#GST notification challenge

[thetaxguyin]

The Dispute over GST Application in Development Rights Transfer: Insights from Telangana High Court

The Telangana High Court recently witnessed a significant dispute revolving around the application of Goods and Services Tax (GST) to the transfer of development rights in property ownership. This dispute centered on the interpretation of clauses within Joint Development Agreements (JDAs), crucial documents governing the relationship between landowners and developers. Delving into the provisions…

[latestjobalert]

IBPS SO 2024: IBPS Released SPL Recruitment Notification for 2025-26 Vacancies

IBPS SO 2024: The Institute of Banking Personnel Selection (IBPS) has officially released the IBPS SO 2024 recruitment notification, inviting applications for the prestigious Specialist Officer (SO) posts for 2025-26 vacancies. This recruitment drive includes several posts including IT Officer (Scale I), Agriculture Field Officer (Scale I), Rajbhasha Adhikari (Scale I), Law Officer (Scale I), HR/Personnel Officer (Scale I) and Marketing Officer (Scale I). Candidates interested in making a career in banking can avail this opportunity to join a leading financial institution where they will get a chance to specialize in their area of ​​expertise. The IBPS SO exam is known for its rigorous selection process, which ensures that only the most qualified individuals are selected to serve in these crucial roles in the banking sector.

IBPS SO 2024 Recruitment Notification Released

For those interested in applying, the IBPS SO 2024 notification outlines all the necessary details regarding the eligibility criteria, application process, and exam dates. Prospective candidates are encouraged to review the specific qualifications required for each position to determine their eligibility. The IBPS SO exam offers a path to a rewarding career with significant growth potential. This is a golden opportunity for professionals in IT, agriculture, law, human resources, and marketing to leverage their skills in a dynamic and challenging environment. Make sure your application is submitted within the stipulated time to secure your chance to be part of the future leaders of the banking industry. Institute of Banking Personnel Selection (IBPS), IBPS SO 2024 Recruitment Notification Released, Adv:- CRP SPL-XIV. Important Dates ActivityTentative DatesOnline Registration Start1st August 2024Last Date to Apply21st August 2024Payment of Application Fees/Intimation Charges (Online)1st August 2024 to 21st August 2024Download of Call Letters for Online Examination – PreliminaryOctober 2024Online Examination – PreliminaryNovember 2024Result of Online Examination – PreliminaryNovember/December 2024Download of Call Letter for Online Examination – MainDecember 2024Online Examination – MainDecember 2024Declaration of Result – Main ExaminationJanuary/February 2025Conduct of InterviewFebruary/March 2025Provisional AllotmentApril 2025 Application Fee Application Fees/ Intimation Charges shall be as follows: - For All UR/OBC and others:- Rs. 850 /- (inclusive of GST) - For SC/ST/PwBD candidates: Rs. 175/- (inclusive of GST)

Eligibility Criteria for IBPSSpecialist Officer Recruitment 2024

The eligibility criteria for IBPS Specialist Officer Recruitment 2024 are essential for candidates looking for positions in the banking sector. Applicants must meet specific educational qualifications and age limits for each position, including IT Officer, Agriculture Field Officer, Law Officer, HR/Personnel Officer, Marketing Officer, and Rajbhasha Adhikari. Generally, candidates must have a relevant degree or professional qualification in their respective fields, and the age limit usually ranges from 20 to 30 years, with age relaxation applicable for reserved categories. Make sure you meet these criteria before applying to maximize your chances of success in the IBPS SO 2024 exam. IBPS Specialist Officer Educational Qualification and Age Limit Post-Wise Detail Post CodeName of the PostAgeEducational Qualifications As of 21.08.202401IT Officer (Scale-I)Min 20 Years Max 30 Yearsa) 4-year Engineering/Technology Degree in Computer Science, Computer Applications, IT, Electronics, or related fields. OR b) Post Graduate Degree in relevant disciplines OR c) Graduate with DOEACC 'B' level certification.02Agricultural Field Officer (Scale I)Min 20 Years Max 30 YearsMust possess 4 year degree in Agriculture, Horticulture, Animal Husbandry, Veterinary Science, Dairy Science, Fisheries Science or related fields.03Rajbhasha Adhikari (Scale I)Min 20 Years Max 30 YearsPost Graduate Degree in Hindi with English as a subject at graduation level OR Post Graduate Degree in Sanskrit with English and Hindi as subjects at graduation level.04Law Officer (Scale I)Min 20 Years Max 30 YearsBachelor’s Degree in Law (LLB) and enrolled as an advocate with the Bar Council.05HR/Personnel Officer (Scale I)Min 20 Years Max 30 YearsGraduate and Two Years Full-time Post Graduate Degree/Diploma in Personnel Management, HR, Social Work, Labour Law, or related fields.06Marketing Officer (Scale I)Min 20 Years Max 30 YearsGraduate and Two Years Full-time MMS (Marketing), MBA (Marketing), or PG Diploma with specialization in Marketing.

IBPS SO 2024 Credit History Requirements for IBPS SO 2024 Recruitment Candidates applying for IBPS SO 2024 recruitment must ensure that they maintain a healthy credit history at the time of joining the participating banks. The minimum credit score required will be determined by the policies of the participating banks, which may be updated from time to time. Candidates need to monitor their credit status to meet these requirements. If a candidate's CIBIL status is not updated before the joining date, they will have to either update their CIBIL status or obtain a No Objection Certificate (NOC) from the lenders confirming that there are no outstanding issues with the accounts adversely reflected in their CIBIL report. Non-compliance with these requirements may result in withdrawal or cancellation of the job offer. The final decision in this matter rests with the appointing bank. NOTE: Candidates with no bank account shall not be required to produce the CIBIL status. CIBIL Score requirement is not a pre-condition to apply

Important Links

EventsImportant LinksApplyApply Online IBPS SO 2024NotificationIBPS SO 2024 Recruitment PDF Notification HereShort NotificationIBPS SO XIV Short NotificationJoin Our Telegram ChannelLatestJobsAlert.in Telegram ChannelJoin Our WhatsApp ChannelLatestJobsAlert.in WhatsApp ChannelWebsiteIBPS Official Website or https://www.ibps.in How to Apply IBPS Specialist Officer Application Form? - Visit the official IBPS website and navigate to the "CRP Specialist Officers" section to find the latest IBPS SO 2024 recruitment notification. - Click on the "Apply Online" link and register by providing your basic details, including name, email, and contact information. - After successful registration, log in using the provided credentials to access the application form. - Fill out the application form carefully, ensuring that all personal, educational, and professional details are accurate. - Upload the required documents, such as your photograph, signature, and any other specified certificates, in the prescribed format. - Review the filled application form to ensure all details are correct before proceeding to the payment section. - Pay the application fee through the online payment gateway using a credit card, debit card, or net banking. - After successful payment, submit the application form and take a printout of the confirmation page for future reference. Important Notes to Consider While Applying Online - Ensure Accuracy: Double-check all the information entered in the application form, as errors can lead to disqualification or issues during the recruitment process. - Document Specifications: Follow the guidelines provided for uploading documents, particularly regarding the size and format of photographs, signatures, and certificates. - Fee Payment: Make sure the application fee is paid within the given timeline; unpaid applications will not be considered. - System Compatibility: Use a compatible browser and stable internet connection to avoid any technical issues during the application process. - Application Deadlines: Keep track of the application deadlines and submit your form well in advance to avoid last-minute complications. - Email & SMS Alerts: Provide a valid email address and mobile number as these will be used for all official communications, including application updates and exam notifications. List of Participating Banks in IBPS SO Recruitment 2024 Bank NameBank NameBank of BarodaIndian BankBank of IndiaIndian Overseas BankBank of MaharashtraPunjab National BankCanara BankPunjab & Sind BankCentral Bank of IndiaUCO BankUnion Bank of India Read the full article

[pavitrapavi]

Comprehensive GST Filing and Registration Services in Hyderabad by KVRTaxServices

Navigating the complexities of GST can be challenging for businesses, especially in a dynamic city like Hyderabad. KVRTaxServices is committed to simplifying this process by offering comprehensive gst filing services in Hyderabad. Our expertise ensures that businesses can focus on growth while we handle their GST requirements efficiently and accurately.

