Articles by Madhukar N Hiregange

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Update on GST January 2019

  Madhukar N Hiregange    10 January 2019 at 11:31

GST Updates: Summary of recent Notifications and Circulars Based on the recommendations of the GST Council in its 31st meeting held on 22nd December, 2018. A. SUMMARY OF REMOVAL OF DIFFICULTIES ORDERS 1.1 Extension in time to make amendments in details furnished in Form GSTR-1 pertaining t..

Posted in GST |   4480 Views




The generally accepted auditing practices (GAAP) are those set-out Internationally which enable comparison of financial statements post audit across the world to be uniform except of local carve-outs. The ICAI formulates the Standards of Auditing (SAs) and auditors are to draw attention in case of n..

Posted in GST  3 comments |   2082 Views




BACKGROUND The primary focus of the industry at the time of introduction of GST was on implementation/modification of ERP module to suit GST requirements, appropriate classification of goods/services and providing training to staff. Initially, the area of focus was more on the aspect of migration..

Posted in GST  2 comments |   3689 Views




GST needs one to register in the State/s where one provides taxable supplies. (section 22) This is in line with the principle of registration in the place of consumption/ destination. However, the place from where the origin takes place needs to be registered. In the direct taxes the presence of a p..

Posted in GST |   804 Views




There are mistakes in GST which impact business and there are mistakes which can close down the business. In this article we restrict to classification mistakes. 90% of classification would be routine and there maybe no mistakes. However in 10% cases if exemption claimed incorrectly or lower rate ch..

Posted in GST  5 comments |   2373 Views




It has been observed that some State GST officers throughout India have started to visit the premises including to the Compliant Taxpayers. Many of them are mere fishing expeditions asking for various documents and finding fault. It is important to note that practice is not followed to that extent b..

Posted in GST  17 comments |   5186 Views




The GST law is no doubt a new and developing law. It is also a fact that it was a unique experiment merging VAT, Central Excise and Service tax in part and also borrowing a bit from the VAT laws of Europe. It had an additional challenge as it was passed not by majority but by consensus. Therefore, m..

Posted in GST  2 comments |   2124 Views




GST is a new evolving law applicable to all types of business - trade manufacture or service. It could also apply to those who are not in money making activities. The normal understanding of turnover or understanding under VAT/ CST would not be correct. The definition of “Aggregate Turnover&rd..

Posted in GST |   1247 Views




Background The Government as a part of a 40 years old unfinished agenda of implementing value added tax in India merged 11 indirect taxes of the Centre and States. This was done on a consensus approach to get all States on board which lead to the pristine principles of an ideal GST to be diluted ..

Posted in GST |   1162 Views




GST is a new evolving law applicable to all types of business - trade manufacture or service. It could also apply to those who are not in money making activities. The normal understanding of turnover or understanding under VAT/ CST would not be correct. The definition of “Aggregate Turnover&rd..

Posted in GST  6 comments |   5200 Views





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