Chairman Message

"An optimist stays up until midnight to see the New Year

in. A pessimist stays up to make sure the old year leaves.”

-Bill Vaughan

The past month, if I am to describe it, has been quite

enthralling professionally. The Institute, the professional

fraternity, the regulators have witnessed winds of change and

well for professionals like us, who are on a constant lookout for opportunities of growth,

development and moments to prove our mettle; we are a firm believer of finding much synonymy

between change and progress.

We are already in the second month of the Fiscal Year. The Statutory Bank Audit is completed. The

professionals are now gearing up for the GST Annual Returns which are due next month. The

government has opened up numerous opportunities for our profession by implementing various

Bye-Laws for the betterment of the overall Economy.

” Whatever action a great man performs, common men follow. And whatever standards he sets by

exemplary acts, all the world pursues- Bhagvad Gita

Above shaloka from Bhagvad Gita’s Chapter 3 on ‘Karma Yoga’ guides all of us to keep performing

our Karma and remain focussed on our goal every moment. As Arjuna exemplified such focus and

determination on his goal of shooting in the blackness in the centre of the eye of the wooden

sparrow, avoiding all distractions on the way whether physical or psychological. This points out

towards the need of becoming a ‘Karma Yogi’ in our respective fields by controlling our senses by

training and purifying our mind and intellect to undertake selfless service of humanity. In this

process, ultimately, a human being is automatically driven towards the attainment of excellence

which other common human beings follow. Indeed, our ancient Indian scriptures are full of wisdom

to guide and enlighten to this noble path.

This month also, various seminars and Career Counselling Program shall be conducted just around

the corner and many more academically and professionally significant topics. Also, the Jaipur

Branch has now taken up to conduct the Workshop Series and lectures on GST. The detailed

description of this month’s events is stated in the Newsletter.

Lastly wishing you all students- “GOOD LUCK” for exams.

With Best Wishes

.

"Some people dream of success, While other people get

up every morning and make it happen." – Wayne

Huizenga

As we know, India is one of the fastest growing

economies in the world. Economically and financially we

have progressed steadily.

An important reason for this is the strong and

constant support of Chartered Accountants who contribute their knowledge, expertise and

time towards building one of the most robust systems of good governance.

Our activities and events for the members and students are being continuously

conducted in a systematic and coordinated manner to ensure maximum benefit to all.

Going forward, I wish to focus on ensuring that a concrete and robust platform is

created for the support and development of young members both professionally and in soft

skills as they shall be representing ICAI for a long time, and also pass their knowledge to the

next generation.

I will ensure that our excellent infrastructure shall be optimally utilized to carry out

necessary activities for all. I also wish to host events that are specifically designed to enrich our

members and students. MCS and Career Counseling shall also be areas of particular focus

during the year

I am sure that I will receive the support of all the respected members and my dear students in future as we aspire to achieve the best.

With best regards

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1. Meeting on "Salient issues in GST pertaining to Real Estate & Refund for

Exporters" (04.05.2019-2CPE)

Jaipur Branch of CIRC of ICAI organized a SC Meeting on Salient issues in GST

pertaining to Real Estate & Refund for Exporters on 04.05.2019 at ICAI Bhawan,

Jaipur. CA Deepak Goyal was the eminent speaker for the meeting. CA Ashutosh Lata

was the convenor of the meeting.

2. Career Counselling Programme at St. Paul School, Durgapura

(08.05.2019)

Under the aegis of Career Counselling Sub-group, BOS- ICAI, Jaipur Branch of CIRC of

ICAI organized Career Counselling programme for the students of 10th, 11th and 12th

standard at St. Paul School, Durgapura on 08.05.2019. CA. R. C. Sharma, CA. Rajat Jain

& Mr. Mukesh Khandal were the counsellors. They explained the details about CA course

to the participants. Around 80 students participated. The queries of the students related

to course in commerce were also attended by them.

