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CA Harshil sheth

@CA_HarshilSHETH

22 Sep

1/n
Thread on 16(2)(aa) -MOST DANGEROUS PROPOSED CHANGE

Sec 16(2)(aa) says that ITC will be available only when Supplier has furnished in his GSTR -1

16(2)(aa) is end of all hopes for any simplifications, we ever demanded in GST

On the contrary ,This is injustice to Taxpayers

2/n
I repeat , It is putting Condition which is beyond own control.
&
coz its Impossible that my 100% purchases will be reflected in Same month everytime every month

My que is
"Why I m at loss of ITC in current month if my Supplier did not filed GSTR 1?"

impossible to comply

3/n
16(2)(aa) will prove fatal for many whose ITC not appearing in 2B and they might have to take up High interest Loan

This Section might kill many business or put many in big financial crunch bcz he has to squeeze up his working capital to pay GST for ITC not appearing

Read 10 tweets

CA Harshil sheth

@CA_HarshilSHETH

17 Sep

MEGA THREAD ON 30 BURNING GST ISSUES & SUGGESTIONS thereof

This detailed Presentation on 30 burning issues in GST Law, Procedures, Returns are hard work of Last 4 year. All GST law related issues (which we all have faced) have been compiled in this Thread. Also attached Link

You can check whole PDF in this link drive.google.com/file/d/1bM69fs…

or U can check 30 points below in Thread below

Lets get started

PART- 1 -Regarding Seamless ITC

1. REMOVE ITC restrictions of rule 36(4) and proposed Sec. 16(2)(aa)
2. Remove rule for Denial of utilizing ITC u/r 86B
3. Remove Provision ITC reversal due to 180 days Non-payment u/s 16(2)

Read 14 tweets

CA Harshil sheth

@CA_HarshilSHETH

15 Sep

@IncomeTaxIndia

26AS should be having all info.
@IncomeTaxIndia
@FinMinIndia

Apart from TDS TCS or AIR SFT

1 SB interest
2 FD interest ( evenif TDS not deducted or no 15G/H)
3 MF Sold
4 Shares sold
5 Crypto sold
6 Share Trading or F&O
7 Property sold (Evenif < 50 lac)
8 Gold sold (yes)

9. Dividend ( Evenif TDS not deducted)

(Salary /Rent / Commission/ Fees/ Deposit interest/ Royalty
tough to get info. if TDS not deducted)

But Rest like any of above, Anything where PAN is used and Any heads of income are hit
Then it must be shown in 26AS automatically

These 9 incomes are sure shot incomes which must be shown in ITR & taxed

IT dept can easily get most these info from Bank

The IT return filer will have to show these Income from above transactions once reflected i. 26AS

And
Tax will be huge when All will show such incomes

Read 4 tweets

CA Harshil sheth

@CA_HarshilSHETH

3 Aug

HANDS ON EXPERIENCE on New portal

For simpler ITR 1 or 2 having Salary & Interest incomes , I tried filing few ITR & here is experience ( torture)

If you lucky U get to validate ur json from Software, upload it .. If more lucky then No error will come & U can Submit ITR

But problems are mainly after that

1. If name is not matching with PAN database then ITR will not be submitted. Dont get annoyed . Change name and Upload Json again . We had habit of Writting name SURNAME-NAME-FATHER NAME
Now this habit need to be changed

2. In some cases , OTP was coming late for E-verification..AFTER E-VERIFICATION done, When I go to download.. I cant see AY 21-22 return.. This is worst level of Glitch which can give heart attack...इतनी महेनत से upload हुआ and गायब

Read 7 tweets

CA Harshil sheth

@CA_HarshilSHETH

3 Aug

Earlier payment of TDS was really insignificant task. Clients used to pay at own before 7th

So I was nvr worried for reminders .. Still I used to send them

But now It has 3 categorizes (and horrible messy task of checking )

so I had sent this- as reminder to clients

JUL month TDS TCS reminder - Pay before 7th Aug

Category 1- TDS (normal) -
on interest, Commission, RENT, Fees, JOB WORK, REPAIRING, ADVERTISEMENT , FREIGHT ( >10 TRUCKS)

Category 2 TDS (on Purchases 194Q)
( Only if U r 10 cr above)
Deduction of 0.1% on if purchases hv Crossed 50 lac

Read 4 tweets

CA Harshil sheth

@CA_HarshilSHETH

12 Jul

MASTER Thread on current PROBLEMS in GST ( law, procedure & Returns)

GST can be Good & Simple if Following problems r resolved . I am aware that There is no discussion, No representation, No hope abt these Problems getting solved

But Still I am making list

READ ALL 25 points

1. ITC restrictions in 36(4) and 16(2)(aa)
2. ITC Denial of utilizing u/r 86B
3. ITC reversal due to 180 days Non-payment
4. No ITC allowed for CG in Export refund
5. No ITC allowed for CG & Services in Inverted duty refund

6. Whole return filling Mechanism
7. Non Effective GST Annual Return format
8. No CAP on Max. LATE FEES
9. No Amnesty for GSTR 9/9C
10. No relaxation on Sec. 16(4) regarding time limit

Read 7 tweets

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