Financial reporting under IFRSs is deeply connected with risk management. Entity which decides to adopt IFRSs should also ensure that it has a robust risk management (RM) system. This is for the reason that different IFRSs give references to the entity’s market and credit risk documented policy which helps determine if an asset has or has not been transferred.
Under the service tax regime vide Notification no 1/2017 service tax dated 12/01/2017, specifically provided exemption to an entity registered under 12AA of the Income tax Act from payment of service tax under reverse charge for service received from a provider located in a non-taxable territory.
It has been long days we have not seen any significant vibration in presentation or disclosure in statement of cash flows. However, this time in financial reporting for period ended March 2018, we will see additional disclosure in Statement of Cash Flows of Ind-AS compliant companies.
1. Non-availment of drawback – A supplier availing of drawback only with respect to basic customs duty shall be eligible for refund of unutilized ITC of CGST /SGST /UGST / IGST / compensation cess.
M/s. K.V. Joseph & Sons Engineering Contractors Vs ACIT (ITAT Cochin) In this case the assessee paid Rs. 200 lakhs as an advance payment to Mr. K.J. Paul to carry out sub contract work of road at Edapally, High Court. The plea of the assessee is that it was incurred for the purpose of business. […]
Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE’s) including Non-Banking Financial Companies (NBFC’s) to verify identity of clients, maintain records and furnish information to FIU-IND. To facilitate the filing of prescribed reports […]
Composition scheme may come under the reverse charge mechanism is the feeling because the GST council has expressed concern for collections under the composition scheme were low. the tax paid under the composition scheme is just Rs. 300 crores so far by more than 1.6 million businesses that have registered for it hinting at suspicion of large-scale evasion
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More than Eight Months have passed since GST was implemented but still most of the Industries falling under Inverted Structure are unable to file Refund applications due to various issues in refund process. One of such issues pertains to Error in Filling Refund application online in case of Cross Utilization of ITC. In case of cross utilization of ITC, Refund Application cannot be filled on GST Common Portal. Following error will be shown on Saving RFD 01A Application due to negative figures in one of the Tax Heads: “ERROR: The calculated Value should be greater than Zero for form to get Saved/ Submitted”
By reading the Preamble of the Fugitive Economic Offenders Bill – 2018, it emerges that the Bill is intended to deter economic offenders from evading the process of prosecution laws by remaining outside the jurisdiction of Indian courts. On 12.03.2018 the Bill has been introduced in the Lok Sabha.
