What's Inside: ICAI Guwahati
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
What’s Inside: 01 | Chairman Speaks 02 | From the desk of the Editor 03 | GST Key Action Points for year-end compliance – FY 2020-21 05 | Guwahati Branch Activities 08 | ICAI in News 09 | Fun Time 10 | Managing Committee 11 | Keep in touch
I
Chairman Speaks…
Dear Members,
Through this communication; I bring to you the evolution of profession in its current form,
where we are, where we wish to go and how do we achieve this. Friends! While reminiscing
debates in the Constituent Assembly in pre-independence era leading to the creation of
profession of Chartered Accountants, the Vision of policymakers for the profession was a
public-interest institution. Members of the fraternity have followed this avowed mission of
being part of a public-interest entity. In the growth of the Indian economy, the Chartered
Accountants have continued to play a stellar role. Strong bedrock of professional expertise
integrated with professional ethics has kept the brand Indian CA flag high. The alphabets CA
are an embodiment of trust and integrity and CA professionals continue to be the navigators
for enhanced financial governance of their times.
CA profession owes its sustainability to strong regimen of ethics. Time of disruptions is a
time for introspection and taking corrective actions, if so needed. Let us all pledge to stand united in our avowed task of being
guardians of financial probity.
The entire fraternity owns the responsibility in the Bank Audit season one has to shoulder. We must exercise due care and
diligence in discharging our responsibilities. At the same time this being a festive season, we must also take adequate
precautions and celebrate the festival keeping in mind Covid protocols.
As regards Branch Activity front, I am glad to see the response of Members during CSR Projects and CPE Seminars in the
month of March. We had One Day Seminars of 6 Hrs CPE each on Direct Taxes and Indirect Taxes apart from day long women’s
Day Event. We also had Covid Vaccination Camp and Eye Screening Camp. The response of members had been overwhelming.
In April, we have lined up Blood Donation Camp, Aadhar Enrolment Camp, Covid Vaccination Camp apart from CPE Seminars
in Virtual as well as physical mode. Friends we have also lined up Peer Reviewer Training Program to abreast our members
with the guidelines of Peer Review process and facilitate an opportunity for new empanelment.
The Students body of our Branch had been equally vibrant under the dynamic leadership of CA. Dhiraj Kumar Jain. Regular
Webinars, Workshops and Sports had been organised during the month of March. In April, the students shall be joining hands
with us in Blood Donation Drive. Considering the upcoming CA Examinations in May & June 2021 we have lined up Mock
Tests, Counselling Sessions and Seminars in April for the benefit of Students.
Before I conclude, I congratulate everyone on the festivals of Good Friday, Easter, Baisakhi, Bihu, Ram Navami & Mahavir
Jayanti in advance. Lord Mahavir taught us the principles of nonviolence, truthfulness and non-possession or detachment
from material things. It continues to be as relevant today and we need to imbibe those values as we celebrate such a festival
that sends across a strong message of love, hope and peace to our society.
Prime Minister Shri Narendra Modi said: A national festival is an occasion to refine and rebuild the national character. Let
us celebrate our festivals together defining and strengthening nationalism in our fundamentals.
