Fly Express Logistics Pvt Ltd A Unit Of Fly Group

19/04/2017

Developments on GST Laws & Rules

Presidential Assent to the GST Bills

With the assent of the President on 12 April 2017, the following Goods and Services Tax (GST) Bills have become Acts:

The GST (Compensation to States) Act, 2017
The Integrated GST Act, 2017
The Central GST Act, 2017
The Union Territory GST Act, 2017.
These Acts will be enforced from a date to be notified by the government in the future.

Action on State GST Law

The State of Telangana became the first State to introduce and pass the Telangana State Goods and Services Tax Bill, 2017 on 17 April 2017 during the special session of the state Legislative Assembly.

The Taxation Laws Amendment Bill, 2017 (Amendment Bill, 2017) passed by the Lok Sabha

The Amendment Bill, 2017 has been passed by the Lok Sabha which seeks to repeal certain laws and amend certain laws to make them compliant with GST. The significant changes in relation to the key enactments are:

The Customs Act, 1962
The scope of the definition of a customs area has been extended to include a warehouse to ensure that an importer will not be liable to pay Integrated GST (IGST) at the time of removal of goods from a customs station to a warehouse.

The Customs Tariff Act, 1975
In order to provide a level playing field for the domestic industry, IGST and GST Compensation Cess has been proposed to be levied on imported products.

The Central Excise Act, 1944 (Excise Act)
Consequent to the proposed repeal of this Act, a new Schedule, namely the Fourth Schedule, has been proposed to be inserted to provide for classification and duty rates for petroleum and to***co products which have been kept outside the GST ambit, few of which are:

Petroleum crude;
Motor spirit (Petrol);
High-speed diesel;
Aviation turbine fuel;
Natural gas; and
To***co and to***co products.
The abovementioned excisable goods will continue to attract Central Excise Duty even after the proposed repeal of the other Schedules in the Excise Act.

Furthermore, the following enactments have also been amended suitably to accommodate GST changes/would be repealed:

The Central Sales tax Act, 1956
The Finance Act
The Water (Prevention and Control of Water Pollution) Cess Act, 1977
The Sugar Cess Act, 1982
The Jute Manufacturers Cess Act, 1983.
Release of the draft Electronic Way (E-way) Bill Rules

The CBEC released the draft E-way Bill Rules. The E-Way Bill will be required to be carried along with the goods that are being transported, either physically or mapped to a Radio Frequency Identification Device (RFID) embedded onto the conveyance, as may be prescribed. Some important points in relation to the E-way Bill Rules are:

E-way Bill will have to be issued for all supplies of goods exceeding the value of INR 50,000. For goods valued below INR 50,000, the E-way Bill will be optional.
The E-way Bill will have to be prepared by the suppliers. In the case of unregistered persons, the transporter or such unregistered person at their option will have to prepare the E-way Bill.
The E-way Bill will have to mandatorily be issued online on the GST website.
The recipient of goods, if he is a registered recipient, will be required to communicate its acceptance or rejection thereof within 72 hours of such information being available on the GST network (GSTN) portal, else it would be deemed to be accepted.
The validity period of the E-way Bill will depend upon the distance involved for the transport of goods.
Release of the draft Assessment and Audit Rules

The CBEC released the draft Assessment and Audit Rules which provide various forms and procedures in relation to:

Provisional assessment;
Scrutiny of returns;
Best judgment assessment;
Audit; and
Special audit.

14/04/2017

Freight Audit....

Technology is making a big change in virtually every sector of the industry, and using a good transportation management software system allows shippers to carefully review and control freight costs. But there are still plenty of reasons to utilize manual freight audit techniques as well, and for most businesses the best solution is to combine the two together.
There are numerous challenges that come into play, and plenty of reasons that keeping a close eye on freight shipments is important.
These include:
• Combined Less than a Load Shipments
• Changing oil prices
• Transit times and the impact on profit
• Constantly shifting quotes
• Mistakes in billing
Simply put, there's a lot to it and while automated systems can help, there's still a lot of work that needs to be done. It's important to understand that automation is important – without it, the personnel costs of managing every single invoice becomes too great. The same applies to large-scale audits. And with audits that are too small, not enough information is even gathered to make the process worth the cost.
As a result, the best way to save in your shipping costs is to utilize existing performance data in order to develop future procurements of freight, future carrier strategies, and future shipping processes. In short, since the freight audit takes place after you've already spent your money on the shipment, you are really looking at the future, not the past.

Ref. Cerasis

13/04/2017

Shipment Aggregation

Aggregation is creating a single shipment of multiple orders, originating from the same shipper to the same destination on the same day that would have otherwise have been released as separate shipments.

Shipper A has two shipments, one that is 3,000 KG and another that is 4,000 KG. Both of these shipments are destined for Customer B and would be routed via LTL carrier. Aggregated together, these orders now transporting via a more cost effective LTL rate.

13/04/2017

Award Function... Fly Express Logistics...
Best Employee (Branch)
Best Branch
Best Employee (Head Office)
Best Driver

13/04/2017

7th Anniversary Of Fly Express Logistics Pvt Ltd
1st Feb 2017......