Seamless GST Return Filing

At KVRTaxServices, we understand the importance of timely and accurate GST return filing. Our dedicated team offers specialized gst return in hyderabad services, ensuring compliance with the latest regulations. Whether you're a small business or a large corporation, our gst efiling in hyderabad service caters to all your needs. We provide an end-to-end solution, from data collection to the final submission of returns, ensuring accuracy and adherence to deadlines.

Online GST Return Filing

In today’s digital age, the convenience of online services cannot be overstated. KVRTaxServices offers GST Return Filing Service in hyderabad that leverages the latest technology for efficient processing. Our GST Return Filing online in hyderabad service is designed to save you time and effort. By using our user-friendly platform, you can easily upload your documents, track the status of your filings, and receive instant notifications about your GST returns.

Expert Assistance for GST Registration

Starting a new business or expanding an existing one requires proper GST registration. KVRTaxServices provides comprehensive support throughout the GST Return Filing in hyderabad. Our team of experts guides you through every step, ensuring that all necessary documents are prepared and submitted correctly. We offer gst registration online in Hyderabad to make the process as convenient as possible, allowing you to complete your registration from the comfort of your office or home.

Once your registration is complete, you will receive your gst registration certificate in hyderabad. This certificate is crucial for legal compliance and enables you to operate your business without any hindrance. KVRTaxServices ensures that you receive your certificate promptly and without any complications.

Simplifying New GST Registrations

For new businesses, understanding and completing the gst new registration process in hyderabad can be daunting. KVRTaxServices is here to simplify this for you. Our team provides step-by-step guidance to ensure that you understand each requirement and complete your registration smoothly. With our support, obtaining your GST registration becomes a hassle-free experience.

Specialized Services for Companies

Companies have unique GST needs, and our services are tailored to meet these requirements. We offer company gst registration in hyderabad, ensuring that your business is compliant with all GST regulations from the outset. Our expert team handles all the intricate details, allowing you to focus on your core business activities.

Why Choose KVRTaxServices?

KVRTaxServices stands out in Hyderabad for several reasons:

Expertise: Our team comprises seasoned professionals with extensive experience in GST-related matters.

Convenience: From gst registration online in hyderabad to gst efiling in Hyderabad, our services are designed to offer maximum convenience.

Accuracy: We ensure that all filings and registrations are accurate and compliant with the latest regulations.

Support: We provide continuous support, answering all your queries and guiding you through every step of the process.

Conclusion :

KVRTaxServices is your trusted partner for all GST-related services in Hyderabad. Whether you need assistance with gst filing services in hyderabad or guidance through the gst registration process in hyderabad, we are here to help. Contact us today to streamline your GST compliance and focus on growing your business.

[scannercaintermediate01]

How to Tackle the Most Challenging CA Final Subjects

The CA Final exams are the last hurdle in the journey to becoming a Chartered Accountant. These exams test a candidate's knowledge, analytical skills, and practical application of various accounting principles. However, some subjects pose more challenges than others. This blog will guide you on how to tackle the most challenging CA Final subjects effectively.

1. Financial Reporting (FR)

Financial Reporting is often considered one of the most challenging subjects due to its vast syllabus and the complexity of accounting standards. Here's how to tackle it:

Conceptual Clarity: Ensure that you have a strong grasp of accounting standards and concepts. Refer to Scanner CA Final Books for a comprehensive understanding.

Practice Problems: Regular practice is crucial. Solve questions from past exam papers and CA Final Scanner to familiarize yourself with the types of questions asked.

Revision Notes: Create concise notes for each standard. These notes will be handy during the revision period.

2. Strategic Financial Management (SFM)

Strategic Financial Management involves complex calculations and strategic decision-making. To master this subject:

Understand Concepts: Before jumping into problem-solving, ensure you understand the underlying financial concepts.

Formula Memorization: Create a formula sheet and revise it regularly.

Use Scanners: Utilize CA Final Books to practice a variety of problems. This will help you identify patterns and frequently asked questions.

3. Advanced Auditing and Professional Ethics (Auditing)

Auditing is another tough subject due to its theoretical nature and the need for critical thinking. To excel in Auditing:

Reading and Writing: Regularly read the study material and practice writing answers to improve retention.

Case Studies: Focus on case studies and practical questions. The CA Intermediate Scanner can be particularly helpful for this.

Ethics and Standards: Pay special attention to professional ethics and auditing standards, as these are crucial for scoring well.

4. Corporate and Economic Laws

Corporate and Economic Laws is a subject that requires detailed reading and understanding of various laws and regulations. Here’s how to handle it:

Regular Reading: Make it a habit to read the law regularly. Summarize key points in your own words.

Refer to Scanners: Use CA Entrance Exam Books to practice questions and understand the pattern of questions asked in exams.

Flowcharts and Diagrams: Create flowcharts and diagrams to remember complex legal provisions and their applications.

5. Direct Tax Laws and International Taxation

Direct Tax Laws is a vast and dynamic subject with frequent updates. To manage this subject:

Stay Updated: Regularly update yourself with the latest amendments and notifications.

Conceptual Understanding: Focus on understanding the concepts rather than rote learning.

Practice with Scanners: Use books for CA Exam to practice a wide range of questions and enhance your problem-solving skills.

6. Indirect Tax Laws

Indirect Tax Laws, including GST, can be quite challenging due to its practical application and frequent changes. To tackle this subject:

Detailed Study: Study each section of GST in detail to cover the foundational aspects.

Practical Problems: Solve practical problems from CA Foundation Scanner to build a strong base.

Regular Revision: Regularly revise the key provisions and practice writing answers to practical questions.

Conclusion

Tackling the most challenging CA Final subjects requires a strategic approach combining thorough understanding, effective time management, and consistent practice. Focus on conceptual clarity and utilize a mix of study materials, including ICAI modules, reference books, and practice manuals. Regularly solve past exam papers and take mock tests to gauge your preparation. Seek guidance from mentors and join study groups for collaborative learning. Stay organized with a well-structured study plan, prioritize difficult topics, and allocate sufficient time for revision. Maintaining a balanced routine with breaks and stress management techniques is crucial for optimal performance.

[bhattandjoshiassociates-blog]

GST Taxation on Printing Textbooks: A Review of the Ruling by the West Bengal AAR on the Taxability of Printing and Supplying Textbooks to Government Departments