Wishing you more & most
CA. Kamal Mour
Guwahati@ICAI March Issue Page |1
I From the desk of the Editor… Dear Esteemed Professionals, Let’s welcome Financial Year 2021-22 with GST and Income Tax in its new look carrying along with itself a plethora of amendments. Sometimes I feel, had there been no such amendments, our professional life would have been so monotonous doing the same activity again and again. Such amendments bring with itself an opportunity instead for us professionals calibrating ourself to the redesigned laws again and again and discovering the new self within us. I would like to quote Mr. Marcel Proust who said “The real voyage of discovery consists not in seeking new landscapes, but in having new eyes” Last month we had the festival of colours ‘Holi’ and I wish all my professional brothers and sisters enjoyed this festival along with their families even though the due date for GST Audit for FY 19-20 was knocking the doors. The month of April will also witness several festivals like Good Friday, Baisakhi, Gudi Parwa, Bihu, Ram Navami, Mahavir Jayanti, etc. and I convey my heartiest best wishes to all my professional brothers and sisters on the eve of these festivals. We as professionals should definitely take out some time of our hectic schedule and enjoy such festivals as someone has rightly said “The greatness of a culture can be found in its festivals”. Time is the biggest changer and Innovation is the biggest creator. This change was also witnessed at the Guwahati Branch when the branch hosted its first ever seminar namely "Seminar on Direct Taxes” in a Hybrid Form where first three sessions on E-Assessments, Search & Seizure and TDS & TCS were conducted physically while the last session on Code of Ethics was addressed virtually. There were several other activities and seminars/webinars organised by the Guwahati Branch of EIRC of ICAI as well as Guwahati Branch of EICASA of ICAI. The month of April starts with Bank & PSU Audits which more often requires us professionals to travel far from home-town. I urge all my fellow professionals to take the utmost care and follow all protocols in these trying times when Covid-19 is rapidly increasing all over India and has touched the highest levels ever since its inception. I also urge my fellow professionals to equip themselves to ‘Work from Home’ so that under exceptional circumstances also we continue to serve the Nation. Josep Borrel has rightly said “COVID-19 will reshape our world. We don’t know when the crisis will end. But we can be sure that by the time it does, our world will look very different”. In the month of April, the Guwahati Branch has lined up several seminars & webinars and has also planned several activities for the benefit of its members in the form of Blood Donation Camp, Aadhar Enrolment Camp and Covid Vaccination Camp. I request all the members to come forward and be a part of these activities to make these initiatives successful. Wishing everyone good times ahead. CA. Ankit Agarwal Guwahati@ICAI March Issue Page |2
I
GST Key Action Points for year-
end compliance – FY 2020-21
CA Mannu Kashliwal
mannu@hiregange.com
(M) 76700 87000
INTRODUCTION 5. Ensure if the liability is being paid in respect of all
At the end of the financial year, it is important for the input supplies notified for reverse charge and all
taxpayers in GST to undertake a few actions to ensure that the amendments have been taken care of.
the GST transactions are reported appropriately in 6. Check if the tax paid under RCM matches with ITC
financial statements and periodical GST Returns. It is a very availed under RCM.
crucial step since the disclosures made in periodical GST 7. Reconciliation of E-way Bill issued during the year
Returns need to be collated into the Annual Return under viz a viz tax invoices/delivery challans generated.
GSTR-9 and the same needs to be further compared with 8. Reconciliation of E-Invoices issued during the year
the financial statements at the time of certification in form viz a viz tax invoices/delivery challans generated.
GSTR-9C by the Auditor. Proper reconciliation of
9. In case of reconciliation of books inventory with
differences is necessary to avoid department notices and
physical inventory, assess if ITC reversal to be
litigations in near future. Due care needs to be taken to
required.
reconcile the records and fix the reconciliation differences
taking appropriate actions. Reconciliation of E-way Bill issued during the
year viz a viz tax invoices/delivery challans
Some of the vital action points which need to be generated.
considered with due care and diligence are discussed
below:
II. KEY COMPLIANCE ACTIVITIES FOR YEAR END:
I. RECONCILIATIONS TO BE PERFORMED:
1. File application for / renewal of LUT for FY 2021-
1. Outward supplies as per books and GST returns
22.
(Books vs GSTR-1 vs GSTR-3B). Check if any
amendments required to be made in GST returns. 2. Rule 37 – Check for ITC reversal required on
2. Reconciliation of balance of credit and cash as per account of non-payment within 180 days or
GST portal with balance appearing in books. reclaim of any ITC in respect of supplies for
3. Reconciliation of ITC claimed in Form GSTR-3B vs which payment has been made.
ITC appearing in Form GSTR-2A.
3. Rule 42 or 43 – Impact of annualized ITC
4. Few additional pointers for GSTR-2A reversal in case of exempted as well as taxable
reconciliation supplies to be considered.
▪ Identification of default vendors for the purpose 4. Check if any reversal required against
of recovery of tax paid along with interest. purchased goods rejected and returned.
(ensure the impact of the same has been
▪ Reconciliation of 10%/5% criteria.
considered in GST returns)
▪ Follow up with vendors for any required
5. Cross charge to distinct person and related
amendments in invoices.
parties for supply of common services.
6. Ensure tax liability against receipt of advances
and adjustment thereof to derive at unadjusted
advances.
