chairman message · 2. career counselling programme at st. paul school, durgapura (08.05.2019)...
TRANSCRIPT
Chairman Message
"An optimist stays up until midnight to see the New Year
in. A pessimist stays up to make sure the old year leaves.”
-Bill Vaughan
The past month, if I am to describe it, has been quite
enthralling professionally. The Institute, the professional
fraternity, the regulators have witnessed winds of change and
well for professionals like us, who are on a constant lookout for opportunities of growth,
development and moments to prove our mettle; we are a firm believer of finding much synonymy
between change and progress.
We are already in the second month of the Fiscal Year. The Statutory Bank Audit is completed. The
professionals are now gearing up for the GST Annual Returns which are due next month. The
government has opened up numerous opportunities for our profession by implementing various
Bye-Laws for the betterment of the overall Economy.
” Whatever action a great man performs, common men follow. And whatever standards he sets by
exemplary acts, all the world pursues- Bhagvad Gita
Above shaloka from Bhagvad Gita’s Chapter 3 on ‘Karma Yoga’ guides all of us to keep performing
our Karma and remain focussed on our goal every moment. As Arjuna exemplified such focus and
determination on his goal of shooting in the blackness in the centre of the eye of the wooden
sparrow, avoiding all distractions on the way whether physical or psychological. This points out
towards the need of becoming a ‘Karma Yogi’ in our respective fields by controlling our senses by
training and purifying our mind and intellect to undertake selfless service of humanity. In this
process, ultimately, a human being is automatically driven towards the attainment of excellence
which other common human beings follow. Indeed, our ancient Indian scriptures are full of wisdom
to guide and enlighten to this noble path.
This month also, various seminars and Career Counselling Program shall be conducted just around
the corner and many more academically and professionally significant topics. Also, the Jaipur
Branch has now taken up to conduct the Workshop Series and lectures on GST. The detailed
description of this month’s events is stated in the Newsletter.
Lastly wishing you all students- “GOOD LUCK” for exams.
With Best Wishes
.
"Some people dream of success, While other people get
up every morning and make it happen." – Wayne
Huizenga
As we know, India is one of the fastest growing
economies in the world. Economically and financially we
have progressed steadily.
An important reason for this is the strong and
constant support of Chartered Accountants who contribute their knowledge, expertise and
time towards building one of the most robust systems of good governance.
Our activities and events for the members and students are being continuously
conducted in a systematic and coordinated manner to ensure maximum benefit to all.
Going forward, I wish to focus on ensuring that a concrete and robust platform is
created for the support and development of young members both professionally and in soft
skills as they shall be representing ICAI for a long time, and also pass their knowledge to the
next generation.
I will ensure that our excellent infrastructure shall be optimally utilized to carry out
necessary activities for all. I also wish to host events that are specifically designed to enrich our
members and students. MCS and Career Counseling shall also be areas of particular focus
during the year
I am sure that I will receive the support of all the respected members and my dear students in future as we aspire to achieve the best.
With best regards
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1. Meeting on "Salient issues in GST pertaining to Real Estate & Refund for
Exporters" (04.05.2019-2CPE)
Jaipur Branch of CIRC of ICAI organized a SC Meeting on Salient issues in GST
pertaining to Real Estate & Refund for Exporters on 04.05.2019 at ICAI Bhawan,
Jaipur. CA Deepak Goyal was the eminent speaker for the meeting. CA Ashutosh Lata
was the convenor of the meeting.
2. Career Counselling Programme at St. Paul School, Durgapura
(08.05.2019)
Under the aegis of Career Counselling Sub-group, BOS- ICAI, Jaipur Branch of CIRC of
ICAI organized Career Counselling programme for the students of 10th, 11th and 12th
standard at St. Paul School, Durgapura on 08.05.2019. CA. R. C. Sharma, CA. Rajat Jain
& Mr. Mukesh Khandal were the counsellors. They explained the details about CA course
to the participants. Around 80 students participated. The queries of the students related
to course in commerce were also attended by them.
