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Thursday, June 27, 2019

GST Audit


When GST registration is required: Business having turnover more than 40 L in year in trading and manufacturing, require to get registration in GST whereas 20 L limit is available for service provider to get GST registration since 1st April 2019.  
When GST Audit is required: As per Section 35 of GST Act, GST audit is compulsory audit and based on turnover like Tax audit. Every registered GST business owner having turnover exceeding Rs 2 Cr during year is required to get GST audit by CA or Cost Accountants.
To start GST Audit, auditors require various documents to complete GST Audit. Following Documents are required for GST Audit
Ø  Sales Invoices
Ø  Purchase and other service invoices
Ø  GST Input Register
Ø  GST 3B
Ø  GST 1
Ø  GST 9A
Ø  HSN wise summary for sale and purchase
Ø  Ledger of reverse charge
Ø  Debit and credit note file
Ø  Bank Statements
Ø  Financial Statements
Ø  ITR
Necessary Steps GST Audit:
Step 1: Reconciliation of GST 3B with GST 1
Step 2: Reconciliation with GST 3B, GST 1 with financial statements for year
Step 3: Checking of GST input weather it is eligible for input or not
Step 4: Reconciliation with payments of debtors or creditors as payments is required to pay within 180 days from date of invoice

Who can be GST Auditors?
As per GST ACT, CA or cost Accountants can be GST auditors for any firm or company. Its suggestion to every business owner to engaged as GST auditors other than statutory auditors or regular consultant who is engaged in GST filling etc.
Other Independents Auditors can audit with different angel and provide best of result which will be beneficial for business. Example: Company has taken input of hotel, Car etc which is not allowed as per GST Act.
It’s better to identify such input and pay GST amount to departments before they will identified and levy penalty.

Wednesday, June 5, 2019

June Date with Departments


 Business Compliance Calendar 2019
For the Month of June 2019

Due Date

Purpose

Period

Description

Penalty
GST COMPLIANCE

10th June 2019

GSTR 8
May  2019
 TCS Return in GST
Rs.50 Per Day
11th June 2019

GSTR 1( Monthly)
May  2019
Details  of outward Supplies where Turnover  exceeds Rs. 1.5 Crore
Rs. 50 per Day


 20th June2019


GSTR 3 B


May 2019





Summary of outward supplies, ITC claimed and net tax payable
Rs. 50 per Day
30th June 2019
GSTR 9
July 2017 to March 2018
Annual Return

PF/ESIC COMPLIANCE
15th June 2019



PF/ESI




May 2019

Depositing Contribution towards PF/ESI

Delay Upto 2 months-5%
From 2 months to 4 months-10%
TDS  and  ROC COMPLIANCE
07th June 2019
TDS /TCS Payment
May 2019
Depositing TDS/TCS liability under income tax Act
1.5% P.M.
15th June 2019
Advance Tax
April to June
1st Installment of advance tax






15th June 2019
INC 22A
YEARLY
Company KYC
10000

By MAP and Co

CA Manish Kumar Sinha

Friday, January 11, 2019

Business Compliance for January 2019

Business Compliance Calendar 2019
For the Month of January 2019


Due Date

Purpose

Period

Description

Penalty
07th January 2019
TDS/TCS Liability
December 2018
 Depositing TDS/TCS liability under Income Tax Law
1.5 % per Month
11th January 2019
GSTR 1( Monthly)
December 2018
Details  of outward Supplies where Turnover  exceeds Rs. 1.5 Crore
Rs. 50 per Day
15th January 2019

TCS RETURN

December 2018





Details of TCS Deducted
Rs 200 per day
15th January 2019



PF/ESI




December 2018





Depositing Contribution towards PF/ESI

Delay Upto 2 months-5%
From 2 months to 4 months-10%
20th January 2019
GSTR 3 B
December 2018
Summary of outward supplies, ITC claimed and net tax payable
Rs 50 per day
31st January 2019
GSTR1





October 2018 to December 2018




Details  of outward Supplies where Turnover  Less than Rs. 1.5 Crore


Rs. 50 per Day
31st January 2019
TDS Returns
October 2018 to December 2018

Details of TDS deducted

Rs 200 per day

Friday, August 3, 2018

DIRECTOR KYC




Director KYC
As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through the new eform viz. DIR-3 KYC. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in 'Approved' status, would be mandatorily required to file form DIR-3 KYC on or before 31st August, 2018. While filing the form, the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password (OTP). The form should be filed by every Director using his own DSC(Class 2) and should be duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC would be mandatory for disqualified Directors also.
After expiry of the due date by which the KYC form is to be filed, the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as 'Deactivated' with reason as 'Non-filing of DIR-3 KYC'. After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.
Above mail is received by all director Active as well  director in default)

Following is frequent question asked regarding DIR KYC

If the director is a citizen of India, then he should mandatorily enter his Aadhaar number in the form. Suitable message urging the stakeholders to obtain Aadhaar as early as possible for integrating their details with MCA21 was already posted on the MCA21 portal.

Send OTP button will be enabled only after successful Pre-scrutiny of the form. After successful Pre-scrutiny, user has to click on ‘Send OTP’ button.

Yes. Any person who has been allotted DIN and where the status of such DIN is ‘Approved’, is required to file form DIR-3 KYC. Hence, disqualified directors are also required to file form DIR-3 KYC.

Question 1: Who require to DIR KYC?
Answer: All Directors who are allotted Din require to file DIR KYC except who got DIN on or after 1st April 2018.
Ø  Active Director in any company
Ø  Director in Default in any company
Ø  Have DIN but not director in any company
Ø  Allotted DIN on or before 31st Match 2018

Question 2: What is due date to file DIR KYC
Answer: As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through the new eform viz. DIR-3 KYC. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in 'Approved' status would be mandatorily required to file form DIR-3 KYC on or before 31st August, 2018.
Ø  Due Date for filing e form is       31/08/2018
Ø  MCA will Mark all approved DINs  as  “Deactivated”, if form is not filed within due date
Ø  All these Deactivated DINs can be Reactivated only after payment of late fee of Rs. 5000.

Question: what are required documents to file DIR KYC?
Answer: Following are require Documents required for Director KYC-
·         Declaration  by director (letter attached)
·         Self attested of PAN card
·         Self attested of Address proof (Copy of Aadhaar Card or Copy of bank statement, Electricity Bill, Telephone Bill, Mobile Bill but not older than two months)
·         Self attested of ID Proof (Copy of Voters Identity Card/ Passport/ Driving License )
·         One Passport Size Photo
·         Email Id and Mobile No.
·         Director’s Digital signature
Author is CA Manish Kumar Sinha, can be reached mapfcadelhi@gmail.com