Professional ethics requires an incoming auditor has to communicate with retiring auditors about his appointment and best practices involves obtaining No objection certificate from retiring auditors. however in today's environment where entire world locked down due Covid-19 pandemic. The Institute of Chartered Accountants of India…
As per convention, the government releases GST revenue collection number on the basis of cash collection in a particular month. However, with the situation arising out of COVID-19, the government has decided to wait till the extended deadline. New Delhi: The government on Friday deferred the…
Ministry of Corportae Affairs vide General Circular Number 19/2020 dated 30/04/2020 extend the last date for filing Form NFRA-2 by Auditor of Companies for FY 2018-19 . Time limit for filing Form NFRA-2 will be now 210 days instead of 150 days which was…
Excise duty on beer has been increased from 35% to 45% Rajasthan is expected to mop up ₹800 crore from the hike in these changes JAIPUR : To make up for revenue loss during coronavirus lockdown, the Rajasthan government has decided to hike excise duty on…
Goods and Services Tax (GST) collections may likely witness a slow or even negative growth rate for at least six months from March due to the impact on Covid-19 on manufacture, business and consumption. An analysis of different scenarios reveal that GST revenue for…
Month's GST collections for Andhra Pradesh, West Bengal, Assam crashed due to coronavirus-induced lockdown; Centre's net April collections may drop from Rs 1 lakh crore to between Rs 45,000-55,000 crore Early bird numbers suggest coronavirus-afflicted lockdown has slashed April GST revenue of states such as…
Brief: Taxability on various promotional instruments like gift vouchers, coupons, cards etc. as to what are the nature of the same and what will be the tax implications on the same. Meaning: Some of the instruments are defined as follows: Vouchers: Voucher in terms of…
RCM on services of Directors Section 7 of the CGST Act provides an inclusive definition of supply that includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to…