Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…

Class 3 Digital Signature is used for e-tendering and is considered to be the signature of the highest level. The importance of the Class 3 DSC lies in the fact that it enables safety of the user. An Individual who is applying for tenders through e-tendering route would always want to know that his transactions are safe. Class 3 Digital Signature has been designed to do exactly the same. There are two validity period of Class 3 Digital Signature – One year and Two Years. According to the Information Technology Act, Class 3 Digital Signatures…

The Indian Rupee is not taking halt against US dollar, falling continuously to touch the lifetime low of 71.10 against the greenback. In today’s session, the currency got some relief after the good GDP numbers but failed to sustain and fell to an all time low levels. There are multiple factors behind falling Indian rupee against US dollar. Global and Domestic Factors The rising tensions between two biggest economies – the United States and China has taken toll on India rupee. Both the countries are in a race to slap tariff on each other’s…

The government has extended due date of filing DIR-3 KYC without any late fee till 15th September. As a part of updating the registry, the Ministry of Corporate Affairs as is conducting KYC of all Directors of all companies annually through DIR-3 KYC form. This form is compulsorily required to be filed by every director who has been allotted a Director Identification Number on or before 31st March of a financial year and whose DIN is in Approved status. It is mandatory for Disqualified directors also. Late filing after 15th September would attract…

Taxpayers should regularly check their ITR status to ensure that the Income Tax Return has been accepted and processed. Income-tax Department has provided access to check Income-tax Return Status in user login. However, not every tax payer understands the meaning of checking the status means after they file the return. Different types of ITR status: Submitted and pending for e-verification: this status appears on the screen:  When you have filed the ITR but have not e-verified it. You have  sent the acknowledgement to the department but…

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…

FORM GSTR 9 is an annual return that should be filed by the taxpayers who are registered under GST. It should be filled by even those who are registered under the composition Levy scheme. In GSTR 9 form, you would see various information related to supplies received and done during the whole year under various tax heads such as CGST, SGST and IGST. You should also understand the types of return under GSTR-9 form. There are four different types of form under the GSTR-9 forms. These forms are as follows: GSTR 9 – This form should be filed…

The Government is looking to link the GST network (e-Way bill) with FASTag mechanism of the National Highways Authority of India and Logistics Data Bank  services of the Delhi Mumbai Industrial corridor. For those who are not aware of what FASTag is, it is a device that with the help of Radio Frequency Identification technology enabled toll payments directly from the prepaid or savings account linked to it. The tag is pasted on the windscreen of the vehicle thus enabling the commuter to drive the plaza without having to stop by at the toll…

The GSTR-9A is a simplified annual return for the business owners who are looking to avail the Composition Scheme under the GST regime. The return would consist of all the quarterly returns filed by the compounding dealers/vendors in that financial year. Simply, the form consists of all the information provided in the quarterly returns by the composition taxpayers during that financial year. You would need to file the GSTR-9A form annually by 31st December following the financial year which is being reported. For instance, an Individual who is…

The Central Board of Indirect Taxes and Customs (CBIC) in one of its recent circulars has requested all the beneficiaries transacting with customs, including importer and exporter,to register themselves at ICEGATE. It has already introduced Single Window Interface for Facilitating Trade (“SWIFT”) for integrating Customs and other Participating Agencies (“PGAs”) for seamless processing of Import or Export procedures and the process was implemented successfully. One of the main elements of SWIFT is eSANCHIT, which allows traders to…

Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person to verify the correctness of turnover, tax paid, refund claimed and input tax credit availed by the taxpayer. There are three types of audit under GST: Audit by CA or CMA: As per the provisions of CGST Act,2017, every taxable person who is registered under GST and whose turnover is more than INR 2 crore during a financial year, shall get his accounts audited by a Chartered Accountant (CA) or a Cost and Management Accountant…

GST RFD-01 A form is introduced by GSTN for online processing of refund under GST.Who can file the GST Refund Application?The application for refund can be filed by any taxpayer in favor of whom the refund order has been issued.2) Filing of GST refund Application by unregistered person:An Unregistered person can file GST refund Application by his temporary login.3) No separate application for refund of GST deposited under the CGST/SGST/IGST for a refund order:If the refund order is the same for the CGST/SGST/IGST, a single refund application can…

1) TCS under GSTTCS under Goods and Service Tax refers to the tax which is collected by the e-commerce operator when a supplier supplies some goods or services through its portal and the consideration for such supplies is collected by the electronic commerce operator. The Rate of TCS to be collected by an e-commerce operator is 1% under the IGST Act (0.5% under the Central GST Act and 0.5% under the State/Union Territory GST Act). However, tax is not collected on exempt supplies and import of goods/services and supplies on which the tax is…

Supply under the Goods and Service Tax means the supply of goods and services of any form by a person to another person for some consideration. This concept includes two types of supplies: mixed supply and composite supply. Though these words are often used interchangeably, there is a glaring difference between the two. The tax liability for both the supply as per the new GST rules is also different. Here is a brief description of both the types of supply: Composite Supply under GST: Under GST, a composite supply concept is very identical…

A new facility has been enabled on GST portal wherein a claim of refund for an amount of INR 1,000 or more on account of excess payment of tax for the normal and casual taxpayers filing form GSTR3B, composite taxpayers filing form GSTR 4 non-resident taxpayers filing form GSTR 5. Steps to claim the refund on GST portal: A taxpayer can claim the refund of any excess amount paid as a tax on the official website of GST. However, the application for claiming refund shall be made by the taxpayer before the expiry of 2 years from the relevant…