CA Bhilai branch organises seminar on GST and Audit

Bhilai, May 26:
A three day seminar of “GST and Audit” was organised by CA Bhilai Branch at the ICAI building in Civic Center. On Sunday, the last day of the seminar key note address was given by CA Ramandeep Singh Bhatia and CA Vikas Golcha, who had come from Rajnandgaon. Summing up the GST and Audit seminar they explained the minute details related to audit records. CA members and students were present in large number to benefit from the seminar. The guests gave information about GST form R-9, R-9A, and 9C.
In his address Ramandeep Singh Bhatia informed about the points that needed to be covered while preparing the audit. Giving information about online form filling, he said that before filling any form, read the guidelines carefully. Also fill any data in the column meant for them. This is most important because even after filling the correct information, there is a possibility of getting the notice by the department due to filling in the wrong columns. Giving details of the amendment in Form 9C, he said that earlier there was no facility to make separate tax payments, which resulted in the traders facing considerable inconvenience. Later, after a lot of protest, this form has been introduced with some amendment because of which the traders will now be able to pay the missed taxes. But even now no modification has been made on credit available on payment of advance tax. For example, if a trader fails to take his credit by March 30, then he cannot take advantage of it later. He added that this being new arrangement, amendments are being made, and therefore there is a possibility of errors. Regardless of this, the last date for filing GST return is fixed for June 30, 2019, therefore, the auditors should check every information in detail to ensure that both the businessman and the auditor do not face much trouble in future.
At the outset, welcome address was given by Branch President CA Nitin Rungta and while at the end vote of thanks was proposed by CA Deepak Jain. A seminar was attended by CA members and a large number of students from the branch.
For turnover above

Rs 2 crore Form 9C should be used

Giving information about Form 9C, the speaker from Rajnandgaon CA Vikas Golcha, said that the traders whose annual turnover is more than Rs 2 crore it is mandatory to file Form 9C. This form can be filled offline only. It is also mandatory to show advance payment of the next financial year. He informed that the certificates of the auditors for this form are mandatory. In this case also after June 30, they will have to pay Rs 200 per day as penalty as well as 0.5 percent of annual turnover.

Failure in filing GST return would invite huge penalty

CA Bhatia said that the last date for filing returns of 2017-18 has been fixed on June 30, 2019. It is compulsory to file returns for all the traders who have registered under GST. They can file returns by means of both online or offline methods through R-9 form. After June 30, they will have to pay a penalty of Rs 200 per day as well as 0.5 percent of annual turnover. Therefore, it is mandatory for all such traders who have registered themselves in GST, even if for one day, to file the return. Under the composition scheme, the returns can be filed through Form 9A.

Show More

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button