Vacancy for CA semi-qualifieds in HDFC Bank

Job Description

• Carrying out audits of mid-size branches / units independently.

• Sampling of data extracted from core system (as part of pre-audit preparation) to cull-out exception.

GST e-invoicing must for businesses from April 1, 2020

From April 1 next year, electronic invoicing (e-invoicing) will be mandatory for businesses with a turnover of Rs 100 crore, the government said on Thursday.

This will help curb goods and services tax (GST) evasion and make compliance easier.

The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and

Payment of Membership/COP Fees for the year 2019-20 is further extended:ICAI

Important Announcement

It has been decided to extend the last date for payment of Membership /COP fee for the year 2019-20 up to 31st December 2019. It has been further decided to waive off condonation fee on delay of filing of application forms related to Members, Firms and Students, if respective transaction date in application forms falls between 1st April 2019 to 31st December 2019. Date: 29th November, 2019

M&C-MSS Section ICAI, NOIDA

YES Bank board okays nearly $2 billion fund-raising plan

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Read more at:
//economictimes.indiatimes.com/articleshow/72299864.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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The government has compulsorily retired another 21 "corrupt" tax officers

Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of the Red Fort when he had said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assessees or taking excessive action for minor or procedural violations.

"We have recently taken the bold step of compulsorily retiring a significant number of tax officials, and

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Speaking to an audience comprising of all the top bankers, he said the new guidelines will be put in public domain and the RBI will be seeking comments before finalising any rules.

Citing the case of under-reporting of NPAs which used to go unrecognised earlier and is made compulsory now, and the benefits it gets, the DG urged banks to

Income Tax Department creates exchange of information portal Read more at: https://www.caclubindia.com/news/income-tax-department-creates-exchange-of-information-portal--17842.asp

Income Tax Department creates Exchange of Information Portal for dissemination of information to all stakeholders India is committed to exchange financial account information automatically from 2017 under the Common Reporting Standard (CRS) on Automatic

ICSI releases peer review third edition

https://www.icsi.edu/media/webmodules/Peer_Review_Manual_Final_051119.pdf

Registration open for Certificate Course on Forensic Audit

  https://www.icsi.edu/media/webmodules/Forensic_Audit_Flyer.pdf

CII's Annual Roadshow on Competition Law and Practice on Saturday, 30 November 2019 in Mumbai/media/portals/0/new.gif

https://www.icsi.edu/media/webmodules/Competition_Law_EDM.pdf

ICAI releases exposure draft for comments on Code of Ethics

https://resource.cdn.icai.org/57530esb46665.pdf

ICAI chain of events on CA examination process post recent student protests

1. Constitution of independent High Level Committee on exam processes 2. First meeting held on 7.10.2019 3. Announcement inviting suggestions hosted on 25.10.2019

Developer of land is not a seller, liable to pay GST, rules AAR

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Bengaluru-based Maarq Spaces Private Ltd had entered into a Joint Development Agreement (JDA) with landowners for the development of a parcel of land into a residential layout along with specifications and amenities. The

What is Air Quality Index? How it is affecting you

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ICAI announces Scholarship to Students of CA Course for the Year 2019-20

The Board of Trustees of the Chartered Accountant Students Benevolent Fund (CASBF) has decided to provide financial assistance/scholarship for amount of Rs. 1500/- PM, to students who are registered in CA Intermediate /IPCC course and serving articled training as well as amoun

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Ambani through a network of subsidiaries owns a controlling stake in

RBI supersedes DHFL board

Mumbai: The Reserve Bank of India (RBI) on Wednesday superseded the board of Dewan Housing Finance Corp Ltd (DHFL) and appointed an administrator in its place, a step towards referring the company to the National Company Law Tribunal (NCLT).

New Chief Justice of India Sharad Arvind Bobde swearing in ceremony. Takes blessing of his mother infront of President

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The petitioner has filed the present petition impugning an order dated 1st February, 2019 passed by

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It will be offered soon after their plus two public examinations: Minister

Minister for School Education, Youth Welfare and Sports Development K.A. Sengottaiyan has said the government has proposed to unveil an ambitious scheme to offer Chartered Accountant (CA) coaching for students soon after their plus two public examinations.
Addressing after launching a special literacy programme by the Directorate of Non-Formal and Adult

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Moneycontrol could not independently verify the report.