30/03/2017

Kindly make note of the following changes in IT law that come into effect from 1-4-2017 -

(1) Limit for payment of expenses by cash (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person. Capital expenses paid in cash beyond the said limit will not be taken into account for depreciation purposes. However, the cash payment limit for lorry fright etc. remains the same at Rs.35000.

(2) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST) —
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion.
The penalty for violation of above is to be a sum equal to the amount of such receipt.

Examples for above -

👉 i) If one sells goods worth Rs. 300000 through three different bills of Rs.100000 each to one person and accepts *cash in single day* at different times then section 269ST(a) will get violated.

👉 ii) If one sells goods worth Rs. 300000 through *single bill* to another person and receives cash of Rs.150000 on day 1 and another Rs.150000 on day 2 then section 269ST(b) will get violated, since it pertains to single transaction.

👉 iii) If one accepts cash of Rs.180000 for *sales* and Rs.20000 for *freight charges*, then section 269ST(c) will get violated even if cash is accepted on different dates, since they pertain to a single sales event.

👉 iv) If one sells his car for Rs.300000 and receives the amount in cash, then penalty levied on him will be Rs.300000.

(2A) In view of the newly introduced above said penal provisions relating to cash sales, the existing provisions (in vogue from 1.6.2016) relating to collection of TCS @ 1% on cash sales exceeding Rs.2 lakhs (Rs.5 lakhs, in the case of jewellery) are deleted. Consequently, there is no need to collect TCS on cash sales exceeding Rs.2 lakhs. Straight away it will attract equal amount penalty now.

(3) For below Rs.2 crores turnover cases -
👉 For Non Cash Sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/Gross Receipt.
👉 For Cash Sales : Net Profit will be taken as 8% of Turnover/Gross Receipt.

(4) Tax Exemption limit is Rs.2,50,000/- (same as earlier) -
👉 After that, upto Rs.5 lakh, Tax Rate is 5% (earlier it was 10%). Tax rebate of maximum Rs.2500 will be allowed, for total income upto Rs.3.50 lakhs.
👉 Individuals having total income exceeding Rs.50 lakhs but below Rs.1 crore, are to pay surcharge @ 10% of the tax. Those having total income exceeding Rs. 1 crore shall continue to pay surcharge @ 15%.

(5) Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirements) - deduct TDS @ 5%.

(6) Capital Gain in respect of Land & Buildings -
– Periodicity for long term Capital Gain is reduced from 3 years to 2 years.
– Base year shifted from 01.04.1981 to 01.04.2001 for all assets including Immovable property.

(7) Corporate tax rate for the account year 2017-18 for companies with annual turnover upto Rs. 50 crores (in the account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.

(8) Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G, unless these are made using modes other than cash. Consequently, trusts accepting 80G donations may advise their donors to give donations exceeding Rs.2000 vide cheque / RTGS / digital modes.

(9) Sale of unquoted shares to be taxed at (deemed) fair value.

(10) In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.

(11) From financial year 2017-18, if Return is not filed within due date, late fee of Rs.5000 for delay up to 31st December, and Rs. 10000 thereafter.

(12) Every person who is eligible to obtain AADHAR number, should quote such number, on or after 1 July 2017, in the Return of income. Furthermore, every person who has been allotted PAN as on 1st July 2017 must intimate the AADHAR number to the Tax Authority, failing which, PAN allotted to such person shall be deemed to be invalid. Kindly note that linking of AADHAR with PAN is not possible, unless name as per AADHAR and PAN match perfectly. Hence, please take steps to rectify your name as per AADHAR to match as per PAN.

(13) Where Sec.12AA registered trusts modify their objects clause, they need to apply within 30 days to CIT for approval of the modified clauses.

- CA S.B.Hareendra, Madurai.

21/03/2017

Quotes Of The Day.....

19/03/2017

How To Generate E Sancharan Form 38 For Uttar Pradesh

Generate E Sancharan Form 38 For Up Uttar Pradesh Or Generate UP Road Permit. comtaxup.gov.in/upvatforms/ or 164.100.181.22/upvatforms/ Guidelines foreSancha...

19/03/2017

How To Generate Form 402 Of Gujarat

Form 402 also known as Outward Road permit or Out permit for Gujarat State In this vedio you will learn how to generate form 402 yourself. You will save huge...

17/03/2017

Transit time is Most important for any shipment Movement.

A problem with some LTL shipments is that they're given a lower priority than other shipments. Why? It has, in part, something to do with how attractive your freight is to a carrier, and if we are in a tighter capacity situation, also known as the "capacity crunch." And, you guessed it, we encourage you to read our blog post on how to make your freight more attractive in a capacity crunch here. As a result, your shipment could take longer to reach the destination. Going back to the finding a carrier and rates point, again, how do you know you are getting the best transit time? Make sure you add that column into your spreadsheet so you can remember this one too! Are shippers still using spreadsheets when there is such easy to deploy web-based TMS out there? Unfortunately, yes..

13/03/2017