IMPORTANT:- GSTIN hosted a webinar today (26/7/17) on Tax Payment Process. In it, it was clarified:- 1. Only 25 banks have been authorised to collect GST. 2. HDFC, ICICI and Axis Banks are not eligible to collect GST. 3. Regd persons having their accounts with these banks can pay only through NEFT/RTGS only. 4. All tax challans are to be created only after logging into your GST account. 5. CPIN will be generated for each such challan created. 6. Such challan can be used to pay later but only within 15 days. 7. Such challans having CPIN are also required even if you wish to pay through epayment or debit/credit card. 8. After payment of challan either at bank or epayment mode, a CIN number will be generated. 9. If payment is made through NEFT/RTGS, then you have to log in to your account and enter your UTR number in your profile. 10. Three days after the generation of CIN or entering your UTR, your tax payment will be reflected in your e-cash ledger. 11. Only after the payme

Updates 🔹CBDT has started accepting the ITR without linking of PAN & Aadhaar. Due to many issues in linking of Aadhaar with PAN because of Name, D.O.B., Gender etc. mismatch; However you have to mention Aadhaar Number. 🔹U.P. E-way Bill system is deferred till 15/08/17 on the request of the dealers and trade organizations. 🔹All legal services provided by the Advocates, law firms of Advocates or LLPs of Advocates will be continued to be governed by the reverse charge mechanism. 🔹Renting of road is an Input Service-The road is used for the transportation of goods which is directly related to the manufacture of final product in the factory. 2017-TIOL-2499-CESTAT-MUM. 🔹Re-submission or Re-upload of the documents for the rejected cases. All the members  whose applications are rejected can now re-upload their documents from their login from 31st July to 6th Aug.2017 period. 🔹Co. (A) Bill, 2016 has been passed by Lok Sabha on July 27, 2017 as Co. (A) Bill, 2017 & would be r

Financial Planners: Test - http://bit.ly/2u0bZDT By: via Everything CA

*Opportunity in Wipro Ltd Buyback Offer* Recently in Board Meeting, Board of Director approved Buyback of shares Total No of Shares to be Buyback - 34.375 cr shares Out of which 15% is reserve for small shareholders as per SEBI Therefore total shares to be reserve for Small Shareholder is 5.156 cr shares As per latest shareholding of company, shareholder holding in range of 1 to 5000 shares is just less than 5 cr. It clearly means 100% acceptance ratio in buyback for small shareholders. Current Price - ₹ 285 Buyback Price - ₹ 320 Difference - ₹ 35 12.50 % absolute return within maximum 3 months, which means 50% return on annual basis. One should buy and tender at max 624 shares i.e below 2 lacs to be recognized as small shareholder. *Keep in Mind* : Tendering of 625th share will not recognized you as small shareholder in buyback offer as (625 shares X ₹320 = ₹2,00,000) These type of offers comes once in a while, so just go for it. *Don't miss this Opportu

1. Financial Reporting Almost Nil change. However there can be some minor changes consequent to changes in Companies Act 2013. Wait for RTP. 2. Strategic Financial management No change. Supplementary reader 2016 is incorporated in Jan 17 Practice Manual. However there are few questions still not incorporated which need to covered from Supplementary only. 3. Advance Auditing and Professional Ethics Revised SA 260 and 570 will be applicable. Changes in relevant laws up to 30th April, 2017 will also be applicable 4. Corporate and Allied Laws (Company law now 60 marks) Applicability of Insolvency and Bankruptcy Code, 2016 for 10 marks. Amalgamation and Winding Up chapter will be now as per Companies Act, 2013. AudiTax will upload Supplementary Shortly. Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies is deleted from course. 5. Advance Management Accounting No change. 6. Informat

1 Suo moto: own motion 2 Deeming fiction cannot be stretched beyonyd the purpose for which it is created 3 The words used in Law are not used for nothing 4 To invoke Provision : To make use of particular provision 5 Ipso Facto: By this fact alone or because of this matter alone 6 'MAY' may be treated as 'SHALL' but 'SHALL' shall not be treated as 'MAY' 7 Tenable: Acceptable in law 8 Redundant Provision : Out of Force or Outdated Provision 9 Quasi : Almost Similar to 10 Quasi Criminal: Almost equal to criminal 11 Jurisprudence: Law relating to particular matter 12 Mensrea: Guilty Mind 13 Ibid: As printed earlier 14 Suo Moto: On its own 15 Prima Facie: On its face 16 Non est: What is not in existence / Non existing thing 17 Call in question: To challenge 18 De Nova: Completely New 19 Sine quo non: Most essential thing 20 Purposes of this Act: Proceeding must be pending 21 Reason to believe Vs Reason to suspect: Refer various caselaws

