्ट वस्तू पाठविल्या, तर वस्तूंचे मूल्य काहीही असले, तरीही सदर व्यक्तीने ई-वे बिल निर्मित करणे आवश्यक आहे.

४) पुढील प्रकरणांमध्ये ई-वे बिल निर्मित करण्याची गरज नाही. अ) सीजीएसटी नियम २०१७च्या नियम १३८ च्या अनुसूचीमध्ये निर्र्दिष्ट असलेल्या वस्तूंचा पुरवठा झाला, तर ब) वस्तूंंची वाहतूक नॉन मोटाराइज्ड कन्व्हेयन्सद्वारे झाली, तर क) वस्तूंची वाहतूक ही बंदर, विमानतळ, हवाई मालवाहतूक कॉम्प्लेक्स आणि कस्टम स्टेशनमधून कस्टम्सद्वारे क्लिअरन्ससाठी आंतर्देशीय कंटेनर डेपो किंवा कंटेनर क्रेट स्टेशनला झाली, तर ड) संबंधित राज्याच्या एसजीएसटी नियम २०१७ च्या नियम १३८ (१४) (ड) अंतर्गत निर्दिष्टीत क्षेत्रांमध्ये वस्तूंची हालचाल झाली, तर किंवा इ) Invoice Value ५०,००० रुपयांपेक्षा कमी असेल, तर ई-वे बिल निर्मित करण्याची आवश्यकता नाही.

आनंद मुथा
8275019423


Saturday, 7 October 2017

Recommendations made by the GST Council in its 22nd Meeting held on 6th October 2017

The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses:


Composition Scheme 1.  

The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018. The option once exercised shall become operational from the first day of the month immediately succeeding the month in which the option to avail the composition scheme is exercised. New entrants to this scheme shall have to file the return in FORM GSTR-4 only for that portion of the quarter from when the scheme becomes operational and shall file returns as a normal taxpayer for the preceding tax period. The increase in the turnover threshold will make it possible for greater number of taxpayers to avail the benefit of easier compliance under the composition scheme and is expected to greatly benefit the MSME sector.

2.  Persons who are otherwise eligible for composition scheme but are providing any exempt service (such as extending deposits to banks for which interest is being received) were being considered ineligible for the said scheme. It has been decided that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.

3.  A Group of Ministers (GoM) shall be constituted to examine measures to make the composition scheme more attractive.


Relief for Small and Medium Enterprises 

4.  Presently, anyone making inter-state taxable supplies, except inter-State job worker, is compulsorily required to register, irrespective of turnover.  It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services. This measure is expected to significantly reduce the compliance cost of small service providers.

5.  To facilitate the ease of payment and return filing for small and medium businesses with annual aggregate turnover up to Rs. 1.5 crores, it has been decided that such taxpayers shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the Third Quarter of this Financial Year i.e. October-December, 2017. The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis. The due dates for filing the quarterly returns for such taxpayers shall be announced in due course. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017. All taxpayers are also required to file FORM GSTR-1, 2 & 3 for the months of July, August and September, 2017. Due dates for filing the returns for the month of July, 2017 have already been announced. The due dates for the months of August and September, 2017 will be announced in due course.

6.  The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be reviewed by a committee of experts. This will benefit small businesses and substantially reduce compliance costs.

7.  The requirement to pay GST on advances received is also proving to be burdensome for small dealers and manufacturers. In order to mitigate their inconvenience on this account, it has been decided that taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies shall be payable only when the supply of goods is made.

8.  It has come to light that Goods Transport Agencies (GTAs) are not willing to provide services to unregistered persons. In order to remove the hardship being faced by small unregistered businesses on this account, the services provided by a GTA to an unregistered person shall be exempted from GST.

Other Facilitation Measures 

9.  After assessing the readiness of the trade, industry and Government departments, it has been decided that registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.

10.  The e-way bill system shall be introduced in a staggered manner with effect from 01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018. This is in order to give trade and industry more time to acclimatize itself with the GST regime. 

11.  The last date for filing the return in FORM GSTR-4 by a taxpayer under composition scheme for the quarter July-September, 2017 shall be extended to 15.11.2017. Also, the last date for filing the return in FORM GSTR-6 by an input service distributor for the months of July, August and September, 2017 shall be extended to 15.11.2017. 12.  Invoice Rules are being modified to provide relief to certain classes of registered persons.

Tuesday, 5 September 2017

E-Way Bill rules Notified by Government

With 6th amendment in Central Goods and Services Tax Rules, 2017 (CGST Rules, 2017) Central Government has notified provisions for e-way bill.
 
The Notification no. 27/2017-CT dated 30.08.2017 substituted Rule 138 with new Rule 138 with additional set of rules i.e. 138A to 138D. Its worth noting that the date of the implementation of these rules has not been notified till date.
 
Following are the main features of e-way bill provisions –
 
• These provisions are applicable only when value of consignment exceeds Rs. 50,000.
 
• Consignor who is registered is required to upload information in Part A of form GST EWB-01, electronically, before commencement of movement of goods..
 
• If consignor is unregistered and consignee is registered, the consignee is required to upload the details electronically [Rule 138(1) of CGST Rules]
 
• If goods are transported in own conveyance or by air, railways or vessel, the consignor/consignee is also required to generate e-way bill form GST EWB-01 electronically on the common portal after furnishing information in Part B of form GST EWB-01 [Rule 138(2) of CGST Rules]
 
• If goods are transported by road , the consignor/consignee shall furnish information relating to transporter in Part B of form GST EWB-01 and  Transporter will generate the e-way bill [Rule 138(3) of CGST Rules]
 
• An Exemption is provided if the distance between places is less than 10 Kms .
 
• On submission of such information, a unique  number (EBN) will be generated by system.
 
• If goods are transferred from one vehicle to other, details have to be submitted in form GST EWB-01 [Rule 138(5) of CGST Rules]
 
• If more than one consignments are grouped in one conveyance, a consolidated e-way bill in form GST EWB-02 should be generated [Rule 138(6) of CGST Rules]
 
• If consignor or consignee does not generate any form, transporter himself must generate form GST EWB-01 [Rule 138(7) of CGST Rules]
 
• The e-way bill generated is valid for one day is transport of goods is less than 100 Km. Further, one additional day is allowed for every 100 Kms after first 100 Km. If goods could not be transported within that period, fresh e-way bill should be generated [Rule 138(10) of CGST Rules]
 
• Exemptions have been provided from provisions of e-way bill in case of transport of exempted goods, goods under customs clearance, LPG, kerosene, pearls, diamonds, jewellery, currency, coral and household effects.
 
• If a vehicle is intercepted and detained for more than 30 minutes, the transporter may upload the said information in form GST EWB-04 on the common portal [rule 138D of CGST Rules]
• RFID tags integration will be implemented for smooth transport of goods and to avoid vehicle being checked multiple times.

Regards
CA Anand Mutha

Wednesday, 23 August 2017

Last date for payment of gst and filing of return for July 2017 extended by 5 days

The last date for payment of taxes and filing of GST Return in Form 3B for the month of July is 20th of August 2017. However, owing to various issues faced by the assesses being first return, technical glitches and requests received by flood hit states the last date for payment of the GST for the month of July 2017 to 25th August, 2017. For those tax payers, who do not want to avail of transitional credit in TRANS1 this month, the date for return filing will be 25th August 2017. And for those who want to fill up TRANS1 this month, the last date for filing of returns will be 28th August 2017, as announced earlier.

Income Tax Rates for FY 2018-2019 for Individual / HUF and Companies

Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I Income Tax Slab Tax Rate Sec 8...