What is Audit?
Audit means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view.
Types of Audit
There are two types of audit, namely Statutory audit and Tax audit.
…Introduction
Goods and Service Tax Act in India is set to bring many compliance burdens on persons registered under the Act. While large undertakings have the requisite resource to manage with these new requirements, small and medium industries may struggle to comply with these provisions. In or…
Through this article let's have a look on how the compliance under GST will be done for the first two months i.e. July, 2017 and August, 2017. The Government of India has formed a Special purpose Vehicle Known as Goods and Services Tax Network to set-up the entire IT system which will support 80 lak…
Reverse Charge Mechanism under GST and implications of exemption upto Rs. 5000 per day
Let's look at the critical provisions of the GST law which have enabled reverse charge mechanism :
Compulsory Reverse Charge even if the supplier is registered -
Sec 9(3) The Government may, on the recomm…
Benefits of GST for the Transport Sector
The transport sector stands to benefit from the recently rolled out GST in several ways. Pre- GST, the complex tax structure and paper work forced the transport industry to spend a lot of resources on tax compliance and deposit of interstate sales tax. M…
Comments