WHAT IS CSR?

WHY DO WE NEED CSR ?

WHEN ARE WE ELEGIBLE FOR CSR?

CORPORATE SOCIAL RESPONSIBILITY [CSR] is a compliance requirement under section 135 of the Companies Act 2013. It refers to the voluntary contributions made by companies with an objective of improving the society and environmental conditions.

Now,

The provisions of CSR applies to every company that meets any of the following conditions in the preceding financial year

1. Net worth of more than Rs.500 crore

2. Turnover of more than Rs.1000 crore

3. Net profit of more than Rs.5 crore

If you have prepared the Balance Sheet for last year. and if the profits earned during the last year , whether under any head like Capital Gains, or from business or profession  , then

you ‘ARE ELIGIBLE’

for contributing to CSR , at least –

2% of the net profits made during the immediately preceding three financial years. 

(Note : If a company has been incorporated for a period of less than 3 years then they have to contribute 2% of its net profits made during the immediately preceding financial years .)

The penalty of not complying with the provisions of CSR are –

• The Company : Lower of the following –

  Fine up to Rs. 1 crore

  or 

  2 X The amount the company was required to transfer to the CSR fund
• The Officers in Default : 

   Lower of the following –

  Fine up to Rs. 2 lakh

  or

  1/10th of  the amount the company was required to transfer to the CSR fund.

  So, do pay CSR on time..

Why do we need a  Sales Schedule & Actual Dispatch Report ?

To make ‘Sale & Dispatch ‘ target oriented –

You have to make a ‘Dispatch Schedule’…

This  ‘Dispatch Schedule’ states the we know –

1. What item will be dispatched ? and,
2. When such item will be dispatched ?

It is a common practice by many firms to set a ‘Dispatch Schedule’ on the first or last day of each month.

Now with the help of  this schedule , the firm knows what item to deliver to the customer and when . This in turn helps in timely delivery of goods to the customers .

Our Finsys ERP has a feature of generating a ‘Dispatch Schedule Report’ that shows an accurate data of when to produce an item, when to deliver the same and what rating has been given by the customer.

ERP has to be single source of Truth ,

Use Finsys ERP for making this a success

By Mr. Puneet Gupta (Co-Founder) : Finsys ERP.

With the use of Finsys ERP,

Businesses can get an easy access to data regarding sales, purchase, inventory management etc. from Finsys ERP .

This is done so that the management can ‘systematically run’ all the processes.

It means that our Finsys ERP will act as a ‘SINGLE SOURCE OF TRUTH/INFORMATION’ for getting any kind of data just with a single click .

Our clients have been successful in quickly  implementing Finsys ERP.

New YouTube Short by Mr Puneet gupta, Co Founder – Finsys ERP Team

Finsys erp machine master important information which must be filled correctly

Subscribe to the Channel

Advisory on Bank Account Validation on your GST Portal

Validate your Bank, or your GSTR-1 will get STOPPED – Advisory

GST dept notification alert

Your GSTR1 returns, will get blocked…if your current Bank account is not validated on GST portal.

Alert your accounts Department

And note… if your GSTR-1 is blocked… your customers will not get the GST ITC credit… and …. if they come to know of this… they “might” block your payments…..

Alert your accounts.

Regards,
Finsys MLG team

Source : https://tutorial.gst.gov.in/downloads/news/advisory_on_bank_account_validation_17april2023.pdf

Excerpts in a user friendly language

Advisory on Bank Account Validation

Dear Valued Tax Payers,

1. GSTN is pleased to inform you that the functionality for bank account validation is now integrated with the GST System. This feature is introduced to ensure that the bank accounts provided by the Tax Payer is correct.

Interpretation / Notes:

….. Govt was facing problems…. Over years…. Citibank closed down, Syndicate Bank got merged…. various other banks merged…. some cooperative banks closed down.

People also shift from bank 1 to bank 2 , due to credit limits or rate of interest

Government was facing problem…. how to send refund and how to take recovery … and infact how to validate that the GSTIN person is genuine or not…. Bank account validation helps in that also

How to solve  ?

2. The bank account validation status can be seen under the Dashboard→My Profile→ Bank Account Status tab in the FO portal. Tax Payers will also receive the bank account status detail on registered email and mobile number immediately after the
validation is performed for his declared bank account.

3. Post validation, any bank account number in the database would have one status out of the below mentioned four status types. The exact details of the accounts can be seen by hovering mouse over these icons in the Tax Payers’ dashboard in FO Portal.

Icon Description
Success
Failure
Success With Alert Remark
Pending for Validation

4. Whenever, the Tax Payer is shown ‘Failure’ icon with further details such as
– The entered PAN number is invalid.
– PAN not available in the concerned bank account.
– PAN Registered under GSTIN, and the PAN maintained in the Bank Account are not same.
– IFSC code entered for the bank account details is invalid.
In these cases, the Tax Payer is expected to ensure that he has entered correct bank
details and the KYC is completed by bank for his bank account.

5. Whenever, the Tax Payer is shown, the status of his bank account as ‘Success With Remark’ icon with details “The account cannot be validated since the bank is not integrated with NPCI for online bank account validation”, the Tax Payer should provide alternate bank account number so that it can be revalidated to expedite further online processes.

6. If the account status is shown as “Pending for Validation” then please wait since the account will be validated by NPCI.

7. The Tax Payer at any time can add/delete the bank account details and new account details will be validated.

Thank you for your cooperation.
Team GSTN

Additional Notes

The Finsys – Webtel integrated System will also not be able to push the GSTR-1 data from Finsys to the Government Portal.  Since the Portal will stop as a barrier due to Bank account non compliance.

Hence, please take early action on this immediately

How much time does it take ?

It takes just 30 to 50 seconds, or let us say less than 1 minute

so, do it now

Hence, please take early action on this immediately

Link 1 :  GST Dept published August 2024 : https://tutorial.gst.gov.in/downloads/news/advisory_on_bank_account_validation_17april2023.pdf

link 2 : GST Dept portal published 2022 :https://tutorial.gst.gov.in/downloads/news/new_functionalities_compilation_may_2022.pdf

Bank Account validation GSTR1 stop alert …

Note.. your customers are going to be affected too…. if you dont solve this now.

Do this for all your smaller companies also

do this for all your less used small turnover / non moving State GSTIN also