3. Career Counselling Programme at Gyan Vihar School, Malviya Nagar
Jaipur (08.05.2019)
Under the aegis of Career Counselling Sub-group, BOS-ICAI, Jaipur Branch of CIRC of
ICAI organized Career Counselling programme for the students of 10th, 11th and 12th
standard at Gyan Vihar School, Malviya Nagar Jaipur on 08.05.2019. CA. R. C. Sharma,
CA. Rajat Jain & Mr. Mukesh Khandal were the counsellors. They explained the details
about the CA course to the participants. Around 200 students participated. The queries
of the students related to course in commerce were also attended by them.
4. 4 Days Seminar on GST (8.5.19 to 11.5.19 -12 CPE)
Jaipur Branch of CIRC of ICAI organized 4 days Seminar on GST for CA members from
8th May 2019 to 11th May, 2019 at ICAI Bhawan, Jaipur.
On 08.05.2019, CA Pulkit Khandelwal was the eminent speaker and delivered the lecture
on GST Annual Returns (Form 9 & 9A), Reconciliation of GSTR, Annual Returns and
Books of Accounts.
On 09.05.2019, CA Varun Khandelwal was the eminent speaker and delivered the lecture
on All About GST Audit (Form 9C).
On 10.5.2019, Adv. (CA) Rahul Lakhwani was the eminent speaker and he delivered the
lecture on "Discussion on Recent Notification/ circular/AAR- Industry Wise."
On 11.05.2019, CA Akshay Kumar Jain was the eminent speaker and delivered the
lecture on GST – From April 2019 onwards.
BRANCH ACTIVITY DURING THE MONTH OF MAY-2019
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5. Career Counselling Programme for students of Vidyasthali
Public School, Dausa (14.5.2019
Under the aegis of Career Counselling Sub-group BOS- ICAI, Jaipur Branch of CIRC of
ICAI organized Career Counselling programme for the students of 10th, 11th and 12th
standard of Vidyasthali Public School, Dausa at ICAI Bhawan, Jaipur on 14.5.2019. CA.
Rajat Jain and Sh. Gagan Gaggar were the eminent counsellors. They explained the
details about CA course to the participants. Around 40 students participated. The queries
of the students related to carriers in commerce were also attended by them.
6. Career Counselling Programme at Apex International School Lalkothi
Jaipur (15.05.2019)
Under the aegis of Career Counselling Sub-group, BOS- ICAI, Jaipur Branch of CIRC of
ICAI organized Career Counselling programme for the Students of 10th, 11th and 12th
standard at Apex International School, Lalkothi Jaipur on 15.5.2019. CA. Rajat Jain was
the eminent faculty. He explained the details about the CA course to the participants.
Around 125 students were present. The queries of the students were also attended
satisfactorily by the counselor.
7. Half Day Seminar on GST for CA Students (17.05.2019)
Jaipur Branch of CIRC of ICAI organized Half Day Seminar on GST for CA Students on
17th May, 2019 at ICAI Bhawan, Jaipur under.CA. Lokesh Kasat, Chairman-Jaipur
Branch, CA. Kuldeep Gupta, Secretary-Jaipur Branch & and other Managing Committee
Members of Jaipur Branch inaugurated the programme by lighting the lamp.
CA Anushri Gupta & CA Ayush Gupta were the learned speakers of the seminar. CA
Anushri Gupta delivered the lecture on GST annual return & CA Ayush Gupta delivered
the lecture on GST audit during the seminar.
8. Full Day Seminar on Women Empowerment “Naari Tu Narayani”
(18.05.2019 – 6CPE)
Jaipur Branch of CIRC of ICAI organized Full Day Seminar on Women Empowerment
“Naari Tu Narayani” on 18th May, 2019 at ICAI Bhawan, Jaipur.
