"25 November 2018" Archive

NFRA Rules, 2018 – A Critical Analysis

It has been Five years since the Companies Act, 2013 provided for the creation of a National Financial Reporting Authority (NFRA), and now Government has finally taken steps to implement NFRA. The Ministry of Corporate Affairs (MCA) vide its notification dated November 13, 2018, has notified National Financial Reporting Authority (NFRA)...

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Posted Under: Company Law |

How to do Follow up of Tax Litigation & Court Cases

Introduction State GST Department is one of the major revenue contributing departments of Government of Kerala. There were around 2.4 lakh registered dealers during VAT regime. All these dealers return filing goes through series of actions such as scrutiny, issuing notices, hearing, assessments, orders etc. However after completing all th...

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Posted Under: Company Law |

How to do Organization of Works – Guide by Kerala GST Dept

How to do…? Organisation of Works Officers usually take business as usual approach. It is an easy and very often taken approach. But no organizations have grown if the business as usual approach is followed up. It is invariably noticed that whenever any important work comes, we tend to keep it aside thinking that we […]...

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Posted Under: Company Law |

How to write Notices and Order under GST Regime

I Introduction As per the Kerala Goods and Services Act, 2017, every registered person shall self assess the taxes under this Act and furnish a return for each tax period under section 39. This means GST continues to promote self-assessment just like the Excise, VAT and Service Tax under current tax regime. For a self […]...

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Posted Under: Company Law |

How to do Follow up of CAG Report- Department Guide

In this series, one of the important areas covered is CAG Reports. There is a general tendency to look at CAG Report as an additional burden but we have to understand that the CAG Report gives lots of insights in the functioning of the department and gives pointers to improve the system. ...

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Posted Under: Company Law |

Annual GST return and GST audit Checklist

Article compiles Area wise working / checklist for annual return and GST audit in respect of  GST Registration, Invoicing Documentation, Goods Sent To Job Work, Supply of Goods & Services,  Time Of Supply, Input Tax Credit, Input Tax Service Distributor,  Classification Of Goods & Services,  GST Returns, GST Collections And Pa...

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Posted Under: Company Law |

Reverse Charge Mechanism (RCM) under GST- A Complete Analysis

As we all must be aware of this fact that GST is normally charged by Supplier of Goods/Services. But there are some cases where the Recipient will be liable to pay GST instead of Supplier. This structure of charging GST is called Reverse Charge Mechanism (RCM). Now Let’s Understand it step by step: A. When is RCM […]...

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Posted Under: Company Law |

How to do GST Audit Assessment – Guide for department

1. Introduction State GST Department is one of the most important departments entrusted with the responsibility of tax administration. The department deals with business houses, companies, dealers, Chartered Accountants, Cost accountants, Lawyers, tax practitioners, transporters, truckers, multiple stakeholders and people. As there are la...

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Posted Under: Company Law |

Risk Management & Compliance Policy

The Companies Act, 2013 requires the Board of Directors to devise proper system to ensure compliance with provisions of all applicable laws and to report that such systems are adequate and operating effectively....

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Posted Under: Company Law |

Impose Exemplary Penalty on persons falsely representing as CAs

CAS, Surat recommend an exemplary penalty u/s 24 of CA Act, 1949 (Penalty for falsely claiming to be a member, etc.) as follows so that no one should ever think of falsely claiming / representing as CA:...

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