RDG Study Center

To meet the concept of digital India, the Government of India made it mandatory to file all returns electronically. Moreover, one of the basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto reversal of Input Tax Credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC. Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for a taxpayer registered under the composition scheme, non-resident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS) and a person granted Unique Identification Number. It is important to note that a taxpayer is NOT required to file all types of returns. In...

A report means an account given or opinion formally expressed for specific purpose after proper inquiry, investigation and consideration of facts affecting the situation. Business report is an objective and planned presentation of facts to one or more persons for specific business purpose. A business report is an orderly , objective communication of factual information that serves some business purpose. By careful and critical study of the above definition the following features of business report are identified: Orderly: A business report is not a casual exchange of information, rather it is carefully planned, prepared and presented message. Objective: Objectivity means freedom from personal prejudices, presumptions and preconceived ideas. A business report should always be impartial, objective and based upon facts collected with open sensory receptors and presented truthfully. Communication: Business report is one of the ways of communication that involves transmissi...

Payment of tax under GST The amount of tax, interest, penalty etc. payable by the person is required to pay either by utilizing balance available in electronic cash ledger or electronic credit ledger. The amount utilized for payment from the balance in electronic credit or cash ledger will be shown in GST PMT-1. Payment of tax, interest, penalty and other amounts [Section 49 of the CGST Act, 2017]: Section 49(1) of the CGST Act, 2017 every deposit made towards tax, interest, penalty, fee or any other amount by a person by internet banking or by using credit or debit cards or National Electronic Fund Transfer or Real Time Gross Settlement or by such other mode and subject to such conditions and restrictions as may be prescribed, shall be credited to the electronic cash ledger of such person to be maintained in such manner as may be prescribed. Section 49(2) of the CGST Act, 2017 the input tax credit as self-assessed in the return of a registered person shall be credited to his electr...

Levy and collection of tax under GST Section 9(1) of CGST Act, 2017 provides that there shall be levied of tax called Central Goods and Services Tax on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption, on the value determined under section 15 of the CGST Act, 2017 and at such rates, not exceeding 20%, as may be notified by the Government on the recommendation of the Council and collected in such manner as may be prescribed and shall be paid by the taxable person. It means maximum GST rate not exceeding 40% (i.e. CGST 20% and SGST 20%) on all intra-state supplies of goods or services. Section 5(1) of IGST Act, 2017, provides that there shall be levied of a tax called Integrated Goods and Services Tax (IGST) on all inter-State supplies of goods or services or both at such rates not exceeding 40%. IGST on goods imported into India shall be levied and collected in accordance with the provisions of Section 3 of...

The audit may be classified into following groups:- On the basis of legislative control- Statutory audit, Government audit, Private audit On the basis of relation of auditor with management - External audit , internal audit. On the basis of periodicity of audit- Continuous audit, interim audit, periodical audit, occasional audit. On the basis of subject matter of audit- Financial audit, operational audit, cost audit, management audit. On the basis of coverage of audit- Complete audit, partial audit. On the basis of manner of checking- Standard audit, balance sheet audit. Legislative control:- Statutory audit is a compulsory audit and is to be carried out each year by an auditor called statutory auditor. In India the accounts of the joint stock company, banking companies, insurance companies, co-operative societies, trust institutions are subject to compulsory (statutory) audit.                    Government audit is ...

Communication is complete and perfect when the receiver understands the message in the same sense and spirit as the communicator intends to convey. But practically it has been noticed that such perfect and complete communication doesn't take place because of certain obstacles or other factors known as the communication barrier. The barriers of communication can be categorized as follows: (A) Semantic Barriers:- This barrier is concerned with problems and obstructions in the process of encoding and decoding the message into words or other impressions. Some of the semantic barriers are discussed below- Different language   Employees at organisation have no common language. This is obvious barrier when their is no common vehicle to convey ideas and feelings. This problem is more acute in culturally diversified organanisation and multinationals. Different context for words and symbols   The meanings of words are not in the words they are in u...

Advantages of Audit Note Book  Audit note book enables the auditor to record important points, which arise during the course of his audit; otherwise he might forget these points. An auditor can produce this book as a documentary evidence in a suit filed against him for negligence or misfeasance.  It facilitates the preparation of the audit report. If the assistant in charge is changed before the completion of a particular work, it acts as a guide and makes the completion of balance work easier. A credit note book makes the work of audit convenient because all the important details about audit can be recorded in this book and, as such, any change in the staff of the auditor does not disturb or dislocate the work of audit. It can help in making an assessment of the work of audit clerks. It provides a key to evaluate the efficiency of the audit staff. Disadvantages of Audit Note Book Very often, it creates misunderstanding between the client staff and ...