Introduction The landscape of taxation in India witnessed a significant transformation with the introduction of the Goods and Services Tax (GST) regime. Under GST, the taxation of various goods and services is governed by a unified tax structure, replacing the complex system of multiple indirect taxes. However, the interpretation and application of GST provisions often present challenges, particularly in determining the taxability of specific transactions related to printing and supplying textbooks and educational materials to government departments, emphasizing the importance of understanding GST Taxation on Printing Textbooks. Overview of the Ruling on GST Taxation for Printing Textbooks: In December 2023, the West Bengal Authority for Advance Ruling (AAR) issued Order Number 28/WBAAR/2023-24, providing clarity on the tax treatment of printing and supplying textbooks to government departments under GST. The ruling addressed various aspects of such transactions, including the classification of supplies as goods or services, the applicability of exemptions, and the treatment of composite supplies. Classification of Supplies The AAR's ruling delved into the classification of supplies involving the printing and supply of textbooks, notebooks, calendars, and progress cards to government departments. It emphasized the distinction between supplies of goods and services, particularly in cases where intellectual property rights are involved. The classification of supplies plays a crucial role in determining their taxability under GST and affects the application of relevant exemptions and tax rates. Taxability of Printing and Supply of Textbooks One of the key aspects addressed in the ruling was the taxability of printing and supplying textbooks to government departments, such as the Jharkhand Council of Educational Research and Training (JCERT). The AAR examined the nature of the contractual agreement between the printing company and JCERT, focusing on whether it constituted a supply of goods or services. The ruling provided clarity on the treatment of such transactions and highlighted the factors influencing their classification under GST. Temporary Transfer of Copyright Central to the AAR's decision was the concept of temporary transfer of copyright, which played a significant role in determining the taxability of printing and supplying textbooks. The ruling analyzed the implications of temporary copyright transfer agreements in the context of GST provisions and their impact on the classification of supplies. It emphasized the importance of understanding the contractual terms and the nature of rights transferred in such arrangements. Composite Supplies and Principal Components In addition to the classification of supplies as goods or services, the ruling addressed the concept of composite supplies and their principal components. It examined cases where printing services were part of composite supplies involving other elements such as content creation and distribution. The determination of principal components is essential for applying the correct tax treatment and assessing the tax liability on such transactions. Exemptions and Applicability in GST Taxation for Printing & Supplying of Textbooks Another crucial aspect discussed in the ruling was the applicability of exemptions under GST laws to the printing and supply of educational materials to government departments. The AAR analyzed relevant provisions and exemptions specified under the GST framework and assessed their applicability to the transactions in question. It provided insights into the conditions and criteria for availing exemptions and the implications of non-compliance. Interpretation of Exemption Notifications  The AAR's ruling involved a detailed interpretation of exemption notifications issued under the GST regime, particularly Serial Numbers 3 and 3A. These notifications provide exemptions for certain categories of supplies, depending on their nature and value. The ruling analyzed the scope and applicability of these notifications to the printing and supply of textbooks and educational materials to government departments, offering clarity on their interpretation and implementation. Case Studies and Precedents To support its decision, the AAR referred to relevant case studies and precedents, including rulings issued by other AARs and judicial authorities. These case studies provided valuable insights into similar transactions and the principles applied in determining their taxability under GST. By examining precedents, the AAR established a framework for analyzing the tax implications of printing and supplying educational materials to government departments. Implications for Taxpayers and Businesses The ruling by the West Bengal AAR has significant implications for taxpayers and businesses engaged in printing and supplying educational materials to government departments. It highlights the importance of understanding GST provisions and compliance requirements to ensure accurate tax treatment and avoid potential liabilities. Businesses operating in this sector must carefully review their transactions in light of the ruling and make necessary adjustments to their tax planning and reporting processes. Compliance Challenges and Considerations The AAR's ruling also sheds light on the compliance challenges faced by taxpayers in the printing and publishing industry. It underscores the complexities involved in determining the taxability of supplies, particularly in cases where intellectual property rights are transferred temporarily. Taxpayers must navigate these challenges effectively and ensure compliance with GST laws to mitigate risks and avoid penalties. Recommendations for GST Taxation Planning in Printing Textbooks In light of the ruling, taxpayers and businesses operating in the printing and publishing sector should undertake comprehensive tax planning measures. This includes reviewing contractual agreements, understanding the nature of supplies, and assessing their tax implications under GST. By adopting proactive tax planning strategies, businesses can optimize their tax positions, minimize liabilities, and ensure compliance with regulatory requirements. Concluding Insights: GST Taxation on Printing Textbooks for Government Departments The ruling by the West Bengal AAR provides valuable insights into the tax treatment of printing and supplying educational materials to government departments under GST. It addresses key issues related to the classification of supplies, applicability of exemptions, and compliance challenges faced by taxpayers in this sector. By analyzing the ruling and its implications, taxpayers can enhance their understanding of GST provisions and effectively navigate the complexities of taxation in the printing and publishing industry.   Read the full article

[gkkediaajeet]

Streamlining Taxation: Goods and Services Tax Consultant in Delhi

In the bustling metropolis of Delhi, navigating the labyrinth of Goods and Services Tax Consultant in Delhi  regulations can be a daunting task for businesses of all sizes. However, with the assistance of a dedicated Goods and Services Tax Consultant, enterprises can streamline their taxation processes, ensure compliance, and optimize their financial strategies.

Our team of seasoned professionals specializes in providing comprehensive GST consultancy services tailored to the unique needs of businesses operating in Delhi. With a deep understanding of the intricate GST framework and its nuances, we offer expert guidance to help businesses navigate through the complexities of GST compliance seamlessly.

Comprehensive GST Consultancy Services:

As your trusted GST consultant, we undertake a holistic approach to address all aspects of GST compliance, starting from registration to filing returns and everything in between. We assist businesses in understanding their GST obligations, determining the applicable tax rates, and structuring transactions to minimize tax liabilities while maximizing compliance.

Proactive Compliance and Regulatory Updates:

One of the key advantages of partnering with our consultancy firm is our proactive approach towards staying updated with the latest amendments and notifications issued by the GST authorities. We continuously monitor regulatory changes and ensure that our clients are well-informed and prepared to adapt to evolving GST laws and regulations.

Strategic Tax Planning and Risk Mitigation:

Moreover, our consultancy services extend beyond mere compliance. We offer strategic advice and insights to help businesses optimize their tax planning strategies, identify potential tax-saving opportunities, and mitigate risks associated with Goods and Services Tax Consultant in Delhi non-compliance. Whether it's optimizing input tax credit utilization or navigating complex cross-border transactions, our experienced consultants provide tailored solutions to address the specific needs of each client.

Personalized Support and Client Satisfaction:

Furthermore, our commitment to client satisfaction drives us to provide personalized attention and support at every step of the GST compliance journey. We understand that every business is unique, and we take the time to comprehend our clients' operations, challenges, and objectives to deliver customized solutions that align with their goals.

Empowering Businesses Through Training and Workshops:

In addition to our consultancy services, we also offer comprehensive training and workshops to empower businesses with the knowledge and skills required to manage their GST compliance internally. Through interactive sessions and practical insights, we equip businesses with the tools and resources needed to navigate the complexities of GST effectively. In conclusion, our Goods and Services Tax Consultant in Delhi is committed to simplifying tax compliance, optimizing financial efficiency, and empowering businesses to thrive in the dynamic business environment. With our expertise and dedication, we serve as trusted partners in the journey towards GST compliance excellence. Partner with us today and experience the difference that expert GST consultancy can make for your business.

[blogs0]

Get Ahead on the CA Final IDT Exam with These Insider Tips and Strategies!

Introduction to CA Final IDT

The Chartered Accountancy (CA) journey in India reaches its pinnacle with the CA Final, the last and most challenging phase. The CA Final Indirect Tax (IDT) exam stands out as a significant hurdle in this prestigious qualification process. Taking place twice a year in May and November, this examination demands meticulous preparation and strategic planning for success.

Syllabus Overview

The CA Final IDT paper, classified into three key sections, plays a pivotal role in shaping a candidate’s success:

Central Excise

Rules, Circulars, and Notifications related to the Central Excise Act of 1944 and the Central Excise Tariff Act of 1985.

Service Tax

In-depth exploration of the Service Tax framework.

GST (Goods and Services Tax)

Detailed coverage of GST, encompassing the levy and collection of CGST and IGST, concept of supply, place of supply, time and value of supply, input tax credit, and more.

Study Material for CA Final IDT

Effective preparation for the CA Final IDT exam begins with the right study material. The Institute of Chartered Accountants of India (ICAI) provides comprehensive study material, covering all essential chapters and units. This official material can be complemented with additional course books and online resources for a holistic understanding.

CA Final IDT Study Material:

Module-wise breakdown including chapters like Supply Under GST, Charge Of GST, Place of Supply, Exemptions from GST, Time of Supply, and more.

Vsmart Academy offers valuable notes and techniques for effective preparation.

Previous Year Exam Papers

Practicing with previous year exam papers is a strategic approach to excel in the CA Final IDT exam. This practice provides insights into the exam pattern, question formats, and the level of difficulty. Here are essential resources for candidates:

CA Final IDT Question Papers with Suggested Answers 2024:

Access to previous year’s question papers for May 2022, December 2021, July 2021, and January 2021.

CA Final IDT Paper Mock Test Papers 2024:

Utilize revised mock test papers for Series I and Series II to gauge your preparation level and enhance performance.

