Forwarded from Chartered Accountants Updates
Withdrawal of enhanced surcharge
It has been proposed that enhanced surcharge introduced by the Finance (No.2) Act, 2019 shall not apply to capital gains arising on sale of equity shares in a company or a unit of an equity oriented fund or a unit of a business trust liable for securities transaction tax, in the hands of an individuals, HUF, AOP, BOI and AJP.
Further, the enhanced surcharge shall also not apply to capital gains arising on sale of any security including derivatives, in the hands of Foreign Portfolio Investors (FPIs).
It has been proposed that enhanced surcharge introduced by the Finance (No.2) Act, 2019 shall not apply to capital gains arising on sale of equity shares in a company or a unit of an equity oriented fund or a unit of a business trust liable for securities transaction tax, in the hands of an individuals, HUF, AOP, BOI and AJP.
Further, the enhanced surcharge shall also not apply to capital gains arising on sale of any security including derivatives, in the hands of Foreign Portfolio Investors (FPIs).
Forwarded from Chartered Accountants Updates
The GST Council, in its 37th meeting held today at Goa, recommended the following changes in relation to Law and Procedure related changes:
1.Relaxation in the filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under:
a) waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and
b) filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have an aggregate turnover up to Rs. 2 crores made optional for the said tax period.
2. A Committee of Officers to be constituted to examine the simplification of Forms for Annual Return and reconciliation statement.
3.Extension of the last date for filing of appeals against orders of Appellate Authority before the GST Appellate Tribunal as the Appellate Tribunals are yet not functional.
4.In order to nudge taxpayers to timely file their statement of outward supplies, the imposition of restrictions on availment of the input tax credit by the recipients in cases where details of outward supplies are not furnished by the suppliers in the statement under section 37 of the CGST Act, 2017.
5.New return system now to be introduced from April, 2020 (earlier proposed from October, 2019), in order to give ample opportunity to taxpayers as well as the system to adapt and accordingly specifying the due date for furnishing of return in FORM GSTR-3B and details of outward supplies in FORM GSTR-1 for the period October, 2019 – March, 2020.
6.Issuance of circulars for uniformity in the application of the law across all jurisdictions:
a) procedure to claim a refund in FORM GST RFD-01A subsequent to favourable order in appeal or any other forum;
b)eligibility to file a refund application in FORM GST RFD-01A for a period and category under which a NIL refund application has already been filed; and
c) clarification regarding the supply of Information Technology enabled Services (ITeS services) (in supersession of Circular No. 107/26/2019-GST dated 18.07.2019) being made on own account or as an intermediary.
7. Rescinding of Circular No.105/24/2019-GST dated 28.06.2019, ab-initio, which was issued in respect of post-sales
8. Suitable amendments in the CGST Act, UTGST Act, and the corresponding SGST Acts in view of the creation of UTs of Jammu & Kashmir and Ladakh.
9.Integrated refund system with disbursal by a single authority to be introduced from September 24, 2019.
10. In principle decision to link Aadhar with the registration of taxpayers under GST and examine the possibility of making Aadhar mandatory for claiming refunds.
11.In order to tackle the menace of fake invoices and fraudulent refunds, in-principle decision to prescribe reasonable restrictions on the passing of credit by risky taxpayers including risky new taxpayers.
1.Relaxation in the filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under:
a) waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and
b) filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have an aggregate turnover up to Rs. 2 crores made optional for the said tax period.
2. A Committee of Officers to be constituted to examine the simplification of Forms for Annual Return and reconciliation statement.
3.Extension of the last date for filing of appeals against orders of Appellate Authority before the GST Appellate Tribunal as the Appellate Tribunals are yet not functional.
4.In order to nudge taxpayers to timely file their statement of outward supplies, the imposition of restrictions on availment of the input tax credit by the recipients in cases where details of outward supplies are not furnished by the suppliers in the statement under section 37 of the CGST Act, 2017.
5.New return system now to be introduced from April, 2020 (earlier proposed from October, 2019), in order to give ample opportunity to taxpayers as well as the system to adapt and accordingly specifying the due date for furnishing of return in FORM GSTR-3B and details of outward supplies in FORM GSTR-1 for the period October, 2019 – March, 2020.
6.Issuance of circulars for uniformity in the application of the law across all jurisdictions:
a) procedure to claim a refund in FORM GST RFD-01A subsequent to favourable order in appeal or any other forum;
b)eligibility to file a refund application in FORM GST RFD-01A for a period and category under which a NIL refund application has already been filed; and
c) clarification regarding the supply of Information Technology enabled Services (ITeS services) (in supersession of Circular No. 107/26/2019-GST dated 18.07.2019) being made on own account or as an intermediary.