JLN in its report said it had limited access to documents

Bharti Airtel to increase tariffs from December, 2019

https://m.economictimes.com/defaultinterstitial.cms

Vodafone Idea to increase tariffs from December 1

Beleaguered wireless operator Vodafone Idea said it will “suitably” increase the prices of its tariffs from December 1 2019, pointing to the financial stress in telecom and stressing that mobile data charges in India are by far the cheapest

Airtel withdraws bid for RCom assets sale, cites 'unfair' conduct by CoC

Telecom operator Bharti Airtel has withdrawn its bid to purchase assets of Reliance Communications (RCom) after terming the move of committee of creditors to extend the bid submission deadline on the request of Reliance Jio as

Change of Venue in Ahmedabad City (Gujarat), in respect of November 2019 Exams ---------------------

 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [Set up by an Act of Parliament]
Important Announcement
November 17th, 2019
Change of Venue in  THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [Set up by an Act of Parliament]
Important Announcement
November 17th, 2019
Change of Venue in Ahmedabad City (Gujarat), in respect of November 2019 Exam

Salaries are not subject to GST, clarifies CBIC

Salaries are not subject to Goods and Services Tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) clarified on Friday, adding that no GST has been demanded on salaries paid to chief executive officers or employees. Reports that tax authorities want to impose GST on salaries paid to employees is factually incorrect and misrepresents tax authorities, it said in a statement. The CBIC said that GST law position clearly states under Section 7(2) read with schedule three of the Central GST Act 2017 that salaried services by an employee to an employer will be treated neither as a supply of goods

Here is the step wise fall in Mumbai real estate prices

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• First overall development of around 5 to 6 smart cities in UP itself and other native states in another year or two. When we say smart cities all equipped Mumbai Like medical transportation connectivity

Anil Ambani resigns as director of Reliance Communications

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Four other directors, including Chhaya Virani, Ryna Karani, Manjari Kacker and

Vodafone-Idea latest developments as on 16/11/19

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Date	Development	Source
16/11/19	Vodafone Idea’s auditors may take call on writing off its assets soon	https://www.google.com/amp/s/m.economictimes.com/industry/telecom/telecom-news/vodafone-ideas-auditors-may-take-call-on-writing-off-its-assets-soon/amp_articleshow/72079839.cms

GSTR-9, GSTR-9C gets simplified further, submission dates extended

Govt extends due dates of filing GST for FY 2017-18 to 31st December

NEW DELHI: The Government has to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for

Birlas may let Voda Idea go insolvent if government doesn't help

MUMBAI: Aditya Birla Group will not infuse any fresh equity into VodafoneIdea Ltd, its telecom joint venture with Vodafone Group of UK, and let it opt for insolvency if the government does not provide substantial relief, including on the telco's adjusted gross revenue (AGR)-based dues, which could be over 39,000 crore, senior executives aware of the matter said. 

ICAI notifies revised dates of postponed CA EXAMS NOVEMBER 2019

https://www.icai.org/new_post.html?post_id=16105&c_id=219

Dheeraj Khandelwal tweets on revised schedule of postponed CA exams

https://canewsbeta.blogspot.com/2019/11/icai-notifies-revised-dates-of.html?m=1

Change of Venue in Lucknow City (Uttar Pradesh), in respect of November 2019 Exams

https://resource.cdn.icai.org/57470exam46567.pdf

Methodology for computing provisional GST credit as per 11th Nov circular

Methodology for computation of provisional credit under rule 36 (4)

(Circular no. 123/42/2019-GST dated November 11, 2019)

The Government has recently introduced an amendment in the GST law in relation to availment of provisional Input Tax Credit ("ITC"), notified vide Notification No. 49/2019-CT dated October 9, 2019. The relevant extract of

PMO issues strict guidelines on corrupt bureaucrats

Highlights

- The PMO's decgision comes amid a nationwide debate over the fixing accountability of government officers as complaints

Change of Venue in Beawar City (Rajasthan), in respect of November 2019 Exams

https://resource.cdn.icai.org/57462exam46546.pdf

Bombay HC orders income tax refund of Rs 788 cr to Vodafone within three weeks

https://www.google.co.in/amp/s/m.hindustantimes.com/india-news/bombay-hc-orders-income-tax-refund-rs-788-cr-to-vodafone-within-three-weeks/story-hBrbRy8g6qs7eFu9gibhtM_amp.html

Gujarat distributors stop stocking goods of various big fmcg companies

Market view on week ahead 11th to 15th November 2019

If you think the economy needs a serious dose of medicine to be up and running, the government just provided one -- a Rs 25,000 crore funding window to help unclog stalled projects in the real estate sector.

