CA Harshil sheth Profile picture
FCA .Decade in Full time practising in Taxation & part time in Learning,Writting & tweeting on GST & IT 👉 https://t.co/pXzWtszmCs
3 Apr
Thread on TCS FOR FY 20-21 END AND TCS FOR FY 21-22 START- VERY IMPORTANT

tweet 1

>>>>Action required for TCS on Sale of Goods for Financial Year 2020-21

>Note- TCS was made applicable to those whose FY 19-20 Turnover was Crossing 10 cr
tweet 2

a. In case, you are liable to collect TCS after 01-10-2020 for sales of goods, then for march month ,ensure to pay TCS by 7th April 2021 for Q4. (not 30th april)
The due date for TCS return is 15-5-2021 ( not 31st may)
tweet 3

b. Also check your books of Accounts , From 1-10-2020, If you have not collected or short collected from the customer then You need to Reconcile with books and Pay the difference before 7th April 2021 and File TCS return before 15-5-2021.. Rate was 0.075% till March.
Read 6 tweets
12 Mar
Thread -
1
Future of GST Professionals practise
is
RECONCILIATION

On OUTWARD side-

You will be making Reco of following source of Figures

Books Figures
3B Figures
GSTR 1 Figures
E invoice Figures
GSTR 9 figures
26AS Figures
2
On ITC side-

U all know that
Reco needed in

Books Figures
3B Figures
GSTR 2B Figures
GSTR 2A Figures
GSTR 9 table 6
GSTR 9 table 8A

And some Ppl prefer to make their own version of Excel Summary for Annual data
So Reco with that Also
---
Read 4 tweets
22 Feb
Thread on Machine Vs Humans Vs GST
1

The fact that Law conceptualized after developing IT modules on GST Portal is the irony and big failure point

This shows How human touch is missing in GST

Depending tooo much on tech and machine driven systems is in-human

Read below
2. Taxpayer is Allowed ITC only if reflected in 2B

GST return filling system should understand that the counter party is also human.. He is not machine

It may not be possible for him Everytime that he may file his GSTR1 before 11th/13th every month
3. A human is prone to mistake, Forgetful nature, full of problems & hurdles & unavoidable events

Like there might be health emergency at his home, Marraige function at home, or his accountant is unavailable or same with his consultant

All these unavoidable
Read 6 tweets
12 Feb
Thread on QRMP
#QRMP

70% of ppl, i asked before Feb,
They converted all Taxpayers in Monthly

After filling January returns & looking to PMT6 & IFF difficulties, & half baked solution QRMP
Even rest 30% saying that they will convert ALL clients to" Monthly" from APR 21
QRMP - Idea is good

But Things getting very difficult in practical life
Better to switch " Monthly "

Read below how it is irritating cycle of 3 months
Parties are sending 3B+ 1

We have to file PMT 6 + IFF

This half baked Idea of IFF is very frustrating. It does not allow B2C and export and Exempted details

So We have to remember all this for 2 months and report in QUATERLY GSTR 1

practically more confusing & time consuming
Read 6 tweets
11 Feb
Thread on QRMP

1. 3B was very smooth. PMT 6 is challan but u stil hv to compute the way u did 3B.They shud have continued with 3B for all
PMT6 is useless

Only thing required was IFF 4 quarterly dealers so that they can upload their b2b invoices &counter party can claim ITC
2 what Govt think -
QRMP is wrongly promoted as LESSER compliance to MSME
Rather it is more

MONTHLY Parties -
monthly GSTR1
monthly GSTR3b

QUATERLY parties-

Quarterly GSTR1
With Monthly IFF (optional)

Quarterly GSTR3b
With Monthly Challan

Hardly name changed.
Hats off
3 what actually happened to Quarterly dealers

पहले
GSTR 3B monthly था
GSTR 1 Quaterly था
अब
GSTR 1 monthly हो गया
GSTR 3B Quaterly हो गया

Disclaimer-PMT 6 is nothing but same challan
Use only if Tax payable in M1 M2 of Quarter
If no tax payable then Nothing to do
Read 7 tweets
24 Dec 20
Dear Madam,

Request not to bring more danger provisions in Income tax as well GST
SPARE OUR TAXATION SYSTEM

you have already brought so much worst in 2020

1. Your Idea To bring old vs New tax rate u/s 115BAB in Income tax in Budget2020

@nsitharamanoffc
@FinMinIndia
Your Idea
2. To bring Budgets 4 5 times but could not save economy in 2020

3. To bring 36(4) rule in GST & restrict ITC of genuine Taxpayer just bcz some few fake ITC dealers

4. To bring such illogical & worthless idea to Bring TCS at 0.075% on sale of Goods in Income Tax
Your Idea
5. To bring CEASE of business instead EASE of Business in covid times

6. To bring Such a Cruel rule to pay 1% by cash and 99% by ITC ( rule 86B) ...totally Unconstitutional

7. To bring such fractured , Complex , Restricted system to avail ITC in GST like 36(4)
Read 7 tweets
19 Oct 20
Its shameful that even after 3 year, Infosys Could not provide a smooth GST Portal

Almost last 4 days GST site not working

V hv deadlines like
GSTR 3B
GSTR 9
GSTR 9c
CMP 8
GSTR 1
GSTR 10

Why can't you make STATE WISE PORTAL?

@PMOIndia its high time you look into this matter
The Project head of GSTN portal should be held responsible for the WASTAGE OF MAN HOURS OF PROFESSIONALs

@Infosys_GSTN Atleast You should make an announcement before 24 hrs that Site is not working

5-10 lacs Tax professional may plan their Schedules accordingly
#extendITGSTduedates

@cbic_india
@GST_Council
@FinMinIndia
@nsitharaman

Pl extend ALL GST AND INCOME TAX DUE DATES

BCZ GST PORTAL IS NOT working since 4 5 days
Read 6 tweets