Blogs

1. Introduction and background

The COVID-19 crisis has caused an unprecedented crisis in various aspects of "life". In India, the 2nd wave is having a devastating effect in terms of number of causalities, contributed by the lack of health care facilities (beds & oxygen), the shortage of medical supplies, doctors and nurses and vaccines. In a desperate attempt to fulfil the shortages, the government reduced IGST on the oxygen concentrator to 12%, when imported as gift. 

But this...

Introduction

We would like to communicate that this article is not to criticize but to bring out lot of thorny issues in GST administration which requires immediate redressal. The Constitution Bench of the Supreme Court has held that access to Justice is a Fundamental Right guaranteed to citizens by Article 14 and Article 21 of the Constitution of India.

The 3 independent pillars of Indian Democracy along with the GST Council were to safeguard the tax payer as well as the revenue: 1^st...

What is e-invoicing?

e-invoicing refers as per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN)

Notified persons: A registered person, other than an SEZ unit*, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger...

There has been a lot of buzz with regard to applicability of GST notional interest. A recent Karnataka AAR in the case of M/s Midcon Polymers Pvt. Ltd. has been issued which discussed extensively in this regard and answered the question- “Whether notional interest on refundable security deposit would form part of value of supply?”

Let us first understand the concept of notional interest being discussed in the AAR. In a case where a house is given on rent, it is an industry...

The Government of India is keen on implementing the GST law from 01.04.2017. In previous two articles, we wrote on impact of GST on sales and procurement function in case of manufacturers. Though these are the two main functions having big impact under GST, the accounting function cannot be ignored. It is accounting function which has to take care of compliances such as tax payment, return filing, registration etc. In this article, we have discussed few aspects having impact on accounting...

Introduction:

Audit documentation is the written record (including electronic record) prepared during the course of audit which forms foundation for auditor’s in preserving the various observations identified during the audit, acts as a proof of performance of audit and safeguard the auditor at the time of dispute. Besides, documents are keys to determine the trail of any transaction, it plays pivotal role in all the audits under GST law and in general. Further, the audit documentation...

Introduction:

In a conventional sense, audit means scrutiny, verification of documents, events and processes in order to verify facts and to draw conclusions regarding the correctness of recording of facts and the efficiency of system under study. Today, the concept of audit in general has undergone change from a transactional audit to a risk based one. 

GST law mainly functions under the principles of self-assessment wherein the tax payers assess / determine the tax liability and...