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Practitioner’s Guide to Audit of Small Entities: ICAI
Purpose of this Guide The purpose of this Guide is to provide a practical approach to implementation of the Standards on Auditing that may be followed while carrying out an audit of small entities. Since the Guide is in the form of a checklist,
Invoice value be the open market value for supply between distinct persons.
Case covered: Specsmakers Opticians Pvt Ltd. Facts of the case: 1. The applicant has stated that they import as well as locally procure Lenses, Frames, Sun Glasses, Contact Lenses as well as Reading Glasses, Complete spectacles and are engaged in re-selling them. 2. Goods
Big relief in GSTR 9&9C filing,SC refused to interfere in the order of the Rajasthan high court
SC refused to interfere in the order of the Rajasthan high court In the matter of UOI vs Tax Bar Association, Hon’ble Supreme Court through its bench comprising of Hon’ble Justice R F Nariman & Hon’ble Justice Ravinder S Bhatt, at the outset, refused to
Download the updated e-invoice FAQs
PROPOSED E-INVOICING SYSTEM The GST Council has approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on a voluntary basis. Since there was no standard
Rule 36(4) and other issues in claiming ITC under the GST Act
Rule 36(4) and other issues in claiming ITC under the GST Act This subject can be divided into 4 parts. A- Documents required B- Furnishing of Returns C- Last date after which it cannot be claimed (Due date for September of the subsequent year or
RULE 36(4) LEGAL VALIDITY & COMPLIANCE
RULE 36(4) LEGAL VALIDITY & COMPLIANCE Minutes of 28th council meeting while discussion on new returns The first time the term ‘uploaded’ has been used. The officer explained that today i.e before new returns are implemented paper invoice is sufficient to avail credit. RULE
Notice inviting comments for amending the existing provisions for auditor independence and accountability
NOTICE INVITING COMMENTS ON THE CONSULTATION PAPER TO EXAMINE THE EXISTING PROVISIONS OF LAW AND MAKE SUITABLE AMENDMENTS THEREIN TO ENHANCE AUDIT INDEPENDENCE AND ACCOUNTABILITY Government of India Ministry of Corporate Affairs Consultation Paper to examine the existing provisions of law and make suitable
ACCOMMODATION, FOOD AND BEVERAGE SERVICES
ACCOMMODATION, FOOD AND BEVERAGE SERVICES GST has been a new buzz in the market since its rollout on July 01, 2017. Though over two years have been passed since its levy, still, people and industries are ambiguous of its impact on their businesses. This
Key Take-way of the decision of the Hon’ble Supreme Court (SC)
Key Take-way of the decision of the Hon’ble Supreme Court (SC) 1. The Hon’ble SC has refused to interfere in the order as passed by the Hon’ble High Court of Rajasthan and accordingly confirmed that no late fees shall be levied during period 06.02.2020 to
The Direct Tax Vivad Se Vishwas Scheme Finance Bill 2020
The Direct Tax Vivad Se Vishwas Scheme Finance Bill 2020 Objective •The intention was to resolve the disputed tax dues filed at all various adjudication levels due to the pendency of appeals at various appellate levels in India. • If an application is filed
Important update on STBA Vs UOI on GSTR 9,9C due date
GSTR 9,9C due date: Court initially said that govt has the right to extend or not to extend and since already extended, we would not like to interfere at this stage. On appraising court that people are facing lots of technical difficulties and that from
Very Important announcement FILING OF WP IN MP HIGH COURT
This is to inform all the members that Tax Bar Association have filed a WP in the nature of PIL against Union of India and others challenging the glitches in the GSTN portal and for extension of Due Date of Annual return GSTR 9 and