#ROC Filing Fees Hiked,Government brings strict penalty rules from 01st April 2018

#ROC Filing Fees Hiked,Government brings strict penalty rules from 01st April 2018

  • Presently, the objective to ensure enhancing the filings by providing for condonation of delay, payment of higher fees is not really helping, so in order to make the compliance requirement less onerous with the reasonable time period for all companies and to avoid strict penalties, section 403 is being amended.
  • Existing Penalty Rule 12 times the Normal Fees i.e Maximum Rs.3,600/-, after amendments come in force then Rs.100/ Day
  • 270 days shelter proposed to be removed;
  • Delayed filing fees likely to vary depending on number of defaults and nature of form to be filed;
  • Additional filing fees structure proposed to be brought in line with the LLP;
  • FS & Annual Return can be filed with delayed filing fees of Rs. 100/- per day (after prescribed 30/60 days), different amount may be specified for different classes of companies;
  • For other forms – additional fees will be prescribed, different amount may be specified for different classes of companies.
  • In case of subsequent 2 or more defaults in submission of forms, higher fees may be prescribed.

#GST Big Relief for GST Taxpayers

With the increasing fear of declining GST collection, the government can change the procedure of the Invoice Matching system. In consideration of this move, the invoice matching is not done by the assessee but it will be done by the tax department itself. The government can discuss this issue in the GST council meeting which is going to held on 18 January.

Basically, to claim the input tax credit benefits, taxpayers have to furnish the GTSR-1 and GSTR-2 forms and on basis of that, they can claim for profits. Traders furnish the GSTR-1 form with selling details and the GSTR-2 form with purchasing details during that given period of time. Because this invoice matching is done by traders and assesses only, now it is predicted that the government can change the system and invoice matching will be done by the tax department officials only. After matching the invoice, in case of unmatching details, they can inform the taxpayers about the mismatch. However, till now there is no certain information about the amendment in processing

 

#GST Finance Ministry Arun Jaitley said that it is not possible to implement a single GST slab rate in the diversified country like India.

Finance Ministry Arun Jaitley said that it is not possible to implement a single GST slab rate in the diversified country like India because the substantial population in the country are from below poverty line (BPL), so the process of different slab rates under GST will continue in India. Arun Jaitley totally opposed the idea of single GST slab rate in India for all goods. Items such as food products would be applied minimum tax rates whereas luxury items would be charged higher tax rates.