CA Final IDT Paper 2024 Weightage - Chapter Wise for New Course

Sections

Part I – GST (75 Marks)

Weightage

Section IChapter 1: Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-state supply, intra-state supply, supplies in territorial waters; Charge of tax (including reverse charge); Exemption from tax; Composition levy45%-65%Section IIChapter 1(vii): Procedures under GST including registration, tax invoice, credit and debit notes, electronic waybill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, job work Chapter 1(viii): Liability to pay in certain cases<10%-30%Section IIIChapter 1(xi): Demand and Recovery Chapter 1(xii): Offences and Penalties Chapter 1(xiii): Advance Ruling Chapter 1(xiv): Appeals and Revision10%-25%Section IVChapter 1: Introduction to GST in India including Constitutional Aspects Chapter 1(ix): Administration of GST; Assessment and Audit Chapter 1(x): Inspection, Search, Seizure, and Arrest Chapter 1(xv): Other Provisions5% -10%

Sections

Part II – Customs and FTP (25 Marks)

Weightage

Section IChapter 1(ii): Levy of and exemptions from customs duties – All provisions including the application of customs law, taxable the event, a charge of customs duty, exceptions to levy of customs duty, exemption from customs duty Chapter 1(iii): Types of customs duties Chapter 1(iv): Classification of imported and export goods Chapter 1(iv): Valuation of imported and export goods40% -65%Section IIChapter 1(vi): Import and Export Procedures including special procedures relating to baggage, goods imported or exported by post, stores Chapter 1(ix): Drawback Chapter 1(x): Refund Foreign Trade Policy Chapter 2(ii): Basic concepts relating to export promotion schemes provided under FTP20% – 45%Section IIIChapter 1(1): Introduction to customs law including Constitutional aspects Foreign Trade Policy Chapter 2(1): Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of FTP and other related provisions Chapter 2(i): Basic concepts relating to import and export10% – 20%

Preparation Tips for CA Final IDT

Paper Pattern:

Understand the subjective nature of the paper.

Total questions: 100

Exam duration: 3 hours

Maximum marks: 100

Answering 5 out of 6 questions. 

Must Read – https://www.vsmartacademy.com/blog/preparation-strategy-to-score-good-marks-in-ca-final-idt/

Assessment Pattern Ratio:

30:70 ratio for analytical skills, comprehensive knowledge, and reporting efficiency.

Verb Usage:

Follow ICAI’s list of verbs with illustrations, such as recommend, evaluate, advice, produce, prioritize, interpret, discuss, and more.

Weightage Allocation:

Chapter-wise weightage for GST, Customs, and FTP to prioritize preparation effectively.

Revision Techniques:

Regular revisions of important chapters.

Utilize ICAI’s recommended reference for quick revision.

Sample questions for the 30:70 assessment to enhance learning.

Conclusion

In conclusion, success in the CA Final IDT exam requires a strategic and comprehensive approach. By understanding the syllabus, utilizing study materials effectively, practicing with previous year’s papers, and following the recommended preparation tips, candidates can position themselves for success in this challenging examination.

[efiletax]

Unraveling the Latest GST Amendments: What Businesses Need to Know in India

In India's intricate tax ecosystem, the Goods and Services Tax (GST) remains a cornerstone of fiscal policy, subject to periodic amendments aimed at enhancing efficiency and transparency. The recent GST amendments introduced by the Indian government bring forth a series of changes that businesses operating in the country must comprehend and adapt to. Let's delve into these amendments, their implications, and strategies for businesses to navigate the evolving GST landscape effectively.

Deciphering the Key GST Amendments

The amendments to the GST framework in India encompass various facets of tax administration and compliance. Here are the primary changes:

1. E-Invoicing Mandate: The government has made e-invoicing mandatory for businesses with an annual turnover exceeding Rs. 50 crore. This move aims to digitize invoicing processes, reduce tax evasion, and enhance data accuracy.

2. Revised GST Rates: Amendments have been made to GST rates across sectors to rationalize taxes, stimulate economic growth, and address industry-specific challenges. These changes impact pricing strategies and financial planning for businesses.

3. Anti-Tax Evasion Measures: Stricter measures have been introduced to combat tax evasion, including intensified scrutiny of input tax credit (ITC) claims, anti-profiteering provisions, and enhanced monitoring through e-invoicing.

Implications for Indian Businesses

The amendments to the GST laws in India carry significant implications for businesses operating in the country:

1. Operational Adjustments: Businesses need to revamp their invoicing systems, accounting processes, and compliance mechanisms to adhere to the e-invoicing mandate and incorporate revised GST rates.

2. Financial Considerations: Changes in GST rates and compliance requirements have financial implications for businesses, necessitating adjustments in pricing strategies, budgeting, and cash flow management.

3. Compliance Challenges: Meeting the stringent requirements of GST compliance demands meticulous record-keeping, timely filings, and adherence to regulatory guidelines to avoid penalties and legal repercussions.

4. Opportunities for Optimization: While compliance may pose challenges, businesses can leverage the amendments as opportunities to optimize tax planning strategies, identify cost-saving measures, and streamline operations.

Strategies for Businesses

To navigate the evolving GST landscape in India, businesses can adopt the following strategies:

1. Stay Informed: Stay abreast of GST amendments, regulatory updates, and compliance obligations through official notifications, tax advisories, and expert insights.

2. Assess Impact: Evaluate the impact of GST amendments on your business operations, financials, and compliance obligations to devise tailored strategies for adaptation.

3. Upgrade Systems: Upgrade accounting software, invoicing systems, and compliance tools to align with e-invoicing requirements and ensure seamless integration with GST regulations.

4. Seek Expert Guidance: Engage with tax advisors, consultants, or legal experts to navigate complex GST provisions, interpret implications, and implement compliant solutions.

Conclusion:

In conclusion, the recent GST amendments in India underscore the imperative for businesses to embrace change, adapt swiftly, and ensure compliance with evolving tax regulations. By understanding the nuances of GST amendments, strategizing proactively, and leveraging expert guidance, businesses can navigate the dynamic GST landscape effectively and embark on a path of compliance excellence. As India strides forward in its GST journey, businesses must remain agile, resilient, and prepared to seize opportunities amid regulatory transformations.

[gogstbill]

Efficient Business Operations with Online GST Billing Software

Efficient business operations are vital for any company, whether big or small. Organizations often face challenges in managing their accounts, finances and taxes, which can be overwhelming. Thankfully, with the advent of technology, managing these tasks has become much simpler. One such tool that has revolutionized the business industry is online GST billing and bookkeeping software. In this blog, we’ll discuss how online GST billing and bookkeeping software can make your business operations more streamlined and hassle-free.

Accurate Billing and Invoicing

One of the key benefits of using online GST billing software is its ability to generate accurate bills and invoices. The software automatically calculates tax and generates invoices as per the GST invoice rules and regulations. It also ensures compliance with all the mandatory fields and formats required by the GST system, so you can be assured that your invoices are error-free. Moreover, the software allows you to track all your invoices and payments in one place.

Free Online Accounting Software

Another advantage of using Go Gst Billis it’s free online accounting software. This software enables you to track your expenses, manage inventory, generate reports, and keep track of your profits and losses. You can also use the software to create a balance sheet, profit and loss statement, and cash flow statement. This integration saves time and effort by eliminating the need for manual bookkeeping.

GST Challan Format and Purchase Order Format

The software offers ready-to-use GST challan format and purchase order format templates that can be easily customized according to your business needs. This helps to streamline your operations by automating the process of creating and managing GST challans and purchase orders. The purchase order format ensure that all the necessary information is captured and recorded, eliminating any chance of errors or discrepancies.

Automatic Reminders and Notifications

The software also sends automatic reminders and notifications for GST compliance deadlines. This feature ensures that you never miss a deadline and remain compliant with all the tax regulations. You can also customize the notifications according to your preferences, making it easier for you to stay on top of your business operations.

Easy Accessibility and Mobility

Online GST billing and bookkeeping software is accessible from anywhere, anytime, making it perfect for businesses that operate remotely. You only need an internet connection to access your data and manage your operations. This flexibility also means you can keep track of your business on the go, ensuring that you are always up-to-date with the latest information.

[enterslices]

GST Advisory Services: Your Compass to GST Compliance and Optimization

The introduction of the Goods and Services Tax (GST) has revolutionized the indirect tax landscape in India, ushering in a more streamlined and comprehensive system for taxation of goods and services. While the GST has brought about greater transparency and efficiency, it has also introduced a new set of complexities for businesses of all sizes. Navigating the intricate provisions of the GST regime can be a daunting task, making GST advisory services increasingly essential for businesses seeking seamless compliance and optimized tax management.

