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Key Updates in Goods and Services Tax – January 2019

Notifications issued to implement the recommendations made in 31st GST council meeting CGST Rules – recent amendments vide Notification no. 74/2018 Electronic tax invoice & supply bill related changes – Taxpayer can issue tax invoice/supply bill complying Information and Technology Act, 2000 without affixing signature or digital signature of the supplier or his authorized representative(refer...
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IND AS 115 – New Rules for Revenue Recognition

Introduction and objective To align the revenue recognition criteria under Ind AS with the global standards on Revenue Recognition e.g. IFRS 15 and ACS 606 under US GAAP, the Ministry of Corporate Affairs (MCA) has notified Ind AS 115 ‘Revenue from Contracts with Customers’ as a replacement of existing revenue recognition standards i.e. Ind AS...
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Latest GST Updates in the 31st GST Council Meeting

This is in reference to the 31st GST Council meeting held on 22nd December 2018 at New Delhi.  The following policy recommendations made therein are mentioned below:   Recommendation related to GST Annual returns and Audit ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till...
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Key Highlights of Companies (Amendment) Ordinance, 2018

The President of India had on November 02, 2018 promulgated The Companies (Amendment) Ordinance, 2018 thereby amending some of the sections of the Companies Act, 2013 (hereinafter referred to as “Act”). The main reforms undertaken through the Ordinance comprise of the following: Ensuring compliance of the default and prescribing rigid penalties in case of repeated...
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Key Updates In Goods & Services Tax (GST) – TDS & TCS

In our endeavor to keep you updated on the ongoing updations in GST, please find a brief on the amendments for the month of October 2018. TDS provisions under GST to be implemented Central Government vide notification has decided to implement the TDS provisions under section 51 of CGST Act, 2017 from 1st October 2018....
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Amendment in CSR provisions

The Ministry of Corporate Affairs had vide its Notification dated 19th September 2018 made the amendments notified under the Companies (Amendment) Act, 2017 relating to applicability of provisions of Corporate Social Responsibility(CSR), effective from 19th September 2018. The Copy of the said notification has been enclosed for kind reference. The details of the amendments are...
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Mandatory to Disclose the Real Owner of an Indian Company (SBO)

On 13th June 2018, the Government of India made it necessary that name of the Significant Beneficial Owner(SBO) is disclosed to the authorities. The ‘Significant beneficial ownership’ of the securities is with a person who either has ‘control’ over the company or ‘beneficial interest’ or ‘significant influence’ over the other that manages the company. The...
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GST Advance Ruling – Impact on Services by Employees

This is to update you with a recent Judgement which can have a far-reaching impact on most of the companies that have its operation across various states in India. The Authority for Advance Ruling (‘AAR’) in Karnataka in the case of Columbia Asia Hospitals Pvt. Ltd has given a Judgement on one of the most...
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