Section 1 – Short Title, extent and commencement Section 2 – Definitions Section 3 – Officers under GST Act. Section 4 – Appointment of officers. Section 5 – Powers of officers under GST Section 6 – Authorisation of officers of State tax or Union territory tax as proper officer in certain circumstances Section 7 – Scope of supply under GST Regime Section 8 – Tax liability on composite and mixed supplies Section 9 – Levy and collection. Section 10 – Composition levy Section 11 – Power to grant Exemption Section 12 – Time of Supply of Goods Section 13 – Time of Supply of Services Section 14 – Change in rate of tax in respect of supply of goods or services Section 15 – Value of Taxable Supply Section 16 – Eligibility and conditions for taking input tax credit Section 17 – Apportionment of credit and blocked credits Section 18 – Availability of credit in special circumstances Section 19 – Taking input tax credit in respect of inputs and capital goods sent for job work.

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1. Name the 5 Wealthiest People in the world. 2. Name the Last 5 winners of Ms. Universe. 3. Name the Last 10 People Who won the Nobel prize. . . . . . . . How Did You Do? . . . . . . The Point is, None of us Remembers The Headlines of Yesterday, Even Though These People Must be the Best in Their Fields Applause Dies, Awards Are Tarnished and Achievements Are Forgotten!! . . . . . . . Here's another quiz: Let's see How This Goes: 1. Name 5 TEACHERS Who helped Your Journey Through School. 2. Name 5 Friends Who Helped You Thru Difficult Times. 3. Name 5 People Who Taught You Something Worthwhile. 4. Name 5 People Who Make You Feel Special. 5. Name 5 People You Enjoy Spending Time with. . . . . . . Easier...right? The People Who Make a Difference in ur Life Are NOT the ones with Most Awards and Loads of money. Life is Full of ordinary People Who Have Made the World a Better Place for You! Cherish them! Hold Them Tight!

Good news for income tax assesses: Proposed Income Tax slab rates by Central Board of Direct Taxes to be implemented from the next Financial Year (2017-18)... There will be 4 slabs unlike 3 at present... Up to 4,00,000 : Nil 4,00,001 - 10,00,000 : 10% 10,00,001-15,00,000 : 15% 15,00,001-20,00,000 :20% 20,00,001 & above : 30% It is official information, released this evening by CBDT By: via Everything CA

#GST the Goods and Service Tax (GST) Council has decided rates for around 1,150 items out of the total 1,211. The rates for remaining goods will be discussed and finalised on Friday. Here’s a breakup of the goods falling under the various tax slabs. 43 percent items are under the 18 percent tax rate. 19 percent are under the 28 percent tax rate. 17 percent are under the 12 percent tax rate. 14 percent items fall under the 5 percent tax rate. 7 percent items fall in the exemption list. Sugar, tea, coffee, sweets and edible oil will fall under the 5 percent tax bracket, said Hasmukh Adhia, financial services secretary, Ministry of Finance. Coal will also be taxed at 5 percent as opposed to the current incidence of around 10 percent. Goods such as hair oil, toothpaste and soaps will fall in the 18 percent category. All capital goods and industrial intermediates will also fall under the 18 bracket. This will help bring down inflation. Cereals, milk and jaggery will be exemp

Finance Tax WHATSAPP Group is aimed at connecting People, CA's (Chartered accountants) and even CA Students together and help them solving their problems with help of each other and experts. The present era is moving towards chat and collaboration, so do we. Here, we provide you an opportunity to help each other with members of this esteemed profession. Purpose of this group is solely to help each other, share professional updates and connect with Chartered accountants, cover different areas of Taxation, Personal Finance and CA course. Follow this link to join my WhatsApp group: http://bit.ly/2uIPOmR By: via Everything CA

Economic Times Business Standard Ø  'Power plants without registration no. can't sell to grid' Ø  RIL picks up 25% in Balaji Telefilms for Rs 413 cr Ø  Reliance Jio launches Rs 20,000 crore rights issue Ø  Close to finalising a promising alliance: Bajaj Auto Ø  NSE files application with Sebi on co-location issue Ø  Cement demand growth likely to recover by 5% Ø  PwC to acquire M&A tax team of BMR Advisors Ø  RIL Q1 profit up 8.6% at Rs 8,196 cr; GRM at $11.9 per bbl Ø  Volumes challenging in India due to GST, says Unilever Ø  Videocon Telecom forays into eKYC business, eyes Rs 100 crore in 2 years Ø  Sebi might cut listing time to 3 days from IPO, against 6 days at present Ø  European Central Bank keeps easy money stance despite better growth Ø  ONGC board yet to decide how to fund HPCL stake buy Mint Ø  ADB sees improved growth prospects for Developing Asia Ø  Justdial board to take up share buyback next week Ø  Royal Enfield to

