Every person who is registered under the earlier law shall be issued provisional Number and after submission of requisite documents , GSTIN shall be issued as prescribed.
To amend Section 42(4) of the Model GST Act in such a manner that the term ‘audit of accounts’ should be replaced with the words ‘compliance report’ and the GST Practitioner, Advocate, Cost Accountant, Company Secretary and Chartered Accountant be allowed to certify the said ‘compliance report’.
Whole of the late fee payable by any dealer, who files any return for any of the periods starting from 1st April 2016 to 30th September 2016 shall be exempted, if such return is filed on or before the 15th November 2016.
Which category of the dealers are required to make e-payment compulsorily for VAT, CST & PTRC? Is it mandatory to pay sales tax online?
NCLT/Regional Director can compound offences which are punishable with fine only. Offence can be compounded by Regional Director or person authorised by Central Government if maximum amount of fine that can be imposed does not exceed Rs. 5,00,000/=.
Disallowances made under sections 32, 40(a)(ia), 40A(3), 43B, etc. of the Act and other specific disallowances, related to the business activity against which the Chapter VI-A deduction has been claimed, result in enhancement of the profits of the eligible business, and that deduction under Chapter VI-A is admissible on the profits so enhanced by the disallowance.
Article explains provisions relating to Levy and Supply under GST as given in (Draft) Model Goods and Services Act, 2016 (GST Act) been explained.
Finally India is converging to IFRS by adopting equivalent Standards i.e. Ind AS, as per the roadmap for implementation of Ind AS notified by the MCA. Ind AS contain numerous carve outs from IFRS and therefore Ind AS financials will not be the same as those prepared as per IFRS.
Every person, other than a non-resident taxable person, a person required to deduct tax at source under section 37 and a person required to collect tax at source under section 43C, who is liable to be registered under Schedule III of this Act
EOI for Appointment of Audit firms for conducting Internal Audit of NBCFDC for the Financial Year 2016-17. Last date of Submission- 14.11.2016.
