Unlearning the Law and Procedures of Erstwhile Indirect Tax Law: GST being a new law needs to be implemented by all the stakeholders as per the new philosophy & system then only the real benefits of the new regime could be achieved. Expectation of Compliance from Small Traders or SME’s: The large number of registered […]
Currently, GST is levied on sale of under-construction flats/units Residential or Commercial Properties wherein the entire value of flat or unit (including value of underlying land) is taxed after giving Ad Hoc deduction of 1/3 of value of flat/unit towards land irrespective of actual value of land. Hon’ble Gujarat High Court’s recent ruling of last […]
Small taxpayers i.e. MSMEs are considered to be the employment generators, so they need to be given importance in form of incentives in order to create more employment and thus, help in the growth of the economy. MSMED Act enacted by government tries to achieve the objective of growth of these enterprises. In accordance with […]
GST though is a tax reform; however, an entity will need to see how it impacts it accounts, its accounting processes and disclosures. In subsequent paragraphs an attempt has been made to analyze such impacts. Detailed impact on Financial Statements:- STATUS OF EXCISE DUTY LIABILITY ON MANUFACTURED INVENTORY AS ON 30TH JUNE, 2017 As per […]
Honorable President, Respected Vice President, Madam Speaker of Lok Sabha, our Former Prime Minister Shri Devegowdaji, Members of the Council of Ministers, all the other members of the House, and the esteemed conglomerate gathered here representing diverse sectors. In the process of nation building, we often arrive at a moment which leads us to a […]