3. Career Counselling Programme at Gyan Vihar School, Malviya Nagar

Jaipur (08.05.2019)

Under the aegis of Career Counselling Sub-group, BOS-ICAI, Jaipur Branch of CIRC of

ICAI organized Career Counselling programme for the students of 10th, 11th and 12th

standard at Gyan Vihar School, Malviya Nagar Jaipur on 08.05.2019. CA. R. C. Sharma,

CA. Rajat Jain & Mr. Mukesh Khandal were the counsellors. They explained the details

about the CA course to the participants. Around 200 students participated. The queries

of the students related to course in commerce were also attended by them.

4. 4 Days Seminar on GST (8.5.19 to 11.5.19 -12 CPE)

Jaipur Branch of CIRC of ICAI organized 4 days Seminar on GST for CA members from

8th May 2019 to 11th May, 2019 at ICAI Bhawan, Jaipur.

On 08.05.2019, CA Pulkit Khandelwal was the eminent speaker and delivered the lecture

on GST Annual Returns (Form 9 & 9A), Reconciliation of GSTR, Annual Returns and

Books of Accounts.

On 09.05.2019, CA Varun Khandelwal was the eminent speaker and delivered the lecture

on All About GST Audit (Form 9C).

On 10.5.2019, Adv. (CA) Rahul Lakhwani was the eminent speaker and he delivered the

lecture on "Discussion on Recent Notification/ circular/AAR- Industry Wise."

On 11.05.2019, CA Akshay Kumar Jain was the eminent speaker and delivered the

lecture on GST – From April 2019 onwards.

BRANCH ACTIVITY DURING THE MONTH OF MAY-2019

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5. Career Counselling Programme for students of Vidyasthali

Public School, Dausa (14.5.2019

Under the aegis of Career Counselling Sub-group BOS- ICAI, Jaipur Branch of CIRC of

ICAI organized Career Counselling programme for the students of 10th, 11th and 12th

standard of Vidyasthali Public School, Dausa at ICAI Bhawan, Jaipur on 14.5.2019. CA.

Rajat Jain and Sh. Gagan Gaggar were the eminent counsellors. They explained the

details about CA course to the participants. Around 40 students participated. The queries

of the students related to carriers in commerce were also attended by them.

6. Career Counselling Programme at Apex International School Lalkothi

Jaipur (15.05.2019)

Under the aegis of Career Counselling Sub-group, BOS- ICAI, Jaipur Branch of CIRC of

ICAI organized Career Counselling programme for the Students of 10th, 11th and 12th

standard at Apex International School, Lalkothi Jaipur on 15.5.2019. CA. Rajat Jain was

the eminent faculty. He explained the details about the CA course to the participants.

Around 125 students were present. The queries of the students were also attended

satisfactorily by the counselor.

7. Half Day Seminar on GST for CA Students (17.05.2019)

Jaipur Branch of CIRC of ICAI organized Half Day Seminar on GST for CA Students on

17th May, 2019 at ICAI Bhawan, Jaipur under.CA. Lokesh Kasat, Chairman-Jaipur

Branch, CA. Kuldeep Gupta, Secretary-Jaipur Branch & and other Managing Committee

Members of Jaipur Branch inaugurated the programme by lighting the lamp.

CA Anushri Gupta & CA Ayush Gupta were the learned speakers of the seminar. CA

Anushri Gupta delivered the lecture on GST annual return & CA Ayush Gupta delivered

the lecture on GST audit during the seminar.

8. Full Day Seminar on Women Empowerment “Naari Tu Narayani”

(18.05.2019 – 6CPE)

Jaipur Branch of CIRC of ICAI organized Full Day Seminar on Women Empowerment

“Naari Tu Narayani” on 18th May, 2019 at ICAI Bhawan, Jaipur.

CA Prakash Sharma, Central Council Member-ICAI, CA. Abhishek Sharma, Treasurer-

CIRC, CA. Sachin Jain Regional Council Member & Member CICASA-CIRC, CA. Kuldeep

Gupta, Secretary, Jaipur Branch & and other Managing Committee Members of Jaipur

Branch inaugurated the programme by lighting the lamp.

