Compliance Calendar for the month of June-2019 (GST/PF/ESI/MCA/TDS/Income Tax)

Hi Friends, Just Sharing Compliance Calendar for June-2019 for some of Common Compliance under GST, Income Tax, PF/ESI and MCA. For Trade/Industry related specific provisions kindly refer related Laws. Ms. Nirmala Sitharaman is our New Finance and Corporate Affairs Minister. In the Era of former FM, Taxes turned to be into great Mess, because instead of thinking practical aspects of Tax Provisions, He worked only on theoretical part, Second, instead of simplification of processes, aim was to make higher collection of taxes. Hope FM Madam won't repeat these mistakes, Looking her Educational Background, I am sure, She would ever have thought to have career in Educational Field. She has a great knowledge of Economics and Corporate affairs, But she must take advise of other learned and knowledgeable professionals, not IASs, but from Industry, also meet and listen to trade and industries representatives, who were totally ignored in Modi 1.0 Govt. Let's Hope, things will get changed now, soon Direct Tax Code will be a reality, Process of Simplification of GST and Labour Laws will be started Soon. Thanks.

Compliance Calendar for the month of May-2019 (GST/PF/ESI/MCA/TDS/Income Tax)

Hi Friends, Just Sharing Compliance Calendar for May-19. It contains dates for common compliance, for trade/industry specific, Kindly refer related Laws. Also for any changes Keep reading Govt’s Notifications/Circulars/Press Releases. Also for April-19, Some dates got extended e.g. MCA INC-22A Active Form from 25.04.19 to 15.06.19. Form DIR-3 (KYC of Directors) got extended from 30.04.19 to 30.06.19. Thanks.  

New Financial Year. New Changes.

It was good experience to see real time info on GSTN Portal. What a learning cycle, First Govt took lessons from Corporate to form GSTN and Run like Corporate, and after many failures now in the position to inspire corporates to follow GSTN, when it comes to systems automation/integrations & designing work flow and processes. New Year has begun. Perfect time to implement all changes, you planed in previous year, but could not implement for whatsoever reason/s or new changes in Policies, Procedures and Systems. Few Examples are :

1. Some Process to Outsource or Retain in-house. 2. Change in Softwares. (Accounting/CRM/HRMS/Tax Utilities/Knowledge Management). 3. New Document Types or/and Series. (Specially for GST – Output and Input Tax Accounts) 4. New Cost/Profit Centres. 5. Block/Unblock Vendors/Customers. 6. Arrange Training for Staff (Including Support Staff), if Required. 7. Centralization/Decentralization of Accounts. (Branches/Group-Companies) 8. Integration of Different Modules. To Start. To Continue or To Stop.
9. Change in Rights. (Based on Documents Type/Accounting Period) for View/Print/Create/Alter/Delete. 10. Change in KRA/KPA of Staff etc.

At Last, Change in only a Choice, if made, Changes Everything. All the Best. :)

Compliance Calendar for the month of April-2019 (GST/PF/ESI/MCA/TDS/Income Tax)

Hi Friends. Here is Compliance Calendar for April-19 for some common Compliance. Please refer govt circulars, notifications and press releases etc for any change. Wish You all Happy Closing of FY 18-19. Thanks.

Compliance Calendar for the month of March-2019 (GST/PF/ESI/MCA/TDS/Income Tax)

Dear Friends, Please find here Compliance Calendar for the month of March-2019. It contains some common compliance due dates. Trade/Industry Specific, Please refer related provisions. Kindly keep referring Govt's Press Releases/Circulars/Notifications etc for any Change. Thanks.

​Income-tax Deduction from salaries during the Financial Year 2018-19

Income Tax : Circular No.1/2019 : Dated 01st January 2019 : ​Income-tax Deduction from salaries during the Financial Year 2018-19 under section 192 of the Income-tax Act, 1961

Link :

https://incometaxindia.gov.in/communications/circular/circular_1_2019.pdf 

Recommendations made by the GST Council in its 32nd Meeting held on 10th January’ 2019

Recommendations made by the GST Council in its 32nd Meeting held on 10^th January’ 2019:

Ministry of Finance:

