WELCOME TO M/S VINOD KUMAR GUPTA & ASSOCIATES

CHARTERED ACCOUNTANT

Brief Introduction

Established since 1984, M/s VINOD KUMAR GUPTA & ASSOCIATES has more than 35 years of experience of conducting several prestigious audits in Public Sector, covering sectors like Banking, Insurance, Power, Infrastructure, Social Sector etc. The firm is

having immense experience in Company Audit, Tax Audit, Societies Audit etc. Also the firm is having a good experience in providing Taxation Services (Direct & Indirect), Consultancy in setting up of Business etc.. The Firm has its Head Office and two branch offices at Agra

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Income Tax Department

Department of Revenue, Ministry of Finance, Government of india.

Goods and Services Tax

Goods and Services Tax in India

MCA

Ministry of Corporate Affairs

MSME

Micro Small and Medium Enterprises

ICAI

The Institute of Chartered Accountants of India

IBBI

Insolvency and Bankruptcy Board of India

Excise & Custom

Central Board of Excise and Custom

Latest Update

Exports of services to Nepal and Bhutan will also be eligible for claiming ITC Exports of services to Nepal and Bhutan have already been exempted from GST. It has now been decided that such exporters will also be eligible for claiming Input Tax Credit in respect of goods or services used for effecting such exempt supply of services to Nepal and Bhutan Download
Gifts not exceeding INR 50,000/- in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both. Under GST regime, gifts not exceeding INR 50,000/- in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both. It may be noted that this limit of Rs. 50,000/- is per employee per year and not for all employees taken together. It is also important to note that input tax credit shall not be available in respect of such gifts. Download
Gst rates on traders dealing in used vehicles, goods and consumer durables etc. Under the GST regime, retailers and traders dealing in used vehicles, goods and consumer durables etc. will come under taxation and as such sellers will have to pay GST at the same rate as in ordinary course. Download
OPEN MARKET VALUE The full value in money, excluding the IGST, CGST, SGST, UTGST and Cess to obtain supply at the same time when the supply being valued is made. e.g. Where a new phone is supplied for Rs.20000 along with the exchange of an old phone and if the price of the new phone without exchange is Rs.24000, the open market value of the new phone is Rs 24000. Download
CREDIT GUARANTEE SCHEME FOR SUBORDINATE DEBT(CGSSD) SALIENT FEATURES 1.Ministry of MSME has framed a scheme for the purpose of providing guarantees in respect of credit facilities extended by scheduled commercial banks. 2.The main purpose of this scheme is to provide guarantee cover to the promoters of MSME who can take debt from the banks to further invest in their stressed MSME units as equity. 3.Ninety percent guarantee coverage for this sub-debt will be given under this scheme whereas the remaining ten percent would come from the promoters concerned. 4.The scheme provides support to the promoters of the MSMEs that are stressed and have become NPA as on 30th April,2020.The Scheme is applicable for those MSMEs accounts whose accounts have been standard as on 31-03-2018 and have been in regular operations either as standard accounts or as NPA during the FY 2018-19 and 2019-20. 5.Fraud/Willful defaulter accounts will not be considered under the proposed scheme. 6.Promoters of the MSMEs unit will be given credit equal to 15% of his/her stake (equity plus debt) or Rs. 75 lakhs, whichever is lower. 7.In case a borrower has existing limits with more than one lender, the CGSSD can be availed by the borrower through one lender only. 8.The tenor of sub-debt facility shall be as per repayment schedule defined by the lender, subject to maximum of 10 years from the guarantee availment date or March 31,2021 whichever is earlier. 9.There will be moratorium period of 7 years (maximum) on the payment of principal. Till the 7th year,only interest will be paid. 10.Interest rate will be applicable as per RBI guidelines. 11.1.5% p.a. on the guaranteed amount on outstanding basis shall be paid by the lending institution or the borrower as per the agreement to the Trust. Download
