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CA. ABHAY DESAI MANAGING PARTNER, M/S YAGNESH DESAI & CO. INDIRECT TAX COMPLIANCES.

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Presentation on theme: "CA. ABHAY DESAI MANAGING PARTNER, M/S YAGNESH DESAI & CO. INDIRECT TAX COMPLIANCES."— Presentation transcript:

1 CA. ABHAY DESAI MANAGING PARTNER, M/S YAGNESH DESAI & CO. INDIRECT TAX COMPLIANCES

2 TYPES OF INDIRECT TAXES VAT/CST EXCISE SERVICE TAX CA. Abhay Desai

3 COMPLIANCES PAYMENT OF TAX FILING OF RETURNS CA. Abhay Desai

4 VAT/CST CA. Abhay Desai Interest/Penalties Returns Payment of tax

5 INTEREST - PENALTIES Interest on delayed payment 18% p.a. (Sec. 30(5)) Penalty for non submission of return in time - Penalty can be levied Rs.100/- per day for first 7 days thereafter Rs Rs. 100 per day up to 30 days. Thereafter Rs. 3,000 per month of part of month with a maximum limit of Rs.10,000/- (Sec. 29(5)). Lump sum Dealer : penalty can be levied up to ceiling of Rs.1000/- only. Dealer submitting quarterly return: upto Rs.2000/- only. CA. Abhay Desai

6 RETURNS Frequency of returns Forms of returns Type of returns Date for filing the returns CA. Abhay Desai

7 RETURNS (Rule 19) Sr. No.Type of dealerFrequencyFormsManual/E-fling 1Lump sum dealerQuarterly202, 202A, 202B, 202CManual 2Local TraderQuarterly201, 201A, 201BManual Half-yearly201CManual 3 TP in PY or CY not exceeding 60000Quarterly201, 201A, 201BManual Half-yearly201CManual 4TP exceed 60000Monthly201, 201A, 201BManual Quarterly201CManual 5 Dealer having certificate of entitlement/defermentMonthly203, 204Manual Monthly201, 201A, 201BManual Quarterly201CManual CA. Abhay Desai

8 RETURNS Sr. No.Type of dealerFrequencyFormsManual/E-fling 6Dealer who:Monthly201, 201A, 201BManual (i) Imports/ExportsQuarterly201CManual (ii) Unit/Developer in SEZ (iii) Claiming refund u/s 40 (iv) Remission u/s 41(1) 7Dealer of Schedule III goodsMonthly212, 213Manual 8NLDMonthlyDepends on the businessManual CA. Abhay Desai

9 RETURNS Sr. No.Type of dealerFrequencyFormsManual/E-fling 7TT exceed fifty lacs Applies to all from (1 to 6 above) E-filing Makes zero rated sales Makes imports/exports Has certificate of entitlement Developer/Co-developer of SEZ Unit in SEZ Registered under CST Deals in: (i) Timber (ii) Ceramic Tiles (iii) Scrap of Iron & Steel (iv) Tobacco and tobacco products (excluding Unmanufactured tobacco) (v) Major Minerals as may be specified by the Commissioner CA. Abhay Desai

10 DUE DATE OF FILING THE RETURNS For E –Return If Tax Payable for the Month is 5,000 or less than Rs.5,000 than within 60 days from the end of the respective Month. If Tax Payable for the Month is 5,000 or more than Rs.5,000 than within 70 days from the end of the respective Month. In case of Dealer who are liable for Quarterly E- Filing of Return than within 75 Days from the end of Quarter. CA. Abhay Desai

11 DUE DATE OF FILING THE RETURNS For Paper Return Within 30 Days from the end of the Month / Quarter Revised Return - If after furnishing a return if any dealer discovers any error, omission, or incorrect statement therein, he may furnish a revised return before the expiry of One Month from the last date prescribed for Original Return. CA. Abhay Desai

12 ANNUAL RETURN Every Registered dealer shall furnish Annual Return by way of Self Assessment to the Commercial Tax Officer within whose jurisdiction his chief place of business is situated. Registered dealer who is co operative society engaged in the manufacture of Sugar or Khandsari shall furnish annual return on or before 31st December after end of year to which return relates [ Form No. 205 & 205A ]. Dealer who are liable for VAT Audit shall furnish Annual return within 9 month from the end of the year to which annual Return relates.[ Form No. 205 & 205A]. Dealer to whom permission to pay Lump sum Tax has been granted U/s. 14, 14A,14B, 14C and 14D within 3 Months [ Form No. 202 ]. Dealer who holds Incentive of Sales Tax Exemption in [ Form No.203 ] and Sales Tax deferment in [Form No. 204]. Any other dealer will have to file within 3 Month from the end of the Year to which return relates [ Form No. 205 & 205A.] In case Turnover Exceed Rs. 1 Crore than E- Filing is also mandatory. CA. Abhay Desai

13 PAYMENT OF TAX 22 days from end of the month/quarter CA. Abhay Desai

14 PROCESS CA. Abhay Desai

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18 VERIFICATION OF ITC CA. Abhay Desai

