Northern India Regional Council of Institute of Chartered Accountants of India (ICAI) (J&K Branch) recently conducted a seminar with prime focus on assessment procedures and protocols of departmental Audit under the norms permitted by ICAI, for Goods and Service Tax regime.
CA Suresh Kumar Malhotra was honoured as the guest speaker in the seminar who spoke on several assessment procedures under the new tax regime. He also threw some light on protocols of departmental audits and at last answered the related queries raised by the members.
Read Also: Extended GSTR 9 Annual Return Filing Due Date For FY 2018-19
Now Latest GSTR 9 and 9C Due Date Extended Notification
| Period | Due Date FORM GSTR 9 GSTR 9C |
|---|---|
| Fy April 2018 To March 2019 (Annual Return) | 31st December 2020 Extended (Read Notification) |
He informed the enthusiasts that in par with the current laws, a GST Commissioner can launch an investigation warrant against any registered taxpayer whose annual turnover is above Rs. 10 Crores. Therefore soon people will witness tax officials entering the premises of such businesses/taxpayers and conducting the audit. However, the audit for business/taxpayers with turnover less than Rs. 10 Crores may be conducted in the tax department’s office.
It was further discussed that all the Chartered Accountants (CA) should acknowledge their respective clients and general public to file their annual returns on time (i.e. GSTR 9), so that it is convenient for the CAs to conduct a GST audit and furnish Form GSTR 9C prior to the last date of submission i.e. 30 January 2020.
It was further directed to the CAs to acknowledge as many as they could about the importance of annual return filing (GSTR 9) so that they (taxpayers) do not get to face the penalties or taxman’s investigation. The next was the technical session in which CA Sanchit Gupta enlightened the attendees with details on the new professional code of ethics of the ICAI.
ICAI Chairman CA Shalay Razdan gave a warm welcome to all the guest speakers and also conveyed his views on problems India’s new Union Territory (Jammu and Kashmir) is facing in filing the returns. One of the major hurdles for the natives of J&K is internet connectivity due to which they willingly or unwillingly ignore annual returns filing, audit and reconciliations.
Looking at the prevailing scenario, he requested the administration to extend the due dates of annual return filing (GSTR 9 and GSTR 9C) for Jammu and Kashmir.
ICAI Branch Secretary, CA Nakul Saraf, gave his contribution to the proceedings of the seminar and simultaneously addressed his views related to the struggle faced by the members in terms of GSTR 9 and GSTR 9C filing and finally, ICAI branch Vice Chairman CA Lalit Kumar Gupta, gave a formal vote of thanks.
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