Eat good. Feel good. Let me add…Look good. Looking good is a direct function of both what we eat and how we feel. Body and mind at play which reflects on the face. As they say “You are what you eat”. It is a simple, yet profound statement but so very true – our physical growth, mental progress, sleep, health, thoughts, actions, communication, social behaviour and more – a lot depends on what we eat and how it manifests. Therefore, adopt the mantra “I cannot control everything in my life, but I can control what I put in my body.”
As a cancer survivor, I knew I had to make some important changes in my diet and sleep but had kept postponing for years – may be not prioritising well enough, may be not finding the right advice or sheer laziness. A few months back, fortunately I found a good nutritionist who has inculcated the right discipline about food – when to eat, how to eat (true we don’t know the basics of how to eat !), why to eat, how much to eat, what to eat, what not to eat, how to fast, why to fast and more importantly how to balance food along with a good amount of exercise, adequate sunshine (which we urbanites are so deprived of) and sufficient sleep. Strange that we take all this for granted and invite all sorts of illnesses to our body, becoming slaves to medicines. Sadly for many, medicine becomes food, rather than food becoming medicine. As part of Fit India Movement, can we also adopt “Eat right” mantra ? I subscribe to the view that it is not ok to eat junk just because you go and burn it out in a gym or any physical exercise. After my new diet plan, I also subscribe to the view that diet doesn’t mean depriving yourself of good food, tasty cuisines, parties and travel. It means a lot of self-discipline, making the right choices, saying no consciously and becoming self-aware of your body and mind. Needless to say there is a trade off but if it ensures healthy living, why not ?
During Dussehra, there was an interesting message from the Ministry of Health depicting the burning of 3 effigies (high salt, fat & sugar) with a message “Eat Right India – Lets eliminate high salt, fat & sugar from our diet”. While the creative was brilliant, is the Government really serious about helping us eliminate ? Not really says my good friend who is an advisor to the Ministry of Health. Rubbishing it as an expensive PR exercise, she said when she tweeted as to why then do KFCs and McDonalds exist, she got a private reply saying “Madum, if these outlets are shut down, economy will go down” ! Shocking attitude. If Fit India is a call given by none other than the Prime Minister of the country, if Eat Right India is the headline message of the Ministry of Health, it is time Right Food gets the attention it deserves from the Government through its economic policies. Well, till it does, you and I can start controlling what we put into our body – food or medicine !! Make the right choice this festive season. Have sustainable diet plans so that your goals are achieved.
Adequate sleep is so essential for a healthy body and mind apart from right food. How I wish our work patterns permit this ! More on this on some other day since this is a topic that I strongly feel about. I feel guilty of expecting colleagues to stretch themselves at the cost of sleep because certain irresponsible clients do not share documents in time and our MCA portal plays the villain. Professional CA and CS firms are grappling with multiple filing due dates in October. But thankfully regulatory updates are not too many in this fortnight as reflected in this 222nd issue of Samhita. One significant MCA notification is about recognising contribution to government funded Incubators as eligible CSR contribution which is bound to increase corporate support to startup sector. In the 3rd part of the Labour Law series, Mr. Vittal Rao, well-known labour law expert dwells on Payment of Bonus, its impact on salary bill for employer and employee under the Code on Wages, 2019. He has also brought out the difference between “Contract for Service” and “Contract of Service” from a practical perspective.
S.186 does not apply to “any loan made, any guarantee given or any security provided or any investment made by a banking company, or an insurance company, or a housing finance company in the ordinary course of its business, or a company established with the object of and engaged in the business of financing companies, or of providing infrastructural facilities” The words “business of financing companies” have been replaced with “business of financing industrial enterprises” thereby expanding the scope of S.186(11)(a).
Incubators qualify for CSR contribution
Contributions by Companies towards incubators funded by Governments / PSUs, public funded Universities, IITs, National Laboratories and Autonomous Bodies established by the Government (like CSIR, DRDO, ICAR etc.) engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals are now eligible as CSR contribution.
This write up is the third one in the series, dealing with Payment of Bonus.
The last series concluded with the definition of “Contract worker”
highlighting the principles of “Contract of Service & Contract for
Service”. It is considered important to briefly explain the principles
since they are of high significance to any business
Contract of Service & Contract for Service
Since Industrialization it is very common in all segments of business to
engage contract labour through a contractor for various reasons like flexibility, disengagements, cost effectiveness etc. – predominantly by Government Sectors and subsequently private sectors…Read more
CGST Rules Amended
Rule 61(5) of the CGST Rule has been retrospectively amended from 1.7.2017 and states that where the time limit for furnishing Form GSTR-1 and Form GSTR-2 have been extended, the return specified in sub-section (1) of section 39 shall be furnished in FORM GSTR-3B electronically through the common portal, either directly or through a Facilitation Centre notified by the Commissioner. It may be noted that where a person is required to furnish form GSTR-3B, then such a person need not furnish Form GSTR-3 in accordance with this notification.
ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 20% of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers in GSTR-1. For example, say in the month of April, the input tax credit available (as per books) is Rs 1,500. Out of this, certain vendors wherein input tax credit involved is say Rs 500 have not filed their GSTR-1. Now, due to amendment, the buyer can avail ITC only to the extent of Rs 1,200 (i.e. 120% of R 1,000) and not 1,500.
Annual returns optional for small taxpayers
CBIC seeks to make filing of annual return under section 44 (1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.
Changes in due date for filing e-forms
Following are the changes in due dates for filing of e-forms:
GSTR-1 (aggregate turnover > 1.5 crores) for Oct-Mar, 2020
11th of the succeeding month
GSTR-1 (aggregate turnover < 1.5 crores) for Oct-Mar, 2020
Oct – Dec 2019: 31st Jan, 2020 Jan – Mar 2020: 30th Apr, 2020
20th of the succeeding month
Post sale discounts – Circular withdrawn
The CBIC had clarified various doubts related to treatment of secondary or post-sales discounts under GST vide a circular 28.06.2019. This circular has been entirely withdrawn consequent to concerns raised through several representations.
Procedure for refund in appeal orders
This circular clarifies the procedure to claim refund in Form GST-RFD-01 subsequent to favourable order in appeal or any other forum.
NIL refund claim filed – How to re-file the claim?
Several registered persons have inadvertently filed a NIL refund claim for a certain period under a particular category on the common portal in FORM GST RFD-01A/RFD-01 in spite of the fact that they had a genuine claim for refund for that period under the said category. Once a NIL refund claim is filed, the common portal does not allow the registered person to re-file the refund claim for that period under the said category.
It is now clarified that a registered person who has filed a NIL refund claim in FORM GST RFD-01A/RFD-01 for a given period under a particular category, may again apply for refund for the said period under the same category only if he satisfies the following two conditions:
The registered person must have filed a NIL refund claim in FORM GST RFD-01A/RFD-01 for a certain period under a particular category; and
No refund claims in FORM GST RFD-01A/RFD-01> must have been filed by the registered person under the same category for any subsequent period.
It may be noted that condition (b) shall apply only for refund claims falling under the following categories:
Refund of unutilized input tax credit (ITC) on account of exports without payment of tax;
Refund of unutilized ITC on account of supplies made to SEZ Unit/SEZ Developer without payment of tax;
Refund of unutilized ITC on account of accumulation due to inverted tax structure;
In all other cases, registered persons shall be allowed to re-apply even if the condition (b) is not satisfied
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.