CA CMA Syam sundar

 *Changes in form GSTR 3B: Concept Paper* 📰 In the concept paper following changes are proposed: 1. Auto-population of values from GTSR-1 into GSTR-3B in specific rows.  2. Provision for allowing *amendment in GSTR-3B* 3. Allowing *negative values in GSTR-3B* 4. specific rows for showing various reversals and subsequent reclaims of ITC 5. Streamlining the process of settlement of IGST revenues You can furnish your suggestions on the Concept Paper by 15th September 2022. Download the concept paper, draft GSTR-3B, instructions:

 INDEPENDENT AUDITORS’ REPORT To The Members of ABC PRIVATE LIMITED Report on the Audit of the   Financial Statements Opinion We have audited the accompanying   financial statements of ABC PRIVATE LIMITED (“the company”) which comprise the Balance Sheet as at March 31, 2022, and the statement of Profit and Loss, and the statement of cash flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid   financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2022 and the profit and its cash flows for the year ended on that date. Basis f...

 CBDT Reduces time limit for e- verification of ITR from 120 days to 30 days of filing the return.However, for ITR Filed upto 31/07/22 time limit of 120 days would continue to apply. ITR Filed from 01/08/22 new time limit of 30 days would be applicable. CBDT Reduces time limit for e- verification of ITR from 120 days to 30 days of filing the return.However, for ITR Filed upto 31/07/22 time limit of 120 days would continue to apply. ITR Filed from 01/08/22 new time limit of 30 days would be applicable.

The Goods and Services Tax (GST) portal has introduced the new facility of filing of Nil Return for GSTR-1 in a single click where the taxpayers can file the Nil return by simply tick marking.  “Introducing Single Click Nil Filing of GSTR-1 Taxpayers can now file Nil GSTR-1 by simply tick marking ‘File Nil GSTR-1’ check-box available on GSTR-1 dashboard.  #NilGSTR1 #ReturnMadeEasy #GST #SingleClick #GSTR_1,” the Goods and Service Tax Network (GSTN) tweeted in its official twitter handle.  Every taxpayer has to file GSTR-1 even if he has no business activity during the period, i.e. no sales in a month/quarter.  Therefore, a dealer must file a Nil GSTR-1 in such cases. The outward supplies include all taxable as well as exempt supplies. The failure to file nil GSTR-1 and GSTR-3B filing, would attract a maximum late fee charged shall be capped at Rs. 500 per return as per the present GST laws.  ‘Nil’ return can be filed for a particular tax period, if the taxpayer ...

 Department of Consumer affairs vide its letter dated 01.08.2022 clarified on the Impact of GST on unsold stock of Pre-Packaged Commodities under Legal Metrology (Packaged Commodities) Rules 2022 1. Permitted to declare revised MRP on unsold stock upto 31.01.2023. 2. Difference between MRP and revised MRP should be in excess to increase in Tax. 3. MRP and revised MRP both should be displayed on the PDP. 4. Change in MRP shall be advertised. You can refer the detailed notification under below link 👇 https://drive.google.com/file/d/1JV0zb2fuYZrHdZzOt0zCegX8Z4az-mbU/view?usp=drivesdk

RBI Mandates Positive Pay System  (PPS) w.e.f 1st August 2022. RBI has made it Mandatory for cheques worth Rs. 5,00,000 and above to  be encashed  should follow the PPS. if the Rules are not followed Banks are allowed to refuse clearance of such cheques. Under the PPS , RBI had said that  Cheques worth of Rs. 50,000  and above will have to be compliant with the PPS. This rule come into force w.e.f 1st Jan 2021. However it was not mandatory. Several  Banks set the limit  for worth Rs. 5,00,000 or above for Mandatory PPS registration w.e.f 1st August 2022  What is mean by PPS? ( https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11969 ) The concept of Positive Pay involves a process of reconfirming key details of large value cheques.   Under this process, the issuer of the cheque submits electronically, through channels like SMS, mobile app, internet banking, ATM, etc., certain minimum details of that cheque (like date, name of the be...