Highlights of the 26th GST Council Meeting

The GST council in its 26th meeting chaired by Mr. Arun Jaitley on March 10, 2018 deliberated upon following issues:- Continue reading

Posted in GST |

SC : No service tax on ‘reimbursable expenditure’ prior to May 2015; Rule 5 beyond statute

In the case of M/s INTERCONTINENTAL CONSULTANTS AND TECHNOCRATS PVT. LTD.SC rules on applicability of service tax on reimbursable expenditure incurred by service provider, in terms of Section 67 of Finance Act r/w Rule 5 of Service Tax (Determination of Value) Rules 2006; Dismisses Revenue appeal against Delhi HC judgment, holds that HC was right in interpreting Sections 66 and 67 to say that value of taxable service shall be gross amount charged by service provider ‘for such service’ and that value cannot be anything more or less than consideration paid as quid pro quo for rendering such service; Continue reading

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Implementation Guide to Standard on Auditing (SA)701, Communicating Key Audit Matters in the Independent Auditor’s Report

The purpose of communicating key audit matters is to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed.
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Posted in Audit & Assurance |

Filing GSTR-3B is now made more User friendly

  • Fill either CGST or SGST/UGST amount, other tax will get auto filled.
  • You can now save the Form on confirming details filled in the Table. You can fill balance details later.
  • Preview Form or download it for cross verifying saved details in any table(s) anytime.
  • No more Submit requirement to freeze details and know the liability.
  • Changes in any table can be made before making payment towards liabilities.
Posted in GST |

No Service Tax On Foc Material Supplied By Service Recipient For Construction: Rules Supreme Court

In a ruling in favor of the construction industry, a two-judge bench of the Supreme Court, held that service tax cannot be levied on the value of goods/material supplied free of cost by a service recipient during construction. Continue reading

Posted in GST |