ICAI clarifies on further schedule of CA examinations from 13th November 2019 onwards

https://www.icai.org/new_post.html?post_id=16099&c_id=219

ICAI POSTPONES Intermediate/IPCC exams to be held on 11th November 2019

https://www.icai.org/new_post.html?post_id=16099&c_id=219

GST Auditors! Don't Miss These Checkpoints While Filing GSTR 9C

GSTR 9C is an annual reconciliation statement to be filed by every registered person whose aggregate turnover for a financial year exceeds Rupees 2 crores (Section 35(5) read with Rule 80).

The due date for GSTR 9C for FY 2017-18 is 30th November, 2019 which has been constantly revised due to the complexities of the form.

In this article, let us understand certain GSTR 9C check points in detail with examples that will assist in simplifying GSTR 9C. However, one must understand that GSTR 9C is only a reconciliation statement of amounts and figures disclosed in the books of accounts.

1. Applicability of GSTR 9C - 

As mentioned above, GSTR 9C is applicable to those registered persons whose aggregate annual turnover exceeds INR 2 crores. Aggregate turnover is the aggregate value of all taxable values, exempt supplies, export of goods or services or both, inter-state supplies of the person having the same PAN (on all India basis), but excludes inward supplies liable to reverse charge, central tax, State tax, Union territory tax, integrated tax and cess.

It is critical to determine applicability of GSTR 9C. Any error may result in non-compliance of the same.

Note - For FY17-18, to determine aggregate turnover, period to be considered is July 2017 to March 2018.

Example 1 - 

ABC Ltd is having the following mentioned turnover in FY 2017-18.

Unit details	Taxable Turnover	Exempt Turnover	GST Audit Required?
Unit 1 of ABC Ltd - Maharashtra	Rs. 1.5 crores	Rs. 0.75 crores	Yes
Unit 2 of ABC Ltd - Gujarat	Rs. 10 lakhs	Rs. 80 Lakhs	Yes
Unit 3 of ABC Ltd - Karnataka	Rs. 0	Rs. 0	Yes

Example 2 - 

XYZ Ltd is having the following turnover for FY 17-18.

Particulars	Taxable Value	GST Audit Required?
Sale of Alcoholic Liquor for Human Consumption	Rs 1.90 crore	Yes
Rent from Commercial Property	Rs. 25 Lakhs

2. Classification of turnover in Table 5 - 

Table 5 requires reconciliation of turnover as per audited financial statements with that declared as per GSTR 9. There are certain incomes that form part of financial statements but are not reported in GST. One must be careful while classifying and reconciling income under various heads as required under GSTR 9C.

Example 3 - 

Mr. A is providing Custom House Agent Services. Let us see how his services will appear in GSTR 9C -

(in Rs)

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	Sales as per Audited Financial Statement	1.25 crores	9 lakhs	9 lakhs
2	Amount Recovered as Pure Agent	20 lakhs	-	-
3	Amount Recovered as Pure Agent, (but it doesn’t qualify criteria of Pure Agent Related Provisions)	5 lakhs	-	-
4	Turnover as declared in GSTR 9	1 crore	9 lakhs	9 lakhs

Sr. No 1 - Sales may be declared in Table 5A
Sr. No 2 - Amount recovered as pure agent may be declared in Table 5M
Sr. No 3 - This will not be reflected under Table 5 but will be shown under Table 6 as reconciled item.

Example 4 - 

A Ltd is a SEZ registered unit. Disclosure of turnover will be shown as follows -

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	Export of Goods to USA under LUT	1 crores	-	-
2	Goods Supplied domestically, where DTA unit filed BOE	20 lakhs	-	-

Sr. No 1 - It will be part of Table 5A. Also it will be disclosed in Table 7C
Sr. No 2 - It will be part of Table 5A. Also It will be disclosed in Table 5K

Example 5 - 

X Ltd has made the following transactions during the year -

(in Rs.)

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	Profit on Sale of Fixed Asset	1 lakh	-	-
2	Sale value of Fixed Asset	10 lakhs	0.9 lakhs	0.9 lakhs

Sr. No 1& 2 - It will be disclosed as adjustment in Table 5O

Example 6 - 

Mr. A imports goods. In case of imports, he makes the following transactions -

(in Rs.)

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	Goods Supplied on High Seas Sales Basis	20 lakhs	-	-
2	Sale of imported Goods	1 crore	9 lakhs	9 lakhs
3	Total Sale as per Audited Financial Statement	1.2 crore	9 lakhs	9 lakhs

Sr. No 1 - Goods supplied on HSS, will be disclosed in Table 5A and also in Table 7B
Sr. No 2 - It will be form part of Table 5A. No separate disclosure required
Sr. No 3 - It may be declared in Table 5A

3. Advances received against Supply of Goods or Services - 

GST was payable on advance received against supply of goods or services. However, in the case of goods two exemption notifications were issued - Notification No 40/2017 dated 13th October, 2017 (for registered taxpayers having turnover below Rs. 1.5 crores) and Notification No 66/2017 dated 11th November, 2017 (for all registered taxpayers) wherein no GST is required to be paid on advance received against supply of goods.