7. Rescinding of Circular No.105/24/2019-GST dated 28.06.2019, ab-initio, which was issued in respect of post-sales
8. Suitable amendments in the CGST Act, UTGST Act, and the corresponding SGST Acts in view of the creation of UTs of Jammu & Kashmir and Ladakh.
9.Integrated refund system with disbursal by a single authority to be introduced from September 24, 2019.
10. In principle decision to link Aadhar with the registration of taxpayers under GST and examine the possibility of making Aadhar mandatory for claiming refunds.
11.In order to tackle the menace of fake invoices and fraudulent refunds, in-principle decision to prescribe reasonable restrictions on the passing of credit by risky taxpayers including risky new taxpayers.
Forwarded from CS Foundation & CSEET Updates
Micro Economics Notes.pdf
849.3 KB
CS Foundation & CSEET Updates
Q297
Which of the following are the main sources of Indian Mercantile Law:
Which of the following are the main sources of Indian Mercantile Law:
Q297 Correct Answer is (d)
Company Law MCQ (CA, CS, CMA)
Q265
Annual Report of Company is to be certified by PCS if___________
Annual Report of Company is to be certified by PCS if___________
Q265 Correct Answer is (d)
Forwarded from CS Foundation & CSEET Updates
Q300
What is acceptable & unacceptable behaviour when one represents the organisation is usually explained in —————
What is acceptable & unacceptable behaviour when one represents the organisation is usually explained in —————
Anonymous Poll
7%
(a) Mission Statement
6%
(b) Vision Statement
65%
(c) Code of Conduct
22%
(d) All three above
Forwarded from GST MCQ
Q291
What is the time period within which the final assessment order should be passed?
What is the time period within which the final assessment order should be passed?
Anonymous Poll
52%
(a) Six months from the date of the provisional assessment
13%
(b) Nine months from the date of the provisional assessment
27%
(c) Three months from the date of the provisional assessment
8%
(d) One months from the date of the provisional assessment
SBEC notes.pdf
21.4 MB
💁♂️ SBEC Notes CS Executive New Syllabus
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GST MCQ
Q291
What is the time period within which the final assessment order should be passed?
What is the time period within which the final assessment order should be passed?
Q291 Correct Answer is (a)
Forwarded from CS Foundation & CSEET Updates
Q301
Which of the following cost curves is a horizontally parallel line?
Which of the following cost curves is a horizontally parallel line?
Anonymous Poll
73%
(a) Total Fixed Cost
14%
(b) Total Variable Cost
10%
(c) Total Cost
3%
(d) Total Revenue Cost
Forwarded from GST MCQ
Q294
Whether any time limit has been specified to issue notice for scrutiny?
Whether any time limit has been specified to issue notice for scrutiny?
Anonymous Poll
38%
(a) Six months from the end of the respective financial year
35%
(b) No time limit has been prescribed as of now, however same may be prescribed in the rules
15%
(c) One Year from the end of the respective financial year
12%
(d) 3 Years from the end of the respective financial year
Cstestseries.com
One stop solution for CS Students
Schedule https://bit.ly/2KtIV01
For Test Series
https://bit.ly/329pFed
Videos
https://bit.ly/2KzzY5n
Books
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Checked sheets
https://bit.ly/30I1Nhz
Whtsapp group
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http://a1.to/R5Uyt1
Professional - http://a1.to/Uw4OY1
Past Result
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Professional - 50%
7047777111
9179999557
One stop solution for CS Students
Schedule https://bit.ly/2KtIV01
For Test Series
https://bit.ly/329pFed
Videos
https://bit.ly/2KzzY5n
Books
https://bit.ly/2MAq7yc
Checked sheets
https://bit.ly/30I1Nhz
Whtsapp group
Executive -
http://a1.to/R5Uyt1
Professional - http://a1.to/Uw4OY1
Past Result
Executive - 58.4%
Professional - 50%
7047777111
9179999557
CS Foundation & CSEET Updates
Q301
Which of the following cost curves is a horizontally parallel line?
Which of the following cost curves is a horizontally parallel line?
Q301 Correct Answer is (a)
GST MCQ
Q294
Whether any time limit has been specified to issue notice for scrutiny?
Whether any time limit has been specified to issue notice for scrutiny?
Q294 Correct Answer is (b)
Forwarded from CS Foundation & CSEET Updates
Q304
The current file of the auditors working papers, generally, should include:
The current file of the auditors working papers, generally, should include:
Anonymous Poll
20%
(a) A flowchart of the internal controls
6%
(b) Organization charts
73%
(c) A copy of financial statements
0%
(d) Copies of bond and debentures