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Return Filing on GST Portal till date

The deadlines for filing GSTR-2 and GSTR-3 for July 2017 have been extended to 30 November and 11 December respectively.

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Manmohan Singh is firing verbal torpedoes against Narendra Modi on GST; and this is not the first time

Former Prime Minister Manmohan Singh's attacks on PM Narendra Modi's economic policies continue, a year after he had launched the most severe counter to Centre's demonetisation decision.

Former Prime Minister Manmohan Singh’s attacks on PM Narendra Modi’s economic policies continue, a year after he had launched the most severe counter to Centre’s demonetisation decision. On Monday, Singh targeted GST rollout, saying it has a “faulty design” in its current form and that its “complication of compliances” has killed jobs and businesses.

During a meeting on GST at the AICC headquarters, the former PM raised concerns over the faulty implementation of GST. “While demonetisation was organised loot and legalised plunder, GST has ended up taking away livelihoods of ordinary people besides shutting down businesses,” Congress spokesperson Randeep Singh Surjewala quoted Singh as saying. According to Surjewala, Singh noted, “the fact that the faulty design (of GST), and architecture and complication of compliances have killed jobs and businesses”.

The Congress has reportedly planned to start protests against GST all over the country. According to CNN-News18, Singh said that the GST in its current form is a “fraud” for small traders and businessmen.

Not the first time

Singh’s latest remarks on GST comes at a time when the GST Council, comprising representatives from all states, is working to bring in relief measures for the worst-affected sectors. But this is not the first time when Singh has attacked the GST.

On many occasions since the GST rollout on July 1 this year, Singh has slammed the move. Last month, Singh had cautioned against the “hasty” implementation of GST, along with the note ban, would dent economic growth, as these have adversely affected the informal sector.

Singh had then told CNBC-TV 18, the GST “has been put on practice in haste” and “there are lots of glitches which are coming out now”. “These are bound to affect the GDP growth adversely,” he added.

U-turn?

Singh slamming GST comes as a surprise as he was instrumental in the passage of the biggest tax reform in Parliament. In April this year, Singh had advised Congress leader Jairam Ramesh against seeking an amendment to the GST Bill for the sake of consensus. Union Finance Minister Arun Jaitley acknowledged Singh’s gesture and thanked him for the cooperation by walking up to the Opposition benches in the Rajya Sabha.

Before this in 2015, Singh was instrumental in breaking the deadlock on GST when Modi government was struggling to bring all parties to the table for passing the GST Bill in Parliament. Singh had reportedly set up a meeting between Modi and Congress president Sonia Gandhi on the request of the former. The Economic Times had then reported that Singh took an active interest in the discussion at Modi’s residence.

Last date for TDS return filing

Accounts and other records required to be maintained under GST

Accounts and records are the primary source of data for any organisation's financial reporting. Every law of Direct and Indirect Tax in our country also mandates that information in a prescribed manner has to be captured and preserved for a certain period of time. These accounts and records form the basis for returns filed by tax payers under each law.

Under GST, the activities of manufacture, provision of taxable service and sale of goods will have a common law and hence, businesses can now maintain consolidated information which was maintained separately earlier.

Under GST, every registered taxable person is required to maintain correct accounts of the following details at the principal place of business specified in the registration certificate: –

1. Manufacture of goods
2. Inward and outward supply of goods and/or services
3. Stock of goods
4. Input tax credit availed
5. Output tax payable and paid

If more than one place of business is specified in the registration certificate, accounts relating to each place of business must be kept at the respective places.

Maintaining books and records in electronic form will be ideal and convenient for accurate and timely compliance under GST.

In addition to maintaining the accounts specified above, a registered person whose turnover during the financial year exceeds Rs. 1 crore is required to,

• Get the accounts audited by a Chartered Accountant or Cost Accountant and
• Submit a copy of the audited annual accounts and a reconciliation statement in Form GSTR- 9B while filing the annual return in Form GSTR-9.

In the reconciliation statement, the Chartered Accountant or Cost Accountant is required to certify that the value of supplies declared in the annual return reconciles with the audited annual financial statement.

Every registered person is required to retain accounts and records for 5 years from the due date of filing of annual return for the year to which the accounts and records pertain.

For example: For accounts and records pertaining to Financial Year ’17-’18, annual return must be filed by 31st December ’18. These accounts and records must be retained till 31st December ’23.