Demystifying GST Advisory Services

GST advisory services encompass a comprehensive suite of services tailored to assist businesses in effectively navigating the GST landscape. These services are provided by seasoned GST consultants who possess in-depth knowledge of the GST law, its implications, and the ever-evolving regulatory environment.

Unveiling the Advantages of GST Advisory Services

Engaging GST advisory services offers a multitude of benefits for businesses:

Streamlined GST Registration and Compliance: GST consultants guide businesses through the GST registration process, ensuring timely and accurate filing of GST returns, and maintaining compliance with all GST regulations.

Tax Optimization and Strategic Planning: GST consultants assist businesses in optimizing their tax liability by identifying eligible input tax credits, streamlining supply chain processes, and exploring tax-efficient business structures.

Risk Mitigation and Protection: GST consultants assess GST risks associated with business operations, develop strategies to mitigate these risks, and protect businesses from potential penalties and legal disputes.

Knowledge Enhancement and Awareness: GST consultants provide comprehensive training to employees on GST concepts, procedures, and compliance requirements, enhancing overall GST awareness and efficiency within the organization.

Exploring the Spectrum of GST Advisory Services

GST advisory services encompass a broad spectrum of services tailored to diverse business needs:

GST Registration and Compliance Services:

Obtaining GST registration

Classifying goods and services under GST

Filing GST returns accurately and timely

Reconciling input and output tax credits

Representing businesses in GST audits and assessments

GST Impact Assessment and Planning Services:

Assessing the impact of GST on business operations, pricing strategies, and supply chain management

Evaluating the applicability of GST exemptions and concessions

Identifying potential opportunities for GST optimization and cost savings

Developing strategies for effective GST implementation and transition

GST Litigation and Dispute Resolution Services:

Representing businesses in GST litigation and dispute resolution matters

Drafting and filing GST appeals and petitions

Providing guidance on legal aspects of GST compliance

GST Training and Awareness Services:

Conducting GST training workshops for employees

Developing customized GST training modules

Providing regular updates on GST law and notifications

Choosing the Right GST Advisor: A Strategic Decision

Selecting the right GST advisor is paramount for ensuring effective GST management and compliance. When selecting a GST advisor, consider the following key factors:

Experience and Expertise: Seek an advisor with a proven track record in handling GST matters and in-depth knowledge of the GST law and its nuances.

Industry Expertise: Opt for an advisor with expertise in your specific industry, enabling them to provide tailored guidance considering the unique challenges and opportunities of your sector.

Communication and Collaboration: Assess the advisor's communication skills and ability to collaborate effectively with your team.

Cost Considerations: Evaluate the fees and service packages offered by different GST advisors to ensure they align with your budget and requirements.

Embracing GST Advisory Services for a Seamless GST Journey

In the dynamic and complex world of GST, GST advisory services serve as a guiding light, empowering businesses to navigate the intricacies of the GST regime with confidence. By engaging experienced GST consultants, businesses can reap significant benefits, including reduced tax liability, enhanced efficiency, minimized risks, and a smooth and compliant GST journey. With expert guidance and support, businesses can transform the GST from a compliance challenge into an opportunity for optimization and growth.

[winsoftech]

The Future of Bank Locker Management: SmartLocker by Winsoft Technologies

In the fast-paced banking world, where convenience and security are paramount, managing customer locker services is undergoing a significant transformation. Banks constantly seek innovative solutions to enhance the customer experience, streamline operations, and ensure transparency in locker assignments. Enter SmartLocker by Winsoft Technologies, a cutting-edge cloud-enabled locker management system revolutionising how banks handle locker services.

A Seamless Onboarding Experience

SmartLocker aims to deliver a seamless locker onboarding experience that exceeds customer expectations. With its user-friendly interface and cloud-based architecture, it ensures that customers can access their lockers with ease. But what sets it apart?

E-sign Locker Agreements

Imagine signing your locker agreement electronically, avoiding the hassle of paperwork. SmartLocker offers e-signature capabilities, leaving a lasting and tech-savvy impression on customers.

Touchless Locker Access

In a world increasingly conscious of hygiene, SmartLocker introduces touchless access to lockers. Customers can open their lockers without physical contact, enhancing safety and convenience.

Transparency in Locker Assignment

One common challenge in locker management is the transparency of locker assignments. SmartLocker addresses this with its intuitive features allowing customers and bank staff to track locker availability and allocations.

API-Based Integration

SmartLocker doesn't operate in isolation. Its API-based architecture enables seamless integration with other banking systems, ensuring a smooth flow of information.

Modern Cloud Infrastructure

With a modern cloud infrastructure and hosting support, SmartLocker guarantees uptime and accessibility, even during peak demand periods.

Winning Over Challenges with SmartLocker

Now, let's delve into how SmartLocker simplifies operations for banks and their customers.

Facilitate Access Control & Monitoring

SmartLocker caters to existing and new customers, providing robust access control and monitoring capabilities.

Efficient Day-to-Day Operations

Manage key issuance, interchange, and block/unblock/surrender processes efficiently, boosting operational efficiency.

Tailored Rental Management

Customize locker rents, penalty matrices, discounts, and schemes based on customer categories, offering flexibility and personalized service.

Waitlist Feature

Offer a waitlist feature to customers, enabling them to reserve lockers in advance, enhancing their experience.

Compliance and Reporting

SmartLocker generates GST files and handles compliance needs for audits and legal requirements. It also simplifies MIS report generation and integrates smoothly with the bank's core banking system.

Streamlined Back Office Processes

Optimized workflows for back-office operations ensure that the entire process of locker management is efficient and hassle-free.

Multi-Channel Interaction

SmartLocker facilitates interactions through multiple channels, whether at the branch, online, or via mobile interfaces, ensuring customers can access their lockers how they prefer.

Alerts and Notifications

Generate various alerts and notifications to keep customers informed and engaged, further enhancing their experience.

Benefits Galore

In a nutshell, SmartLocker offers a range of benefits:

Easy Navigation: Its user-friendly interface makes it easy for customers to navigate the system.

Enhanced Productivity: By streamlining operations, SmartLocker increases the bank's overall productivity.

Regulatory Compliance: It simplifies compliance with regulatory requirements.

Improved Operational Efficiency: With optimized workflows, operational efficiency is significantly improved.

In conclusion, the future of bank locker management has arrived with SmartLocker by Winsoft Technologies. It's a game-changer that makes life easier for banks and enhances the experience for their customers. For more information, visit Winsoft Technologies.

[sapexperts]

Streamline Your Business with SAP GST Connector Suite from Denpro Technologies

In the era of Goods and Services Tax (GST), businesses face the challenge of effectively managing compliance, reporting, and integration with tax authorities. Manual processes and the risk of errors can be time-consuming and costly. However, Denpro Technologies offers a comprehensive solution to address these concerns—the SAP GST Connector Suite. This suite of tools seamlessly integrates with your SAP system to automate GST processes and streamline your business operations. Let's explore the benefits and features of this powerful solution.

Ensure GST Compliance:

With the ever-changing GST laws and regulations, staying compliant is crucial. The SAP GST Connector Suite ensures that your SAP system is up to date with the latest requirements. It provides the necessary configurations, validations, and updates, enabling you to meet all GST compliance obligations effortlessly.

Real-time Integration with GSTN:

The SAP GST Connector Suite facilitates real-time integration between your SAP system and the GSTN (Goods and Services Tax Network). This integration streamlines data exchange with tax authorities for activities such as filing returns, generating invoices, and maintaining GST-related records. The suite ensures that your information is accurate, up to date, and seamlessly communicated with the appropriate authorities.

Automation of GST Processes:

Manual handling of GST processes can be time-consuming and prone to errors. The SAP GST Connector Suite automates various GST-related activities within your SAP system. It enables automated invoice generation, precise tax calculations, efficient tax credit management, and seamless filing of GST returns. By eliminating manual effort, your business can improve efficiency, reduce errors, and save valuable time.

