Launching GST Weekly Newsletter - by gstindia.net

GST will be applicable from 1st July, reverse count down has already begun. Everyone is gearing up to be GST compliant, may it be knowledge, technology or business processes.

Keeping up with a new law introduction is very time consuming and a daunting task. Now it need not be with "gstindia.net Weekly" Newsletter. A Weekly newsletter for tax payers as well as tax professionals covering - Blogs, News, Events, Files, Tools, Notification.
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ICAI has published 5 Books/Papers on GST

http://gstindia.net has bought you fastest download links to these publications.

Background Material on Revised Model GST Law
Comprehensive material containing a clause by clause analysis of the revised Model GST Law along with FAQ’s, MCQ’s, Flowcharts and Illustrations etc. to make the reading and understanding easier.
https://goo.gl/MyV3xC

Study Paper on Taxation of E-Commerce under GST
In-depth knowledge of provisions of upcoming GST pertaining to E-Commerce Transactions in a very practical and simplified manner.
https://goo.gl/ivjhio

Study Paper on Unjust Enrichment
In-depth practical and theoretical knowledge of the concept of unjust enrichment
https://goo.gl/HW75A3

FAQ and MCQ on Revised Model GST Law
comprehensive coverage of GST in a question-answer format as an easy & lucid way to understand the law
https://goo.gl/nU1u1D

Simplified GST Guide for Manufacturer
Covers aspects of transaction related to manufacturing like levy and exemption, registration, time and place of supply, valuation, input tax credit, job work and much more under foreseen GST in very simple and easy to comprehend language
https://goo.gl/JhQetk

For more such file and discussion on GST, visit http://gstindia.net/forums

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LBT Introduced in Panvel

It’s not a very Happy New Year 2017 for the businesses in the Panvel Municipal Limits. The Panvel Municipal Corporation vide it’s GR Dt. 29th December 2016, has decided to levy the Local Body Tax on all Use, Consumption and Sale happening in it's territories.

The schedule of rates has also been prescribed by the local body ranging from 0.5% to 8% depending on the commodities one is dealing in. Having said that, most of the commodities shall be hit at 1% flat rate.

Although no clarification regarding the limit of turnover for one to get covered in the LBT is mentioned in the above GR issued, the same shall be prescribed to be Rs. 50 Crores and above as per what the Municipal Corporation of Navi Mumbai has done.

This means large factories, warehouses, trading zones, etc established in Panvel and connected areas of the Taluka of Panvel like Taloja, Javahar Industries and even Panvel Industries, set up by corporates or multinational companies wherein the goods move inside the territory of Panvel shall and having the turnover to be prescribed soon shall get hit.

This has to be done on basis of the value of the material moving into the territory in any form and hence even keen track of branch transfers from it’s own warehoused located out of Panvel.

This may result in the increase in rates of automobiles which were cheaper as compared to new Mumbai due to LBT being present in Navi Mumbai, even housing and commodities of daily consumption like cooking gas & CNG as well to the extent of charge of LBT on the same.

These dealers falling in the net of LBT, shall be required to take one more registration, pay taxes and also file returns with the local body in this regard in the periodicity prescribed.

Read more ...

A solution to the problem of managing dues

I recently launched an android app on google play store, which helps you manage all your dues. Think of it as an app to record all the credit purchases / sales and payment / receipt.

Current Problem: 

When businessmen sit down for settling their account (i.e. dues), almost every time they have a dispute on the amount due. This happens because one of them may have either missed recording of a transaction or recorded transaction with a wrong amount.

Solution

If the person with whom the transaction is entered is notified about the transaction, then there will be no errors in the recording of transactions, i.e. synced accounting.

How Counting Dues implements the solution

When a seller enters a sale transaction, the customer automatically gets notified to record a purchase transaction. When  the customer makes payment and enters the same in the app, the seller gets a notification to record a receipt. In simple terms, when one party records a transaction, another party gets a notification to record opposite transaction.