Guwahati@ICAI March Issue Page |3
I
7. Track status of goods sent on job work or goods 2. Mandatory requirement for E-invoicing has
sent on approval whether all the goods have been extended to registered person having
been received back within the due time period. aggregate turnover above Rs. 50 crores.
8. Verify year-end accrual/provision entries for 3. Requirement of dynamic QR codes in invoices
transactions with related parties and evaluate for B2C Supplies for registered person having
the GST implications. aggregate turnover above 500 crores.
9. Verify if any GST DN / CN should be issued for 4. Registered persons with aggregate turnover in
any value short/excess charged or any sales the preceding FY greater than Rs.5 Crores
returns by the customer. would be required to report HSN at 6-digit level
for all supplies. For registered persons with
10. To verify the correctness of accounting
aggregate turnover less than Rs.5 Crores, the
treatment of capital assets prior to closure of
HSN shall be reported at 4-digit level for all B2B
books, in order to optimise input tax credit.
supplies.
11. To verify whether ITC has been reversed on
5. Registered persons opting for quarterly Return
entries passed due to writing off inventories,
Monthly payment scheme for 1st quarter of FY
assets, theft, samples, destruction, obsolete,
21-22 should opt for the scheme before 30th
etc.
April 2021.
12. In case of Real Estate Industry, the taxpayer
6. Registered persons having ISD registration,
shall verify the compliance w.r.t the
must assure that ITC which is required to be
requirement of 80% procurement from
distributed under ISD concept needs to be
registered persons. In case of shortfall, the
distributed proportionately based on the
registered person shall be required to discharge
turnover of the preceding financial year.
GST @ 18% under RCM to the extent of
shortfall. The aforesaid action points could vary depending upon
the nature of business; however, few of them could be
13. Compliance w.r.t. filing of Form GSTR- 9 and
common for most taxpayers and thus should be noted
GSTR-9C for the FY 2019-20, before 31.03.2021.
and accordingly a checklist could be prepared for
14. Any person who wishes to opt for composition implementation and monitoring. Compliance of various
scheme for financial year 2021-22 should file procedures stated above is time-consuming, hence
form CMP-02 on the common portal on or starting earlier would ensure better compliance and also
before 31st March 2021. would lead to appropriate disclosures in annual return
and reconciliation statement.
15. A registered person who has opted for
composition scheme for FY 20-21 should file
Registered persons with aggregate turnover in
FORM GSTR-4 on or before 30th April 2021.
the preceding FY greater than Rs.5 Crores
16. Any registered person who wishes to switch would be required to report HSN at 6-digit level
from composition scheme to regular one has to for all supplies. For registered persons with
aggregate turnover less than Rs.5 Crores, the
file FORM GST ITC03 within a period of sixty
HSN shall be reported at 4-digit level for all
days from the commencement of the financial
B2B supplies.
year.
17.
In case of Real Estate Industry, the taxpayer
shall verify the compliance w.r.t the requirement
of 80% procurement from registered persons. In
case of shortfall, the registered person shall be
required to discharge GST @ 18% under RCM to
the extent of shortfall.
III. NEW COMPLIANCES FROM APRIL 2021:
1. Starting new document number series for tax
invoice, debit note, credit note, delivery challan
etc.
Guwahati@ICAI March Issue Page |4
I
Guwahati Branch Activities
1. Women’s Day Celebration : CPE Events
In honour of its female members, The Guwahati Branch of ICAI
celebrated International Women’s Day on 08.03.2021.
Renowned lawyer Ms. Riniki Bhuyan Sarma, Ms. Anubha Goyal,
Principal of Royal Global School, celebrated actress Ms. Prastuti
Parashar and expert gynaecologist Dr. Kanchan Murarka graced
the occasion as Chief Guests. The programme was attended by a
good number of members and proved to be very beneficial for
them.
A host of events have been lined up for the day by Guwahati
Branch of ICAI along with Guwahati Branch of EICASA. The events
lined up were as under:
a. Sanitary Pad Distribution for under privileged Girls.
b. Online Slogan Competition.
c. Chartered Chef - Fireless Cooking Competition.
d. Pani Puri Competition.
e. Discussion on ‘Achieving an Equal Future in a Covid-19 World’.
