From The Desk of CA SANDHYA JAIN

Government today extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August  so  businesses will have more time to file the final GST returns. Now sales return or GSTR-1 for July will have to be filed by September 10 instead of September 5 earlier and purchase returns or GSTR-2 would be filed by September 25 instead of September 10 earlier. GSTR-3, which is the match of GSTR-1 and GSTR-2, will have to be filed by September 30, in place of September 15. With regard to August, the date for filing GSTR-1, GSTR-2 and GSTR-3 has been extended to October 5, October 10 and October 15 from earlier September 20, September 25 and September 30, respectively. Notifications issued for the extension is under: MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 29/2017-Central Tax New Delhi, the 5th September, 2017 G.S.R. 1129(E) .— In exercise of the power...

As we all know that GST has been rolled out w.e.f. July 1st 2017 and first return for the month of july 17  is  due in august but a GST is new to us both the user and authorities so there are lots of difficulties faced by the user first during the registration and later on in billing etc. So to ease out the hardships caused due in the transition phase, the CBEC has provided the relaxation vide Notification No. 18/2017, 19/2017, 20/2017 & 21/2017- Central Tax dated 8th August, 2017 in filing GST returns for the initial two months (viz. July’17 & August’17) post GST implementation. Resultant, the tax payable would be paid based on the form GSTR-3B to be filed by the 20th of the succeeding month. However, the invoice wise details to be furnished as per the rules in GSTR-1 & GSTR-2 can be filed later as scheduled below: Return Form   What to File   By Whom & When   for July' 17   ...

As we are aware that the GST made applicable with effect from 1st July 2017. Last date of return filing for various return for the month of July 17 as under: 1. GSTR 3B - 20th August 2017 2. GSTR-1 - 5th Sep 2017 3. GST- 2 - 10th Sep 2017 As these are the first returns under GST regime tax will be paid on self assessment basis. Refer below link for further info. File First GST Return on GSTN from 5th Aug.

Dear All, The Indian Accounting Standards (IndAS) have been applicable to companies covered under Phase I of transition to IndAS w.e.f. 1st April, 2016. Accordingly, the Finance Act, 2017, amended the provisions of Seciton 115JB of the Income Tax Act, 1961 for IndAS compliant companies w.e.f. 1st April, 2017 (A.Y.2017-18). To assist the stakeholders and provide clarity on computing income as per Section 115JB for IndAS Financial Statements, CBDT has issued  clarifications by way of FAQs vide Circular No. 24/2017 dated 25th July, 2017 .   FAQ . Question 1: The profit for the period may include Marked to market (MTM) gains/ losses on account of fair value adjustments on various financial instruments recognised through profit or loss (FVTPL). A situation may arise where the losses on account of fair value adjustments could be added back in view of clause (i) of Explanation 1 to section 115JB (2) of the Act. Whether the losses on such instruments require any adjustment ...

The first GST returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today.  Businesses can start filing their first GST returns and pay taxes for July on the portal of GST Network -- the IT infrastructure provider for the new indirect tax regime, beginning August 5, he told PTI here. To make compliance easy for businesses, the GST Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST rollout. Source :  http://economictimes.indiatimes.com/news/economy/policy/businesses-can-start-filing-july-returns-on-gstn-from-august-5/articleshow/59897352.cms