First Session

CA Karanjot Kaur & CA Kriti Khandelwal were the eminent speakers. CA Karanjot Kaur

delivered the lecture on Opportunities in New Era and CA Kriti Khandelwal delivered

the lecture on Code of Ethics.

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Second Session

This session was kept on interaction with renowned women. In this session Ms. Rolee

Agarwal, Commissioner of Income Tax, Dr. Manish Arora, Additional Commissioner

Tourism, Ms. Nidhi Lauria, CEO Rajasthan, Bharti Airtel and CA Anuradha Gupta were

present. They addressed the participants with their words of wisdom.

Third Session

In this session CA Kritika Khandelwal was the eminent speaker. She delivered the lecture

on Women & career-How to come out from career fear and its importance for

professionals.

Fourth Session

CA Swati Jain & CA Suhani Poddar organized Ice Breaking Workshop for the participants

in this session.

Fifth Session

In this session Dr. Sadhna Arya was the eminent speaker. Dr. Sadhna Arya delivered the

lecture on Health Management and Success Story.

Sixth Session

In this session Ms. Sangeeta Upadhyay, Deputy Vice President-Indusind Bank was the

eminent speaker. She delivered the lecture on Investment Management.

Seventh Session

Ms. Tavishi Batwara, Ms. Aarushi Dangayach, CA Neha Katta & Ms. Kanika delivered the

lecture on Freelance Platform during the session.

9. Full day Seminar on S. Vaidyanath Aiyar Memorial Lecture (25.5.19-6CPE)

Jaipur Branch of CIRC of ICAI hosted Full Day Seminar for CA Members on Saturday 25th

May, 2019 at MPS Auditorium, Jawahar Nagar, Jaipur under the aegis of CIRC of ICAI.

CA Prakash Sharma, Central Council Member-ICAI, CA Mukesh Bansal, Chairman-CIRC,

CA Abhishek Sharma, Treasurer-CIRC, CA. Sachin Kumar Jain, Regional Council Member

& Member CICASA-CIRC, CA Dinesh Kumar Jain, Regional Council Member-CIRC, CA

Lokesh Kasat, Chairman-Jaipur Branch, CA Anil Kumar Yadav, Vice Chairman-Jaipur

Branch CA Kuldeep Gupta, Secretary-Jaipur Branch, CA Akash Bargoti, Treasurer-Jaipur

Branch and other Managing Committee Members of Jaipur Branch inaugurated the

programme by lighting the lamp.

First Technical Session

In this session Adv. V. Lakshmikumaran, from New Delhi was the expert Speaker. Mr.

N. Mathivanan, Ms. Shweta Walecha and Mr. Anshul Mathur were co-speaker of the

session. Adv. V Lakshmikumaran delivered the lecture on Contemporary Recent Issues

in GST incl. GST Return & Audit.

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On this occasion Jaipur Branch of CIRC of ICAI felicitated CA. Mukesh Bansal,

Chairman, CIRC, CA. Abhisak Pandey, Secretary, CIRC & CA. Devendra Kumar

Somani, Chairman CICASA, CIRC by presenting a memento, safa & shawl. CA

Mukesh Bansal, Chairman, CIRC also addressed the participants with their words

of wisdom.

Second Technical Session

In this session CA Rajeev Sogani, Jaipur was the eminent Speaker. CA Rajeev Sogani

delivered the lecture on Benami Act- Important issues & New Income Tax return forms.

During Session CA Abhisak Pandey, Secretary, CIRC and CA Devendra Kumar Somani,

Chairman CICASA, CIRC also addressed the participants with their words of wisdom.

