CA Mohan Lal Kukreja

Chairman - Agra Branch

CA Mohan Lal Kukreja

CA Gaurav Bansal

CA Sudeep K Jain

CA Sudeep K Jain

CA S.C. Jain

CA U.K. Garg

CA Nikhil Gupta

CA Sandeep Kapoor

CA Vinay Bansal

CA Pankaj Mishra

CA Vivek Goyal

CA Rohit Dua

Vol XVIII Issue: 9 For Private Circulation Only NOVEMBER 2018

Respected Seniors and Dear Members,

Once again I feel privileged to interact with all of you through this E-Newsletter in this month of

November. Last month of October passed with various professional responsibilities along with Branch

Events and activities related to core requirement of professional Interest.

Last month of October involves various activities like:-

Half day Workshop on Impact of GSTR2A on Balance Sheet & TAR: Branch organized half day

Workshop for members on GSTR 2A. Adv. Brijesh Chandra Verma enlightened the house about the

subject in a very interactive manner.

Full Day Traning Programme on Public Speaking & Business Presentation: Agra Branch

regularly takes new initiatives to encourage its young members as speakers. So in this series branch

hosted a training programme at Hotel Bhawna Clarks Inn . CA. Rohit Maheshwai & CA. Rachit

Kumar Agarwal were the key note speakers and in this workshop who deliberated on public speaking

and Presentation and helped young members of Agra to become a faculty in furure.

Women CA Conference: Branch organized CIRC Women Conference at Hotel Bhawna Clarks Inn.

This conference emphasized CA women from the public and private sector to be inspired on their

personal and professional journeys. Session topics that Included practical tips and specific

information that Women members can implement to positively impact their personal and professional

life. CA. Shaifaly Giridharwal, Ms. Shimpi Gera the key note speakers in this program.

In the coming months also we shall be conducting various programs for the practical importance for

members .I thank all the member of Agra Branch for their unconditional & whole hearted support for the

activities of Branch.

Further I always welcome your words of praise for the good work of the team Agra as well as constructive

criticism for betterment. Agra Branch is open to new ideas and programs. So all members are requested to

give suggestions and contribute your thoughts.

With Best regards,

CA. Mohan Lal Kukreja

Chairman-Agra Branch of CIRC of ICAI

Chief Editor

Editors

Members

Page 2

.

he format of GSTR-9 has been provided in Notification 39/2018 –

Central Tax dated 4th

September 2018.

The Annual Return is guided by Section 44 read with Rule 80

1) WHAT IS GSTR9:

GSTR 9 form is an annual return to be filed once in a year by the registered

taxpayers under GST including those registered under composition levy scheme.

It will consist of details regarding the supplies made and received during the

year under different tax heads i.e. CGST, SGST and IGST. It consolidates the

information furnished in the monthly/quarterly returns during the year.

T

Index

1. GST ANNUAL RETURN – GSTR 9 for FY 2017-18 Pg…2

2. Right Price- Reflects The Value You Create Not The Hours You Spend Pg…5

3. Central Council programs/ Certificate Courses Pg…8

4. Coverage - :All relevant information regarding the latest notifications/

developments in the fields of Accounting/ Auditing/ Information Technology and

other areas of interest to profession Pg…8

5. Glimpses of various workshops, study circles meets & social events conducted by

Agra branch of CIRC Pg…09

6. Agra Branch in News Pg…10

Page 3

2) DUE DATE OF FILING GSTR9:

31st December 2018 for FY 2017-18

3) PERIOD COVERED UNDER FIRST GSTR9:

9 Months i.e. July 2017 to March 2018

4) WHO ARE NOT REQUIRED TO FILE:

a. Casual Taxable Person

b. Input Service Distributor

c. Non-Resident Taxable Person

d. Person paying TDS under Section 51 of GST Act

5) PENALTY FOR NON-FILERS:

GSTR 9

GSTR - 9

REGULAR

GSTR - 9A

COMPOSITION

GSTR - 9B

E-Commerce Operators who have filed GSTR-8

(NA for FY 2017-18)

A •Rs. 200 per day [C+S] subject to maximum as given in B below

B •0.25% of Turnover of Taxpayer

Page 4

6) CONTENTS OF GSTR-9:

Parts

of

Return

Tables

covered

in Part

Information to be furnished Auto-Populated

Part-I Table No.

1 to 3 Basic details of Tax-Payer

YES

Part-II Table No.

4 to 5

Details of Outward and Inward supplies liable to RCM

declared during the financial year in summarized way.

Reconciliation of Auto Populated 2A with ITC availed has to

be prepared and reflected

NO – to be filed as

per GSTR1 &

GSTR3B furnished

Part-III Table No.

