Thus, he shall electronically file: We are a GST specialized consultancy firm having team of professionally qualified experts in the team for leadership and supervision. These two states had the option to remain under lower threshold limits as they fall under the Special Category States. 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. Yes. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. In this regard, the board issued a press release on 26th November 2020. The GST Act/ Rules do not vest a GST practitioner with the power to audit under section 35(5). Two hilly states J&K and Assam have also opted to raise the limit to Rs.40 lakh. GST On Rate and SAC Code on Painting Work, Your email address will not be published. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Chartered Help. 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. A. A. 10/2019-Central Tax. Normally following documents are required for an individual professional for GST registration. What is Mean by Aggregate Turnover under GST ? NBFC / RBI Matters: Fee charged by CA in Practice for the work related to NBFC and RBI matters. ganesh s iyer ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. We provide complete GST Solutions from Registration, Filings, Audit, Opinion to Litigations. The states have an option to opt for a higher limit or continue with the existing limits. Persons making a sale on behalf of someone else whether as an Agent or Principal. Those who use the scheme from April 1,2019. Entities that are registered under Excise or VAT or Service Tax require enrolling themselves under GST to migrate to GST. Download ClearTax App to file returns from your mobile phone. 2. Aggregate turnover for FY 2019-2020 is considered for applicability of new threshold limits. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. This template supports the sidebar's widgets. Enter your e-mail and subscribe to our newsletter. 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. After registration process, it generates GST number. Changes in the composition scheme: The threshold of annual turnover for composition scheme was  increased to Rs.1.5 crores from 1st April 2019. Thus, quoting UDIN for chartered accountants becomes compulsory. 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. The above changes were proposed in the 32nd GST Council Meeting held on 10th January 2019. Taxability of services provided by professionals. 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. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Chartered Accountant Certificate under various provisions in GST law like availability of ITC in certain special circumstances, refund claim exceeding Rs. 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. 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. New scheme introduces a fixed tax rate of 6% with 3% CGST and 3% SGST. The limit remains unchanged at Rs.75 lacs for North Eastern states & Uttarakhand. Jaipur, Rajasthan, India About Blog Find the latest articles on Goods … CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. w.e.f. 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. This helps to ease compliance under GST. Hello, The limit for taking GST registration for a service provider is Rs. Now since I'm close to this limit I've registered for GSTIN in December 2020. Note 2: Kerala can now charge 'calamity cess' up to 1% on all intra-state supply of goods and services to cope up with natural calamities faced by the state last year. Suppliers who supply goods through E-commerce operator who is liable to collect tax at source. The Institute of Chartered Accountants of India (Set up by an Act of Parliament) ... of Chartered Accountants of India (ICAI) through its GST & Indirect Taxes Committee has ... having turnover below the threshold limit can still opt for voluntary registration and such This article explains the earlier threshold limits, new limits, their effective date of applicability and the persons to whom it applies. The threshold of annual turnover for composition scheme was  increased to Rs.1.5 crores from 1st April 2019. … ELIGIBILITY FOR GST COMPOSITION SCHEME: The registration under composition scheme is optional and voluntary. Documents Required For GST Registration of Professionals. Every E-commerce Operator who provides a platform to suppliers to make supply through it. An option was provided to the states to opt for the new limits or continue the earlier ones (status quo). © 2021 ‐ Defmacro Software Pvt. As per GST Council Decisions in its 32nd Meeting it seems that GST Registration New Turnover Limit is for supplier of goods. A. N. Bhutada & Co. is trusted and versatile Top Best Chartered Accountant In Pune India. Earlier the registration turnover limit was Rs 20 Lac. 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. 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. Every supplier whose aggregate turnover in the FY 2019-2020 exceeds the new threshold limits will have to get registered under GST. 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. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals. There has been no change in the threshold limits for service providers. MANDATORY REGISTRATION: The person who is crossing the proposed threshold limit. 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. GST Registration New Turnover Limit will be 40 Lac. b) GST Audit- There are three types of audit prescribed under GST Act as explained below: i. The Directorate General of GST Intelligence (DGGI), Visakhapatnam Zonal unit has busted a major input tax credit (ITC) racket being operated by a 28-year-old Chartered Accountant … A. N. Bhutada & Co. is trusted and versatile Chartered Accountant In Pune India. These two states had the option to remain under lower threshold limits as they fall under the Special Category States. These records and documents should be maintained at all the related business locations as mentioned in the registration … … Businesses having a turnover LESS THAN Rs. 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. *4 Quarterly payment and Annual Return* GST Registration New Turnover Limit will be 40 Lac. 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. 20 Lakhs. Persons taxable under the reverse charge basis. 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. The power to audit is granted only to a Chartered Accountant or Cost Accountant. And in case of Special Category States at Rs 10 lakhs. 10 lacs (for the taxable person who is conducting business in any of the North Eastern States including Sikkim). In the recent past Government has accepted and acted on many such representation made by Institute of Chartered Accountants of India and Institute of Cost Accountants of India. 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. New amendment in GST Registration are welcome move from Trade. Services provided by legal professionals i.e. The basis exemption turnover limit of GST Registration have been increased from 20 lac to 40 Lac to supplier of goods. Goods and Services Tax (GST) Registration GST will replace Central and State level indirect taxes like Central Excise Tax, CST, VAT, Servce tax etc. On 10 Jan 2019, Some of major decisions taken by then Finance Minister. 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. If the firm carries on business without GST registration, it will be an offense under GST … Certain exemption limit is also applicable above which only NGOs have to pay GST and should be registered under the GST Act. However states would have an options to decide about limit within a … The basis exemption turnover limit of GST Registration have been increased from 20 lac to 40 Lac to supplier of goods. Your email address will not be published. I haven't crossed the limit yet. GST Registration (Central Govt Recognized) It is to be noted that one shall register himself through any one mode among the above. Just upload your form 16, claim your deductions and get your acknowledgment number online. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. 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. However legal notification is yet to come. 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. Composition limit increased to 1.5Cr from the present 1 cr* The existing Composition Scheme turnover threshold raised to Rs 1.5 crore. GST online registration team, comprise of a devoted group of GST experts, Advocates and Chartered Accountants who possess sound knowledge, deep understanding of GST laws and regulations and indirect taxes and cross segment experience 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. The limit was increased for supplies of goods only up to Rs. You can verify the notification which specifically states the limit is set for a person "who is engaged in exclusive supply of goods". The founder is a Chartered accountant he is into practice for last Ten Years. GST Registration If an NGO runs any programs such as cultural events or any other training which is paid for participants, then NGO is liable to pay GST. 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