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BASIC CONCEPTS OF GST:- ADVANTAGES OF GST:- NEEDS AND IMPACT OF GST:-

BASIC CONCEPTS OF GST:- ADVANTAGES OF GST:- NEEDS AND IMPACT OF GST:-

Revised Scheme of Education and Training for CA Course, FAQs and Implementation Schedule. The Institute of Chartered Accountants of India (ICAI) has formulated the Revised Scheme of Education and Training in lines with International Education Standards issued by International Federation of Accountants (IFAC) after considering the inputs from various stakeholders. The Revised Scheme of Education and Training for CA course will come into effect from 1st July, 2017. The Scheme of the Course is available at http://resource.cdn.icai.org/45556bos35643summary.pdf In order to answers the queries which may arise in the mind of stakeholders with respect to Revised Scheme, FAQs have been framed which are available at http://resource.cdn.icai.org/45555bos35643faq.pdf  Further, below is the implementation schedule depicting the information regarding the last date of registration under Existing Scheme, date of commencement of registration under Revised Scheme, last exam at all ...

If one looks at GST, it does seems like a boon for consumers – with the promise of lower prices; for businesses – with the promise of a simplified indirect tax regime; and for the Indian Government – with the promise of higher tax revenues. However, there is another stakeholder in the business ecosystem who stands to benefit immensely from the introduction and gradual roll out of GST – the Chartered Accountant. Here, I am going to list out the key benefits brought about by GST – that will surely make the life of a CA much easier and simpler, in the coming few months and in the future as well. Increase in clientele GST is a whole new taxation system in comparison to the present indirect taxation which we have. Since its announcement, businesses have been getting nervous and have reached out to the CA community for help – asking about the applicability of GST on their businesses and the registration process – which opened a few months ago for certain assesses who are currently paying ...

Every registered regular tax payer has to furnish GST returns on a monthly basis and pay the tax due by the 20 th  of the month. If a tax payer does not pay the tax due, interest on the tax due will be applicable from the day on which the tax was due to be paid. If a person furnishes a monthly return without paying the tax due, the return furnished will be considered as an Invalid Return. Without furnishing the return for a month and paying the tax due, the subsequent month’s return cannot be furnished. Hence, it is necessary to understand how to pay the tax liabilities under GST in order to avoid the penalties of non-payment of tax. For the purpose of paying tax, every registered dealer will have 3 ledgers in the GST portal: 1. Electronic tax liability register All liabilities of a person towards tax, interest, penalty, late fee or any other amount will be debited here. 2. Electronic cash ledger Every deposit made by a person towards tax, interest, penalty, late fee or any other ...

FOR CPT STUDENTS:- Announcement for the Students of CPT level for July, 2017 Examination Section A: Fundamentals of Accounting The Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) wherein MCA has omitted AS 6, Depreciation Accounting and replaced AS 10 Accounting for Fixed Assets with newly notified AS 10, Property, Plant and Equipment. Consequently, we have revised the contents of Chapter 5 of Depreciation Accounting in the Study Material of Section A: Fundamentals of Accounting in line with the new Accounting Standard. Therefore, the students of CPT level who have either Nov. 2015 Edition or prior Edition of Fundamentals of Accounting Study Material are required to ignore Chapter 5“Depreciation Accounting” given in that material and are advised to read the updated chapter. The students appearing for June, 2017 examination are advised to refer the revised Chapter 5 on Deprecation Accountin...

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