CA Prakash Sharma, Central Council Member-ICAI, CA. Abhishek Sharma, Treasurer-
CIRC, CA. Sachin Jain Regional Council Member & Member CICASA-CIRC, CA. Kuldeep
Gupta, Secretary, Jaipur Branch & and other Managing Committee Members of Jaipur
Branch inaugurated the programme by lighting the lamp.
First Session
CA Karanjot Kaur & CA Kriti Khandelwal were the eminent speakers. CA Karanjot Kaur
delivered the lecture on Opportunities in New Era and CA Kriti Khandelwal delivered
the lecture on Code of Ethics.
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Second Session
This session was kept on interaction with renowned women. In this session Ms. Rolee
Agarwal, Commissioner of Income Tax, Dr. Manish Arora, Additional Commissioner
Tourism, Ms. Nidhi Lauria, CEO Rajasthan, Bharti Airtel and CA Anuradha Gupta were
present. They addressed the participants with their words of wisdom.
Third Session
In this session CA Kritika Khandelwal was the eminent speaker. She delivered the lecture
on Women & career-How to come out from career fear and its importance for
professionals.
Fourth Session
CA Swati Jain & CA Suhani Poddar organized Ice Breaking Workshop for the participants
in this session.
Fifth Session
In this session Dr. Sadhna Arya was the eminent speaker. Dr. Sadhna Arya delivered the
lecture on Health Management and Success Story.
Sixth Session
In this session Ms. Sangeeta Upadhyay, Deputy Vice President-Indusind Bank was the
eminent speaker. She delivered the lecture on Investment Management.
Seventh Session
Ms. Tavishi Batwara, Ms. Aarushi Dangayach, CA Neha Katta & Ms. Kanika delivered the
lecture on Freelance Platform during the session.
9. Full day Seminar on S. Vaidyanath Aiyar Memorial Lecture (25.5.19-6CPE)
Jaipur Branch of CIRC of ICAI hosted Full Day Seminar for CA Members on Saturday 25th
May, 2019 at MPS Auditorium, Jawahar Nagar, Jaipur under the aegis of CIRC of ICAI.
CA Prakash Sharma, Central Council Member-ICAI, CA Mukesh Bansal, Chairman-CIRC,
CA Abhishek Sharma, Treasurer-CIRC, CA. Sachin Kumar Jain, Regional Council Member
& Member CICASA-CIRC, CA Dinesh Kumar Jain, Regional Council Member-CIRC, CA
Lokesh Kasat, Chairman-Jaipur Branch, CA Anil Kumar Yadav, Vice Chairman-Jaipur
Branch CA Kuldeep Gupta, Secretary-Jaipur Branch, CA Akash Bargoti, Treasurer-Jaipur
Branch and other Managing Committee Members of Jaipur Branch inaugurated the
programme by lighting the lamp.
First Technical Session
In this session Adv. V. Lakshmikumaran, from New Delhi was the expert Speaker. Mr.
N. Mathivanan, Ms. Shweta Walecha and Mr. Anshul Mathur were co-speaker of the
session. Adv. V Lakshmikumaran delivered the lecture on Contemporary Recent Issues
in GST incl. GST Return & Audit.
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On this occasion Jaipur Branch of CIRC of ICAI felicitated CA. Mukesh Bansal,
Chairman, CIRC, CA. Abhisak Pandey, Secretary, CIRC & CA. Devendra Kumar
Somani, Chairman CICASA, CIRC by presenting a memento, safa & shawl. CA
Mukesh Bansal, Chairman, CIRC also addressed the participants with their words
of wisdom.
Second Technical Session
In this session CA Rajeev Sogani, Jaipur was the eminent Speaker. CA Rajeev Sogani
delivered the lecture on Benami Act- Important issues & New Income Tax return forms.
During Session CA Abhisak Pandey, Secretary, CIRC and CA Devendra Kumar Somani,
Chairman CICASA, CIRC also addressed the participants with their words of wisdom.
