CA Vikram Shankar Mathur – Live (About)

Vikram Shankar Mathur

Proprietor of M/s Vikram S. Mathur And Co., Chartered Accountants .

We pride ourselves in being called the “new-age accountants” of today, and we are constantly striving to bring the solutions of all your problems to your doorstep, of course, provided we come to hear of your side of the story first!!I am an Indian Chartered Accountant residing in Ahmedabad, Gujarat, India. My Sole Proprietorship Firm is basically into the practice of Accounting, Auditing, Income-Tax Return Filing, Financial Consultancy, Statutory Audit, Tax Audit, Information Systems Audit and other related fields. After Qualifying as a Chartered Accountant on 08/08/1989, I was working in the Industry for six years. In May 1995, I began my practice as an Associate Chartered Accountant and upgraded to Fellow Chartered Accountant in 2002. In March’2006 I also became qualified as Diploma in Information Systems Audit (DISA), a course run by The Institute of Chartered Accountants of India, (ICAI), Delhi. The sole proprietorship firm is registered with the Institute of Chartered Accountants of India.

There is also the parent website you could visit to know more:

About Us

24-Sep-2017 | 14:34 Hours IST

Virtual Visiting Card of CA Vikram Shankar Mathur - Live

Virtual Visiting Card of CA Vikram Shankar Mathur – Live

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All my friends know, hopefully, by now – that I am the #Cynical and #Skeptical #Author of #Modern #Times. Somebody commented on this image, and since I respect that person very much, I thought that of my accord, I ought to explain, by way of a short true story, why I posted this on #Facebook. So tighten your seatbelts and read on:

Once upon a time, there was a young man who changed his fields of study from the faculty of Arts to the faculty of Commerce, after graduation. Initially, he never could understand the difference between a #Debit and a #Credit, leave aside the three #Golden #Rules of #Accountancy.

He took upon himself the tremendous and arduous task of re-learning from scratch the subject of Commerce and Accountancy. Being a #Science student upto the 12th standard held him in good stead here, and with his dedication and never-say-die attitude he studied hard, joined the #Davar’s #College of #Commerce for a #Crash #Course and successfully became a #Chartered #Accountant in due course of time.

He spent the next #Five years of his professional life as an #Employee in the #Industry, during which he created many a #successful innovative projects in each #Organization that he was employed with, names are not important, because what he was able to #achieve was what his focus became.

Some of the #Pioneering work that he did, are listed here: (1) Setting up a #Fully #Computerised #Accounts department (2) Setting up a #Radio #Paging Centre in Indore and Surat (3) Settting up a #Credit #Control department controlling 46 difference locations within India (4) Creating a #Payroll Package in #Clipper and in #Foxpro (5) Becoming a #Forensic #Accounting and #Fraud #Prevention certified #CA and lastly (6) Certified wtih a #Diploma in #Information #Systems #Audit.

In the course of the three decades of his career, he has #trained more than two dozen people in the use of #Excel and #Spreadsheet #Formulae – quite apart from becoming the #Deadly #VBA #Programmer that he is today.”

So that is the reason, friends. Read the #quote with that #History in mind and judge for yourself. Cheers !!


09-Sep-2017 | 11:20 Hours IST

Having the requisite #Industrial #Experience along with being an #Economics #Honours #Graduate from #SRCCDelhiUniv – add to that my scientific background as a Science Stream student upto 12th Standard from #MSVV – the topping of being one of the most highly intelligent, intuitive and creative #Chartered #Accountants in the country – makes me someone YOU ought to need as a top-notch #Consultant, right?

09-Sep-2017 | 11:24 Hours IST



Watch “Now you can take Transitional Credit in GSTR 3B – Old Credit in GST (In Hindi)” on YouTube

Sorry, will not be posting anything till August 31st, 2017

I am terribly sorry to inform my fans that all postings to this blog will remain suspended till ( and including) August 31st, 2017, due to personal reasons. Thanks in advance for understanding. Yours very truly.


02-Aug-2017 | 1:20 Hours IST

Permanently Retired from Facebook w.e.f. 16 July 2017

Please note that I have permanently  gone off Facebook with effect from 16th July 2017, so please do not think I have blocked you.

CA Vikram Shankar Mathur

Impact on SME’s of Composite Scheme (GST)

​Composition Scheme – Impact on SMEs

The heart of the Indian economy is its small and medium business segment. As on today we have about 50 million SMEs in India – contributing almost 37% of the industrial output and 46% of India’s total export. With a stable growth rate of over 10%, SME India employs a staggering 120 million people and has emerged as the leading employment-generating sector, over the years. It goes without saying, that when the nation is on the verge of a massive taxation regime change in the form of GST – its impact on the life of SMEs is super critical for the nation as a whole.

At the 16th GST Council meeting on the 11th of June, 2017 – the turnover limit for composition scheme was recommended to be increased from the current INR 50 lakhs to INR 75 lakhs. In light of this recent development, let’s revisit the impact the composition provision will have on the many SMEs – both those who have been under composition in the current regime and will continue to remain so under GST; and especially those, who were looking to getting registered, but now suddenly have an option to take the composition scheme – thanks to the increase of INR 25 lakhs in the limit.

Increased threshold limit

In the current regime, the exit threshold for composition scheme across most states is INR 50 lakhs. Under GST, this limit, although initially kept at INR 50 lakhs has now been increased to INR 75 lakhs (except for Special Category States – Uttarakhand, Himachal Pradesh, Sikkim and the 7 NE states – for whom the limit stays at INR 50 lakhs until next discussion). It is obvious, that this will make more number of SMEs eligible to take the benefit of the composition scheme. More good news might await SMEs, since the limit could be increased to a maximum of INR 1 crore, on the recommendations of the GST Council.