1. The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special Category States would decide, within one week, about the Composition Limit in their respective States.
2. Other important decisions taken in the Council Meeting include Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain quarterly (along with a simple declaration).
3. Higher exemption threshold limit for supplier of Goods:There would be two Threshold Limits for exemption from registration & payment of GST for the suppliers of Goods i.e. Rs 40 lakh & Rs 20 lakh. States would have an option to decide about one of the limits within a weeks’ time.
4. The Threshold for registration for Service Providers would continue to be Rs 20 lakh and in case of Special category States at Rs. 10 lakh.
5. GST Council also decided to introduce a Composition Scheme for Services: A Composition Scheme shall be made available for suppliers of Services (or mixed suppliers) with a tax rate of 6% (3% CGST +3% SGST)having an Annual Turnover in preceding Financial Year up to Rs 50 lakhs.
6. The said Scheme shall be applicable to both Service Providers as well as suppliers of Goods and Services, who are not eligible for the presently available composition scheme for goods.
7. They would be liable to file one Annual Return with Quarterly payment of Taxes (along with a simple declaration).
8. GST Council also decided that Free Accounting and Billing Software shall be provided to small taxpayers by GSTN.
9. They would be liable to file one Annual Return with Quarterly payment of Taxes (along with a simple declaration).
10.  Revenue Mobilization for Natural calamities: GST Council approved levy of cess on intra-State supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.
11.  The Last Date for passing the examination for GST Practitioners to be extended till 31.12.2019 for those GST Practitioners who have enrolled under rule 83(1)(b) i.e. who were sales tax practitioner or tax return preparer under the existing law for a period of not less than five years.

Recommendations made during 31st Meeting of the GST Council on 22.12.18

बिन माँगे मोती मिले, माँगे मिले न भीख ! :)

Recommendations made during 31^st Meeting of the GST Council on 22.12.18

1. There would be a single cash ledger for each tax head.
2. The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.
3. The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 shall be further extended till 30.06.2019.
4. Clarifications for Annual Return/s:

1. Return would be for supplies made during the year, not returns filed in the year.
2. Filing of GSTR-1/3B Mandatory before filing GSTR-9/9C. (GSTR-4 before GSTR-9A)
3. HSN Code for inward supply if more than 10% of total value.
4. No ITC based on GSTR-9/9C.
5. All Invoices would be auto-populated in Table 8A of GSTR-9.

5. GSTR-8 (E-Com) date will be extended to 31.01.19 for OND’18.
6. GST-ITC-04 from July-Dec18, Date Extended to 31.03.19
7. ITC for 1718 can be availed upto due date of 3B of March’19.
8. Refund (GST RFD-01) fully automated.
9. Late Fee Waived for GSTR-1/3B/4 for July17-Sep18 if filed between 22.12.18 to 31.03.19
10. No E-way Bill, If no returns filed for two consecutive tax periods.
11. Tax Rates Cut on Many Items.

More Detail Refer Press Release : http://pib.nic.in/newsite/PrintRelease.aspx?relid=186750

Books Everyone Must Read: Book Fourteen: A Manager's Guide to Creative Cost Cutting by David W. Young

Books Everyone Must Read: Book Fourteen

Book: A Manager's Guide to Creative Cost Cutting

Author: David W. Young

“A Penny Saved is a Penny Earned”

Whenever in an organization the Word “Cost Cutting” is heard, Employees feel like lambs before a wolf. Totally Terrified & Confused. A bitter & naked truth, in India, for most of the organizations “Cost Cutting” is synonyms of “Head Count Cutting”. 

I read many books on Cost Cutting & Cost Control. This is one of the best books, I am referring today.

Many people will get shocked that there are also other ways of reducing cost other than laying off employees. Yes There are. 181 ways described in book divided in 3 parts and 9 chapters. Some traditional methods and some new approaches. Cost Cutting in an organization is not as easy as negotiation by housewife with a vegetable seller. It is a combination of Art & Science. It is very important to understand limits of cost cutting. Which types of cost, when, how and within what limits ? at the same time, there are some costs which can’t be cut. You will also learn, How to use resources upto maximum extent. How to deal with hidden or unexpected costs. How little changes in processes/technology can save money ? How to balance debt and assets ? 

Keep Reading. Keep Growing. Thanks.

Compliance Calendar for the month of December-2018 (GST/PF/ESI/MCA/TDS/Income Tax)

Dear Friends, Please find here Compliance Calendar for the month of December-2018. It is about common Statutory Compliance. For Trade Related Specific Compliance refer relevant Act/Law. Please also keep referring Govt Circulars/Notifications/Press Releases for any change. Thanks.