Third Technical Session

In this session Sh. Gajanand Meena, DGIT (Investigation) & Sh. B. Shashikant, IRS,

Deputy Director Investigation were the eminent speakers. Sh. Gajanand Meena, DGIT

(Investigation) delivered the lecture on Benami & Black Money. After this a Q/A session

was organized. In this session Sh. Gajanand Meena, DGIT (Investigation) & Sh. B.

Shashikant, IRS, Deputy Director Investigation answered the queries raised by the

members.

Designed & Compiled by : ITT Faculties of Jaipur Branch of ICAI

Sanjay Kishore Karni Singh Rathore

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Composition Scheme for Goods & Service Taxpayers

FCA Shilvi Khandelwal here are astronomical provisions under GST for returns, tax payments, and details

to be submitted by registered persons engaged in providing services which cannot

be complied with by small service providers. Now, a composition scheme under

GST has been introduced as an option for those small goods and service providers

to pay amount (not tax), in lieu of tax payable in normal levy. Earlier the schemer

was available only to the supplier of goods. This scheme provides for less rate of tax, less

number of returns, less number of compliance and less maintenance of books of accounts etc.

A registered person supplies goods or services or both can opt for this option (Composition

Scheme) subject to certain conditions specified in the scheme.

shall, for the purposes of determining eligibility of a person to pay tax under this scheme,

include the supplies from the first day of April of a financial year to the date from which

he becomes liable for registration under this Act.

If a registered person, having the same PAN, has more than one registration, whether in

same state or in two different states as Head office and branch, then both will have to

opt for composition scheme. A composition supplier is allowed to make purchases from

outside state.

T 1. Eligible Persons: Person must be a

registered person, whose aggregate

turnover in preceding financial year did

not exceed fifty lakh (50 lakhs) rupees

and supplies goods or services or both.

In computing aggregate turnover in

order to determine eligibility, value of

supply of exempt services by way of

extending deposits, loans or advances in

so far as the consideration is

represented by way of interest or

discount, shall not be taken into

account. Further, “first supplies of goods

or services or both”

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2. Non-eligibility for Composition Scheme: A person shall not be eligible to opt for this

scheme if-

a) who is eligible to pay tax under sub-section (1) of section 10 of the said Act i. e.

eligible for old composition scheme and taking benefits of the same.

b) Engaged in making any supply of goods which are not leviable to tax under this act;

c) Engaged in making any supply of goods through an electronic commerce operator

who is required to collect tax at source u/s 52; or

d) Engaged in manufacturing of notified goods u/s 10(2)(e) [CGST] i.e.-

Ice Cream and other edible ice whether or not containing cocoa,

Pan Masala, or

Tobacco and manufactured tobacco substitutes.

e) Engaged in making any inter-state outward supplies of goods; and

f) Who is a casual taxable person or a-non- resident taxable person.

3. Tax Rate Structure: The registered person opting this scheme shall be liable to pay Central

tax at the rate of 3% and State/UT tax at the rate of 3% on all first outward supplies of

goods or services or both up to an aggregate turnover of fifty lakh rupees made on or after

the 1st day of April in any financial year. It may be noted that “first supplies of goods or

services or both” shall, for the purpose of determination of tax payable under this scheme,

shall not include the supplies from the first day of April of a financial year to the date from

which he becomes liable for registration under the Act.

Further, the registered person opting this scheme, shall be liable to pay central and

state/UT tax on inward supplies on which he is liable to pay tax under RCM in accordance

with sub-section (3) or, as the case may be, under sub-section (4) of section 9 of said Act at

the applicable rates.

4. Restrictions and Conditions: The Person should comply with following conditions after

exercising the option of composition scheme-

He shall not collect any tax from the recipient

on supplies made by him.;

He shall not be entitled to any credit of input

tax.;

He shall issue a bill of supply instead of a tax

invoice.; and

He shall mention the words at the top of the

bill of supply, namely “taxable person paying

tax in terms of notification No. 2/2019-Central

Tax (Rate) dated 07.03.2019, not eligible to

collect tax on supplies”.