For reverse calculation of GST . For 28% its 21.875% For 18% it's 15.25% For 12% its 10.72% For 5% it's 4.765% For 3% it's 2.92% . For Retailers Formula for reverse GST calculation on MRP for GST 5% = .95238 x MRP GST 12% = .89286 x MRP GST 18% = .84746 x MRP GST 28% = .78125 x MRP example MRP 112 GST 12% .89286x112 = 100 Please cross check yourself. . FOR RETAILERS FORMULA FOR REVERSE GST CALCULATION ON MRP . GST--5% MRP ÷1.05 GST--12% MRP÷1.12 GST--18% MRP÷1.18 GST--28% MRP÷1.28 FOR EXAMPLE 18% CALCULATION MRP 3000 3000÷1.18=2542 9%=229 9%=229 G.TOTAL=3000 By: via Everything CA

Myth: Purchasing from Composition Dealer attracts RCM u/s 9(4). Truth: Composition is an option to pay lower tax for registered person having low turnover. But it doesn't mean that he is unregistered person in GST. So, No RCM u/s 9(4) applicable if purchase goods from composition dealer. Myth: Composition dealer not purchase from Other State Truth: As per Sec 10(2) it is clearly mentioned that Composition dealer not engaged in inter state outward supply. That means you can't sale goods or provide services out of state. But you can purchase goods or receive services from outside State. So , Composition Dealer purchase from Outside State but can't sale outside State. Myth: Two Separate invoice to be raised By dealer registered in normal scheme if both taxable & exempted supply is made. Truth: Tax Invoice to be raised when taxable goods are supplied. If only exempted goods are supplied then you can issue bill of supply instead of tax invoice. But it doesn'

Q.what should be the presentation in exam ? Ans : Always divide your answer in paragraph as under a). Fact of the case - write summary of the question asked b). Legal Provision - Write the relevant provision of the law which are applicable to the current case. c). Discussion - in this para co relate legal provision with the facts of the case . d). Conclusion - it should always be in one or two line. Q2. Should we write Section number in answer ? Ans: No , if u dont remember or you are confused about the section number never quote it as wrong section number will create negative impression in the mind of examiner . and there are no extra marks for quoting section . Q3. Should we reproduce law language in the exam ? Ans:- NO, as if you see the institute material no where bare act language is used either in sections or practice manual . so go with simple language but try to cover some teachnical law words . you can also make your law words glossary so it will make your answ

There are increasing number of messages on WhatsApp and other social media platforms informing people about closure of nine banks. However, these are baseless, untrue and all depositors’ money is safe, according to Finance Ministry and the Reserve Bank of India (RBI). Since last few weeks, Whatsapp Groups have seen a barrage of messages claiming closure of nine public sector banks — Corporation Bank, UCO Bank, IDBI Bank, Bank of Maharashtra, Andhra Bank, Indian Overseas Bank, Central Bank of India, Dena Bank, and United Bank of India. The Finance Ministry has confirmed that the reports of the PSBs shutting down are “ridiculous, baseless and incorrect”. At present, these banks are weak with respect to their increased bad loans and low capital buffer because of which they are put under prompt corrective action (PCA) by the banking regulator RBI. Urging all to not fall prey to falsehoods on the future of these weak banks, RBI Deputy Governor SS Mundra on July 14 said the lenders’

1) HSN code is not linked with tax Rate till every body understands HSN code. And for turn over below 1.5 Cr, no need to mention HSN code in invoice. From 1.5 Cr. – 5 Cr turnover, only mention 2 digit HSN code and above 5 Cr mention only 4 Digits of HSN code. 2) For the Invoice, there is no hard and fast format or colour specified. You can design your own invoice. Only certain details are mandatory to be mentioned on the Invoice. 3) If your supplier is registered under composite scheme ( turnover below 75 lacs ) he cannot take credit of GST nor can his customer avail of GST credit. He has to pay only 1% of his turn over as GST if he is a trader and manufacturer and 2% if he is a manufacturer. And 5% if he runs a restaurant. 4) If your GST input is more than GST output (ie for E rickshaw industries most of items input GST credit is 28% and output GST is 12%) in that case after every month's return is filed, the person can apply for refund (RDF1) which will