Comments Off on Clarification to Taxpayers on filing GSTR 9C form
Turnover for filing Form GSTR- 9C: Form GSTR-9C is needed be filed by individual taxpayer with aggregate turnover more than Rs 2 crore in a financial year. Annual turnover includes transactions done between 1st April, 2017 to 31st March 2018, both the dates included. For an instance, if Business A has an accumulated transaction of 2.1Cr between 1st Apr 2017 & 31st Mar 2018 & Business B has accumulated transactions worth 1.9Cr for the same period, Business A must file GSTR-9c whereas Business B is exempted.
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About providing Membership Number: While filing Part B of Form GSTR-9C, it is advisable to auditors to provide their Membership number without the 0 in the beginning. For example, if the number is “016”, the auditor should enter just “16” in the aforesaid part of the membership number field, not 016.
All the taxpayers are requested to file their FORM GSTR 9C at the earliest, to avoid last minute rush and to avoid payment of late fee.
Comments Off on Govt explains industry confusions over right filing of GSTR-9
As India Inc is just about a month modest from filing the first Goods and Services Tax (GST) yearly returns – GSTR 9 form, the government has proactively turned out with explanations on the inquiries raised by the industry on the same.
Organizations were confused on the confuse between the automated information (given by GSTN dependent on returns documented) and the passage in the books of accounts or return to document yearly return for FY18. The government explained that the citizens should give an account of the last for example books of records or returns documented during the last financial year. The confuse could have been because of different reasons, yet the positive side is that the organizations will be permitted to make changes.
According to the explanation: One normal test revealed by taxpayer is the place where details may have been missed in GSTR-1, definite outward supply return yet assessment was at that point paid in GSTR-3B, summary return and therefore taxpayers see a mismatch between auto-populated information and information in GSTR-3B.
The revelation for the taxpayer ought to be made as for GSTR-3B, and different alterations can be made in subsequent table. Further, an outward supply which was not announced by the registered individual in either GSTR-1 and GSTR-3B can also be declared in the annual return form.
“… timing of provisions (for revealing purposes) would depend about when was the GST paid by means of GST-3B,” said Pratik Jain, Partner and National Leader – Indirect Tax at PwC feels that this explanation has come auspicious, before the documenting of GSTR-9 and GSTR-9C which is June 30, 2019.
Another feature of this explanation was on the Integrated-GST (IGST) front. For instance: The import of goods in March 2018, the delivery to the factory was late by a month, and the credit was then guaranteed in April 2018. Because of a change in financial year, the credit was benefited in FY19, yet yearly return may demonstrate a lapse because of the calculation coded in it (which depended on genuine installment of IGST in the long stretch of March 2018).
Numerous taxpayers claimed that there was no row to fill in credit of IGST paid at the season of import of goods yet availed in the arrival of April 2018 to March 2019.
As the organizations were right in claiming the input tax credit (ITC), and GSTR 9 indicated slip by, an alternative has been given to report ITC benefited in FY19 on which IGST was paid in FY18.
“Explanations on viewpoints like lapsing of credits claimed in FY19 on goods imported in FY18, reason for divulgences made in explicit tables of the annual return should help settle ambiguities of businesses on the exact revelations to be made in the soon due to annual return,” said Abhishek Jain, Partner, EY.
It has likewise been explained that so as to decide when the supply must be reported, it must be viewed with respect to when was the tax paid in GSTR-3B. If tax on supply was paid through form GSTR-3B between July 2017 and March 2018 then such supply will be announced in point II of GSTR-9. (Subtleties of outward and internal supplies made during the money related year) .
Then again, if the tax was paid through GSTR-3B between April 2018 and March 2019 then such supply ought to be proclaimed in point V of GSTR-9 (exchanges for the FY 17-18 pronounced in FY 18-19).
An outward supply which was not announced by the resistered individual in either GSTR-1 and GSTR-3B ought to be declarec in point II of GSTR-9.
A company can accept funds from 18 specified categories which will not be deemed as Deposits under Deposit definition as mentioned in Companies Act 2013. Ministry of Corporate Affairs has defined 18 categories under rule 2 (1) (c) of the Deposit Rules 2014 which are called Exempted Categories. DPT 3- is a negative return,
MCA vide its notification dated 22.01.2019 notified that every company needs to provide details of funds accepted in previous years under these categories.
Applicability :-
All companies (Except Govt companies and NBFC) are required to file Form DPT 3
Every company needs to file Initial return as on 22.01.2019 on or before 29th June 2019 and then Annual Return as on 31st March on or before 30th June every year.
Timeline :-
For Initial Return – 29th June 2019 and for Annual Return – 30th June 2019.
Initial Return: Amount of outstanding receipt of money or loan by company as on/from 1st April 2014 from any date (after incorporation) to 31.03.2019 under any of 18 specified categories under rule 2 (1) (c) of the Deposit Rules 2014 and it is Outstanding as on 31.03.2019.
Annual Return: Amount of outstanding receipt of money or loan by company as on 31.03.2019 under any of 18 specified categories under rule 2 (1) (c) of the Deposit Rules 2014 to 31.03.2019 and its Outstanding as on 31.03.2019.
There are 18 specified categories under rule 2 (1) (c) of the Deposit Rules 2014
Reach Certicom- Group of Charrtered Accountants @ +91- 98800 52923
Prescribed Fee for filing with Late Fee
For , normal authorised share capital – (from Rs. 200/- to 600/- slab) and additional fee – upto 12 times of normal fee depending on delay in filing.
NIL Return is NOT required to be filed
Documentation @ DPT3
Mandatory: Signed attached excel sheet by management certifying details to be filled in Form DPT 3.
Recommendatory: Certificate from Statutory Auditors of the company giving details of Outstanding amount to be shown in Return. Since Balance Sheet will be affected with these disclosures.
Additionally, Net Worth on the basis of Previous Audited Balance Sheet.
Newly Incorporated Company is also required to comply with Law of DPT-3, if any amount/loan accepted as per rule 2 (1) (c ) of Deposit Rules 2014. New company will also be required to file both returns.
Net worth in that case will be calculated as per current year values.
www.certicom.in
What If not filed:-
Serious Implications if, management/Auditors are careless and not serious in providing details properly to be filled in Form…
Section 76A of the Companies Act 2013 will be applicable and following penalties will be attracted:
Section 76A. Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76or rules made thereunder or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the Tribunal under section 73,—
(a) the company shall, in addition to the payment of the amount of deposit or part thereof and the interest due, be punishable with fine which shall not be less than one crore rupees or twice the amount of deposit accepted by the company, whichever is lower but which may extend to ten crore rupees; and
(b) every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years and with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees:
Provided that if it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447 (Fraud).
