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Service Tax Internal Audit CENVAT Companies Act LLP Basic concept GST GST Registration GST Returns GST Rates Income Tax Salary Income Housing property Business Income Presumptive Income Capital Gain Other Income TDS Return Case Laws Partnership Firm Accounting Definitions Accounting Standards CA Notes IPCC Notes CA Final Notes Rankholder's Interview Management TopCA's Interview

  • Tips for extra edge in examination- Nov CA Final 2018

    For practical papers practice more sums. Do not simply do audit of the sums. Ensure practice of the sums maximum no of times. The key is the adjustment is to be given due importance. After doing sums fully till understanding, again and again adjustment, assumption alone is to be practiced. In practical subjects also theory is important and very easy to score providing by taking steps. With regard to accounting focus on accounting

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  • GST rate for over 1,800 goods and services

    Goods

    Electrical machinery and equipment and parts thereof; sound recorders and re-producers, television image and sound recorders and reproducers, and parts and accessories of such articles

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  • Details on HSN Code of Medical Supplies used in Corona virus Treatment

    With the outbreak of pandemic Corona Virus (COVID 19) across the globe, demand for medical supplies like COVID Test Kits, Infrared Thermometers, Sanitizers, Protective garments like Disposable Face Masks/Face Shields, Gloves, Personal Protective Equipments (PPE) Kits & many medical consumables have  increased drastically. Even everyone in the finance field like

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  • Handbook on GSTR-10

    1. What is GSTR-10?

    A taxable person whose GST registration is cancelled or surrendered has to file a return in the form of GSTR-10. This return is called as final return.

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  • Article on E-Commerce under GST

    Meaning of Electronic commerce-means the supply of goods or services or both including digital products over digital or electronic network.

    Electronic commerce operator means- any person who owns, operates or manages digital or electronic facility or platform for electronic

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  • Article on GST Impact on Hotels & Restuarant

    After the implementation of GST, the GST Council announced the GST on hotels and GST on Restaurants. The GST Council determines the GST Rates for all the goods and services is determined by the GST Council in India. GST Council consists of members from the Central Government and State Government to regulate all aspects of GST implementation and administration in India. With GST set to be implemented in India from 1st July 2017, GST

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  • ITC on expenses relating to Construction and Plant & Machinery - Deciphering the issue

    Companies are required to incur many expenses for creation of new assets in terms of immovable property as well as Plant and Machinery to sustain and augment their businesses. GST law was brought in with a promise of seamless credit across all business expenses be it capital or revenue in nature. However, Section 17 of the CGST and SGST Act (Hereinafter referred to as the Act) prescribes certain restrictions on claiming of credits.

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  • PM Modi Ji announces 99% Goods To Be Taxed Below 18% GST

    The broad notion on GST from the economic perspective can be that of a very optimistic and consumer-centric tax regime. This can be clearly noticed from the rising tax base and conducive impact on the traders having GST registration, during the current fiscal year.

    In a bid to further simplify the Goods and Services Tax, the honourable Prime Minister of India Sh. Narendra Modi has announced that the

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  • Details on Invoice Registration Portal (IRP) under GST

    IRP, known as the Invoice Registration Portal is instrumental in validating the genuineness of the invoices used in the GST ecosystem. It generates and assigns IRN to every GST invoice.

    The infrastructure to support the new e-invoicing system will be available for voluntary use from 1 January 2020. The Invoice Registration Portal (IRP) will play a key role in running the show.

    What is Invoice Registration Portal

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  • Due dates of GSTR-3B for the period October 2020 to March 2021

    G.S.R. 636(E).— In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B

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  • All About GST on Interest Income from Inter Corporate Loans

    IN the recent past, many instances of financial fraud pertaining to banks have come into light. The quandary of non-performing assets has also severely impacted the operations of banking and financial institutions in India. It is expected that the lending to corporates would be choked as a fallout of the recent fraud involving public sector banks. It is also likely that the banks will squeeze lending operations and focus on scattering their

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  • Note on Refund of GST in case of Inverted Duty Structure

    1. Inverted Tax Structure in the pre-GST regime
    In the pre-GST regime, a situation of Inverted duty structure arose in cases where import duty on raw materials that were used in the production of finished goods was higher than the import duty on finished goods.

    An example which shows a case of Inverted Duty Structure :

    Duty on the import of tyres (Finished Good) = 10%

    Duty on the imports of natural rubber (Raw

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  • All About New GST Returns – Overview, Forms, Invoices, ITC, Amendments, Offline Tool

    1. What is the New GST Return System?
    In the 31st GST Council Meet, it was decided that a New Return System under GST would be introduced for taxpayers. This return system will contain simplified return forms, for ease of filing across taxpayers registered under GST. Under this

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  • Key Concepts in Standard on Auditing 200-299

    SA 200: Overall  Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing

    Objective of audit to obtain Reasonable Assurance about Financial Statements are free from Material Misstatements and express opinion in form of Audit Report.

    Auditor should fulfill Ethical Requirements in Relation to Audit of Financial Statements.

    Auditor

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  • Different Types of ROC E-Forms

    Form DIR-3C: - Intimation of Director Identification Number (DIN) by the company to the Registrar DIN services              

    Form CRL-1: - Information to the Registrar by company regarding the number of layers of subsidiaries. 

    Form CRA-2 -Form of

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  • CA Final Direct Tax Amendments as applicable for May 2018 and Nov 2018 by CA. Dinesh Tejwani for CA students and CA professionals

    CA Final Direct Tax Amendments as applicable for May 2018 and Nov 2018 exams B...

  • Recent Updates in Goods and Service Tax – GST

    Applicability of E - Way Bill on Inter State Basis from 1st April 2018:-

    From 1st April 2018 E – Way Bill

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  • Composition Scheme under Goods and Service Tax

    To Reduce Burden of More Compliance of Law and Regulation under Goods and Service Tax Composition Scheme was introduced by Government of India for Small Businesses. It helps small businessmen to concentrate more on business rather than Compliance of Goods and Service Tax. Composition Scheme is defined under section 10

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  • Supply in Goods and Service Tax

    Supply means and includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business.

    Input Tax Credit (ITC) in GST and Utilisation of Input Tax Credit

     

    Input Tax Credit (ITC) means Integrated Goods and Service Tax (IGST), Central Goods and Service Tax (CGST), State Goods and Service Tax (SGST) and Union Territory Goods and Service Tax (UGST) charged on Supply of Goods or Supply of Service or Supply of Both Made to Tax Payer to use in business and furtherance of his business i.e. Integrated Goods and Service Tax

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