Key Highlights of 2nd Tranche of Stimulus Package by Finance Minister on 14th May, 2020

Key Highlights of 2nd Tranche of Stimulus Package announced by Hon’ble Finance Minister of India Smt. Nirmala Sitharaman dated 14th May 2020.

For details, please refer note :Key highlights of 2nd tranche of stimulus package by FM dated 14th May, 2020

Disclaimer:-

The information contained herein is in summary form based on Press release dated 14th May 2020. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in Direct Tax, Finance Budget |

ICAI Guidance over “Physical Inventory Verification – Key Audit Considerations amid COVID 19”

Physical verification of inventory is the responsibility of management of the entity. Management is required to establish procedures under which inventory is physically counted at least once a year to ensure existence, condition and support valuation of inventory.

Further, the Auditor needs to comment over the physical verification of Inventory under The Companies (Auditor’s Report) Order, 2016 (CARO 2016). Additionally, SA 500 “Audit Evidence” prescribes that the objective of the auditor is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion

ICAI has come up with the Auditing Guidance on “Physical Inventory Verification – Key Audit Considerations amid COVID 19” on 13th May 2020 for the benefits of its members. For more details, please go through the attached document: ICAI Guidance on Physical Inventory Verification-Key Audit Considerations amid Covid 19

Disclaimer:-

The information contained herein is in summary form of Guidance Issued by Auditing and Assurance Standards Board of ICAI and is based on information available in public domain. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in Audit & Assurance |

Key Highlights of Part of Stimulus Package by Finance Minister Dated 13th May, 2020

Key Highlights of Measures Taken By The Government Of India on 13th May 2020 To Provide Economic Stimulus To The Economy.

For details, please refer note: Key highlights of Part of Stimulus Package by FM dated 13 May 2020

Disclaimer:

The information contained herein is in summary form based on Press release dated 13th May 2020. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in Direct Tax, Finance Budget |

GST on Corporate Social Responsibility-A Dilemma

Pandemic of COVID-19 has forced all of us to live in a phase that was neither wished, nor imagined by anyone. Several lifesaving steps be, it nation-wide lockdown, shutting business operations, sealing of the national and international borders or working from home, are being taken by the authorities to keep its effect to a minimum.

And considering the impact that covid-19 could have on the humanity, organizations are indulging into social activities including the distribution drives of essential commodities to the needy including sanitizers and masks. The contribution made by the companies to combat the pandemic would count as CSR expenditure under the Companies Act.

To understand the implication of GST on above CSR expenditure, Please go through the attached document:- GST on CSR-A Dilemma

DISCLAIMER:

The information given as above is in summary form based on the relevant provisions of the CGST Act’2017 and Companies Act’2013, as indicated above and information available in public domain. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of this information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in GST |

Issuance of Invoice in Case of Continuous Supply of Services

Timelines for issuance of tax invoice in case of “continuous supply of services” which is essentially driven by contract (see section 2(33) and 31(5)) has not been extended by notification no. 35/2020-Central tax dated 3rd April’2020 issued in exercise of 168A (dealing Force Majeure conditions) of GST Act.

For more details please go through the attached file:-
Issuance of Invoice in case of conntinuos supply of services

Disclaimer:-

The information given as above is in summary form based on the relevant notifications issued under GST Law, CGST Act and the Contract Act. While the information is believed to be accurate to the best of our knowledge, we do not make any representations or warranties, express or implied, as to the accuracy or completeness of such information. Reader should conduct and rely upon their own examination and analysis and are advised to seek their own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any errors it may contain, whether caused by negligence or otherwise or for any loss, howsoever caused or sustained, by the person who relies upon it.

Posted in GST, GST Update |