Chartered Help. Earlier the registration turnover limit was Rs 20 Lac. Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said. 27.11.2020: The Central Board of Direct Taxes(CBDT), is going to validate UDIN with ICAI while submitting the Tax Audit Report. Another key factor in running a business is CA consultant in Noida.Tax matters of all kinds, GST conformities, are resolved by your CA. We have the best ITR filing consultant in Noida, whose solution will help you to stay safe from any kind of Income-tax matter.We uphold high ethical standards with long-term experience and never distrust you. Chartered Accountant Certificate under various provisions in GST law like availability of ITC in certain special circumstances, refund claim exceeding Rs. The GST law dictates that every registered taxable person must maintain their book of accounts for a period of at least 6 years from the last date of filing of the relevant annual return. The time limit for completion or compliance has been extended to 30th June 2020, where the time limit falls between the period from 20th March 2020 to 29th June 2020. … New scheme introduces a fixed tax rate of 6% with 3% CGST and 3% SGST. Your email address will not be published. 2. We at Vipin Gupta & Co., have a team of young talented professionals (Chartered Accountants, Company Secretaries, Lawyers, Technology officers) with most optimistic, diversified & balanced approach. Download ClearTax App to file returns from your mobile phone. The firm have been providing various services under one roof in the field of Company Registration, Accounts outsourcing, Auditing, GST Audit, Filing in India. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. GST Registration; Shop & Establishment Certificate; Udyog Aadhar Registration (MSME/SSI) ... limit specified by the GST council is 20 lakhs for all the states except for the North Eastern States where the limit is 10 lakhs. *4 Quarterly payment and Annual Return* The limit remains unchanged at Rs.75 lacs for North Eastern states & Uttarakhand. These two states had the option to remain under lower threshold limits as they fall under the Special Category States. The power to audit is granted only to a Chartered Accountant or Cost Accountant. This article explains the earlier threshold limits, new limits, their effective date of applicability and the persons to whom it applies. Composition limit increased to 1.5Cr from the present 1 cr* The existing Composition Scheme turnover threshold raised to Rs 1.5 crore. 40 Lakhs through Notification No. Value of all (taxable supplies+Exempt supplies+Exports+Inter-state supplies) – (Taxes+Value of inward supplies+Value  of supplies taxable under reverse charge + Value of non-taxable supplies) of a person having the same PAN(Permanent Account Number) across all his business entities in India. Persons taxable under the reverse charge basis. We provide complete GST Solutions from Registration, Filings, Audit, Opinion to Litigations. Those who use the scheme from April 1,2019. I am existing GST Number Holder Do I need to Amend by Registration ? This template supports the sidebar's widgets. However, certain category of persons are required to compulsorily get registered under GST: 1. in our company assessment year 2017-2018 the chartered accountant is provision done audit fees and accounting charges that time no g.s.t the gst is from 1.7.2017. know the c.a is a new invoice is raised with g.s.t on dated 2.4.2018 it is correct or worng method. Independent service providers, as well as mixed suppliers of goods and services with an annual turnover of up to Rs.50 lacs in the preceding financial year can opt for this scheme. Services provided by legal professionals i.e. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Even previously when these two states had the option to charge GST only on aggregate turnover exceeding Rs.10 lacs, they had opted for a higher threshold limit of Rs.20 lakh. The basis exemption turnover limit of GST Registration have been increased from 20 lac to 40 Lac to supplier of goods. There has been no change in the threshold limits for service providers. GST Audit Under Section 35 (5) A registered person with an aggregate turnover exceeding the prescribed limit of Rs 2 Crore needs to get his accounts audited by a Chartered Accountant or a Cost Accountant. b) GST Audit- There are three types of audit prescribed under GST Act as explained below: i. Overview of earlier limits, new limits and the date of applicability, Financial Year to reckon the aggregate turnover, Other amendments in the threshold limits under the Composition Scheme, How to File Application in Form GST EWB-05 For Unblocking of e-Way Bill Generation Facility, Step-by-Step Process For Uploading Invoices Using the Invoice Furnishing Facility (IFF), GST Number Search Online - Taxpayer GSTIN/UIN Verification, Auto Population of e-Invoice Details Into the GSTR-1, This page is best viewed in Chrome, Firefox or IE 11. Chartered Accountant In Pune, India. Required fields are marked *. A. Businesses having a turnover LESS THAN Rs. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Independent service providers, as well as mixed suppliers of goods and services with an annual turnover of up to Rs.50 lacs in the preceding financial year can opt for this scheme. Jaipur, Rajasthan, India About Blog Find the latest articles on Goods … The basis exemption turnover limit of GST Registration have been increased from 20 lac to 40 Lac to supplier of goods. in the FY 2019-2020 exceeds the new threshold limits will have to get registered under GST. 2 crore, disbursal of budgetary support under GST regime to the units located in States of J&K, Uttarakhand, Himachal Pradesh and North East etc. Question on gst 20l limit and lut; Hey guys, I've been freelancing with a client in the US from April 2020 and I'm getting close to the GST threshold limit of 20L (I offer software services and my export income is around 20L). Certain exemption limit is also applicable above which only NGOs have to pay GST and should be registered under the GST Act. Ltd. GST Registration Threshold Limits Increased. Goods and Services Tax (GST): Nagpur branch of WIRC of ICAI has prescribed the following minimum fee to be charged by a CA in practice for GST related services. The time limit for completion or compliance has been further extended to 31st August 2020, where the time limit falls between the period from 20th March 2020 to 30th August 2020. Taxability of services provided by professionals. GST Registration New Turnover Limit will be 40 Lac. And in case of Special Category States at Rs 10 lakhs. GST On Rate and SAC Code on