GST return filing date extended

If you haven't filled your Income Tax Return, then this is for you

Many people fail to file their ITR within the due date as prescribed by the income tax department. But even if you have missed the deadline of filing return, you can still file your income tax return. There is a provision in income tax for late filing of income tax return which is called belated return.

What is belated return?

Filing Income tax return after the due date is called belated return. It can be filed before the end of the assessment year. (This period has been changed in Budget 2016.Before Budget 2016, belated return can be filed within one year from end of relevant assessment year)But this change will be applicable from Assessment year 2017-18 and subsequent years.It means if you want to file the return for F.Y 2014-15, the relevant assessment year is 2015-16 and so return can be filed till 31st March 2017 and likewise if you want to file the return for F.Y 2015-16 ,the relevant assessment year is 2016-17 and so return can be filed till 31st march 2018.But if you want to file the return for F.Y 2016-17, the relevant assessment year is 2017-18 and so return can be filed till 31st march 2018 only.

There is NO PENALTY for late filling of ITR for FY 16-17. But there are certain disadvantage of late filling, like:-

1. Loss in interest on refunds :- 

In case you claim a refund in your return, of any advance tax paid/TDS, you would lose some of the interest paid by the tax department on such refund. The interest on refund is normally computed from April 1 of the assessment year (the year immediately following the financial year for which the return is filed) till the date of grant of refund.However, in case of a belated return (i.e. return filed after due date) interest is computed from the actual date of filing the return till the date when refund is granted. This means loss of the interest that would have been paid for the period April 1 till date of filing the return. Even if you file the return one day after the due date you would be losing interest for at least four months - April, May, June and July (presuming due date is not extended beyond July 31).

2. No carry forward of losses :- 

If you file a belated return you cannot carry forward losses (other then house property loss). "Losses under the following heads of income: Income from business and profession including speculation business, capital gains, and income from other sources cannot be carried forward in case a belated return is filed by the tax payer. The return filer will not be allowed to carry forward these losses even if all taxes have been paid in time if the return is belated".

3. Penalty and Interest :-

If there are any taxes which are unpaid, penal interest @ 1% per month or part thereof will be charged till the date of payment of taxes .Also Penalty of Rs 5,000 may be charged. The penalty is not levied in all cases and depends upon the circumstances of the case.

For returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5Lakhs.

Conclusion

One must pay taxes and file the return on or before the due date. And in case one is unable to file the return, at least taxes if any should be paid within due date. If all taxes are paid, penal interest will not be levied. However other drawbacks such as non carry forward of losses will be applicable.

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How to generate invoice summary in GSTR2

Is it possible to reverse funds transferred to the wrong account via NEFT/RTGS?

It is almost impossible to reverse the funds once transferred via NEFT, RTGS or IMPS. If beneficiary account number to which you have transferred the funds is wrong; in that case, the funds will get reversed to your own account from which you have initiated the transaction. Also, if IFSC Code is wrong, in such case, your transaction may not be completed.

However, if by mistake, you transferred funds to wrong account, then try the following steps to get the funds reversed to your account:

• Meet the branch manager with written application: If your funds have already reached the wrong account of a different branch or bank, only the destination bank where the beneficiary holds the account can help in reversing the funds. Meet the branch manager of your branch and initiate a written or e-mail request to the destination bank or branch to take necessary actions for reversing the funds.
• Raise complaint: If your branch or the branch concerned is not helping you to sort this out after repeated requests or visits, you can raise a complaint against the bank with their higher authorities.
• Legal Action: If the wrong beneficiary does not allow for a reversal of funds, the bank can take a legal action on the account holder. Legal action can also be initiated from your end, if you know the details of the wrong beneficiary. The legal option is to be used only as a last resort.

HOW TO PREVENT FUNDS TRANSFER TO A WRONG ACCOUNT?

Especially relevant, if you try to transfer funds via NEFT, RTGS, and IMPS during your internet banking, in that case, you need to add a beneficiary account for your requirements. Most probably, this avoids the mistake of fund transfer into the wrong account. Just before are transferring a sizable amount online, do a ‘test’ transfer with an amount that is small. And, check with the beneficiary, if the amount has been received. If yes, then transfer the residual funds you want to transfer. Hence, it's far better to obtain the internet banking facility activated for your account.