Want to see this in action? Check out this Counting Dues Introduction video on YouTube

Additional Solutions to the popular problems

Problem : If written records of transactions (i.e. details regarding purchase / sale) are prone to tear / lost/ theft/ damage due to fire / water
Solution : All the data is stored in a secure cloud, even if you loose your mobile, just login through your new mobile and all the data is copied from server.

Problem : Businessmen travel to a location to collect / make payments. Some times they miss going to a vendor / customer as the written records don't have filtering capabilities.
Solution : In Counting Dues, you can search using location and then plan your collection trips accordingly.

Problem : Small businesses are run by family members (Dad-Son / Brothers) (Uncle-Son). When any one of them is not available at the shop, there is ambiguity when a vendor comes asking for payment. There is confusion as to whether the payment is already made, what amount is to be paid.
Solution : Synced transactions. Counting Dues allows multi device installation. Hence all the transactions are synced between all the installed devices.

While developing counting dues, we had simplicity and security in our mind. Hence you will find it extremely easy to use. All the communication is encrypted as 100% of the data transmission between mobile and is sever is over HTTPS.

Checkout some of the screenshots of counting dues

Read more ...

New Blog on Excel, Data Analytics, Office management

Dear visitors of LBT Blog
(and my dearest subscribers, [600 Approx])

Starting new blog on - Excel, Data Analytics, Office Management. 
adarshmadrecha.blogspot.com

Since LBT's removal (almost), I was free to concentrate on new Idea for my Blog.
I found that many office goers face difficulty in using Excel. After all, Excel is the most used software in any CA Firm or Company.

Here, I shall be posting about

• Excel Tips and tricks
• Excel Videos
• Data analytics - How to get insights
• Office Management
• Excel Macros
• Excel User Defined Function

Posts

Just to have a glimpse of what this blog will be about, have a  look at the posts which are already posted last month.

1. Custom Function in excel for all your Date problems when you import the data into excel.
2. Must have Software in a CA Office (With Download links)
3. Vendor Master data analytics - Issues, Risks

Just enter your email ID below, and you will be subscribed to the new blog.

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Revolutionary Office Management Software for CA, CS, Advocates, Tax Consultants

Screenshots     |     Pricing    |    Enquiry Form    |     Home Page

Jamku is a NEW, Revolutionary Office Management Software  for CA, CS, Advocates, Tax Consultants by Madrecha Solutions Pvt Ltd.

Software is build keeping in mind unique needs of Small Practitioner. It helps to manage office to

• Increase Staff efficiency
• Stop Revenue Leakage
• Decrease turn around time 
• Monitor all Compliances on single page
• Never miss a Due Date

Watch it in Action Below

(Click Play button)

Jamku Helps in Managing :

1.     Client Groups
2.     Client
3.     Task (Job / Projects)
4.     Task Billing
5.     Work Done (Time Sheet)
6.     Compliance
7.     Attention (Reminder)
8.     Physical File Records
9.     Attendance
10.     Contacts (Phone Book)

Unique Feature (Not found in any other Office Management Software )

• Drill down Reports (Similar to Tally).
• Multiple Search Criteria
• Birds Eye view of Office Work.
• Negative report for Compliance (eg. Jamku answers the Question - "For which Clients VAT Return Filling for August 2015 is Pending").
• Every users gets his own Login without any extra penny. (Unlimited user creation).
• Audit Features
• Export each and every report to Excel
• Off-line and Cloud option available.

Enquire Now for this Revolutionary Office Management Software

With Just 2000/- Rs Yearly it is the most cost effective Practice Management Software in Market.

Screenshots     |     Pricing    |    Enquiry Form    |     Home Page

Read more ...

Final Amendmends for LBT Removal from 1st August 2015

The Most Anticipated Notification by LBT Dealers has arrived. This Notification abolished LBT for dealers having turnover of less than 50 Crore. Yes you read it correct 50 CRORE.