SWAMIH INVESTMENT FUND SWAMIH INVESTMENT FUND \| SPECIAL WINDOW FOR COMPLETION OF CONSTRUCTION OF AFFORDABLE AND MID-INCOME HOUSING PROJECTS INTRODUCTION • On November 06, 2019 ,the Honourable Finance Minister announced Alternative Investment Fund(AIF) of Rs.25000 Crore to provide priority debt financing for the completion of stalled housing projects. • The fund provides finance to projects which are stalled or about to get stalled in a quarter or next six months and some homebuyer is interested in it. IDEOLOGY BEHIND THIS FUND • Real estate projects have been suffering due to changes in the market. • Slow sales have increased unsold inventory in each project . • Consumers Preferences have been diverted to Branded Apartments, Completed Apartments and Smaller apartments. • Of the total supply of 56 Lakh units since 2007, 8% of the units are stalled. It has been estimated that in the stalled category ,there are about 4.58 Lakh housing units and the aggregate funding required to complete the stalled projects is Rs.55000 Crore. • This Investment will lead to Rs.3.3 Lakh Crore Capital Value unlocked. ELIGIBILITY FOR FUNDING Net worth Value of sold receivables plus unsold inventory is greater than cost to complete construction and to service the investments by the fund. Completion of the project Atleast 30% of the construction should be completed. RERA Project should be RERA Registered. Purpose Sufficient money to complete the construction will only be disbursed. If any debt has already been taken by the developer, interest should not be served by this money. Affordable and Mid Income Housing Size : The size of the house that do not exceed 200sq.mt. Price : The value of house must be as follows: • In Mumbai Metro political region ,value less than Rs.2 Crore. • In National Capital Region, Chennai, Kolkata, Pune, Hyderabad, Bangalore and Ahmedabad, value less than Rs.1.5 Crore. • In rest of India ,value less than Rs.1Crore. The price shall not include additional charges for social amenities, parking, housing society, brokerage, deposits, registration and stamp duty charges. NATURE OF FUNDING • Investment shall be in the form of NCDs with a target IRR. • Interest rate will accrue and will be paid only when the construction is completed. Inflows in the project in the form of receivables will be used for construction purpose and not for payment of such interest. • Disbursement shall be made on the basis of physical progress of the project. • Partnership or proprietorship firms need to incorporate a new private limited company to develop the project. The cost of transfer of assets to this private limited Company can be considered as the part of cost of project for which funding is required. After completing this process, the fund shall be provided if it meets the other criteria. OTHER REQUIREMENTS • The applicant is required to provide quarterly information on project cashflows. • NOC from the existing lenders is required by the Fund. If any of the existing lenders deny to this, the fund will not be provided. • There is no application processing fees. INCLUSION OF NPA PROJECTS AND PROJECTS DRAGGED TO NCLT • The projects which are NPA and the projects admitted to NCLT can also be benefitted with this fund. • The fund cannot be used to repay existing debt. It should be used only for construction of the project. FUND INVESTMENT RESTRICTIONS SINGLE PROJECT Max Rs.400 Crore SINGLE DEVELOPER Max Rs. 800 Crore SINGLE CITY Max 40% of the aggregate Capital commitments in any one city Download

