MCA has notified the National Financial Reporting Authority (NFRA) Rules, 2018, which inter-alia includes provisions relating to Classes of companies to be governed by NFRA along with its Functions and duties, ICAI to Recommend and NFRA to monitor and enforce compliance of accounting/ auditing standards. Besides, NFRA has been empowered to issue directions to any auditor for taking appropriate measures to improve audit quality, etc.
Government has announced for annual return to be filed under Goods & Service tax Act. However a Lot of difficulties are being faced by taxpayers and professionals while filing GST returns due to technical glitches and ambiguous law. After filing monthly returns, a regular person has to even file an Annual Return which is quite detailed. it’s critical to start focusing on various compliances such as input and output reconciliations, preparation and filing of annual return and GST audit certification.
Government has announced for annual return to be filed under Goods & Service tax Act. The form of annual GST return is to be filed by every GST registered person including composition taxable person except provided.
Annual return GSTR-9 is much awaited amongst all the suppliers in GST regime due to the belief that all the errors or omission committed during the financial year can be rectified in the annual return i.e. GSTR-9.
TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Online GST Course Covering whole Gamut of GST and also covering GST Audit & Reconciliation Statements, Filing of Annual GST Returns, Handling GST Assessments and Comprehensive analysis of GST Amendment Acts with recent case laws and Relevant Advance Rulings. Learn GST in a […]
I) Annual GST Return GSTR-9, 9A and 9C – Provisions under CGST Act, 2017: 1. Section 35(5): Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation […]
Issue of Credit notes is an age old practice in business environment. They are issued by supplier to buyer for the sales return transactions. In GST there will be a tax component in each & every taxable supply transaction. When there is a supply of goods or services, supplier is liable to pay GST on such transactions.
CBIC has issued various Circulars and Notifications in last few days. The approach of ‘listening, adjusting and changing’ is the order of the day. Article covers Analysis of GST Notification and Circulars issued between 23.10.2018 to 04.11.2018
Export promotion schemes under Foreign Trade Policy provides promotional measures to boost India’s exports with the objective to offset infrastructural inefficiencies and associated costs involved to provide exporters a level playing field. The Ministry of Commerce & Industry, Government of India is the overall in-charge of Foreign Trade in India. The office of the Director […]
We celebrate Diwali by bursting crackers .Similarly every year government bursts some new types of crackers. This year also government have busted firecrackers by issuing various notifications, circulars and press releases in GST before Diwali.
