"30 December 2017" Archive - Page 2

Input Tax Credit Under Goods and Services Act

A recipient of goods or services or both can take the credit of input tax only if he is in the possession of valid invoice or debit note issued by the registered supplier under goods and services acts and he has received goods or services or both....

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CODS 2018: Chance for Defaulting Companies & Disqualified Directors

Condonation of Delay Scheme, 2018 shall be available commencing from January 01, 2018 to March 31, 2018. All the defaulting companies, whose names are not struck off or not removed from the register of the companies, may file its overdue documents regarding annual filing, which were due for filing till 30.06.2017 under Condonation of...

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Condonation of Delay Scheme, 2018- A Remedy for director disqualification

In the month of September, 2017, MCA de activated the DINs of the directors who have not filed the annual returns of the Company. Due to this action taken by the Ministry of Corporate Affairs (MCA), Directors of those companies cannot be appointed in new Companies and no filing could be done of the existing Companies. ...

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100% Export Service Provider Need to Get “GST Registered”

If Export of service / goods is an exempt supply then government would not have 2 category like export with IGST and export without IGST which clearly states that export is a taxable supply but if someone satisfy the conditions then he/she can export without IGST. However that does not give exemption to the person from taking the registra...

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GST on New year Festivities

As the New Year is ushering, every one wishes to welcome it with lots of celebrations, fun and frolic. Hotels, Resorts, Casinos and Clubs do brisk business hosting the revellers in their fold offering food and beverages, entertainment programs, recreation/carnival events, amusement facilities and accommodation for a fixed period....

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Synopsis of GST Notifications released on 29th December 2017

CBEC has issued Notification No. 71 to 75/2017 – Central Tax on 29th December 2017 and extended due dates for the GSTR-1 return filing. The last date for filing for most of them is 31st Dec 2017. In addition to that it notified applicable date of E-way bill rules and amended CGST Rules for the 14th time after the rollout of GST. ...

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FAQs on Condonation of Delay Scheme-2018

MCA has introduced Condonation of Delay Scheme-2018 vide its General Circular No. 16/2017 dated 29.12.2017 to Provide relief to Defaulting Companies and Disqualified Directors. I have compiled Few Frequently asked question (FAQS ) related to Condonation of Delay Scheme 2018 [CODS 2018] which as re as follows:- LIST OF FAQS WITH ANSWERS 1....

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Is Audit Rotation enough for Auditor’s Independence

Auditor independence refers to the independence of the internal auditor or of the external auditor from parties that may have a financial interest in the business being audited....

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Analysis of Condonation of delay scheme, 2018

Recently Ministry of Corporate Affairs has cancelled the registration of around 2.10 lakh defaulting companies and subsequent direction of the Ministry of Finance to banks to restrict operations of bank accounts of such companies by the Directors of such companies or their authorized representatives....

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Steps Required to Safeguard Anti-Profiteering Measures

The government has been continuously under pressure to increase vigilance over the MRP under GST across the nation. The GST council has earlier set up Anti Profiteering committee to check the tax evasion and any price related difference before and after GST from a particular product or a list of products. ...

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