Ease of Doing
Business for MSMEs: The Ministry of Corporate Affairs (MCA) is continuously
working towards driving transparency and strengthening the integrity of
financial reporting in the business. The notification pertaining to the new
audit trail rule is a step in this direction. This mandate is expected to be
implemented from April 1, 2022, for companies that are registered under the
Companies Acts in India. As per the notification “Every company which uses
accounting software for maintaining its books of account, shall use only such
accounting software which has a feature of recording audit trail of each and
every transaction, creating an edit log of each change made in books of account
along with the date when such changes were made and ensuring that the audit
trail cannot be disabled.”
Empanelment of Chartered Accountant firms/LLPs for the year 2024-2025
Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with the office of the
Comptroller and Auditor General of India for the year 2024-2025 for considering for appointment as auditors of Companies as
per Sections 139(5) and 139(7) of the Companies Act 2013 and of Statutory Corporations/Autonomous Bodies as per the
provisions of their respective Acts. Online application form along with detailed instructions in this regard will be available on
the website https://care.cag.gov.in/Authorised/Default.aspx from 05 January 2024 to 15 February 2024. The applicant
firms/LLPs will have to fill/update the data showing the status of their firm as on 01 January 2024. After filling/updating the
data, the firms/LLPs will be required to generate online acknowledgement letter for the year. If the firms/LLPs fail to generate
online acknowledgment letter, their application would not be considered for empanelment. The firms/LLPs will be required
to submit a printout of the acknowledgement letter generated online and also hard copies of the documents in support of
their online application to this office by 28 February 2024
In a move aimed at improving
compliance under the goods and services tax (GST), manufacturers of pan masala
and tobacco products would have to follow a new procedure for registration and
filing monthly returns from April 1.
Based on a decision of the GST Council, the Central Board of Indirect Taxes and
Customs (CBIC) has notified a special procedure to be followed by a registered
person engaged in manufacturing of these goods for the registration and
disposal of packing machines. The move is aimed at assessing the production and
packaging facility of such units to ensure correct GST is paid as the sector is
seen to be prone to evasion.
Goods and Services Tax (GST)
authorities have dropped a plan to block generation of goods transportation
permits, or e-way bills, from 1 March for companies that fail to produce
'e-invoices' for their wholesale transactions through designated portals. These
portals aid in more accurate data capturing across various tax forms using a
standardized invoice.
As per Notification No. 26/2022
– Central Tax dated 26th December 2022 two new tables Table 14 and Table 15
were added in GSTR-1 to capture the details of the supplies made through
e-commerce operators (ECO) on which e-commerce operators are liable to collect
tax under section 52 of the Act or liable to pay tax u/s 9(5). These tables
have now been made live on the GST common portal. These two new tables will be
available in GSTR-1/IFF from January-2024 tax periods onwards. Please click
here for the complete advisory.
Deducting money from employees'
salaries to pay a canteen services provider (CSP) would not attract the Goods
and Services Tax (GST), the Gujarat Authority for Advance Rulings (AAR) has
ruled.
In a case related to luxury kitchen and bath fixtures brand Kohler India
Corporation, the AAR ruled that input tax credit (ITC) would be given to the
company for GST paid on payment to a CSP for non-contractual employees.
The Rajasthan bench of the
Authority for Advance Rulings has held that GST (Goods and Services Tax) is
applicable on the rent if a residential property is used for commercial purpose
by a lessee (who is registered for GST purposes).
In the case of Deepak Jain (the applicant) who had leased out his property to a
private limited company, which was engaged in back-office operations, the AAR
observed that, up to July 17, 2022, renting of residential dwellings for use as
a residence was exempt from GST, while renting for commercial use was taxable
at 18%.
To
facilitate the taxpayer registered under GST with more methods of payment, two
new facilities of payment have now been provided under e-payment in addition to
net-banking. The two new methods are Cards and Unified Payments Interface
(UPI). Cards facility includes Credit Card (CC) and Debit Card (DC) namely
Mastercard, Visa, RuPay, Diners(CC only) issued by any Indian bank. Please
click here for the complete advisory.