"17 July 2019" Archive - Page 3

Anti-Profiteering: HC stays NAPA’s order in ‘Jubilant Foodworks Ltd.’ case

Jubilant Foodworks Ltd. & Anr. Vs Union of India & Ors (Delhi High Court)

Jubilant Foodworks Ltd. & Anr. Vs Union of India & Ors (Delhi High Court) As far as the facts of the present case are concerned, one grievance is that although the Petitioners deal in as many as 393 products, and even according to the NAPA they are compliant in regard to the price of many […]...

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Management of Good & Services Tax Audit by GST Department

Audit management requires planning and effective execution of the audit process. Structurally and functionally, this is to be undertaken at two levels – Apex level and Local level. In order to monitor, co-ordinate and guide the effective implementation of the GST audit system, the Board has set up the Directorate General of Audit as the...

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Selection of Registered Persons for GST Audit by Department

1. Objective of Selection of Registered Persons for GST Audit: Selection of registered persons for audit means selection of registered persons to be audited during a specified period, taking the available resources into account. Given the large number of registered persons under GST, it is impossible to subject every registered person to ...

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GST Audit – Preparation and Verification

1. Profiling of registered person: 1.1 Audit requires a strong database for profiling each registered person so that risk-factors relevant to a registered person may be identified in a scientific manner and audit is planned and executed accordingly. Some of the relevant data has to be collected from the registered person during the course...

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Preparation of GST Audit Report and Follow up by Auditor

1. Preparation of Draft GST Audit Report and submission to senior officers 1.1 After completion of audit verification, the auditor should prepare the verification report in the prescribed Proforma for each issue of the approved Audit Plan. This document should record the results of verification conducted as per the audit plan. Any additio...

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5 Major issues in filing Income Tax Return for AY 2019-20: BCAS to FM

BCAS has highlighted issues of Delay in making available the utility to enable filing, Multiple changes in utilities, The requirement of reporting Permanent Account number of unlisted companies, Unlawful requirement of reporting ISIN codes/Folio No of shares sold and 26AS not updated and TDS certificates not available with the tax payers....

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Online Patent Filling Procedure in India: Cost & Flowchart

Want to safeguard your inventions and discoveries? Then get it registered as a patent under the Patent Act, 1970 and make money out of your invention. What is Patent Registration? It is an exclusive right provided to the owner or the enterprise under which no outsider can make, use, sell or import the patented product […]...

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Is there a hidden fact behind deduction u/s 80EEB on Purchase of Electric Vehicle?

On 5th July 2019 Finance minister Nirmala Sitharaman in her maiden budget speech of Union Budget 2019 has proposed to extend income-tax benefit of Rs.1.5 Lakh towards interest paid on loans for buying Electric Vehicle. A new section 80EEB is been proposed to be inserted in Income Tax Act via Finance Bill 2019 to extend […]...

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RCM on Goods Transport Agency (GTA) Services

A Quick Understanding on Reverse Charge Mechanism (RCM) on Goods Transport Agency (GTA) Services It has been more than a couple of years since GST was launched on 1st July 2017 but the organisations are yet to get settled down and adopt it with full clarity. Since the time GST was rolled out, there have […]...

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Artificial Intelligence vis-a-vis Role of Company Secretary

The impact of artificial intelligence and robotics on employment opportunities have always been a topic of much speculation. When it comes to organising and manipulating data, processing complex mathematical problems, and executing tasks in the blink of an eye, artificial intelligence and robotics are the most preferred choice. As a resul...

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September 2021