6 to 8 Details of ITC declared in returns filed during the FY.

NO – To be

furnished as per

filed GSTR3B

Part-IV Table No.

9 Details of all Taxes/Interest/Fees/Penalty paid during the FY

NO – to be

furnished as per

Challans/GSTR3B

Part-V Table No.

10 to 14

Amendments/Rectifications/Corrections made in respect to

O/W Supplies & ITC made in April 2018 to September 2018

pertaining to FY 2017-18 along with computation of

differential taxes payable & paid on account of such

rectifications made.

NO – to be

furnished as per

GSTR3B / GSTR1

Part-VI Table No.

15 to 19

Details w.r.t. Misc. information

A. Details in respect of Refunds

B. Details in respect of Demand Orders

C. Details in respect of I/W supplies received from

Composition taxpayers

D. Details of Deemed supply u/s 143

E. Details of goods sent on approval but not returned

F. Details of HSN wise Summary of Outward Supplies

G. Details of HSN wise Summary of Inward Supplies

H. Late fee payable & paid w.r.t. late filing of GSTR-9

NO

KEY FEATURES & CHALLENGES:

1) The Annual Return to be filed for the first year under GST Regime i.e. for FY 2017-18 incorporates

only the details & information that has been furnished & declared in the returns filed during July

2017 to March 2018 w.r.t FY 2017-18 & also incorporates the amendments declared w.r.t. outward

supplies & ITC during April 2018 to September 2018 pertaining to FY 2017-18 (July‟17 to

March‟18)

2) GSTR-9 however itself does not facilitate to incorporate any “ADDITIONAL”

correction/modification/rectification/amendment if missed to make that correction till September

Page 5

2018. Therefore, if it is be said that GSTR9 is only a mathematical summary of the returns already

filed – then it is nothing wrong saying so. Hence, if the returns are furnished with incorrect

information and if taxpayer is taking the plea that correct information will be furnished and accepted

in GSTR-9 then it seems difficult to do so.

3) In respect of information related to ITC to be provided in GSTR-9, segregated details of ITC availed

as Inputs/Input Services/Capital Goods is to be produced. Thus, bifurcated accounting plays a vital

role for the same.

4) HSN wise summary of Outward & Inward Supplies has to be produced in GSTR-9. Please recall that

the taxpayers have furnished HSN wise summary of Outward Supplies only in previously filed

GSTR-1. Stock summary w.r.t. Inward supplies have never been reported (it was ideally a part of

GSTR-2 however GSTR-2 was not to be filed)

Turnover

HSN wise

Summary of

Outward

Supplies (July to

March 2018)

HSN wise

Summary of

Inward Supplies

(July to March

2018)

Optional/Mandatory

Upto 1.5 CR Not required Not required Optional

1.5 CR to 5 CR Reporting at 2

digit level of HSN

Reporting at 2

digit level of HSN Mandatory

Above 5 CR Reporting at 4

digit level of HSN

Reporting at 4

digit level of HSN Mandatory

HAPPY GSTR-9 FILING!

CA. Sachin Bubna

Membership No: 434243

Page 6

re you getting a fair profit or you actually making a loss?

The thing is we simply don‟t know how to get the prices right. No matter whether Big 4‟s or

other firms, for past few years the whole profession is facing pressure on fees. It is hard to see

the professionals struggling with the price and not getting the fees they deserve.

One of the biggest problems we face as a professional is that we all are stucked to same conservative pricing

methodology i.e. traditional time based pricing. It is because we are clinging to the myth that the clients are

price-sensitive. Infact, clients are value-sensitive.

On exploring all the pricing methodology, I have concluded three basic ways to price our services namely:

Time Based, Fixed Rate and Value based pricing.

Talking about time based pricing; it focuses on hours spent by a professional in completion of work. This

hourly billing gives no incentive to get the clients work done faster, ultimately resulting in revenue loss.

Infact, time has no relation to value. Say, preparing a tax return for a client with an annual income of Rs.3

Lacs might take as long as preparing a return of a client with annual earning of Rs.30 Lacs. But, the value in

terms of tax savings provided to client with high earnings is greater, thus a professional should goal to

charge the latter more. But, this is not the case with time based pricing. Although, the method seems simple

to clients to understand but has actually no worth. Thus I believe it to be an outdated pricing model.

A

Page 7

The drawbacks of time based pricing has lead to a big shift from hourly billings to giving fixed prices

upfront. But the problem here is that fixed fees is too linked with amount of hours going to be spend on

work. Say, for fixed fees if firms use billable hours as the basis for their calculation, they in reality are

adopting time based approach.