No exemption is available if advance is received against supply of services.

Example 7 - 

GST on Advance received against supply of Goods (Case where Notification No 40/2017 CT dated 13th Oct 2017, is applicable)

(in Rs.)

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	Advance received on 1st Aug 2017	20 lakhs	1.8 Lakhs	1.8 Lakhs
2	Advance received on 25th Aug 2017	10 Lakhs	0.9 Lakhs	0.9 Lakhs
3	Advance received on 1st Oct 2017	10 Lakhs	-	-
4	Advance received on 25th Jan 2018	30 Lakhs	-	-
5	Invoice raised on 1st Mar 2018, with respect to 1st Advance	30 Lakhs	Balance Amount	Balance Amount
6	Invoice raised on 1st May 2018, with respect to 2nd , 3rd and 4th Advance	60 Lakhs	Balance Amount	Balance Amount

Sr. No 1 - No separate reporting, as invoice is raised during the same year.
Sr. No 2 - It will be disclosed in Table 5C
Sr. No 3 - For non payment of GST, auditor should recommend interest liability at Part V
Sr. No 4 - No reporting required as it is exempted

Example 8 - 

GST on Advance received against supply of Goods (Case where Notification No 66/2017 CT dated 11th Nov 2017, is applicable

(in Rs.)

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	Advance received on 1st Aug 2017	20 lakhs	1.8 Lakhs	1.8 Lakhs
2	Advance received on 25th Aug 2017	10 Lakhs	0.9 Lakhs	0.9 Lakhs
3	Advance received on 1st Oct 2017	10 Lakhs	-	-
4	Advance received on 14th Oct 2017	30 Lakhs	-	-
5	Invoice raised on 1st Mar 2018, with respect to 1st Advance	30 Lakhs	Balance Amount	Balance Amount
6	Invoice raised on 1st May 2018, with respect to 2nd , 3rd and 4th Advance	60 Lakhs	Balance Amount	Balance Amount

Sr. No 1 - No separate reporting, as invoice is raised during the same year.
Sr. No 2 - It will be disclosed in Table 5C
Sr. No 3 and 4 - For non payment of GST, auditor should recommend interest liability at Part V

Example 9 - 

GST on advance received against supply of services

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	Advance received on 1st Aug 2017	20 lakhs	1.8 Lakhs	1.8 Lakhs
2	Advance received on 25th Aug 2017	10 Lakhs	0.9 Lakhs	0.9 Lakhs
3	Advance received on 1st Oct 2017	10 Lakhs	-	-
4	Advance received on 12th March 2018	30 Lakhs	-	-
5	Invoice raised on 1st Mar 2018, with respect to 1st Advance	30 Lakhs	Balance Amount	Balance Amount
6	Invoice raised on 1st May 2018, with respect to 2nd , 3rd and 4th Advance	60 Lakhs	Balance Amount	Balance Amount

Sr. No 1 - No separate reporting, as invoice is raised during the same year.
Sr. No 2 - It will be disclosed in Table 5C
Sr. No 3 and 4 - For non payment of GST, auditor should recommend interest liability at Part V

4. Unbilled Revenue - 

There are certain incomes which have been recognised as income in the books of accounts on accrual basis but not reflected in GST. Such income is known as unbilled revenue.

For FY 2017-18, one has to be careful while reporting under this section as total unbilled revenue as on 01st April 2017 is not to be considered as an adjustment is required for invoices booked during the period April 2017 to June 2017. Thus, unbilled revenue as at 30th June 2017 is to be considered.

Example 10 - 

A Ltd has reported unbilled revenue as at 01st April 2017 - Rs 10 Lakhs

During April 2017 to Jun 2017 invoice issued against such unbilled revenue- Rs 3 Lakhs

Unbilled revenue at the beginning of the year to be reported in Table 5B - Rs 7 Lakhs (10 minus 3)

5. Deemed Supply under Schedule I - 

Under Schedule I certain supply have been treated as deemed supply even if no consideration has been on such supplies. Supplies covered under Schedule I are as follows -

a. Supplies made to related parties
b. Supply of goods via Agent
c. Permanent transfer or disposal of asset where no consideration has been received but input tax credit was availed’

Such supplies are to be reported in Table 5D and may not be added in Table 5A.

