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The primary focus of the industry at the time of introduction of GST was on implementation/modification of ERP module to suit GST requirements, appropriate classification of goods/services and providing training to staff. Initially, the area of focus was more on the aspect of migration, correct levy of taxes, reverse charge liability and ensure timely compliances with return uploading requirements.

However, after about 12 to 15 months of GST implementation, the focus had shifted to...

Introduction:

With the introduction of GST, there has been a huge chaos among SEZ Developers/ units as to the procedures to be followed w.r.t procurement of goods/ services. As the supplies to SEZ Units/Developers are declared as ‘zero rated supplies’, the suppliers to SEZ units were puzzled about the procedure to be followed for supplying the goods/services to SEZ units and SEZ Developer/units are puzzled about the procedure to be followed for procuring the goods or services.

The...

Advance Authorisation (AA), is one of the schemes under Foreign Trade Policy, 2015-20 (hereinafter referred to as the ‘FTP’) which allows the manufacturer exporter or merchant exporter to import inputs without payment of customs duties in terms of chapter 4 of FTP read with Notification No.18/2015 Cus dated 01.04.2015 as amended. The AA holder has to fulfill prescribed export obligation(EO) corresponding to the duty free imports made. The duty exemption claimed needs to be paid back...

Introduction:

It is common practice prevailing in many industries that certain materials are provided by the customer to the manufacturer or contractor. This is done for various business or economic reasons. For example, moulds, jigs and dies etc., are provided by the Original Equipment Manufacturers (OEM) to a component manufacturer in the automobile industry. Similarly, the client would be supplying the diesel and explosives to the mining contractor. Likewise, the recipient would be...

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...

Introduction: Banquet hall services are usually provided by hotels and it consist of supply of food and supply of other services i.e., renting the hall, serving, ambiance, etc. Restaurant services are also provided by hotels and it involves supply of food and Supply of other services i.e. serving, ambiance, etc. In Banquet, renting the hall could be the main element (as there could be a case where only the hall is rented whereas food could be procured from elsewhere, but there can never be...

GST compliance for real estate has always been a nightmare considering the frequent changes in the rates, tax structure, GST returns to be filed, so an and so forth. Assessee to be tax compliant has to look for ways and means to make the tax compliances easier. An attempt was made to simplify the GST compliance relating to real estate and to reduce the GST cost to the ultimate customer by way of introducing a new scheme of rate. But the new scheme also does not look simple. 

GST...

Introduction:

The shipping industry is a vital part of global freight transportation which caters global trade supply-chain. More than 90% of the world trade is through oceans as it is the most affordable and efficient mode of transporting goods, where a large volume of goods can be carried on vessels for long distances at a fraction of a cost when compared to other modes of transport like rail, roads, air, etc.  Before, going to analyze the applicability of GST on inward ocean freight...