INTRODUCTION

When it is about business and about the management of a corporate company, the compliance refers to the company obeying all of the legal laws and regulations regarding the matters pertaining  to how they manage the business, how they manage their staff, and their treatment towards their consumers. The concept of compliance is actually made in use to make sure that corporations act responsibly and accountability. If put simply, corporate compliance is the process of making sure that a particular company and the employees follow the laws, regulations, standards, and ethical practices that are applied to that particular organization. Effective corporate compliance covers both the internal policies and rules and federal and state laws. Without any laws and rules and regulations, no entity can work to its fullest. There is always a requirement of a regulatory factor pertaining to laws and rules and regulations. 

THE DUE DATES OF THE COMPLIANCE OF THE YEAR 2019

 An in depth discussion about the due dates of compliance related to Goods and Services Tax, Income Tax, Employees State Insurance Act and Provident Fund Act which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8,  RFD-10, Due dates for payment of TDS / TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/ TCS Certificates, Due date for linking of Aadhaar number with PAN, Due date for payment of PF / ESIC and Due date for PF Return filing which includes pension & Insurance scheme forms. Also the modified dates are also being provided.

DUE DATES MODIFIED

The Government has very recently deferred the due date for filing GSTR 1 from the 11th of April to the 13th of April. Apart from this, the following provided are the due dates for filing GSTR 1 for the months of April, May and June 2019:

  • April 2019 – 11th May 2019
  • May 2019 – 11th June 2019
  • June 2019 – 11th July 201

It can be easily concluded from the above that the due dates for filing these returns fall on the 11th of every succeeding month of filing. The deadline for the filing quarterly GSTR 1 for the quarter of April-June is 31st July 2019

IMPORT OF THE ELECTRONIC WAY BILL DATA

It has become very essential for taxpayers to validate the data of their transactions before proceeding with the process of filing returns because it actually saves time and unnecessary data entry. In order to cater to this purpose, the GST portal has now been integrated with the E-way Bill Portal (EWB). This integration has now enabled the users to import the B2B and B2C invoice sections and the HSN-wise-summary of outward supplies section. Using the mentioned details, the taxpayers can easily verify the data and complete the filing. This feature has been introduced considering the major data gaps between self-declared liability in Form GSTR 1 and Form GSTR 3B. The same rule also applies to Input Tax Credit (ITC) claimed in GSTR 3B because it could be compared with the credit available in Form GSTR 2A. Data validation and comparison can be done easily done through the following tabs of the portal:

  • Liability other than export/reverse charge
  • Liability due to reverse charge
  • Liability due to export and SEZ supplies.
  • ITC credit claimed and due

In a more precise and brief manner, the newly launched facility actually takes away the taxpayer’s need to make specifications connected with the e-way bill transactions specified in GSTR 3B as it allows taxpayers to import data in Form GSTR 1 for all invoices for which the e-way bill has been generated. All of the particulars so imported would include the details of supplier, receiver, invoice number, the date of invoice, the type and quantity of goods, HSN Code, etc. These details are then directly transferred to the GST portal and is classed into three categories to be used in GSTR 1 – namely, Business to Business Supplies (B2B), Business to Consumer (B2C) supplies which covers the values of above Rs. 2.5 lakhs and Harmonized System of Nomenclature Code for goods and services(HSNC) wise consolidated supply data.

THE TAX DEPOSITS TO THE GOVERNMENT

In order to start, non-government tax deductors are actually required to remit the tax deducted by them in the official Governmental accounts, i.e. the Income Tax Department, within the 7th of April, 2019. The payment has to be deposited through the NSDL website and the challan that has been generated for such payment must be retained for filing the quarterly returns.

THE GSTR FORMS THAT ARE TO BE FILED BY THE TENTH

The taxpayers who are registered under GST should note that Form GSTR 1, Form GSTR 7 and Form GSTR 8 has to be filed within 10th April 2019. Form GSTR 1 is a statement of particulars concerning the outward supplies made to the buyer for the relevant period. It is meant for those taxpayers whose annual turnover exceeds Rs. 1.5 crores, thereby excluding those who are a part of the Composition Scheme. Also, it is not applicable to the non-resident foreign taxpayers, TDS deductors, e-commerce operators and Input Service Distributors. GSTR 7 is a monthly return for tax deductors under GST, and GSTR 8 is meant for e-commerce operators registered under the tax system.

