Goods & Services Tax (GST) transition:

GST is a destination based consumption tax that is implemented in over 160 countries worldwide and have reaped the benefits of higher GDP and lowering of inflation.The passing of the 122nd Constitution amendment bill by Loksabha on May 6th, 2015 and persistent efforts by the Government of India to get that cleared by Rajya Sabha clearly indicates that, GST is becoming a reality. GST is going to be a game changer, not only for the Government but also for the businesses and consumers. GST is going to redefine the way businesses’ are done, transactions are structured, taxes are collected and goods are distributed. It is certain to increase the tax base, however, it will also bring in lot of restructuring in the existing businesses.
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Service Tax on Intermediary / Commission Agents / Buying Agents

The definition of “intermediary” also popularly known as commission/buying agents is amended in The Finance (No. 2) Act 2014 to include an intermediary in goods. Thus, the tax treatment for intermediary for both goods and services would be the same as per the amended provisions which is effective from 1st Oct 2014.  [ Download PDF ]

Internal Financial Controls over Financial Reporting

The Auditors in their audit report are now required to comment on the Adequacy and operating effectiveness of internal financial controls. In this context, the following aspects merit consideration. This is deferred to accounting periods beginning on or after April 1, 2015.   [ Download PDF ]