NICAI Updates

[Raj Chawla]

Respected Members:

Quotes of the Day:

1. One good action is greater than million good intentions, Because we judge ourselves by our intentions, but others judge us by our actions.
   
2. The Difference Between a 'Corrupt' & 'Honest' Person; The Corrupt person has PRICE & The Honest person has VALUE!!! Create your own value in your life. Don't let others to decide your price.
   

NICAI Updates:

1. Finance Ministry has said GST refunds can be claimed by simply submitting a printout of 'GSTR-2A' form to tax authorities instead of giving all purchase invoices of a month. The proper officer shall rely upon form GSTR-2A as an evidence of the account of the supply by the corresponding supplier in relation to which the input tax credit has been availed by the claimant.
   
2. Finance Ministry notified the format for filing annual GST returns. With this, the uncertainty over filing the return is over and now assessees will have to file the first annual return by December 31.
3. CBIC has notified the CGST (8th Amendment) Rules,2018, mainly to amend CGST Rules 22, 36, 55, 89, 96 and 138A along with Forms GST REG-20, ITC-04 & EWB-01 and to introduces Form GSTR-9 (Annual Return).
   
4. MCA: in respect of an individual who is in possession of Duplicate/Multiple DINs, he can retain the Oldest DIN only. DINs obtained later have to be surrendered. on approval of form DIR-5, all existing/erstwhile associations of the surrendered DIN shall be automatically mapped to the retained DIN
5. SEBI may soon dilute some of the controversial provisions notified in its April 10 circular on foreign portfolio investors (FPIs). Sources say the regulator is mulling exempting people of Indian origin (PIOs) from the ambit of the new KYC norms.
6. DGFT authorities have made amendments in Aayat Niryat Form (ANF) pertaining to Chapter 6 & 7 of the Handbook of procedures 2015-2020. in the light of implementation of GST and updation of FTP / HBP wef 05-12-2017.

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With best regards,

CMA Rajni Chawla

M.COM, FCMA

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