Robust Reporting and Analytics:

Effective reporting and analytics are essential for monitoring and analyzing GST-related data. The SAP GST Connector Suite provides comprehensive reporting and analytics capabilities. You can easily generate GST reports, analyze tax data, and gain valuable insights for decision-making and compliance purposes. These features empower you to stay in control of your GST processes and make informed business decisions.

Data Validation and Error Handling:

Accuracy and integrity of GST-related data are critical to ensure compliance. The SAP GST Connector Suite includes robust data validation checks, ensuring that your data is accurate and complete. It handles error handling and provides notifications and alerts for any discrepancies or non-compliance issues. This proactive approach helps you identify and resolve problems swiftly, reducing the risk of errors and penalties.

Seamless Integration:

Implementing new systems or solutions can be daunting. However, the SAP GST Connector Suite seamlessly integrates with your existing SAP landscape. Leveraging your infrastructure and leveraging the power of SAP, this suite ensures a smooth implementation and deployment process. You can maximize the value of your existing investments while enjoying the benefits of a comprehensive GST solution.

Expert Support from Denpro Technologies:

As a trusted provider of SAP services, Denpro Technologies offers expert support throughout your journey with the SAP GST Connector Suite. Their experienced consultants assist you in the implementation, customization, and ongoing maintenance of the solution. With their guidance, you can optimize the suite's capabilities and effectively leverage its features to meet your specific business requirements.

Conclusion:

The SAP GST Connector Suite from Denpro Technologies empowers businesses to streamline GST processes, enhance compliance, minimize errors, and improve overall operational efficiency. By automating tasks, ensuring real-time integration with tax authorities, and providing comprehensive reporting capabilities, this suite offers a holistic solution for managing GST within your SAP system. With Denpro Technologies as your trusted partner, you can confidently navigate the complex GST landscape and focus on growing your business while staying compliant.

[taxrealtime]

Great, I can write a blog about taxrealtime.in. Here's a sample blog:

Taxrealtime.in: Simplifying Tax Filing in India

Tax filing in India can be a daunting task, especially for individuals and small businesses. The complex tax laws, multiple tax slabs, and various compliance requirements make it challenging to file taxes accurately and on time. This is where taxrealtime.in comes in - a user-friendly platform that simplifies tax filing and compliance for taxpayers in India.

What is Taxrealtime.in?

Taxrealtime.in is an online tax filing platform that offers end-to-end tax filing solutions for individuals and businesses in India. The platform provides a user-friendly interface that simplifies tax filing and compliance requirements, helping taxpayers save time, money, and effort.

Features of Taxrealtime.in

Easy Tax Filing: Taxrealtime.in offers a simple and intuitive tax filing process. Users can file their tax returns in just a few clicks, without the need for any prior tax knowledge or expertise.

Multiple Tax Services: Taxrealtime.in offers a range of tax services, including income tax returns, GST returns, TDS returns, and more. The platform covers all aspects of tax compliance, making it a one-stop-shop for taxpayers in India.

Real-time Updates: Taxrealtime.in provides real-time updates on the status of tax returns and compliance filings. Users can track the progress of their tax returns and receive notifications when their returns are processed by the tax authorities.

Expert Assistance: Taxrealtime.in offers expert assistance to taxpayers who require help with tax filing or compliance. The platform has a team of tax experts who can provide guidance and support to users at every step of the tax filing process.

Secure Platform: Taxrealtime.in uses state-of-the-art security measures to ensure that user data is safe and secure. The platform uses SSL encryption to protect user data, and all transactions on the platform are secure and encrypted.

Benefits of Taxrealtime.in

Time-saving: Taxrealtime.in simplifies tax filing and compliance requirements, helping taxpayers save time and effort. Users can file their tax returns quickly and easily, without the need for any tax expertise.

Cost-effective: Taxrealtime.in offers cost-effective tax filing solutions, with affordable pricing plans that suit the needs of individuals and businesses of all sizes.

Accurate Tax Filing: Taxrealtime.in ensures accurate tax filing and compliance, with real-time updates and expert assistance. Users can be sure that their tax returns are filed correctly and on time.

Hassle-free Tax Compliance: Taxrealtime.in takes the hassle out of tax compliance, with a user-friendly platform that simplifies the tax filing process. Users can focus on their business, while taxrealtime.in takes care of the compliance requirements.

In conclusion, taxrealtime.in is a user-friendly platform that simplifies tax filing and compliance requirements for taxpayers in India. The platform offers a range of tax services, expert assistance, and real-time updates, making it a one-stop-shop for tax compliance. With taxrealtime.in, taxpayers can save time, money, and effort, and ensure accurate and hassle-free tax filing.

for more visit this website taxrealtime

[sbs-global]

NEWSLETTER 31ST DEC 2022

Direct Taxes

Partial relaxation with respect to electronic submission of Form lOF by select category of taxpayers in accordance with the DGIT (Systems) Notification №3 Of 2022.

Reference is invited to Notification №03/2022 dated 16th July 2022 issued by Directorate of Income Tax (Systems) New Delhi in the exercise of powers conferred under Rule 131(1)/(2) of the Income-tax Rules mandating, inter alia, furnishing of Form 10F electronically.

On consideration of the practical challenge being faced by non-resident (NR) taxpayers not having PAN in making compliance as per the above notification, and with a view to mitigate genuine hardship to such taxpayers, it has been decided by the Competent Authority that such category of Nonresident taxpayers who are not having PAN and not required to have PAN as per relevant provisions of the Income-tax Act,1961 read with Income-tax Rules, 1962, are exempted from mandatory electronic fil ing of Form lOF till 31’t March 2023. For the sake of clarity, it is reiterated that such ca tegory of taxpayers may make statutory compliance of filing Form 10F till 31’t March 2023 in manual form as was being done prior to issuance of the DGIT(Systems) Notification №3 of 2022.

In-Direct Taxes

48th Meeting of the GST Council (17th December 2022)

The 48th Meeting of the GST Council was held on 17th December, 2022 through Video Conference, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.

Tax Rates

1. The GST Council has, inter-alia, made following recommendations for changes in GST rates:

Sr. No.DescriptionFromTo1Husk of pulses including chilka and concentrates including chuni/churi, khanda5%Nil2Ethyl alcohol supplied to refineries for blending with motor spirit (petrol)18%5%

2. It was decided to clarify that:

Rab (rab-salawat) is classifiable under CTH 1702 which attracts GST at the rate of 18%.

Fryums manufactured using the process of extrusion is specifically covered under CTH 19059030 and attract GST at the rate of 18%.

The higher rate of compensation cess of 22% is applicable to motor vehicle fulfilling all four conditions, namely, it is popularly known as SUV, has engine capacity exceeding 1500 cc, length exceeding 4000 mm and a ground clearance of 170 mm or above.

Goods falling in lower rate category of 5% under schedule I of notification №1/2017-CTR imported for petroleum operations will attract lower rate of 5% and the rate of 12% shall be applicable only if the general rate is more than 12%.

3. As a relief measure, the Council decided to regularise the intervening period starting from the date of issuance of Circular (3.08.2022) in respect of GST on ‘husk of pulses including chilka and concentrates including chuni/churi, khanda’ on “ as is basis” on account of genuine doubts.

4. No GST is payable where the residential dwelling is rented to a registered person if it is rented it in his/her personal capacity for use as his/her own residence and on his own account and not on account of his business.

5. Incentive paid to banks by Central Government under the scheme for promotion of RuPay Debit Cards and low value BHIM-UPI transactions are in the nature of subsidy and thus not taxable.

Measures for Facilitation of Trade

1. Decriminalization under GST: The Council has recommended to –

Raise the minimum threshold of tax amount for launching prosecution under GST from Rs. One Crore to Rs. Two Crores, except for the offence of issuance of invoices without supply of goods or services or both;

Reduce the compounding amount from the present range of 50% to 150% of tax amount to the range of 25% to 100%;

Decriminalize certain offences specified under clause (g), (j) and (k) of sub-section (1) of section 132 of CGST Act, 2017, viz.-

Obstruction or preventing any officer in discharge of his duties;

Deliberate tempering of material evidence;

Failure to supply the information.