THE FORM GSTR 6

The Form GSTR 6 has tp be filed by the Input Service Distributors by the 13th of the succeeding tax month. Therefore, the particulars of March must be furnished by the 13th of April 2019.

ISSUANCE OF TDS CERTIFICATE

A TDS certificate is usually issued by tax deductors to the concerned taxpayers in order to enable them to claim tax credit along with the applicable refunds. The due dates for issuance of the certificate under section 194IA and 194IB is the 14th of April 2019.

SECTION 194IA

Section 194IA of Income Tax Act actually governs the provisions concerning TDS on sale of immovable property. An immovable property refers to a property which cannot be moved from place to another or which is attached to the land and cannot be detached from there. The important provisions actually mandate buyers to perform TDS at the rate of 1% at the time of payment of consideration to the seller. TDS provisions do not apply to immovable property if the sale consideration is less than Rs. 50 lakhs or if the property is agricultural.  This certificate has to be issued in Form 16B.

SECTION 194IB

Section 194IB is the newly included income tax provision that actually provides for the application of TDS on the rental payments of flats and apartments. This Act makes this provision applicable for all the individuals/HUF paying a monthly rent of above Rs. 50,000. Also,  if the landlord of such property is not in the custody of a PAN, a 20% deduction would be applicable.

THE OBLIGATIONS THAT FALL ON THE 15TH OF APRIL

The compliance requirements fall on the 15th of April 2019 are that the authorized dealers, the one who had made foreign remittances for the quarter ending March 31, 2018 has to furnish their quarterly statements in Form 15CC. A statement in Form 3BB must be made by a stock exchange with respect to the transactions wherein the client codes have been modified after registering in the system for the month of March 2019.

THE FILING OF GSTR 4

The taxpayers under Composition Scheme have to file form GSTR 4 by the 18th of April 2019 for the quarter ending March 2019. On a crucial and important point, dealers who are a part of this scheme are not required to file their monthly returns.

THE DEADLINES ON THE 20TH APRIL

The requirements that must be met on the 20th of April are the Filing of Form GSTR 3B that is summary return for taxpayers, the Filing of GSTR 5 that is for non-residents, the Filing of Form GSTR 5A for OIDAR Service providers. The mentioned returns must be filed based on the particulars of March.

THE REQUIREMENTS OF THE END OF THE MONTH

The due dates for the compliance requirements fall on the 30th of April 2019 are of furnishing of challan-cum-statement for TDS u/s 194IA and 194 IB, Filing of Form GSTR 1 for taxpayers with an annual turnover of up to INR 1.5 crores and such taxpayers may file this form if desired by them, the filing of DIR-3 KYC with the MCA for individuals who were holding valid DIN with approved status as on 31st March 2019, the filing of Form 24G by an office of the Government where payments for TDS/TCS for the month of March 2019 that has been made without producing a challan, the furnishing of challan-cum-statement in respect of tax deducted under Section 194 IA in the month of March 2019, the furnishing of challan-cum-statement in respect of tax deducted under Section 194 IB in the month of March 2019, the tax deposits to the Government for the performance of TDS by an assessee other than an officer of the Government, the E-filing of declaration in Form 61 containing particulars of Form 60 received between October 2018-March 2019, the uploading of declarations received from the recipients in Form 15G/15H during the quarter of January-March 2019, the depositing of TDS for the March Quarter where the Assessing Officer has endorsed the quarterly deposit of TDS under Section 192, 194A, 194D or 194H, the filing of Form MSME 1. The tax laws of the country are actually getting increasingly stricter to ensure proper compliance with the various systems. Thus, taxpayers and corporates are being advised to meet the various requirements in order to avoid facing greater consequences.

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