Applicability of IND AS – Indian Accounting Standards

Applicability of IND AS – Indian Accounting Standards

July 27, 2018 | Uncategorized | By CA Pankaj Kumar Mishra | 0 Comments

The Ministry of Corporate Affairs (MCA) has notified the Companies (Indian Accounting Standards (IND AS)) Rules 2015, which stipulates the adoption and applicability of IND AS in a phased manner beginning from the Accounting period 2016-17 and subsequently, issued Amendment Rules 2016 to amend the 2015 rules. Phase of adoption MCA has notified phase-wise convergence to […]

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Treatment of expired medicines for Hospitals/ Pharma sector

December 30, 2017 | Uncategorized | By CA Pankaj Kumar Mishra | 0 Comments

Pharma sector is seeking clarification on various provisions of GST. Treatment of expired medicines at the time of return from retailer to whole seller and from whole seller to manufacturer needs clarification. Let us go into detail to understand the implication of various provisions. Mechanism to book return of goods and time limit in GST: […]

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GST exemption list of services in India

December 30, 2017 | Uncategorized | By CA Pankaj Kumar Mishra | 0 Comments

1. Services by Government or a local authority excluding the following services— (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; (ii) services in relation to an aircraft or a vessel, inside or outside the precincts of […]

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GSTR-1 filing Due Dates

December 24, 2017 | Uncategorized | By CA Pankaj Kumar Mishra | 0 Comments

GSTR-1 filing Due Dates For turnover of more than Rs 1.5 cr Period Dates July to Oct 31st Dec 2017 Nov 10th Jan 2018 Dec 10th Feb 2018 Jan 10th Mar 2018 Feb 10th Apr 2018 March 10th May 2018 For turnover upto Rs 1.5 cr Period (Quarterly) Due dates July- Sept 31st Dec 2017 […]

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E-Commerce GST Applicability

September 22, 2017 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

E-Commerce GST Applicability E-commerce Operator: 1)Section 2(45):- An e-commerce operator : is a person who owns, operates or manages digital or electronic facility or platform for electronic commerce.  2) Section 2(44) Electronic Commerce: “electronic commerce” means the supply of goods or services or both, including digital products over digital or electronic network; Levy & Collections […]

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Invoicing under GST As per Section 31 and GST Invoicing Rules

September 16, 2017 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Section 31(1) : A registered person supplying taxable goods shall, before or at the time of,— a) removal of goods for supply to the recipient, where the supply involves movement of goods; or b) delivery of goods or making available thereof to the recipient, in any other case, issue a tax invoice showing the description, […]

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ROC Annual Compliance – Private Limited Company

September 12, 2017 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

ANNUAL COMPLIANCE FILING BASED COMPLIANCE Section 92 (Annual Return)- Every Company shall prepare its Annual Return in Form MGT-7 within 60 days of holding Annual General Meeting. Signing Provision- Annual Return shall be digitally signed by a Director and the Company Secretary; or where there is no Company Secretary by a Company secretary in Practice. […]

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Invoicing under GST

September 8, 2017 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Invoicing under GST GST defines a transaction as ‘Supply’ when there is a transfer, exchange, rental, lease, barter, disposal or license of goods or services. Whenever a transaction takes place, a tax invoice has to be issued depending on the occurrence of any such event or within a prescribed time limit. Hence, every taxpayer registered […]

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INPUT TAX CREDIT MECHANISM UNDER GST REGIME

September 8, 2017 | Uncategorized | By CA.Pankaj Kumar Mishra ACA , ISC (Mathematics) ,MCOM | 0 Comments

Input Tax Credit a) Input Tax Credit (ITC) is the backbone of the GST regime. b) GST is nothing but a value added tax on goods & services combined. c) It is these provisions of Input Tax Credit that make GST a value added tax i.e.,  collection of tax at all points after allowing credit for […]

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