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The CBIC notified six new CGST notifications. Important ones are as follows-(a) GSTR-3B format was modified to include a new table 3.1.1 to report e-commerce sales and taxes payable on the same for both e-commerce operators and e-commerce sellers. A few more changes were done to Table 3.2 and 4. Check…

What is the Task to be performed by an Auditor while Conducting NGO Audit? The Auditor needs to conduct the following tasks while conducting an NGO Audit: Since the NGO has its own memorandum the Auditor while conducting NGO Audit must have few insights about the company. The Auditor, while…

The real return is simply the return an investor receives after the rate of inflation is taken into account. The math is straightforward: if a bond returns 4% in a given year and the current rate of inflation is 2%, then the real return is 2%.

Pre deposit for filing appeal under GST to be paid through cash ledger and not from credit ledger: Orissa HC Case Details: Jyoti Construction v. Deputy Commissioner of CT & GST The petitioner was a partnership firm engaged in the business of execution of works contract including civil, electrical and mechanical.…

 SEZ unit is eligible to claim refund of unutilized Input Tax Credit: Madras HC Case Details: Platinum Holdings (P.) Ltd. v. Additional Commissioner of GST & Central Excise, Chennai The petitioner was a Special Economic Zone (SEZ) and made purchases from several suppliers/vendors for the development of the SEZ. The petitioner…

Advertising, Marketing, and promotion (‘AMP’) expenses incurred by Importer not required to be added in the value of imported goods; Appeal dismissed by SC Case Details: Commissioner of Customs v. Indo Rubber and Plastic Works The appellant was engaged in importing and distributing of ‘Li Ning’ brand of sports goods. There…