Notification No. 49/2019-Central Tax has been issued by CBIC last week carrying our various amendments in the CGST Rules. One of the important amendments in the Rules which was pronounced in the GST Council press release is to permit the credit to the recipient only if the corresponding supplies have been reported in the GSTR-1 by his suppliers.
Effective governance of compensation – The Board of Directors to oversee compensation system’s design and operation, monitor the compensation system, and staff engaged in financial and risk control must be independent and compensated irrespective of the areas supervised by them. All in altruistic sense.
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A. Guidelines for filling up application form: 1. All GST Practitioners who are eligible to appear in the examination are required to submit online application on the Examination registration portal. Link of the portal shall be provided on official websites of NACIN and CBIC.
This note is an attempt in the matter of accounting provisions to be made in financial reporting of enterprises for Compensatory Absences (Leave Encashment Obligations) in compliance of Accounting Standard AS -15 (Revised 2005) issued by Accounting Standard Board of the Institute of Chartered Accountant of India.
Whether the new rules (imposing the restriction of 20% on input tax credit (‘ITC’)) could be implemented without notifying Section 43(A) of the CGST Act? Whether amendment in Rule 36 of the CGST Rules, 2017 could be brought about, leaving the recipient at the whims of the supplier, thereby violating a person of its substantive right and overriding Article 14 and Article 19 of the Constitution?
Any registered person can avail credit of Input tax paid on the inward supply of goods or services or both which is used or intended to be used in the course or furtherance of business. He is in possession of tax invoice or any other specified tax paying document.
Presently, every listed Company and other prescribed unlisted Public Company required to appoint independent Director are not obliged to pick them from any data bank. It can appoint any person satisfying the pre-requisites under the Companies Act, 2013 (‘the Act’) and the Listing Regulations as applicable mainly having no relation to the promoters/directors and having […]
G.S.T. council after its 37th Meeting recommended that the Annual Return (GSTR 9 and 9A) under the G.S.T. should be made optional considering the fact, it is a new regime and there are problems faced by the tax payers in filling it for those registered persons whose aggregate turnover in a financial year does not […]
Ministry of Corporate Affairs Compliance Monitoring System (MCACMS) is the newly introduced online Compliance tracing mechanism that works on Artificial Intelligence. This portal will catch non-compliance of any company automatically and send show-cause notices to the non-compliant companies/directors digitally. Such defaulting companies/directors will now be required to submit a reply to show-cause notices to the MCA on MCACMS Portal.