2. Refund to unregistered persons: There is no procedure for claim of refund of tax borne by the unregistered buyers in cases where the contract/ agreement for supply of services, like construction of flat/house and long-term insurance policy, is cancelled and the time period of issuance of credit note by the concerned supplier is over. The Council recommended amendment in CGST Rules, 2017, along with issuance of a circular, to prescribe the procedure for filing application of refund by the unregistered buyers in such cases.

3. Paras 7, 8(a) and 8(b) were inserted in Schedule III of CGST Act, 2017 with effect from 01.02.2019 to keep certain transactions/ activities, such as supplies of goods from a place outside the taxable territory to another place outside the taxable territory, high sea sales and supply of warehoused goods before their home clearance, outside the purview of GST. In order to remove the doubts and ambiguities regarding taxability of such transactions/ activities during the period 01.07.2017 to 31.01.2019, the Council has recommended to make the said paras effective from 01.07.2017. However, no refund of tax paid shall be available in cases where any tax has already been paid in respect of such transactions/ activities during the period 01.07.2017 to 31.01.2019.

4. The Council has recommended to amend sub-rule (1) of rule 37 of CGST Rules, 2017 retrospectively with effect from 01.10.2022 to provide for reversal of input tax credit, in terms of second proviso to section 16 of CGST Act, only proportionate to the amount not paid to the supplier vis a vis the value of the supply, including tax payable.

5. The Council recommended to insert Rule 37A in CGST Rules, 2017 to prescribe the mechanism for reversal of input tax credit by a registered person in the event of non- payment of tax by the supplier by a specified date and mechanism for re-availment of such credit, if the supplier pays tax subsequently. This would ease the process for complying with the condition for availment of input tax credit under section 16(2)© of CGST Act, 2017.

6. Sub-rule (3) of rule 108 and rule 109 of the CGST Rules, 2017 to be amended to provide clarity on the requirement of submission of certified copy of the order appealed against and the issuance of final acknowledgment by the appellate authority. This would facilitate timely processing of appeals and ease the compliance burden for the appellants.

7. Rule 109C and FORM GST APL-01/03 W to be inserted in the CGST Rules, 2017 to provide the facility for withdrawal of an application of appeal up to certain specified stage. This would help in reducing litigations at the level of appellate authorities.

8. Circular to be issued to clarify that No Claim Bonus offered by the insurance companies to the insured is an admissible deduction for valuation of insurance services.

9. Circular to be issued for clarifying the issue of treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016. Rule 161 of CGST Rules, 2017 and FORM GST DRC-25 also to be amended for facilitating the same.

10. Circular to be issued for clarifying the issues pertaining to the place of supply of services of transportation of goods in terms of the proviso to sub-section (8) of section 12 of the IGST Act, 2017 and availability of input tax credit to the recipient of such supply. It has also been recommended that proviso to sub-section (8) of section 12 of the IGST Act, 2017 may be omitted.

11. Issuance of the following circulars in order to remove ambiguity and legal disputes on various issues, thus benefiting taxpayers at large:

Procedure for verification of input tax credit in cases involving difference in input tax credit availed in FORM GSTR-3B vis a vis that available as per FORM GSTR-2A during FY 2017–18 and 2018–19.

Clarifying the manner of re-determination of demand in terms of sub-section (2) of section 75 of CGST Act, 2017.

Clarification in respect of applicability of e-invoicing with respect to an entity.

Measures for Streamlining Compliances in GST

12. Proposal to conduct a pilot in State of Gujarat for Biometric-based Aadhaar authentication and risk-based physical verification of registration applicants. Amendment in rule 8 and rule 9 of CGST Rules, 2017 to be made to facilitate the same. This will help in tackling the menace of fake and fraudulent registrations.

13. PAN-linked mobile number and e-mail address (fetched from CBDT database) to be captured and recorded in FORM GST REG-01 and OTP-based verification to be conducted at the time of registration on such PAN-linked mobile number and email address to restrict misuse of PAN of a person by unscrupulous elements without knowledge of the said PAN-holder.

14. Section 37, 39, 44 and 52 of CGST Act, 2017 to be amended to restrict filing of returns/statements to a maximum period of three years from the due date of filing of the relevant return/statement.

15. FORM GSTR-1 to be amended to provide for reporting of details of supplies made through ECOs, covered under section 52 and section 9(5) of CGST Act, 2017, by the supplier and reporting by the ECO in respect of supplies made under section 9(5) of CGST Act, 2017.

16. Rule 88C and FORM GST DRC-01B to be inserted in CGST Rules, 2017 for intimation to the taxpayer, by the common portal, about the difference between liability reported by the taxpayer in FORM GSTR-1 and in FORM GSTR-3B for a tax period, where such difference exceeds a specified amount and/ or percentage, for enabling the taxpayer to either pay the differential liability or explain the difference. Further, clause (d) to be inserted in sub-rule (6) of rule 59 of CGST Rules, 2017 to restrict furnishing of FORM GSTR-1 for a subsequent tax period if the taxpayer has neither deposited the amount specified in the intimation nor has furnished a reply explaining the reasons for the amount remaining unpaid. This would facilitate taxpayers to pay/ explain the reason for the difference in such liabilities reported by them, without intervention of the tax officers.

17. Amendment in definition of “non-taxable online recipient” under section 2(16) of IGST Act, 2017 and definition of “Online Information and Database Access or Retrieval Services (OIDAR)” under section 2(17) of IGST Act, 2017 so as to reduce interpretation issues and litigation on taxation of OIDAR Services.

About SBS

SBS Global is an ISO 9001:2015 & ISO 27001:2013 certified company serving since 2007. SBS Global offers a comprehensive range of Outsourced Financial Accounting Advisory Services, CFO Services, Compliance (i.e., Company Secretary services) & HR Services catering to the needs of Small & Medium Organizations across industry sectors to meet their changing needs & expectations. Our team includes employees having industry & domain expertise who have insights drawn from years of professional experience.

[margblog]

Important features of Marg GST Software

After the implementation of GST, one of the biggest challenges faced by both taxpayer & accountants is the complexity in tax compliance. For example, tax compliance includes GST return filing, claiming a tax refund, multiple tax returns, etc. Similarly, taxpayers have to issue GST compliant e-invoices.

E-invoices need to have components like HSN/SAC Codes, GSTIN of the supplier and the recipient, GST Rates etc. Further, they face challenges in keeping the track of all new amendments introduced by the GST Council via notifications and circulars.

Such a complex situation makes it difficult for both taxpayer & accountants to file fully compliant GST returns on time. So, to avoid delays in taxes & such issues, businesses are advised to use GST Accounting Software.

A good GST Accounting Software enables the taxpayers, accounting professionals and business owners to generate GST ready invoices effortlessly, file GST returns timely, organize GST reports and maintain all accounting data seamlessly.

One such software is Marg GST software which is affordable & provides you with the best GST Billing and Returns Filing experience. Marg GST Billing software aims at reducing your business operation cost by significantly reducing the compliance time. It fastens the entire process of return filing as you can directly push transactions into Excel, JSON or CSV format from the software on to GST Portal & file returns in a few clicks.

Let us discuss few important unique features of Marg GST Billing software:

GST Invoices & Billing

With Marg GST invoice software you can generate GST compliant invoices in a few seconds and can also track invoice. It improves the billing speed by 40% with multiple advanced shortcuts & search options like Barcode etc.

GST Reports & Return Filing

One of the biggest advantages of Marg GST filing software is that it can create GST Invoices & push transactions directly into the GSTN portal in Excel, JSON or CSV Format & File GSTR 1, GSTR 2, GSTR 3B, GSTR 4, GSTR 9 directly from the software. This saves a lot of time & efforts that go wasted in filing return manually. Moreover, you are not dependent on any accountant for maintaining your books.

