Audits

Extension of due dates of Income Tax Return, Tax Audit and GST Annual Return
Audits
CA. Kavit Vijay

New due dates of Income Tax and GST for FY 2019-20 | ITR| Tax Audit| GST Audit

1. New Income Tax Return filing due dates for FY 2019-20, AY 2020-2021 Compliance Period Earlier extended Due Date* Extended Due Date No. of days extended Income Tax Return- Who is required to get his account audit AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Partners Whose firms are liable to get his account audit AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Companies  AY 2020-21 31st January, 2021 15th February, 2021 15 Days Income Tax Return- Who is required to furnish report in respect of international/specified domestic transactions AY

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gst audit
Audits
CA. Kapil Mittal

GST Audit and Checklist for GST Audit

Goods and Service Tax (“GST”) is the major source of revenue for both center and state governments and any non-compliance on part of the taxpayer may result in huge losses to the government. Government keeps various checks to ensure that taxpayers are complying with the provisions and all transactions are genuinely entered such as Reconciliation ITC appearing in GSTR-2A with ITC availed in GSTR-3B, Assessment by departmental officer, Audit by specified professional etc.  Audit is defined under Section 2(13) of CGST Act as  “examination of records, returns and other documents maintained or furnished by the registered person under this Act

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CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9
GSTR 9
CA. Kapil Mittal

CGST 7th Amendment Rules- Amendments in refund forms and GSTR-9

Under Goods and Service Tax (“GST”), Annual return is required to be furnished in form GSTR-9 and Reconciliation statement and certificate is required to be furnished in form GSTR-9C. As these forms are getting filed for the first time and considering the various issues faced by taxpayers, due date of filing of GSTR-9 and GSTR-9C has been extended till 30th November, 2019 for FY 2017-18. Similarly, taxpayers are also facing various issues in the filing of Form GST RFD-01 (Application of Refund).  To resolve the issues faced by taxpayers, the department has made various amendments in its 7th Amendment Rules

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GST Audit Plan 2019-20
Audits
CA. Sachin Jindal

Know all about GST Audit Plan for 2019-20

The GST authorities have rolled out the GST audit plan and strategy for FY 2019-20 in respect of the GST audit to be conducted for FY 2017-18. The objective of rolling this strategy plan is to standardise the procedure among all GST Audit Commissionerate(s) pan-India and provide guidance to the audit teams on the entire workflow and related processes. The Directorate General of Audit, Indirect Taxes (‘DG Audit’) has rolled out an internal communication in this regard. The GST audit plan and strategy have been designed in a way to target high-risk Taxpayers and avoid causing any inconvenience to small

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Clarifications on filing of Annual Return
GSTR 9
CA. Kapil Mittal

Clarifications on filing of Annual Return (FORM GSTR-9)

The last date for filing of Annual return in FORM GSTR-9 is 30th June 2019. The trade and industry have raised certain queries with respect to the filing of this Annual return which is being clarified as follows: Clarification in filing form GSTR-9 Information contained in FORM GSTR-2A as on 01.05.2019 shall be auto-populated in Table 8A of FORM GSTR-9. Input Tax Credit on inward supplies shall be declared from April 2018 to March 2019 in Table 8C of the same GSTR_9 form. Particulars of the transactions for FY 2017-18 declared in returns between April 2018 to March 2019 shall be declared in Pt. V of FORM GSTR-9.

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Information on Tax Invoice - GST
Circulars
CA. Sachin Jindal

Missing information in Tax Invoice leads to Penalties u/s 125 and 122

Department has instructed vide circular 90/09/2019-GST dated 18th February, 2019 that all registered taxpayers are required to mention place of supply and name of state on tax invoice while making inter-state supply. Contravention will lead to invocation of penalty proceedings against taxpayer under section 122 or 125 of CGST Act.

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Formats for filing Annual Returns revised GSTR-9 and GSTR-9C
GSTR 9
CA. Sachin Jindal

Formats for filing Annual Returns revised GSTR-9 and GSTR-9C

1. Formats for filing Annual Returns revised GSTR-9 and GSTR-9C Revised GSTR-9 and GSTR-9C Formats for filing Annual Return in Form GSTR – 9, Form GSTR – 9A, Form GSTR – 9C have been notified. The summary of changes made in GSTR – 9 is given below: 2. Details of outward and inward supplies liable to RCM made during the FY (Part – II) to be prepared based on GSTR – 3B There was a lack of clarity as to whether GSTR-9 has to be prepared on the basis of GSTR-1 or GSTR-3B. It has now been clarified that all

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