Framing of Income-tax rules relating to Significant Economic Presence as per Section 9(1)(i) of the Income-tax Act, 1961, Comments and suggestions
There are approx. 46 draft amendments proposed in GST, some of the key draft amendments are Deletion of reverse charge mechanism provision (RCM is where registered person purchased goods or services from unregistered persons & pay taxes). Though this provision which is u/s 9(4) of CGST Act 2017 is suspended till 30th of Sept 2018. In Draft amendments this has been further proposed to restrict to specified class of registered person only. By this discrimination between registered person & unregistered person can be eliminated.
Wherever the approval of resolution plan under regulation 39 (3) of the Regulations is at least 15 days away, the resolution professional shall expeditiously obtain, by electronic means, the choice of the insolvency professional from creditors in a class to act as the authorised representative of the class and proceed further in the manner as specified in regulation 16A of the Regulations.
GST regime was introduced as Self- Assessment Tax i.e. taxpayer had to self assess his Tax liability and file return. However to avoid Error in Tax liability calculation or claim of ITC , registered person is require to get its Books of Accounts Audited by a CA/ CMA.
In reference to Commencement notification dated May 07, 2018, June 21, 2018 and July 05, 2018 the Ministry of Corporate Affairs has notified the following Sections of the Companies (Amendment) Act, 2017: 1.Notification No. S.O. 1833(E) Dated 07th May 2018– .—In exercise of the Power conferred by Sub-Section (2) of Section 1 of the Companies […]
GST Practitioners Required To Pass Enrollment Of GST Practitioners Examination Before 31st December, 2018 To make compliance easy for businesses the Government has introduced various initiatives like GST Practitioners and GST Facilitation Centres. Section 48 of the CGST Act provides for the authorisation of an eligible person to act as approved GST practitioner. Role of GST […]
As a measure of Tax payer facilitation and to reduce tax litigations, the threshold monetary limits for filing Departmental Appeals in Central Excise and Service Tax cases have been enhanced
Filing your tax return isn’t as simple and the outlined Do’s and Don’ts will help you in filing your income tax return correctly to ensure speedy processing by the Income Tax Department (ITD).
Ministry of Corporate Affairs (MCA) has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013 may be setup to examine ‘de-criminalisation’ of certain offences.
Though the format of GST Annual Audit is under discussion stage, the following would be the basic concepts of GST audit irrespective of the outcome of the format. GST Audit is like any other audit of independent examination of financial information with reference to GST provisions of any entity based on the turnover as notified under GST.