Real Estate Commission. ELIGIBILITY FOR GST COMPOSITION SCHEME: The registration under composition scheme is optional and voluntary. Supplier of Goods for GST Registration New Turnover Limit = 40 Lac, Supplier of Services GST Registration New Turnover Limit = 20 Lac. GST Registration New Turnover Limit will be introduced under GST law. Every supplier whose. If the firm carries on business without GST registration, it will be an offense under GST … You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Kerala, Chhattisgarh, Jharkhand, Delhi, Bihar, Maharashtra, Andhra Pradesh, Gujarat, Haryana, Goa, Punjab, Uttar Pradesh, Himachal Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, West Bengal, Lakshadweep, Dadra and Nagar Haveli and Daman and Diu, Andaman and Nicobar Islands and Chandigarh, Puducherry, Meghalaya, Mizoram, Tripura, Manipur, Sikkim, Nagaland, Arunachal Pradesh and Uttarakhand. On 10 Jan 2019, Some of major decisions taken by then Finance Minister. I haven't crossed the limit yet. © 2021 ‐ Defmacro Software Pvt. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. the aggregate turnover in a financial year exceeds Rs. New amendment in GST Registration are welcome move from Trade. GST Registration New Turnover Limit will be 40 Lac. These professionals need to get themselves registered under GST laws, collect GST @ 18% on their invoices and deposit the same to the Government treasury, after adjusting allowed set offs, if any. This registered person needs to furnish electronically: Annual Return as per section 44 of … From Which Month New Turnover Limit Applicable, As per GST Council Decisions in its 32nd Meeting for introducing, Does Supplier of Good or Services Have Different GST Registration New Turnover Limit. Yes. A. MSN team will guide you on the […] GST On Rate and SAC Code on Painting Work, Your email address will not be published. *3. Major decisions are in favour of small and medium size business. … 20 Lakhs. The GST Council, on considering the demands raised by MSME, increased the threshold limits for GST registration. The states have an option to opt for a higher limit or continue with the existing limits. This helps to ease compliance under GST. Two hilly states J&K and Assam have also opted to raise the limit to Rs.40 lakh. (i.e. If your business is registered in GST in August, you need to file return for period starting from 1st August, 2017. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. The founder is a Chartered accountant he is into practice for last Ten Years. Every E-commerce Operator who provides a platform to suppliers to make supply through it. w.e.f. As per GST Council Decisions in its 32nd Meeting it seems that GST Registration New Turnover Limit is for supplier of goods. Online Service Providers providing service from outside India to a non-registered person in India. However states would have an options to decide about limit within a … Registration under GST . The limit was increased for supplies of goods only up to Rs. GST - Registration : Threshold limit Rs. Documents Required For GST Registration of Professionals. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. Entities that are registered under Excise or VAT or Service Tax require enrolling themselves under GST to migrate to GST. SAG Infotech - GST Articles. 1st July, 2017. Composition scheme was made available to service providers: New scheme introduces a fixed tax rate of 6% with 3% CGST and 3% SGST. Aggregate turnover for FY 2019-2020 is considered for applicability of new threshold limits. 1.0 Crore* can opt for this scheme but on any given day, if the turnover crosses the above-mentioned limit, then he becomes ineligible for the same and has to take registration under the regular scheme. An option was provided to the states to opt for the new limits or continue the earlier ones (status quo). A. N. Bhutada & Co. is trusted and versatile Top Best Chartered Accountant In Pune India. We are a GST specialized consultancy firm having team of professionally qualified experts in the team for leadership and supervision. Every registered person under GST needs to file GST returns for the period starting from the time he got registered or the date when GST got implemented(i.e. Suppliers who supply goods through E-commerce operator who is liable to collect tax at source. Even previously when these two states had the option to charge GST only on aggregate turnover exceeding Rs.10 lacs, they had opted for a higher threshold limit of Rs.20 lakh. The above changes were proposed in the 32nd GST Council Meeting held on 10th January 2019. This website provides Professional training on GST Return filing, Income Tax Return filing, TDS Return filing, Tax Audit Preparation , GST Audit Preparation , and Books of Accounts Audit to Chartered Accountants, Company Secretaries, Tax Professional, Tax Consultant, Cost Accountants, Accountants and other Account Professional. NBFC / RBI Matters: Fee charged by CA in Practice for the work related to NBFC and RBI matters. A. N. Bhutada & Co. is trusted and versatile Chartered Accountant In Pune India. Earlier the registration turnover limit was Rs 20 Lac. Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [as per the latest GST Rules, the turnover limit is above Rs 2 crore^] shall get his accounts audited by a chartered accountant or a cost accountant. What is Mean by Aggregate Turnover under GST ? It does not include cases where a person needs to obtain GST registration under section 25 (Normal registration) and 27 (Registration as a casual taxable person/ non-resident taxable person) of the CGST Act. Changes in the composition scheme: The threshold of annual turnover for composition scheme was  increased to Rs.1.5 crores from 1st April 2019. Goods and Services Tax (GST) Registration GST will replace Central and State level indirect taxes like Central Excise Tax, CST, VAT, Servce tax etc. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. The GST Act/ Rules do not vest a GST practitioner with the power to audit under section 35(5). Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. It does not include cases where a person needs to obtain GST registration under section 25 (Normal registration) and 27 (Registration as a casual taxable person/ non-resident taxable person) of the CGST Act. Therefore, a Chartered Accountant is not required to be registered as a GST practitioner for the purpose of certifying Form GSTR 9C. The time limit for completion or compliance has been extended to 30th June 2020, where the time limit falls between the period from 20th March 2020 to 29th June 2020. 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