Some Major Changes through the GST Amendment Acts

More than a year long journey of this landmark reform GST was no less than a roller coaster ride. However, the government has been making its constant efforts to pave out ways to make compliance under this law easier. And one such step was to release an Amendment Act leading to clarification for a number of anomalies under the law earlier. The GST Amendment Act 2018 had received presidential assent on 29 Aug, 2018 and was made effective from 01 Feb, 2019. The attempt was to plug in the loopholes in the framework.

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Posted in GST |

GST Audit: A Reality Check or Still a dream?????

The year 2017 has been a remarkable year for the businesses since the nation’s biggest tax reform ONE NATION ONE TAX- GOODS AND SERVICE TAX has been implemented. The journey of this reform has its own ups & downs but still a milestone needs to be crossed named as GST Audit.

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Posted in GST |

The OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect.

Manufacturing & allied activities were restricted in LLPs vide OM No. CRC/LLP/e-Forms dated 06.03.2019. Continue reading

Posted in Regulatory |

A Note on Ind AS 116

The Accounting Standard Board has issued an exposure draft on Ind AS 116, Leases, with a proposed effective date of 1st April, 2019, subject to notification by Ministry of Corporate Affairs and Ind AS 116 supersedes Ind AS 17 ‘Leases’.

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Posted in Audit & Assurance |

CBDT releases SOP for dealing with demonetisation related cases where Sec. 142(1) notices remained non-complied

CBDT has issued Standard Operating Procedure (SOP) to senior IRS officers for handling of cases related to substantial cash deposit during demonetisation period in which Sec.142(1) notices have remained non-complied. Continue reading

Posted in Direct Tax |