Lower rate of tax

Compared to dealers, who are liable to register, a composite dealer will enjoy the main benefit of paying a comparatively lower rate of tax. The rate of tax has been fixed at – 2% for a manufacturer, 1% for a trader and 5% for small restaurants – engaged in supplies of food and drinks for human consumption.

Lesser compliance activity

Compared to registered dealers, a composite dealer will be spared the brunt of 3 monthly returns – rather he will be required to file 1 quarterly return, every 3 months and 1 annual return. This will surely save a lot of time for a composite dealer, allowing him to focus on core business activities which are crucial to keep him afloat in the market.


Restrictions on nature of goods & services

A composite dealer cannot be engaged in the manufacture of certain notified goods, which would be specified by the Government and the GST Council. While we await more clarity on the same, the restriction in terms of services is pretty clear – a composite tax payer cannot be engaged in any service other than the supply of food and drinks for human consumption – in other words, a small restaurant is the maximum, a composition dealer can think of setting up. Also, a composite tax payer cannot supply goods outside the ambit of GST.

Restrictions on mode of trade

A composite dealer, as per the GST law, cannot engage in trade on e-commerce platforms and also, cannot engage in interstate outward supplies of goods or services. In other words, SMEs who would want to transcend their horizons by going the online way and would want to serve customers in other states, will not have the option to enjoy the composition scheme, irrespective of turnover.

No ‘selective’ composition scheme

In the current registration system, there is a standard practice of multiple business verticals and establishments with multiple registrations – which allowed the possibility of the composition scheme being availed for selected businesses. But under GST, registration will be PAN based. Most importantly, composition scheme will be applicable for all business verticals – within state or interstate – registered with the same PAN. Thus, an SME may have different business verticals that too, spread across several states – but will not be able to select specific verticals and/or branches for composition scheme. What it also means is – A registered person with a single PAN of operations in multiple states, has to either opt for “Composition scheme” for all businesses across the country, or opt for regular dealership.

No tax collection, no ITC

A composite dealer does not have to collect tax on his outwards supplies of good or services. But, most importantly, the composite tax payer is not eligible to claim input tax credit on all his inward supply of goods and / or services – even if he makes a taxable purchase from a regular taxable dealer. As a result, the taxable amount gets added to the cost of the composite dealer, ultimately increasing the cost for his customers. This is bound to take a toll on his competitiveness, in comparison to regular dealers.

More depth in compliance

In the current composition scheme, a composite dealer has to declare only the aggregate turnover of sales; he is not required to declare invoice wise details. In GST however, the composite tax payer will need to file GST returns with the invoice wise details of inward supplies (which is auto-populated based on Form GSTR-1 filed by his supplier) along with the aggregate turnover of outward supplies. Thus, this will require an SME under composition scheme to maintain his accounting and transaction records properly.


On the face of it, it may not be a good idea for an SME to opt for composition, even though it means increased compliance, because it could translate to greater business benefits in the long run. However, if an SME is purely into B2C business, the composition rate is low and the net margins are higher, composition may turn out to be a viable option.

GST Notifications Started

📢 GST Notifications Started 🔉

*No of GST Notification issued today ( 28-06-2017) -34*

  • Central Tax -5
  • Central Tax (Rate)  -10
  • Integrated Tax  -4
  • Integrated Tax (Rate)  -7
  • Union Territory Tax -0
  • Union Territory Tax (Rate)  -7
  •  Compensation Cess (Rate)-1

*Central Tax Notifications*

Seeks to bring into force certain sections of the CGST Act, 2017 w.e.f 01.07.2017

Seeks to amend CGST Rules notification no 3/2017-Central Tax dt 19.06.2017

Seeks to amend Notification no 6/2017-Central Tax dt 19.06.2017

Seeks to notify the number of HSN digits required on tax invoice

Seeks to prescribe rate of interest under CGST Act, 2017

*Central Tax (Rate) Notifications*

Notification no:1 CGST Rate Schedule notified under section 9 (1)

Notification no 2: CGST exempt goods notified under section 11 (1)

Notification no 3: 2.5% concessional CGST rate for supplies to Exploration and Production notified under section 11 (1)

Notification no 4: Reverse charge on certain specified supplies of goods under section 9 (3)

Notification no 5: Supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed under section 54 (3)

Notification no 6: Refund of 50% of CGST on supplies to CSD under section 55

Notification no 7: Exemption from CGST supplies by CSD to Unit Run Canteens and supplies by CSD / Unit Run Canteens to authorised customers notified under section 11 (1) and section 55 CSD

Notification no 8: CGST exemption from reverse charge upto Rs.5000 per day under section 11 (1)

Notification no 9: Exempting supplies to a TDS deductor by a supplier, who is not registered, under section 11 (1)

Notification no 10: CGST exemption for dealers operating under Margin Scheme notified under section 11 (1)

*Integrated Tax*

Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the rate of the integrated tax

Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the rate of the integrated tax.

Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the rate of the integrated tax

Reverse charge on certain specified supplies of goods under section 5 (3)

Supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed

Check following content before issuing Tax Invoice: TaxGuru

1. TAX INVOICES BY THE REGISTERED SUPPLIER OF TAXABLE SERVICES: Tax Invoice shall contain the following minimum particulars: (a) Name, address and Goods and Services Tax Identification Number of the supplier;

via Check Following Contents In Your GST Invoices/Bills Before Issuing — TaxGuru