The Goods and Services Tax (GST) has completed around 3 years of its implementation. GST has been recently known for increasing the compliance burden on taxpayers in view of simplifying tax systems and making it online. Further, GST was introduced with a motive to remove cascading effect by introducing a system of seamless flow of credit, however, the word

Amendment in Section 7 of CGST Act, 2017
Clause 99 of the bill proposes to amend section 7 of the act i.e. the term supply by inserting a new clause (aa) in sub section 1 with retrospective effect from 1st july,2017 ,so as to ensure levy of tax on activities or transactions involving supply of goods or services by any person, other than an individual ,to its members or constituents or vice-versa ,for cash, deferred payment or other

Last month, the government introduced legislation to implement the purchaser GST withholding regime for new residential premises.

The Treasury Laws Amendment (2018 Measures No. 1) Bill 2018, if passed in its current state, will see purchasers of new residential premises or

The Gujarat Authority of Advance Ruling (AAR) ruled that the Gujarat Industrial Security Force Society to pay 18% GST on the entire amount received from their clients, including wages etc. to be paid to the Security Guards, establishment charges. The applicant, M/s. Gujarat Industrial Security Force Society has submitted that there are more than 5000 security guards

1. The concept of Input Service Distributor (ISD) has its roots in the service tax regime. The Head office of an organization obtains services that are common for all the company’s units located across the country. The supplier of such services issues an invoice in the name of the company’s head office. These services are utilized by all the units of the

Introduction
With the increasing trend of electronic commerce, adoption of prepaid vouchers and gift cards has reached new heights. Vouchers are instruments which are redeemable on its face value against supply of goods or services. For example, multi-brand retailers supply gift

In GST law, outward supplies are reported through GSTR-1 which serves a lot of purpose for:

Supplier – GSTR 1 Helps in determination of Outward liabilities

Recipient- GSTR 1 helps in

In re Karnataka State Electronics Development Corporation Limited (GST AAR Karnataka)
i. Whether the street lighting activity under the Energy Performance Contract dated 05.12.2016 is to be considered as Supply of goods or a Supply of Services under the CGST / KGST Act 2017?

DIRECT TAXES UPDATES

Recent circulars/ notifications/ rules/ clarifications/News

♦ CBDT issues Notification extending various Income Tax due date extended to the 30th September, 2021)

Goods and Service Tax (“GST”) is the major source of revenue for both center and state governments and any non-compliance on part of the taxpayer may result in huge losses to the government. Government keeps various checks to ensure that taxpayers are complying with the provisions and all transactions are genuinely entered such as Reconciliation ITC appearing in

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

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

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

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

From 1^st April 2018 E – Way Bill

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

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

Securities Transaction Tax (STT): -Securities Transaction Tax is type of Tax levied on Purchase or Sale of Securities (Equity Shares, Equity Oriented Mutual Fund, and Option Contracts in Securities and Futures in Securities etc.)  through recognized stock exchange. Any Assesse

Assessment: -Assessment means Assessing Taxable Income of Assessee and Tax Liability their on by Assessee himself/herself or by Assessing Officer. Assessment includes reassessment.

The introduction of GST in India is now a reality,
with the Government stepping on the speed
button to bring in GST live with effect from
July 2017. A thorough preparedness of the
organization before the actual implementation
of GST is the need of the hour. GST proposes
to