Earlier the notification dated 23rd July, 2015 had stated that the dealers will have to apply for removal of their name from the list of dealers registered for LBT. This ire many small dealers as it meant ONE more compliance. This is no more the case with this new notification in Place.
(FAQ / Common question below)

Read more ...

No abolition of LBT, traders with turnover of less than Rs 50 cr get exemption

Despite giving assurance of complete abolition of local body tax (LBT) in the municipal corporation area from August 1, the state government has issued a notification that has only waived off LBT for traders with an annual turnover of less than Rs 50 crore.

The tax will continue to be levied for traders with business of more than Rs 50 crore.

In a notification dated July 23, the state government said that the traders with more than Rs 50 crore of annual turnover needed to register themselves with the civic body while those with a turnover of less than Rs 50 crore should apply to civic body for removing their names from the list of taxpayers. (Notification below)

Read more ...

Amnesty Scheme Amended / Revised

Cheers of traders comes to halt. Government has revised LBT Amnesty Scheme. Incorporated changes suggested by Municipal Corporations. Now the Amnesty scheme is balanced, from earlier being too Tax Payer friendly.

LBT Amnesty Scheme was announced on 3rd June 2015. Giving option to tax payers to pay all the dues without interest and penalty. Which was a dream come true because of all Tax Payer Friendly provisions in the Amnesty Scheme like 

1. No tax, interest or penalty will be charged after 31st Dec 2015. 
2. Only 10% of the assessee will be assessed 
3. All assessment will be completed by 31st Dec 2015 (i.e. in just 5 months - Aug to Dec)
4. If in amnesty scheme also dealer fails to disclose and pay LBT upto 10%, no interest and penalty will be charged.

Because of these provisions in Amnesty Scheme, Municipal Corporations had written to the Urban Development Department to make changes. Specially Nagpur Municipal Corporation had raised their concerns over the provisions of the Amnesty Scheme could be misused and Corporations will have to bear losses. Already the Corporations are worried on the falling collections and LBT being withdrawn from 1st August*.

The following changes / amendments will be made in the Amnesty Scheme.

Read more ...

LBT Amnesty Application Form / Challan

In my previous post, about "LBT Amnesty Scheme in Detail" had in detail mentioned about the scheme, which is valid till 31st July 2015. 

A separate application has be submitted to apply for Amnesty Scheme. The sample Application has been provided in the Notification LBT-2015/CR-82/2015/UD-32 itself. (Download Link Below)

This application is to be submitted for each year separately.

Amnesty scheme will be beneficial for all.

• Current Status - Now what needs to be Done
• Not registered - Get registered under LBT (i.e. Apply for LBT No), Pay Taxes (No interest and Penalty), File Return, Apply for Amnesty.

Read more ...

LBT Amnesty Scheme in Detail

In Short :
As per the Amnesty Scheme (Official Name - The Maharashtra Municipal Corporations Local Body Tax Amnesty Scheme 2015), penalty and interest on accumulated dues  of LBT will be  waived, subject to fulfillment of conditions, such as registration, payment of tax and filing of returns etc. The Scheme comes into force from 3 June 2015 and is valid till 31 July 2015.

Applicability
Eligible Persons :     Both Registered and un-registered Traders /Persons
Tax Dues in :  Any of 25 Municipal Corporations within Maharashtra State
Tax Dues covered  : From date of introduction of LBT to 31.03.2015 (Including Dues pertaining to assessed period as well as un-assessed period)
Compliance Period  :  03-06-2015 to 31-07-2015

Read more ...

Care to be Taken before repealing LBT

This Article is written by +Kishor Lulla 

Some Acts, like Works Contract Act, have been born in negative atmosphere. Local Body Tax is also one of them. These Acts never gave satisfaction to anybody, either it may be Revenue, Dealers or Courts of Law. Though not sure, but at least as on today, trading community is happy on the news  that L.B.T. will be repealed from 01/08/2015. Of Course, as usual, alternative is un assured. Let us wait for the good to happen.

There are some provisions in the Maharashtra Municipal Provincial Rules of which proper care should be taken before repealing the Act.

Read more ...