GST – GOODS AND SERVICE TAX
1. From 1st July 2017 onwards GST has been implemented
2. The following are the forms to be filed in GST
– GSTR – 1, GSTR – 2
– GSTR – 3, GSTR – 3B
3. The below table shows the last date of filing the forms
|Sr No||FORMS||PARTICULARS||LAST DATE OF FILING|
|1||GSTR – 1||Sale Bills||5th of Subsequent Month|
|2||GSTR – 2||Purchase Bills||10th of Subsequent Month|
|3||GSTR – 3||Consolidated||15th of Subsequent Month|
|4||GSTR – 3B||Overall Summary – Tax Liability||20th of Subsequent Month|
4. Penalty Rs. 50/- per day will be levied in every form if it is not submitted on the due date
5. You are kindly advised to submit the sales and purchase details within due dates
6. GSTR – 2 – The purchases to be cross verified with other end, if not matched with our purchases it will attract penalty. Your coordination is very important to reconcile the same with your respective suppliers.
We are herewith disclosing the following amendments as per Income Tax Act w.e.f.1.4.2017, Kindly do the necessary arrangements at your end:
1. The assesse should file the return within due date, failing which compulsory penalty to be paid along with the tax
|Due Date of Filing||Till Dec||After Dec|
|No Audit Cases||31.07.2017||5,000||10,000|
|Tax Audit Cases||30.09.2017||5,000||10,000|
2. Both Aadhar Card and PAN card should be linked with Income-tax return, if there is any mismatch the same should be rectified immediately. If it is so we suggest forwarding a copy of Aadhar and Pan to our office.
3. Any payment including Expenses should not be more than 10000/- by cash per day to per person. However cash payment for Lorry Freight should not exceed Rs.35000/-per day.
4. As per New Section 269(ST) and 271DA of the IT Act no person shall receive an amount of Rs2,00,000/- or more than by cash. Any violation shall attract penalty of 100% to the amount
5. Donations upto Rs.2000/- can be paid by cash to the charitable organizations. More than Rs.2000/- has to be paid through bank to claim deduction u/s.80G.
6. Sale of Unquoted shares to be taxed on the deemed fair market value.
7. If Rent Payable is Rs. 50000/- per month, TDS on Rent has to be deducted at 5% for any individual or HUF.
8. Any Capital Expenditure exceeding Rs.10,000/- should be paid only through banking channels, if it is paid by Cash Depreciation will not be considered.
9. An Individual income exceeds Rs.50 Lacs but less than1 crores he has to pay surcharge @ 10%, and more than 1 crores has to pay @ 15%
10. Annual Turnover of the Companies is equal to or less than Rs.50Crores, Tax rate will be @25%