How to do Concurrent Audit of a Bank- 3Qs & 3Cs
Most of the young chartered Accountants always dwell in the Question “How to do concurrent Audit of a Bank.” There are many reasons of this anxiety they possess for concurrent audits, Such as Lack of experience, Lack of opportunities, Lack of confidence etc. Here in
Good Example showing how to Claim Input Tax Credit under GST
X Ltd supplies manufactured goods to Y Ltd for Rs 5000 in April 2017; CGST thereon is, say, Rs 500 assuming Tax Rate 10%. Unfortunately X Ltd did not furnish these details in its outward supply to Y Ltd. While matching the credit, Y Ltd
Financial consultants including Chartered accounts to give their details in ITR of clients
Financial consultants including CA’s will have to provide their names and registration numbers while filing for their client’s income tax declaration from next year.The government will make changes in the forms of ITR to include such information. This will help crack down on fake consultants
Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law
Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law 1) Tax Charged/ Taxable Value > or < Tax Charged/ Taxable Value (w.r.t. that supply), then Credit Note or Debit Note is required to be issued. 2)
GST Glossary: Levy of GST on inter state supply
IGST Act of GST Model law defines the levy of GST on inter state supplies. Section 4 of said Act reads as “(1) There shall be levied a tax called the Integrated Goods and Services Tax on all supplies of goods and/or services made in the
GST Glossary: Levy of GST on intra state supplies
Section 7 of SCST/CGST Act of Model GST Law provide for the levy of GST on intra state supply. Section reads as” “Levy and Collection of Central/State Goods and Services Tax (1) There shall be levied a tax called the Central/State Goods and Services Tax
GST Glossary: Meaning and provisions of “non-resident taxable person” under GST Model Law
As we are aware that GST will also be applicable on non – resident. he most important question is that who will the non resident taxable person for the levy of GST. Section 2(69) of Model GST Law defines it as “a taxable person who
GST Glossary: Definition and meaning of “Taxable Person” under GST Model law
Section 2(96) read with section 9 of Model GST Law defines the taxable person as “(1) Taxable Person means a person who carries on any business at any place in India /State of ____ and who is registered or required to be registered under Schedule
Provision Related to Job Work U/S 43A of Model GST Law
1) Registered Taxable Person Can send taxable goods to Job Worker without Payment of Tax, provided a permission is taken In advance from the Commissioner. 2) One Job Worker can further send the good to another job worker without payment of Tax. 3) The Good