Goods and Services tax (GST) constitutes the last mile of a long journey of reforms of indirect taxes in India. GST will replace a number of central and state taxes. The important taxes that may be subsumed in GST are cenvat and service tax at the central level and state VAT/sales tax
In the era of globalisation entire world has become one market place, leading to availability of huge varieties of products at every nook and corner at most economic cost. Obviously, the most competitive products and services will be preferred.
The Provisions Prescribed under GST Act for demand and recovery of tax are similar to existing Provisions under Customs, Excise and Service Tax.
Now every day there is some development or news about GST from various corners like 1. GST council meeting updates 2. CBEC updates like release of FAQ on MGL 3. GSTN updates 4. of India updates- draft law/formats released on return, Registration and payment
Business Process Reports on registrations, payment, return and refund were put on the public domain in the month of October 2015 and number of suggestions were invited. Model GST Law was put on the public domain on 14th June 2016
Over a period of fifteen years, since the introduction of the concept of GST in the Indian Parliament, no politician or economist worth their salt has failed to harp on this subject.
Territorial jurisdiction of Regional Authority, Vishakhapatnam is re –allocated as whole of Andhra Pradesh excluding districts which are under jurisdiction of Regional Authority, Vijayawada.
PART B and PART C of MEF 2016-17 will be made live from 10th November to 17th November, 2016 to enable the applicants to fill the same & get ready with Financial Documents of the applicants for Multipurpose Empanelment for the year 2016-17.
Its been reported in some cases that income declared under revised IDS 2016 declaration is lower than income declared under original declaration on account of some typographical or bonafide error.
Internal auditor should try to draft a high quality report presenting his audit findings and recommendations in the best presentable form, so that timely and relevant information is delivered to key stakeholders.