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5. Time limit for exercising option of Composition Scheme: A person, who wants to

exercise option of this scheme, is required to intimate electronically through filing

specified form in specified time limit. Person need not to file fresh intimation every

year. Any intimation in respect of any place of business in any state or UT shall be

deemed to be an intimation in respect of all other places of business registered on

the same PAN.

Sr. No.

Timing for exercising option of this scheme

Time Limit Intimation Form

1 Existing registered persons 30 April 2019 GST CMP-02

2 Opt for Composition in future

Prior to the commencement of the financial year

GST CMP-02

3 New Registration Date of application for new registration

Sr. no. 5 and 6.1(iii) of Form GST REG-01

6. Effective Date for Composition Levy: This scheme has been came into force w.e.f. 01 April,

2019. The option to opt this scheme shall be effective from the date based upon the timing of

exercising the option of this scheme.

Sr. No.

Timing for exercising option of this scheme

Effective Date

1 Opt for the Composition by existing registered person

01/04/2019 (if applied by 30/04/2019)

2 Opt for Composition in future

Beginning of Financial Year

3 New Registration

Date on which the person becomes liable to registration where the application for registration submitted within 30 days, if not, then date of grant of registration.

7. Existing Person opting to this scheme – A person, who has already been granted registration

and want to opt for this scheme, is required to complied with the following procedure-

a) File intimation by way of Form GST CMP-02 electronically for opting for this composition

scheme by selecting the category of registered person as “Any other supplier eligible for

composition levy”.

b) Furnish statement for ITC by way of Form GST ITC-03 on the day preceding the date

from which he opts to pay tax under composition scheme within 60 days from the date

on which the option for composition levy is exercised or any further extended period.

c) Person opting this scheme shall pay an amount, by way of debit in the electronic

credit ledger or electronic cash ledger, equivalent to the credit of input tax in

respect of inputs held in stock and inputs contained in semi-finished or finished

goods held in stock and on capital goods as if the supply made under this

notification attracts the provisions of section 18(4) of the said Act and the rules

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made there-under and after payment of such amount, the balance of input tax

credit, if any, lying in his electronic credit ledger shall lapse.

8. Returns under Composition Scheme: Earlier, quarterly return [GSTR-4] is required to be filed

by composition supplier till 18th of the month succeeding quarter. Composition supplier shall

also be required to file annual return in Form GSTR-9A. As per new returns scheme, the

taxpayers would be required to file only one Annual return with quarterly payment of taxes

(along with a simple declaration).

9. Withdrawal from Composition scheme: This option shall remain valid so long as he satisfies all

the conditions. The option shall lapse with effect from the day on which his aggregate turnover

during a financial year exceeds specified limit or occurrence of event of ineligibility. After

ineligibility, person shall file an intimation for withdrawal within 7 days. If registered person

intends to withdraw from this scheme, then he has to file intimation before the date of such

withdrawal. Person shall also issue tax invoices instead of Bill of Supply for every taxable

supply made thereafter.

10. Consequences for defaults: If the proper officer has reasons to believe that a taxable person

has paid tax under sub-section (1) despite not being eligible, such person shall, in addition to

any tax that may be payable by him under any other provisions of this Act, be liable to a

penalty and the provisions of section 73 or section 74 shall, mutatis mutandis, apply for

determination of tax and penalty. In case of defaults, proper officer can issue order of

withdrawal after giving opportunity of being heard and such person will be liable to pay the

differential amount of tax along with penalty.

Conclusion: The GST Council, headed by Finance Minister Arun Jaitley and comprising state

ministers, in its meeting on 10 January, 2019 had permitted service providers and those dealing

in both goods and services with a turnover of up to Rs 50 lakh to opt for composition scheme

with effect from 01 April, 2019. Now, Service providers opting for the composition scheme can

charge a lower tax rate of 6 per cent from customers, as against the higher rates of 12 and 18

per cent for most of the services under GST. This scheme is introduced to support small

taxpayers and reduce the compliance burden.

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