Example 11 - 

A Ltd has made the following transactions -

(in Rs.)

Sr. No	Particulars	Value	GSTR 9C Reporting
1	Sales of goods	10 Lakhs	Table 5A
2.	Asset disposed	5 Lakhs	Table 5D
3.	Branch Transfer	2 Lakhs	Table 5D

6. Other Income and Recovery - 

Let us understand how various incomes other than sales and recoveries made be treated under GSTR 9C.

Example 12 - 

(in Rs.)

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	Sales	1 Crore	9 Lakhs	9 Lakhs
2	Interest Income on FD	1 Lakh	-	-
3	Dividend Received	2 Lakhs	-	-
4	Canteen Recovery from Employee - deducted from Canteen Expenses	0.5 Lakhs	-	-
5	Interest received from Customer for late payment	0.25 Lakhs	-	-
6	Penalty Amount received from Supplier, as per contract terms, for Non-performance of partivity	1 Lakh	-	-

Sr. No 1 - It will be reported in Table 5A
Sr. No 2 & 3 - It may be disclosed at Table 5O, if said amount is already included in Sr. No 5A. If it is not disclosed in Table 5A, the same may not be reported in Table 5O
Sr. No 4,5 and 6 - It may be disclosed at Table 5O by adding the values, then it will reconciliation item on which there will be additional liability at Table 6.

Else auditor can disclose additional liability on the same in Part V

7. Input tax credit - 

It is important to verify tax availed as per books of accounts, GSTR 2A and GSTR 3B is in line with each other. Auditor may come across such instances where excess credit has been in GSTR 3B but the same has not been booked in books of accounts, ineligible credit has been availed or reversals required have not been made as per Rules. In such cases, the auditor may show this amount as additional liability payable.

However, any input tax credit not availed till the specified time limit shall lapse i.e. for FY17-18, input tax credit could have been claimed upto filing of March 2019 return.

Example13 - 

Input tax credit - Wrongly availed.

(in Rs)

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	ITC availed in F.Y. 17-18. Later, taxpayer has identified some wrong ITC of 17-18 and reversal done in May 18 Return		0.5 Lakhs	0.5 Lakhs
2	ITC availed in F.Y. 17-18. During GST Audit, auditor observed wrong ITC is claimed in Nov 18. Disclosure is not made for the same, in any return upto Nov 18		1 Lakh	1 Lakh

Sr. No 1 - No separate reporting is required as the taxpayer has already made the reversal. However auditor should recommend Interest liability at Part V
Sr. No 2 - Auditor should disclose additional liability of wrong ITC in Part V

Example 14 - 

Input tax credit - Payment to creditor within 180 days

(in Rs)

Sr No	Particulars	Value	CGST Paid	SGST Paid
1	ITC availed in July 2017	10 lakhs	0.5 Lakhs	0.5 Lakhs
2	Out of the above payment made to supplier upto Mar 18	8 lakhs
3	Balance amount paid in Nov 18	2 Lakhs

Sr. No 3 - Auditor should disclose additional liability / Interest in Part V

Example 15 -

ITC - Auditor observed below Credit availed by taxpayer in Books as well as GSTR Return upto Mar 18. What to do

Sr. No	Particulars	CGST	SGST
1	Food	5,000	5,000
2	Works Contract	25,000	25,000
3	Purchase of Car	90,000	90,000
4	Factory Insurance	30,000	30,000
5	Employee Insurance (not specified by law)	225,000	225,000

Sr. No 1, 2, 3 and 5 - It is blocked credit as per Sec 17(5). It is to be reported as additional liability by Auditor in Part V of GSTR 9C

Conclusion -

These are certain points one should take care while reconciling values under GSTR 9C. Situations under GSTR 9C are such that may vary business to business - what may be applicable to one business, may be ineligible to other. Thus, careful interpretation of terms according to business should be done.

There are multiple software available in the market which provides multiple tools to ease GSTR 9C preparation and filing. GST Hero is one such software, it is a government of India appointed GST Suvidha Provider and is also a cloud-based multi-user software with a smoother GST Filingmechanism. GSTHero provides a Free Tally TCP Tool that enables easy preparation of GSTR 9C. Get this connector to make your GSTR 9C Filing Simpler and easier with GSTHero.

End Note - 

GSTHero is a government of India appointed GST Suvidha Provider and is also a cloud-based multi-user software with a smooth mechanism to work together with an advanced ITC reconciliation feature that will provide you and your clients an automated tool to handle ITC reconciliation and also open up a list of new service avenues for your tax practice.