Saturday, 20 April 2024

Other Services

Other Services


  • Internal Audit Services
  • Monthly Review of books of accounts 
  • Review of Internal Control 
  • Review and Design and Implementation of SOP 

  

Internal Audit Services  : Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.


Monthly Review of Books of accounts : Reviewing the accounting books is the task of thoroughly scrutinizing the books before the end of the fiscal year or period to ensure their accuracy and uniformity. In general, accountants meticulously review financial data for errors or omissions. Accountants review accounting records based on a variety of criteria.


Review of Internal Control : Internal control is a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance: That information is reliable, accurate and timely. Of compliance with applicable laws, regulations, contracts, policies and procedures.

Standard Operating Procedure : Standard operating procedures provide the policies, processes and standards needed for the organization to succeed. They can benefit a business by reducing errors, increasing efficiencies and profitability, creating a safe work environment and producing guidelines for how to resolve issues and overcome obstacles.


Friday, 19 April 2024

Extension of Due date of GSTR-1 for the period March 24

 In continuation of the advisory issued on 11.04.24 regarding the due date extension for Form GSTR 1, the Government has extended the due date of filing for March 2024 period to 12.04.24 for monthly taxpayers vide notification no. 09/24 - central tax dated 12.04.2024.

Thanking you

Tuesday, 9 April 2024

Advisory on Reset and Re-filing of GSTR-3B of some taxpayers


    1.  This has reference to the facility for re-filing of GSTR-3B for some of the taxpayers. It was noticed that there were discrepancies in the returns of some taxpayers during the filing process between the saved data in the GST system and actually filed data in the fields of ITC availment and payment of tax liabilities. The matter was examined and deliberated by the Grievance Redressal Committee of the GST Council and as a facilitation measure the Committee decided that these returns shall be reset, in order to give opportunity to such taxpayers to correct the discrepancy.

    2.  Accordingly, only the affected taxpayers have been communicated on their registered email-ids and the affected returns are visible on their respective dashboards for the purpose of refiling with the correct data. The taxpayers who have received such communication, are requested to visit their dashboard and re-file their GSTR-3B within 15 days of receipt of such communication.

    3.  You may reach out to your jurisdictional tax officer or may raise ticket of GST grievance redressal portal, in case you face any difficulty in re-filing of such GSTR-3B.

    4.  Inconveniences caused to the taxpayer is deeply regretted.

Advisory: Auto-populate the HSN-wise summary from e-Invoices into Table 12 of GSTR-1


    1.  GSTN is pleased to inform that a new feature to auto-populates the HSN-wise summary from e-Invoices into Table 12 of GSTR-1 is now available on the GST portal. This allows for direct auto-drafting of HSN data into Table 12 based on e-Invoice data.

    2.  Please note that the HSN-wise summary data auto-populated into Table 12 is intended for your convenience. Please ensure that you reconcile the data with your records before its final submission.

    3.  Any discrepancies or errors should be manually corrected or added in Table 12 before final submission.

Thanking you

Wednesday, 20 December 2017

TRAN 2 GUIDE

*Step by Step guide for filing Form GST TRAN 2 form*

*Prequisite*:TRAN 2 can be filed only if TRAN-1 and GSTR 3B of the relevant tax period is filed.
*Step 1*. Navigate to the TRAN 2 page of the desired tax period after logging in , Select the < Financial Year> and < Month>
*Step 2*. Table 4 of TRAN 2 would be enabled if records were declared in Table-7(a) (7B) of TRAN 1 and Table 5 would be enabled if records were declared in Table-7(d) of TRAN 1.
*Step 3*. Enter details of opening stock in Table 4 and Table 5 as declared in TRAN 1. Please ensure that all the HSN/goods are declared in TRAN 2, in the opening balance in the month of July, 2017, irrespective of the fact that these have been sold or not in the first i.e. July, 2017 tax period.
*Step 4*. Declare the details of sold goods from such stock in the first tax period and the Central/State and integrated tax paid on those goods and compute the ITC allowed and state this value in the applicable tables. ITC allowed should be less than or equal to (=) 60% of Central Tax or 30% of Integrated Tax.
*Step 5*. While filing Tran 2 of subsequent tax periods, the tax payer has to only declare the details of goods supplied/sold and the tax paid and ITC allowed. The opening stock gets auto-populated from the earlier tax period closing stock. And the closing sock is auto computed from the opening stock and the supplied quantity in the tax period.
*Step 6*. Save after entering each record in tables of TRAN 2.
*Step 7*. After entering all the records click “Preview” to download the pdf with draft summary values of TRAN 2. Verify the correctness of the entered data. If satisfied click “Submit” to freeze your declaration. Please verify thoroughly before submitting.
*Step 8*. Download the summary of your submitted TRAN 2 for your record by clicking on “Preview” again.
*Step 9*. Click on file with DSC or EVC and select the authorized signatory to file TRAN 2 for the tax period.
*Step 10*. After successful filing the message and email with the ARN number will be sent to the taxpayer.
*Step 11*.The claimed ITC of central and state tax would be reflected in the ITC ledger of the taxpayer after filing of TRAN 2. It has to be noted that the ledger entries get posted after filing of TRAN 2 and not “Submit” (as is/was the case in TRAN 1).