Third Technical Session
In this session Sh. Gajanand Meena, DGIT (Investigation) & Sh. B. Shashikant, IRS,
Deputy Director Investigation were the eminent speakers. Sh. Gajanand Meena, DGIT
(Investigation) delivered the lecture on Benami & Black Money. After this a Q/A session
was organized. In this session Sh. Gajanand Meena, DGIT (Investigation) & Sh. B.
Shashikant, IRS, Deputy Director Investigation answered the queries raised by the
members.
Designed & Compiled by : ITT Faculties of Jaipur Branch of ICAI
Sanjay Kishore Karni Singh Rathore
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Composition Scheme for Goods & Service Taxpayers
FCA Shilvi Khandelwal here are astronomical provisions under GST for returns, tax payments, and details
to be submitted by registered persons engaged in providing services which cannot
be complied with by small service providers. Now, a composition scheme under
GST has been introduced as an option for those small goods and service providers
to pay amount (not tax), in lieu of tax payable in normal levy. Earlier the schemer
was available only to the supplier of goods. This scheme provides for less rate of tax, less
number of returns, less number of compliance and less maintenance of books of accounts etc.
A registered person supplies goods or services or both can opt for this option (Composition
Scheme) subject to certain conditions specified in the scheme.
shall, for the purposes of determining eligibility of a person to pay tax under this scheme,
include the supplies from the first day of April of a financial year to the date from which
he becomes liable for registration under this Act.
If a registered person, having the same PAN, has more than one registration, whether in
same state or in two different states as Head office and branch, then both will have to
opt for composition scheme. A composition supplier is allowed to make purchases from
outside state.
T 1. Eligible Persons: Person must be a
registered person, whose aggregate
turnover in preceding financial year did
not exceed fifty lakh (50 lakhs) rupees
and supplies goods or services or both.
In computing aggregate turnover in
order to determine eligibility, value of
supply of exempt services by way of
extending deposits, loans or advances in
so far as the consideration is
represented by way of interest or
discount, shall not be taken into
account. Further, “first supplies of goods
or services or both”
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2. Non-eligibility for Composition Scheme: A person shall not be eligible to opt for this
scheme if-
a) who is eligible to pay tax under sub-section (1) of section 10 of the said Act i. e.
eligible for old composition scheme and taking benefits of the same.
b) Engaged in making any supply of goods which are not leviable to tax under this act;
c) Engaged in making any supply of goods through an electronic commerce operator
who is required to collect tax at source u/s 52; or
d) Engaged in manufacturing of notified goods u/s 10(2)(e) [CGST] i.e.-
Ice Cream and other edible ice whether or not containing cocoa,
Pan Masala, or
Tobacco and manufactured tobacco substitutes.
e) Engaged in making any inter-state outward supplies of goods; and
f) Who is a casual taxable person or a-non- resident taxable person.
3. Tax Rate Structure: The registered person opting this scheme shall be liable to pay Central
tax at the rate of 3% and State/UT tax at the rate of 3% on all first outward supplies of
goods or services or both up to an aggregate turnover of fifty lakh rupees made on or after
the 1st day of April in any financial year. It may be noted that “first supplies of goods or
services or both” shall, for the purpose of determination of tax payable under this scheme,
shall not include the supplies from the first day of April of a financial year to the date from
which he becomes liable for registration under the Act.
Further, the registered person opting this scheme, shall be liable to pay central and
state/UT tax on inward supplies on which he is liable to pay tax under RCM in accordance
with sub-section (3) or, as the case may be, under sub-section (4) of section 9 of said Act at
the applicable rates.
4. Restrictions and Conditions: The Person should comply with following conditions after
exercising the option of composition scheme-
He shall not collect any tax from the recipient
on supplies made by him.;
He shall not be entitled to any credit of input
tax.;
He shall issue a bill of supply instead of a tax
invoice.; and
He shall mention the words at the top of the
bill of supply, namely “taxable person paying
tax in terms of notification No. 2/2019-Central
Tax (Rate) dated 07.03.2019, not eligible to
collect tax on supplies”.
