Welcome to the new financial year. New beginnings, new hopes, new targets and new confidence! Wishing all our readers a very Prosperous and Fulfilling Financial Year.
Just a week before the new Financial Year the Ministry of Corporate Affairs came out with a notification that an Audit Trail is compulsory for all
companies maintaining their books of accounts on an Accounting Software. While the Govt has delayed the implementation of this by a year, the users of RealBooks need
not have to worry as we are already compliant with this and this feature shall be optionally activated in all companies for the current year and automatically in all companies next year.
We are strong believers of transparent accounting and this is another step in that direction by the Govt. Of India. There should only be one Books of Accounts – the ‘Real’Books.
Starting 1st April, e-invoicing is now applicable on all companies with turnover exceeding Rs. 50 crores in the previous financial year and we expect that over the course of this financial year the threshold will be further lowered and more companies would fall into the ambit of e-invoicing. While this has obviously reduced
prospects of manipulation during billing, it has also made life so much simpler with all the data getting
auto-populated in the GSTR 1 returns. The availability of GSTR 2B has also made GST input matching so much easier. All in all, if we adopt these changes in the right spirit, we feel that accounting has just gotten easier and less complicated. Companies should focus on managing their businesses and not their books – once this attitude is
imbibed across the organization, no growth rate is unachievable and no target insurmountable.
Tip of the month :
Start the new year on
a clean note - minimise
We are one of India's fastest growing Insurance Brokers and Service Providers. Our growth required us to have a forward looking accounting software which can manage our requirements as we grow.
A few years ago we had been on the look out for an accounting software that could cater to our needs as we had outgrown Tally. We discussed our requirements with Anurag Mohta of Adansa
Solutions a BNI Ideal Chapter member and subsequently migrated to RealBooks from Tally 5 years ago and it has been a very smooth journey for us till now. We have multiple offices and multiple GSTIN registrations and find it very easy to manage accounting, financial reporting and consolidation seamlessly across all
RealBooks is also an environmentally conscious software and has made our office virtually paperless with their document
attachment feature. During the entire lockdown we faced
absolutely no difficulty in managing our accounting function.
We highly recommend RealBooks and wish them the very best.
From the Expert’s desk: CA Tarun Gupta - GST Practitioner
Opting-in for Composition Scheme for Financial year 2021-22
The eligible registered taxpayers, who want to opt-in for composition scheme
for the FY 2021-22, need to file FORM GST CMP-02 application, on or before 31st March, 2021, post login on GST portal. Once Form GST CMP-02 application is filed,
the composition scheme will be available to the taxpayer, w.e.f. 1st April 2021. The taxpayers already opted in for composition scheme earlier are not required to
opt in again for FY 2021-2022. Taxpayers who were regular taxpayers in previous FY, but are opting-in for composition scheme for 2021-22, must file Form GST ITC-03 for
reversal of ITC on stocks of inputs, semi-finished goods and finished goods available with them, within 60 days from the effective date of opting in (https://www.gst.gov.in/newsandupdates/read/458)
CBIC issues Circular clarifying provisions related to QR code applicable for assessees having aggregate
turnover above 500 crores w.e.f. April 1, 2021
CBIC has issued clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central
Tax dated 21st March, 2020. Notification No. 14/2020-Central Tax, dated 21st March 2020 had been issued which requires Dynamic QR Code on B2C invoice issued by
taxpayers having aggregate turnover more than 500 crore rupees, w.e.f. 01.12.2020. Further, vide Notification No. 89/2020-Central Tax, dated 29th November 2020,
penalty has been waived for non-compliance of the provisions of Notification No.14/2020 – Central Tax for the period from 01st December, 2020 to 31st March, 2021,
subject to the condition that the said person complies with the provisions of the said Notification from 01st April, 2021. Government has now issued certain clarifications
on the implementation of QR codes (Circular no. 146/02/2021-GST dt. 23rd February, 2021).
If you have any queries with respect to GST you may engage with CA Tarun Gupta directly - he is available on