The very first step to solve this problem is to link prices with value and not with time. Of course, linking

price to value is not an easy task but as soon as clients seek the benefits in it, the price becomes less of an

issue for clients. „Not all clients are created equal‟ should be the basis of value pricing. We should better

grade or clients accordingly. Value based pricing means that „one price won‟t fit all‟. Value based pricing

takes into account „What Feels Right‟ depending upon the intensity of the circumstances of their individual

client. This method also ignores „market rate‟ i.e. what our competitors charge. The best part about this

pricing methodology is that a professional need not try to explain away for the rates he is charging. If you

are charging fee with confidence explaining what your clients are getting, it says to the client you know

what you are doing and that your fee is the best that you can offer. Just start by believing in the value of

your services.

The only thing I actually want all the professionals to understand is that our goal should be to provide value

to the clients and not the time and for this our fees should reflect that value to the clients.

CA. SAKSHI JAIN

Membership No. 438450

Page 8

CENTRAL COUNCIL PROGRAMS / CERTIFICATE COURSES

Two Days Conference on "Auditing & Beyond” organised by AASB and hosted by Jaipur branch of CIRC of ICAI

on 21-22 November, 2018 at Jaipur.

ABCD of Technology - Artificial Intelligence, Blockchain, Cyber Security, Data Analytics for Chartered

Accountants on 24th November, 2018 (Saturday) at Hotel Atishay, R-55, Zone-I, M. P. Nagar, Bhopal

Three Days Residential Refresher Course to be held on November 24-26, 2018 at Shree Salasar Balaji, District

Churu, Rajasthan.

Internal Audit Standards Board of ICAI is organising Certificate Course on Concurrent Audit of Banks at Thane

from November 24, 2018.

Internal Audit Standards Board of ICAI is organising Certificate Course on Concurrent Audit of Banks at Raipur

from November 24, 2018.

DAAB, ICAI launches Second Executive Development Program on Blockchain Technology - Driver of Digital Era

from 24th to 28th November 2018 at New Delhi.

3 days hands on session on Practical Guide to ISA on 30th Nov, 01st, & 02nd Dec, 2018 at Noida.

"Advanced FEMA Conference" - 30th Nov & 1st December 2018, Mumbai

Internal Audit Standards Board of ICAI is organising Certificate Course on Concurrent Audit of Banks at

Ahmedabad from December 1, 2018.

Internal Audit Standards Board of ICAI is organising Certificate Course on Concurrent Audit of Banks at Indore

from December 1, 2018.

Young Members Skill and Innovation Development Committee is organizing 12 CPE Hours National Seminar on

1st and 2nd December 2018 at Hotel Kanha Shyam Civil Lines, Prayagraj.

Workshop on ABCD of Technology - Artificial Intelligence, Block Chain, Cyber Security, Data Analytics for

Chartered Accountants at Coimbatore on 14th December 2018

LATEST NOTIFICATIONS/ DEVELOPMENTS IN THE FIELDS OF ACCOUNTING / AUDITING / INFORMATION TECHNOLOGY AND OTHER

AREAS OF INTEREST TO PROFESSION

Hosting of Draft Bank Branch Auditors‟ Panel for the year 2018 -19 - (17-11-2018)

Announcement for the revised dates of Certificate Course on Cooperatives at Kolkata -will start now from

24th November 2018 - (15-11-2018)

Summary of the Notification dated 2nd November,2018 regarding Provisions of The Companies

(Amendment) Ordinance 2018 - (15-11-2018)

Page 9

GLIMPSES OF VARIOUS WORKSHOPS, STUDY CIRCLES MEETS & SOCIAL

EVENTS CONDUCTED BY AGRA BRANCH OF CIRC

SOCIAL EVENTS CONDUCTED BY AGRA BRANCH OF CIRC

IMPACT OF GSTR 2A ON BALANCE SHEET & TAR

13.10.18, AT ICAI BHAWAN, Sanjay Place, Agra

TRAINING PROGRAMME ON PUBLIC SPEAKING AND

BUSINESS ESENTATIONS

WOMEN CA CONFERENCE On PROFESSIONAL OPPORTUNITIES FOR WOMEN CA &

HOW TO BALANCE WITH FAMILY RESPONNSIBILITIES

TIME MANAGEMENT FOR TRULY BANLANCED LIFE

&

CELEBRATE JANMASHTAMI DALBATI UTSAV

Page 10

AGRA BRANCH IN MEDIA

DLA – 16.10.18

DLA – 20.10.18

HINDUSTAN –20.10.18

AMAR UJALA– 20.10.18