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5. Time limit for exercising option of Composition Scheme: A person, who wants to
exercise option of this scheme, is required to intimate electronically through filing
specified form in specified time limit. Person need not to file fresh intimation every
year. Any intimation in respect of any place of business in any state or UT shall be
deemed to be an intimation in respect of all other places of business registered on
the same PAN.
Sr. No.
Timing for exercising option of this scheme
Time Limit Intimation Form
1 Existing registered persons 30 April 2019 GST CMP-02
2 Opt for Composition in future
Prior to the commencement of the financial year
GST CMP-02
3 New Registration Date of application for new registration
Sr. no. 5 and 6.1(iii) of Form GST REG-01
6. Effective Date for Composition Levy: This scheme has been came into force w.e.f. 01 April,
2019. The option to opt this scheme shall be effective from the date based upon the timing of
exercising the option of this scheme.
Sr. No.
Timing for exercising option of this scheme
Effective Date
1 Opt for the Composition by existing registered person
01/04/2019 (if applied by 30/04/2019)
2 Opt for Composition in future
Beginning of Financial Year
3 New Registration
Date on which the person becomes liable to registration where the application for registration submitted within 30 days, if not, then date of grant of registration.
7. Existing Person opting to this scheme – A person, who has already been granted registration
and want to opt for this scheme, is required to complied with the following procedure-
a) File intimation by way of Form GST CMP-02 electronically for opting for this composition
scheme by selecting the category of registered person as “Any other supplier eligible for
composition levy”.
b) Furnish statement for ITC by way of Form GST ITC-03 on the day preceding the date
from which he opts to pay tax under composition scheme within 60 days from the date
on which the option for composition levy is exercised or any further extended period.
c) Person opting this scheme shall pay an amount, by way of debit in the electronic
credit ledger or electronic cash ledger, equivalent to the credit of input tax in
respect of inputs held in stock and inputs contained in semi-finished or finished
goods held in stock and on capital goods as if the supply made under this
notification attracts the provisions of section 18(4) of the said Act and the rules
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made there-under and after payment of such amount, the balance of input tax
credit, if any, lying in his electronic credit ledger shall lapse.
8. Returns under Composition Scheme: Earlier, quarterly return [GSTR-4] is required to be filed
by composition supplier till 18th of the month succeeding quarter. Composition supplier shall
also be required to file annual return in Form GSTR-9A. As per new returns scheme, the
taxpayers would be required to file only one Annual return with quarterly payment of taxes
(along with a simple declaration).
9. Withdrawal from Composition scheme: This option shall remain valid so long as he satisfies all
the conditions. The option shall lapse with effect from the day on which his aggregate turnover
during a financial year exceeds specified limit or occurrence of event of ineligibility. After
ineligibility, person shall file an intimation for withdrawal within 7 days. If registered person
intends to withdraw from this scheme, then he has to file intimation before the date of such
withdrawal. Person shall also issue tax invoices instead of Bill of Supply for every taxable
supply made thereafter.
10. Consequences for defaults: If the proper officer has reasons to believe that a taxable person
has paid tax under sub-section (1) despite not being eligible, such person shall, in addition to
any tax that may be payable by him under any other provisions of this Act, be liable to a
penalty and the provisions of section 73 or section 74 shall, mutatis mutandis, apply for
determination of tax and penalty. In case of defaults, proper officer can issue order of
withdrawal after giving opportunity of being heard and such person will be liable to pay the
differential amount of tax along with penalty.
Conclusion: The GST Council, headed by Finance Minister Arun Jaitley and comprising state
ministers, in its meeting on 10 January, 2019 had permitted service providers and those dealing
in both goods and services with a turnover of up to Rs 50 lakh to opt for composition scheme
with effect from 01 April, 2019. Now, Service providers opting for the composition scheme can
charge a lower tax rate of 6 per cent from customers, as against the higher rates of 12 and 18
per cent for most of the services under GST. This scheme is introduced to support small
taxpayers and reduce the compliance burden.
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