Extension of tax concession to Special Undertaking of the Unit Trust of India (SUUTI) The Special Undertaking of the Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. SUUTI is the successor of UTI. The mandate of SUUTI is to liquidate Government liabilities on […]
The existing provisions of section 23 of the Prohibition of Benami Property Transactions Act (‘the PBPT Act’) provide that the Initiating Officer, with the prior approval of the Approving Authority, shall conduct any inquiry or investigation. This power is exercised by the Initiating Officer where no case is pending before him. However, it is not […]
The additional / penal interest is charged for a transaction between Y and M/s ABC Ltd., and the same is getting covered under Sl. No. 27 of notification No. 12/2017-Central Tax (Rate) dated 28.06.2017. Accordingly, in this case the ‘penal interest’ charged thereon on a transaction between Y and M/s ABC Ltd. would not be subject to GST
In re M/s. Spacelance Office Solutions Pvt. (GST AAR Kerala) Can GST registrations allowed for multiple companies from same address, provided they follow all GST rules related to ‘Principal place of business’? These are start-up companies in service sector, where no stock has to be maintained. Separate GST registration can be allowed to multiple companies […]
Tariff Notification No. 51/2019-Customs (N.T.), Dated: 15.07.2019 in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 51/2019-CUSTOMS (N.T.) New Delhi, 15th July, 2019 S.O.2521(E).– In exercise […]
GST AUDIT QUESTIONNARE FOR REVIEW OF INTERNAL CONTROL SYSTEM AND WALK THROUGH. PURCHASES – INWARD SUPPLIES 1. Whether all purchases are centralised or de-centralised. If all purchases are authorised by few key persons like owner or Managing Director etc, it may require in-depth study of purchases. 2. Whether all the purchases are made only by […]
RATIO ANALYSIS OF DATABASE FOR AUDIT BY GST DEPARTMENT to detect wrong Input Tax Credit availed, To identify under valuation of goods as value-addition should involve adequate difference between the two, To identify removal of goods without payment of duty, To identify claiming of input tax credit on inputs used in exempted products, to identify […]
ILLUSTRATIVE LIST OF IMPORTANT DOCUMENTS FOR GST SCRUTINY AT DESK REVIEW STAGE PART-A (FOR GOODS) I. Check of Documents during Desk Review – Sr. No. Name of the Record/Document Relevance of the documents and checks to be done 1. Annual Report & Director’s Report The Annual Report prepared prepared by a company inter alia contains the […]
GST AUDIT PLAN Part-A for Goods Note: This is only an illustrative Audit Plan for M/s ABC Paper Mills. Plan for each unit should be prepared based on the specific requirement. Guidelines for filling in the Audit Plan: Sl. No. Subject Specific Issue Source Document Back-up Document (Records/ Registers/ Ac counts maintained U/S 35 CGST […]
Local Risk Parameters The following are example of local risk parameters criteria that may be considered during selection of units for audit. The planning section, Hqrs of Audit Commissionerate may consider all or some of the below criteria, depending on available data and resources, and may also use additional criteria not listed below. i. The […]
