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Archive: 13 March 2020

Posts in 13 March 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6267 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19290 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Govt brings masks and hand sanitizers under Essential Commodities Act

March 13, 2020 1305 Views 0 comment Print

In view the ongoing outbreak of COVID-19 (Corona Virus) and concern of the logistics for COVID-19 management particularly during last couple of weeks and that masks (2 ply & 3 ply surgical masks, N95 masks) and hand sanitizers have been noted to be either not available with most of the vendors in the market or are available with great difficulty at exorbitant prices, Government has notified an Order under the Essential Commodities Act to declare these items as Essential Commodities up to 30th June, 2020 by amending the Schedule of the Essential Commodities Act, 1955.

Excel Utility for GSTR – 2A Reconciliation with Books

March 13, 2020 18921 Views 3 comments Print

Matching & Reconciliation under GST Following Mismatches can be noticed by taking up following Matching and Reconciliation exercises: -Differences between the amount of credit shown in GSTR- 3B and the GSTR 2A or/and -Discrepancies between GSTR-3B and GSTR-1 or/and -Differences in the provisional credit claimed and actual credit that is claimable. This situation arises usually […]

Procedure for Appointment of Management Director

March 13, 2020 18312 Views 0 comment Print

What is Managing Director under Companies Act, 2013? Section 2(54) of the Companies Act, 2013 provides that “managing director” means a director who, by virtue of the articles of a company or an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial […]

Decoding of FAQs on Vivad Se Vishwas

March 13, 2020 5742 Views 0 comment Print

The ‘Vivad se Vishwas’ Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the Lok Sabha on 5th of February, 2020 and passed by it on 4th of March, 2020.

Shrinking Circles – Non-Audit Services Prohibition

March 13, 2020 3945 Views 1 comment Print

In corporate governance parlance, auditors are considered to be key ‘gatekeepers’. However, governance failures both in India and around the world have pointed fingers towards the role of auditors. This has led to a series of reforms that impose greater stringency on auditors and the audit process. The concept of Auditor independence requires the auditor […]

If Goods Component in Photography Service can be separated then No Service Tax levied on Goods Component

March 13, 2020 2283 Views 0 comment Print

Agrawal Colour Advance Photo System Vs Commissioner of Central Excise and Another (Madhya Pradesh High Court at Jabalpur) The issue under consideration is whether while providing photography service whether the use of the paper upon which an image is printed using certain consumables and chemicals, being incidental to the provision of service, amount to sale […]

ICAI to review general purpose financial statements of Yes Bank

March 13, 2020 705 Views 0 comment Print

In view of the recent media reports as regards certain systemic issues with respect to Yes Bank, Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) has decided to take up the review of general purpose financial statements of Yes Bank for Financial Year 2017 – 18 and 2018 – 19.

Union Budget- 2020: New Compliances for Charitable Trust & Institutions

March 13, 2020 9372 Views 0 comment Print

Impact of Budget 2020 Finance Bill on charitable institutions:- 1) Re-validation of existing registrations All the existing charitable and religious institutions already registered under Section 12A (trusts and institutions registered prior to 1996), Section 12AA (trusts and institutions registered after 1996), Section 10(23C) and Section 80G will be required to re-apply to the income tax authorities […]

GST PMT 08 – An Overview

March 13, 2020 8574 Views 0 comment Print

Under the New GST Return Form, taxpayers are given an option to file returns on a monthly or quarterly basis. For quarterly return filing, the taxpayer may opt for Form GST RET-01 (Normal), Form GST RET-02 (Sahaj), or Form GST RET-03. Even though the taxpayer opts to file a return on a quarterly basis, he has to […]

HC dismiss 100% Budgetary support for area based exemption in post GST regime

March 13, 2020 1944 Views 0 comment Print

The Hon’ble HC, Delhi in the matter of M/s Hero Motocorp Ltd. v. Union of India & Ors. [W.P.(C) 505/2020 & CM APPL. 1328/2020 dated March 2, 2020] dismissed the writ petition seeking complete exemption by way of reimbursement of the amount of Central Goods and Service Tax (CGST) and/or Integrated Goods and Service Tax […]

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