GSTR 2A Reconciliation

GSTR 2A reconciliation in Marg e-invoice software is very easy. Simply reconcile GSTR 2A of the entire year without even logging in to the GST portal frequently. Download GSTR-2A auto-populated purchase bills in order to match them in Marg GST software

Tax Clubbing

Automatically club together both input & output tax of a particular month and further pass a general entry at the end of the month required for GST Payable

Easy Accounting

No manual data entry required with Marg GST software. Easily import and export all data with just a click. Check Account Balance, Account History, Invoices, Quotations, Payments and Alerts everything that smooths your business accounting till maintaining the Balance Sheet. Marg GST software helps you at every step by digitizing & automating all your accounting.

E-Invoicing

Another challenge that is faced by the maximum of the small & medium-sized businesses. Marg e-invoice software is ready with e-invoicing. Marg GST software is equipped with all necessary e-invoice format & requirement notified by the government. You can gen Upload your B2B transaction invoices authenticated by Invoice Registration Portal (IRP) of Registered Party’s Credit & Debit Note on the GSTN portal electronically & reconcile directly

Internal Audit

Internal audit is an important process of accounting. Running an internal audit is a crucial part that you need to master to avoid any mistakes & errors. Well, Marg GST software automatically validates the data for any errors and gives you alerts during the internal audit. It is that simple with Marg ERP software. You don’t have to worry about anything. It also validates the GSTIN of the suppliers to file 100% error-free returns

GST RCM Statement & Eway bill

Marg software lets you generate GST RCM statement when GST is to be paid and deposited against the Goods/ Services. You can also generate Single, Multiple & Bulk e-way bill to directly upload on the portal. An E-way bill is the most important document that is required for the movement of goods. Manually creating e-way bills is very time consuming, therefore it is beneficial to generate e-way bill via software which will be then automatically shared with the buyer as well.

TDS/ TCS

Marg GST software provides the most simple & user-friendly interface for filing the 100% error-free TDS/ TCS returns online as per the norms of TRACES and CPC, India

Online Banking

Experience uninterrupted online banking inside Marg ERP integrated with ICICI Bank. Manage all type of bank transactions i.e. NEFT, RTGS etc. including Auto-Bank Reconciliation with 140+ Banks

Digital Payment

To simplify the payment & collection problems Marg ERP has launched India’s first B2B payment collection platform- MargPay. MargPay provides secure Payment Modes, Bill-by-bill Reconciliation, Same-day Settlement, Business Loans etc. to small & medium businesses for better financial growth.

Marg GST Software for Billing & Accounting can be customized as per the business you are doing without any hassle. Marg GST Software provides you with the option to send the bills through email automatically which saves time. With Marg GST Software, you can also switch over anywhere from bill to bill which saves a lot of time.

Marg GST Software enables you to easily reconcile GSTR 2, GSTR 2A without logging in to GST portal frequently and download the purchase bills in order to match them in the software. We always keep you up-to-date on all the critical numbers & taxes with 1000+ MIS reports that can be customized according to your company requirement. Marg GST billing software is the best way to file your taxes along with managing your business, as you get complete business solutions in one place. Stay GST Compliant with Marg ERP & leave your tax filing burden to us!

Bottom Line:

The technology trends that are equipped in Marg GST invoice software are constructive to streamline your business processes. You don't have to spend hours checking tax returns. You can easily sync your account books with GST returns using Marg GST software. All in all, GST solutions can make things more comfortable in your organization and give you the best returns on investment

[laxiefics]

The students had to face difficulties at all stages of the entrance examination process

The National Testing Agency (NTA) has just declared Jawaharlal Nehru University Entrance Examination (JNUEE)- 2020. The online application entrance is open from 02 March 2020 and will close on 31 March 2020 (5:00 p.m).

The JNU is offering the accompanying projects for Academic Year 2020-21: M.Phil., Ph.D, MPhil through JRF, Ph.D. through JRF, M.Tech., MPH., PGDE, M.A., M.Sc., MCA, MBA, B.Tech+M.Tech/MS, B.A. (Hons.) first year in Foreign Languages, B.Sc.- M.Sc. Incorporated program and Part-Time courses.

Here, SkillOutlook presents the seat grid for MPhil and PhD programs. For AY 2020-21, JNU is taking possibility for MPhil and PhD by means of JNU Entrance Examination and Junior Research Fellowship (JRF).

Through JNUEE 2020-21, the college offering 375 PhD seats across 50 subjects. In spite of the fact that JRF, JNU is offering 171 PhD seats across 33 subjects. The cycle for admission to MPhil and PhD programs through JRF mode will be refreshed instantly on the JNU affirmations site.

Essentially, Through JNUEE 2020-21, the college is offering MPhil 326 seats across 52 subjects. Despite the fact that JRF, JNU is offering 40 MPhil seats across 14 subjects.

The NTA will lead the JNUEE - 2020 from 11 May 2020 to 14 May 2020 for admission to different courses. The up-and-comers are needed to apply online between 02 March 2020 to 31 March 2020 (5:00 p.m) and to pay application charges upto 31 March, 2020 (11:50 p.m).

The Test will be led in Computer Based Test (CBT) mode as it were.

The cycle for admission to the MBA program just as MPhil and PhD programs through JRF mode will be refreshed quickly on the JNU confirmations site.

For most recent update, qualification rules, how to apply and different subtleties, competitors ought to allude the Information Bulletin for JNUEE - 2020 which will be accessible on the site www.nta.ac.in

also, www.ntajnu.nic.in w.e.f. 02 March 2020.

The National Testing Agency (NTA) has delivered the passage date for Jawaharlal Nehru University. Jawaharlal Nehru University Entrance Examination (JNU 2020) will currently be held from 4 October 2020 to 8 October 2020.

The schedule for different courses has been transferred with the outline on the official site of JNU. JNU offers different courses and each course has distinctive schedule for the selection test. For Undergraduate confirmation, the assessment will incorporate generally the themes from 11 and 12 Class prospectus.

For affirmation in Post-graduate courses the passageway prospectus will cover the subjects of center subjects of their graduation.

The Jawaharlal Nehru Students Union (JNUSU), in a letter to the Vice-Chancellor of the varsity on Monday griped about the inescapable inconsistencies and defects, for example, paper spill, out of prospectus questions, and so forth in the Jawaharlal Nehru University Entrance Exam (JNUEE).

"The understudies needed to confront troubles at all phases of the selection test measure, directly from the submitting of utilization structures to the lead of the online test," composed N Sai Balaji, JNUSU president, in the letter to the V-C.

JNUSU additionally affirmed that the inquiry papers of BA first year, group 1 of Russian, Spanish, French and German tests hung on 28 May 2019 were coursed via online media even before the assessment was held. They likewise guaranteed that the inquiry paper for the test was out of schedule as recommended by the JNU Administration.

The understudies who gave the Political Science test additionally brought to the notification of JNUSU that the inquiry paper was like one of the training papers on a noticeable site," read the letter.

Some different abnormalities referenced in the letter were the far and wide mistakes in the appropriate response keys gave by the National Testing Agency (NTA) for the assessments. JNUSU said it was "amazingly awful and amateurish" that the appropriate response keys of the apparent multitude of subjects from BA to PhD had mistakes in them.

"The NTA through a public notification on 6 June had proposed that the appropriate response key could be tested with a preparing charge of Rs1000 before 9 June," the letter included.

"The direct of JNUEE was given to an outsider private merchant, the NTA unexpectedly. This is plainly not yielding a positive result," said the JNUSU and requested that the organization promptly start steps to return to the past configuration of JNUEE.

The Jawaharlal Nehru University (JNU) organization has multiplied the establishment's charge for forthcoming understudies set to participate in the scholastic year 2020-21. The college has additionally expanded its one-time clinical expense from Rs 9 to Rs 1,000. The expense for M.Phil and Ph.D. understudies a year ago was Rs 295 for each semester, this year it has been expanded to Rs 780 for every semester. So also, the expense for postgraduate and graduate understudies has been raised from Rs 283 for every semester in 2019-20 to Rs 768 for each semester in 2020-21. These figures are elite of GST.

This expansion in expenses comes when the foundation is seeing understudy challenges charge climb. The JNU Students' Union is as of now battling a case in the Delhi High Court over the inn charge climb. JNUSU went to court following quite a while of fights in and outside the college, compelling the Ministry of Human Resource Development to mediate and hold gatherings