Exports of services to Nepal and Bhutan will also be eligible for claiming ITC

Exports of services to Nepal and Bhutan have already been exempted from GST. It has now been decided that such exporters will also be eligible for claiming Input Tax Credit in respect of goods or services used for effecting such exempt supply of services to Nepal and Bhutan Download

Gifts not exceeding INR 50,000/- in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.

Under GST regime, gifts not exceeding INR 50,000/- in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both. It may be noted that this limit of Rs. 50,000/- is per employee per year and not for all employees taken together. It is also important to note that input tax credit shall not be available in respect of such gifts. Download

Gst rates on traders dealing in used vehicles, goods and consumer durables etc.

Under the GST regime, retailers and traders dealing in used vehicles, goods and consumer durables etc. will come under taxation and as such sellers will have to pay GST at the same rate as in ordinary course. Download

OPEN MARKET VALUE

The full value in money, excluding the IGST, CGST, SGST, UTGST and Cess to obtain supply at the same time when the supply being valued is made. e.g. Where a new phone is supplied for Rs.20000 along with the exchange of an old phone and if the price of the new phone without exchange is Rs.24000, the open market value of the new phone is Rs 24000. Download

CREDIT GUARANTEE SCHEME FOR SUBORDINATE DEBT(CGSSD) SALIENT FEATURES

1.Ministry of MSME has framed a scheme for the purpose of providing guarantees in respect of credit facilities extended by scheduled commercial banks. 2.The main purpose of this scheme is to provide guarantee cover to the promoters of MSME who can take debt from the banks to further invest in their stressed MSME units as equity. 3.Ninety percent guarantee coverage for this sub-debt will be given under this scheme whereas the remaining ten percent would come from the promoters concerned. 4.The scheme provides support to the promoters of the MSMEs that are stressed and have become NPA as on 30th April,2020.The Scheme is applicable for those MSMEs accounts whose accounts have been standard as on 31-03-2018 and have been in regular operations either as standard accounts or as NPA during the FY 2018-19 and 2019-20. 5.Fraud/Willful defaulter accounts will not be considered under the proposed scheme. 6.Promoters of the MSMEs unit will be given credit equal to 15% of his/her stake (equity plus debt) or Rs. 75 lakhs, whichever is lower. 7.In case a borrower has existing limits with more than one lender, the CGSSD can be availed by the borrower through one lender only. 8.The tenor of sub-debt facility shall be as per repayment schedule defined by the lender, subject to maximum of 10 years from the guarantee availment date or March 31,2021 whichever is earlier. 9.There will be moratorium period of 7 years (maximum) on the payment of principal. Till the 7th year,only interest will be paid. 10.Interest rate will be applicable as per RBI guidelines. 11.1.5% p.a. on the guaranteed amount on outstanding basis shall be paid by the lending institution or the borrower as per the agreement to the Trust. Download

SWAMIH INVESTMENT FUND

SWAMIH INVESTMENT FUND | SPECIAL WINDOW FOR COMPLETION OF CONSTRUCTION OF AFFORDABLE AND MID-INCOME HOUSING PROJECTS INTRODUCTION • On November 06, 2019 ,the Honourable Finance Minister announced Alternative Investment Fund(AIF) of Rs.25000 Crore to provide priority debt financing for the completion of stalled housing projects. • The fund provides finance to projects which are stalled or about to get stalled in a quarter or next six months and some homebuyer is interested in it. IDEOLOGY BEHIND THIS FUND • Real estate projects have been suffering due to changes in the market. • Slow sales have increased unsold inventory in each project . • Consumers Preferences have been diverted to Branded Apartments, Completed Apartments and Smaller apartments. • Of the total supply of 56 Lakh units since 2007, 8% of the units are stalled. It has been estimated that in the stalled category ,there are about 4.58 Lakh housing units and the aggregate funding required to complete the stalled projects is Rs.55000 Crore. • This Investment will lead to Rs.3.3 Lakh Crore Capital Value unlocked. ELIGIBILITY FOR FUNDING Net worth Value of sold receivables plus unsold inventory is greater than cost to complete construction and to service the investments by the fund. Completion of the project Atleast 30% of the construction should be completed. RERA Project should be RERA Registered. Purpose Sufficient money to complete the construction will only be disbursed. If any debt has already been taken by the developer, interest should not be served by this money. Affordable and Mid Income Housing Size : The size of the house that do not exceed 200sq.mt. Price : The value of house must be as follows: • In Mumbai Metro political region ,value less than Rs.2 Crore. • In National Capital Region, Chennai, Kolkata, Pune, Hyderabad, Bangalore and Ahmedabad, value less than Rs.1.5 Crore. • In rest of India ,value less than Rs.1Crore. The price shall not include additional charges for social amenities, parking, housing society, brokerage, deposits, registration and stamp duty charges. NATURE OF FUNDING • Investment shall be in the form of NCDs with a target IRR. • Interest rate will accrue and will be paid only when the construction is completed. Inflows in the project in the form of receivables will be used for construction purpose and not for payment of such interest. • Disbursement shall be made on the basis of physical progress of the project. • Partnership or proprietorship firms need to incorporate a new private limited company to develop the project. The cost of transfer of assets to this private limited Company can be considered as the part of cost of project for which funding is required. After completing this process, the fund shall be provided if it meets the other criteria. OTHER REQUIREMENTS • The applicant is required to provide quarterly information on project cashflows. • NOC from the existing lenders is required by the Fund. If any of the existing lenders deny to this, the fund will not be provided. • There is no application processing fees. INCLUSION OF NPA PROJECTS AND PROJECTS DRAGGED TO NCLT • The projects which are NPA and the projects admitted to NCLT can also be benefitted with this fund. • The fund cannot be used to repay existing debt. It should be used only for construction of the project. FUND INVESTMENT RESTRICTIONS SINGLE PROJECT Max Rs.400 Crore SINGLE DEVELOPER Max Rs. 800 Crore SINGLE CITY Max 40% of the aggregate Capital commitments in any one city Download