2. Virtual CPE Meet on ‘Statutory Bank Branch Audit &
Revised Reporting Requirements in LFAR’ :
As the Financial Year is marking its end, the CA Fraternity is
entrusted with the responsibility of auditing the most critical
intermediary in the financial system, the banks. Thus, to ensure
efficiency in carrying out this duty by its members,
The Guwahati Branch of ICAI organized a Virtual CPE
Meet on ‘Statutory Bank Branch Audit & Revised Reporting
Requirements in LFAR’ on 12.03.2021. Officials from Punjab
National Bank in his Key Note Address spoke on increasing
responsibility of Auditors w.r.t Bank Financials. In the first
session, CA. Amarjit Chopra, Past President, ICAI meticulously
discussed the crucial areas of Bank Branch Audit and gave a
handy synopsis of the entire subject for the convenience of the
members. In the second session, CA. Ajay Jain from New Delhi
made a detailed discussion on the Revised Reporting
Requirements in LFAR which proved to be really beneficial for the
members present.
Guwahati@ICAI March Issue Page |5
I
3. Felicitation of EIRC Past Chairman :
During his visit to Guwahati Branch of EIRC of ICAI on 13.03.2021, CA.
Manish Goyal, Past Chairman EIRC of ICAI was felicitated by CA. Kamal
Mour, Chairman Guwahati Branch of EIRC of ICAI.
4. COVID-19 Vaccination Drive :
The Guwahati Branch of EIRC of ICAI in association with the Gauhati
Lions Eye Hospital, Chatribari had set up a dedicated COVID-19
Vaccination Camp specially for CAs & their family members on 17th &
18th March, 2021 at Gauhati Lions Eye Hospital. It was a special
arrangement for our respected Senior Chartered Accountants and CAs
with comorbidities along with eligible members of their family.
5. Seminar on Direct Taxes :
The Guwahati Branch of ICAI organized a comprehensive seminar
on 20.03.2021 covering four major aspects of Direct Taxes - E-
Assessments, Search & Seizure, TDS & TCS, Code of Ethics. The
programme was initiated by CPE Coordinator CA. Raginee Goyal
after which Branch Chairman, CA. Kamal Mour addressed the
august gathering of members briefing them about the recent
programmes organized by the Branch and also their planning for the
upcoming weeks.
The First Technical Session covering topics E-Assessments and
Search & Seizure was addressed by veteran members CA. Anil
Kumar Agarwala & CA. Sanjay Mody. Their in-depth understanding
and experience helped members gain immense knowledge in the
subject and gain a better perspective of the practical application of
the laws under discussion.
In the Second Technical Session, renowned CA. Vikash Kumar Jain from Guwahati and CA. Aseem Trivedi from Indore
enlighted the members with their profound deliberations on the topics TDS & TCS & Code of Ethics for CA Professionals
respectively. Their expertise in the matter was lauded by all members present.
Guwahati@ICAI March Issue Page |6
I
6. Eye Screening Camp :
The Guwahati Branch of EIRC of ICAI in association with the Gauhati
Lions Eye Hospital, Chatribari & Lions Club of Guwahati Elite had set up
a dedicated Eye Screening Camp specially for CA Members, CA
Students & their family members on 25th March, 2021 at Gauhati Lions
Eye Hospital.
7. Seminar on Indirect Taxes :
In a series of important seminars held by The Guwahati Branch
of ICAI this month, a 6 hours seminar was organized on
26.03.2021 covering four major aspects of Indirect Taxes –
Demands & Recovery, QRMP Scheme, E-Way Bills & Code of
Ethics.
In the First Technical Session, veteran member CA. Manoj
Kumar Nahata spoke on how the Demands & Recovery
framework works under the GST Law and how CA Professionals
can play an important role carrying out the process in a fair &
smooth manner. Expert CA. Vikash Banka from Kolkata gave a
thorough understanding of the QRMP Scheme, its applicability
and benefits.
In the Second Technical Session, renowned CA. Raginee Goyal meticulously discussed the working of E-Way Bills and the
mistakes that are generally committed in the area. Thereafter, Senior Member CA. Sumantra Guha from Kolkata gave a
profound deliberation on the Code of Ethics for CA Professionals.
The speakers’ in-depth understanding and experience helped members gain immense knowledge in the subject and gain
a better perspective of the practical application of the laws under discussion.
