GST simplify returns

The Goods and Services Tax (GST) Council had announced forming the committee on November 10 to suggest ways for simplification of the returns filing process.

The committee would look into simplification exercise because all (GST returns) are intricately connected,” Pandey said, when asked if the committee would focus on only GSTR-2 and GSTR-3 or all the returns under GST.

composition scheme gst

Composition Scheme under GST 

The objective behind the composition scheme is to bring simplicity and reduce the compliance cost for small taxpayers.

Composition Scheme under GST  is a simple and easy scheme  for Small taxpayers.

Features of Composition Scheme.

Turnover :- A taxpayer whose turnover is below Rs 1.5 Crores.can opt in for Composition Scheme. (can be extended to Rs.2 crore)

In case of North-Eastern states and Himachal Pradesh, the limit is Rs 75 lakh.

Tax Rate :- Uniform tax rate of 1% applicable for both traders and manufacturers.

Services :- Composition suppliers allowed services upto Rs. 5 lakh per annum for eligibility.

Exempted supply :- Exempted supply not to be taxed at 1%.

Restaurant :- Restaurant sector taxpayers may also opt for the scheme. Tax rate is 5%

Capture

Service providers :- Service providers are not eligible

dealer registered under composition scheme is not required to maintain detailed records

Composition Dealer is not allowed to avail input tax credit of GST paid to their supplier.

Bill of Supply :- A composition dealer cannot issue tax invoice, instead they can issue a bill of supply. This is because a composition dealer cannot charge tax from their customers.

GST payment :- GST Payment has to be made out of pocket. The consumer/ the receiver of supplies will not be liable to pay GST to the supplier .

The taxable person is required to furnish only one return i.e. GSTR-4 on a quarterly basis and an annual return in FORM GSTR-9A.

Composition Dealer is not allowed to collect composition tax from the buyer.

The taxpayer has to mention the words ‘composition taxable person’ on every notice or signboard displayed prominently at their place of business

The taxpayer has to mention the words ‘composition taxable person’ on every bill of supply issued by him.

Composition Scheme is available only for intra-state supplies.The taxpayer can only make intra-state supply (sell in the same state) i.e. no inter-state supply of goods.

taxpayer has to file Form GST CMP-01 or GST CMP-02 with the government. This intimation should be given at the beginning of every Financial Year by a dealer wanting to opt for Composition Scheme.

The taxpayer must mention the words ‘composition taxable person, not eligible to collect tax on supplies’  at the top of the bill of supply issued by him.

The taxpayer has to mention the words ‘composition taxable person’ on every notice or signboard displayed at a prominent place at his principal place of business and at every additional place or places of business.

Mock test for CPT students 2017

CPT mock test for December 2017 Exams .

ICAI to be conducted mock test for cpt students on 26.11.2017 & 10.12.2017.

Results to be declared on 30.11.2017 & 13.12.2017

Contact your nearest ICAI Regional Office / Branch for registration.

Series  1

Date      26/11/2017

Paper 1      Fundamentals of Accounting
& Mercantile Law

Time.      10AM-12PM.

Paper 2       General Economics &
Quantitative Aptitude

Time.         2PM-4PM

Result.       30/11/2017

 

Series  2

Date      10/12/2017

Paper 1      Fundamentals of Accounting
& Mercantile Law

Time.      10AM-12PM.

Paper 2       General Economics &
Quantitative Aptitude

Time.         2PM-4PM

Result.       13/12/2017

caknowledgeclub.com provides online mock tests for CA CPT Exam. Mock Tests are available for Fundamentals of Accounting, Mercantile Laws, General Economics & Quantitative Aptitude.

 

  

CA intermediate registration fees

here find out CA intermediate registration fees

For Direct Entry Scheme : Students to be paid  the following fees for both groups at a time or individual groups.

Course fees contain registration, activation & articled assistants

Indian Students

Both Groups 

Registration fee                      Rs.15,000

Students’ Activities Fee         Rs.2,000

Registration fee as articled   Rs.1,000
assistant

Cost of Prospectus                 Rs. 200

Group I / II

Registration fee                      Rs.11,000

Students’ Activities Fee         Rs.2,000

Cost of Prospectus                 Rs. 200

Note :- Students’ Activities Fee to be paid once

Foreign Student

  • For Foreign Student US$ 1,000 for Both groups
  • For Foreign Student US$ 600 for Group I / II

Final Registration Fees for Indian & Foreign Students 

Indian Student

Final Registration Fee   Rs.22,000

Foreign student

Final Registration Fee   US$ 1,100

 

Articleship

caknowledgeclub provide articleship vacancy and other jobs like a Article Assistants, Article Trainees, Articleship, Articles, Paid Assistants , Chartered Accountant in CA Firms in India and overseas.

Chartered Accountant

Chartered Accountant is a member of ICAI. Members of the ICAI are known as Chartered Accountants. Only a member of ICAI can be appointed as statutory auditor of an Indian company under the Companies Act, 2013. Any person who is granted membership of the Institute becomes an Associate Chartered Accountant and is entitled to use the letters A.C.A. after his name.Any member wanting to engage in public practice has to first apply for and obtain a Certificate of Practice from the Council of ICAI.Only members holding a Certificate of Practice may act as auditors or certify documents required by various tax and financial regulatory authorities in India.here find out List of practicing chartered accountants in India.

CA foundation registration fees

Here find out CA foundation course fees details

In Indian Rupees (Rs.)

  • Cost of Prospectus                              Rs.200
  • Foundation Registration Fee             Rs.9,000
  • Subscription for Students’ Journal    Rs.200
    (For one Year) (Optional)
  • Subscription for Members’ Journal  Rs.400
    (For one Year) (Optional)

For Foreign Student US$

  • Cost of Prospectus                                   20
  • Foundation Registration Fee                  700
  • Subscription for Students’ Journal        20
    (For one Year) (Optional)
  • Subscription for Members’ Journal       40
    (For one Year) (Optional)

CA CPT Mock Test

caknowledgeclub.com provides online mock tests for CA CPT Exam. Mock Tests are available for Fundamentals of Accounting, Mercantile Laws, General Economics & Quantitative Aptitude.

http://mock-test.caknowledgeclub.com/

 

Foundation registration form

All CA registration forms are at one place

  • Here find out CA Course Registration Forms
  • CA Foundation registration form
  • CA Intermediate Course Registration Form
  • Application Form for enrolment as a Student for CA Final Course
  • Application Form for enrolment as a Student for Final (Old Course)
  • Deed of Articles and Registration Form (Form 102 and Form 103)
  • Service Certificate for Articleship
  • Termination of Articled Service
  • Apprenticeship Deed for Industrial Training,etc.

click here

CA Course Registration Forms

CA Articleship

CA article ship for CPT route students or Foundation route students
To begin Articleship, After passing either or both groups of IPCE or Intermediate examination and successfully completing Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS)
CA article ship for Direct Entry Route
Immediately after registering for Intermediate Course and successful completion of Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS).

CA Articleship jobs

caknowledgeclub provides Articleship jobs in Mumbai,Delhi,hyderabad, bangalore,cochin,chennai,Vizag,bhopal,jaipur,Navi mumbai,Thane,etc.

https://www.caknowledgeclub.com/caauditfirm-vacancies

 

 

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Suggested Answers Cost Accounting and Financial Management

ICAI Suggested Answers in Cost Accounting and Financial Management from 2012 November  to 2017 May. Suggested Answers are very helpful in preparation of ICAI Exams. ICAI conducted Exams in May and November.