The IDTC of ICAI has released GST FAQs on Form GSTR 9 – Annual Return, which is as below:- FAQ’s on Form GSTR-9 – Annual Return DISCLAIMER The views expressed in this write up are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the … Read more
What is Unique Document Identification Number (UDIN)? Unique Document Identification Number (UDIN) is a unique number, which will be generated by the system for every document certified/ attested by a Chartered Accountant and registered with the UDIN portal available at https://udin.icai.org/. What is the Algorithm of UDIN? Algorithm of UDIN comprises of the following: The … Read more
FAQ Q1. What is the technical requirement for filing an IEC? A valid PAN Valid Mobile Number and Email ID. Scanned copy of the documents to be uploaded. Q2. How to apply for new IEC application? On the DGFT website under Quick links select Apply for New IEC/Modify existing IEC. Enter PAN and press Search … Read more
In some cases, the land owner and builder/developer may have a joint venture for the construction project. In some cases, they may form a separate legal entity or they may operate as UJV (Unincorporated Joint Venture). In such cases, GST will be payable. Para 2.7 of CBI&C Circular No. 151/2/2012-ST dated 10-2-2012 states as follows … Read more
Purchaser Of Flat Is Not Liable To Tax Even If He Sales Before Occupation Or Completion The Purchaser of flat is not liable to tax even if he sales before occupation or completion, for two reasons – He is not supplying construction service, as deeming provision requires supply of construction service He is not in … Read more
Introduction Works Contract Service is a specie of construction service. This activity has special relevance as it has been a very litigation prone issue. Earlier, after introduction of service tax on services, complexities of ‘works contract’ increased as issue of valuation, TDS and reverse charge made this issue complex. After introduction of GST and abolition … Read more
Reserve Bank of India Foreign Exchange Department Central Office Mumbai Notification No. FEMA.20(R) (3)/2018-RB August 30, 2018 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the … Read more
1. What are various types of cards? Ans: Cards can be classified on the basis of their issuance, usage and payment by the card holder. There are three types of cards (a) debit cards (b) credit cards and (c) prepaid cards. 2. Who issues these cards? Ans: Debit cards are issued by banks and are … Read more
The Audit Report is principally reconciliation of annual financial statement of taxable person (balance sheet and Profit and Loss Account/Income and Expenditure Account) with GSTR-9 i.e. Annual Return of the taxable person. The contents are as follows: Part A – Reconciliation Statement This part consists of following sub-parts Part I – Basic Details – Financial … Read more
The Institute of Chartered Accountants of India has decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit (under Income Tax Act, 1961) will also be applicable to GST Audit (under the Central Goods and Service Act, 2017). Accordingly, … Read more