Guwahati@ICAI March Issue Page |7I
ICAI in News
Dainik Janambhumi
Assam Tribune
Pratidin Pratah Khabar
Guwahati@ICAI March Issue Page |8I
Fun Time
GET PUZZLED!!!
The report that shows a company's financial
position based on its assets, liabilities, and equity at
1
a single moment in time. Two Words:
*******_*****
2 Accounts listed first on the balance sheet is ______.
Another phrase for income statement. Three
3
Words: ******_***_****
Cash flows from ___________ consists of cash
4 transactions that affect the long-term liabilities and
equity accounts.
Cash flows from __________ activities consist of
Instructions
5 cash inflows and outflows from sales and purchases
1. Participants must send in their response of long-term assets.
Profit of a company shown on the income
containing name, membership no and passport size 6
statement. Two Words: ***_******
photograph at newsguwahati.icai@gmail.com. The _______ ________ statement summarizes how
changes in balance sheet accounts affect the cash
2. Last date of response is 30th Apri’2021. 7
account during the accounting period. Two Words:
****_**
3. Participants giving fastest response and attaining
In which format does Company displays assets,
maximum score shall feature in the next edition. 8
liabilities and equity. Two Words: ******_******
Process of reducing intangible assets is know as
4. More than one response by any participant will 9
_____.
not be considered for evaluation.
Top Three Winners of the February Edition
1st 2nd 3rd
CA. Neha Beriya CA. Vikash Kumar Choudhary Subham Maskara
MRN Number: 313287 MRN Number: 312470 Student Regn No.
ERO0217590
Guwahati@ICAI March Issue Page |9I
Managing
Fun Time Committee
Guwahati Branch of EIRC of ICAI 2021-22
CA. Kamal Mour CA. Gaurab Garodia CA. (Dr.) Ayush Saraf
Chairman Vice Chairman Secretary and CPE
Committee Chairman
9435559587 9435040955 9864822043
kamalmour@gmail.com gaurabgarodia@gmail.com caayushsaraf@gmail.com
ISSUE ISSUE ISSUE
GUWAHATI
CODE BRANCH OF EIRC OF ICAI GUWAHATI
CODE BRANCH OF EIRC OF ICAI GUWAHATI
CODE BRANCH OF EIRC OF ICAI
CA. Saurabh Choudhary CA. Sharad Agarwalla CA. Dhiraj Kumar Jain
Treasurer Immediate Past Chairman EICASA Guwahati Chairman
9864054044 9435051237 9435013867
casaurabhchoudhary@gmail.com sharad.agarwalla@gmail.com dhiraj@icai.org
ISSUE ISSUE ISSUE
GUWAHATI
CODE BRANCH OF EIRC OF ICAI GUWAHATI
CODE BRANCH OF EIRC OF ICAI GUWAHATI
CODE BRANCH OF EIRC OF ICAI
CA. Mantu Kumar Agarwalla CA. Ravi Kumar Patwa
Nominated Member, EICASA Regional Council Member
EIRC, ICAI
9435103425 9435071192
maca2003@rediffmail.com ravipatwa@hotmail.com
ISSUE ISSUE
GUWAHATI
CODE BRANCH OF EIRC OF ICAI GUWAHATI
CODE BRANCH OF EIRC OF ICAI
Guwahati@ICAI March Issue P a g e | 10I Keep in touch! Write to us on icai.guwahati@gmail.com For submitting articles to be included in our monthly newsletter, Guwahati@ICAI, please write to newsguwahati.icai@gmail.com Send in your articles along with a short biodata and a picture! Visit us on www.guwahati-icai.org for regular updates. For seamless updates right at your fingertips, don’t forget to download out mobile app from Android Store and Apple IOS Store. We are very social!! Follow us on Facebook and Twitter! Editorial Team: CA. Ankit Agarwal – Editor, Guwahati@ICAI CA. Kamal Mour CA. (Dr.) Ayush Saraf Mr. Sagar Nath CA. Saurav Somani CA. Ravi Kumar Patwa – Ex-Officio The news and views expressed here are the personal views of the authors/ editorial board and do not reflect the views of The Institute of Chartered Accountants of India. The articles given here should not be construed as being approved by ICAI and we do not accept any responsibility relating to the same. Guwahati@ICAI March Issue P a g e | 11
You can also read