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22 EXCISE INTEREST/PENALTY RETURNS PAYMENT OF DUTY CA. Abhay Desai

23 INTEREST/PENALTIES Interest for delayed payment under section 11AA – 18% Tax default beyond 30 days – penalty under rule 8 – daily clearance on payment of duty in cash, plus prohibition of using cenvat credit, till dues are paid up. Penalty for non-filing of returns: Upto Rs. 10,000 (Rule 27) No revision possible CA. Abhay Desai

24 PAYMENT OF DUTY SSI Units: 5 th of succeeding quarter/6 th in case of e- payment Other: 5 th of succeeding month/6 th in case of e- payment For March: 31 st March E-payment mandatory if duty liability exceed Rs. 1 lac in PY. CA. Abhay Desai

25 RETURNS Form of ReturnDescriptionWho is required to fileTime limit for filing return ER-1 [Rule 12(1) of Central Excise Rules] Monthly Return by large unitsManufacturers not eligible for SSI concession 10th of following month ER-2 [Rule 12(1) of Central Excise Rules] Return by EOUEOU units10th of following month ER-3 [Proviso to Rule 12(1) of Central Excise Rules] Quarterly Return by SSIAssessees availing SSI concession 10th of next month of the quarter ER-4 [rule 12(2) of Central Excise Rules] Annual Financial Information Statement Assessees paying duty of Rs. one crore or more per annum through PLA or Cenvat or both together. Annually by 30th November of succeeding year CA. Abhay Desai

26 RETURNS Form of ReturnDescriptionWho is required to fileTime limit for filing return ER-5 [Rule 9A(1) and 9A(2) of Cenvat Credit Rules] Information relating to Principal Inputs Assessees paying duty of Rs. one crore or more per annum (either through PLA or Cenvat or both together) and manufacturing goods under specified tariff headings Annually, by 30th April for the current year. ER-6 [Rule 9A(3) of Cenvat Credit Rules] Monthly return of receipt and consumption of each of Principal Inputs Assessees required to submit ER- 5 return 10th of following month ER-7 [Rule 12(2A) of Central Excise Rules] Annual Installed Capacity Statement All assessees, except manufacturers of biris and matches without aid of power and, reinforced cement concrete pipes Annually, by 30th April for the previous year ER-8 [Sixth proviso to Rule 12(1) of CE Rules] Quarterly returnAssessees paying 1%/2% excise duty and not manufacturing any other goods Quarterly within 10 days after close of quarter CA. Abhay Desai

27 PROCESS CA. Abhay Desai

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35 SERVICE TAX INTEREST/PENALTIES RETURNS/DUE DATE PAYMENT OF TAX CA. Abhay Desai

36 INTEREST/PENALTIES Interest: 18% p.a. (Reduced by 3% if value of taxable service less than Rs. 60 lakhs) Penalty for late payment of tax: Rs. 100/day or 1% per month, whichever is higher (Maximum: 50% of tax) Penalty can be waived u/s 80 Fees for late filing: First 15 days: Rs. 500; days: Rs. 1000; 31 days or more: Rs /day (max. Rs. 20,000) CA. Abhay Desai

37 RETURNS Form ST-3 To be filed on half-yearly basis Due date: 25 th of month following the half-year All assesses to mandatorily file e-returns Revised return: 90 days from original return CA. Abhay Desai

38 PAYMENT OF TAX Individuals/Partnership firms: 5 th day of succeeding quarter/6 th of paid electronically Others: 5 th day of succeeding month/6 th of paid electronically Due date for March: 31 st March E-payment mandatory if total payment exceed Rs. 1,00,000 (including CENVAT) CA. Abhay Desai

39 BUDGET CHANGES W.e.f every assessee has to make e-payment of excise duty. Assistant Commissioner / Deputy Commissioner of Central Excise shall have the power to allow the assessee to deposit tax by mode other than internet banking vide Notification No. 19/2014–Central Excise (N.T.) dt. July 11, Rule 8(3A) has been substituted to provide that in case of default in payment of Excise Duty, the assessee must suo motu pay a penalty of 1% per month on the amount of Excise Duty unpaid for each month or part thereof. This change will take effect from the date of publication of the amending Rules in the Official Gazette. CA. Abhay Desai

40 BUDGET CHANGES Slab rate system for interest is proposed w.e.f Period of DelayInterest Upto 6 months18% Beyond 6 months upto 1 year24% Beyond 1 year30% CA. Abhay Desai

41 REVERSE CHANGE MECHANISM Currently under reverse charge mechanism, service tax has to be paid at the time of making the payment to service provider. It is proposed that w.e.f service receiver will have to make payment either on the date of payment or the day after 3 months from the date of issue of invoice, whichever is earlier (First proviso to Rule 7 of Point of Taxation Rules). CA. Abhay Desai

42 M/s Yagnesh desai & Co. 819, Siddharth complex, Beside express hotel, Alkapuri, Vadodara – M) L) OFFICES : Vadodara, Ahmedabad & New-Delhi


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