In this Article, an attempt has been made to draw the concept of

• Input service distributor (ISD);
• Cross Charge and
• An explanation of ‘what is the best method to adopt in various situations’.

Introduction:

Goods and Services Tax is a levy on a supply of goods or services. For the purpose of applicability of GST, the transactions are divided into two;

• Intrastate transactions: Intrastate transactions are those where the location of supplier and place of supply are in the same state and there will be a levy of Central Goods and Services Tax (CGST) and the State goods and services Tax Act (SGST) of the state in which the supplier is located.
• Interstate transactions: Interstate transactions are those where the location of supplier and place of supply are in different states or transactions of cross-border (supplier is located in India and recipient located outside India or vice versa). In case of inter-state transactions, Integrated Goods
  and Services Tax (IGST) will be levied and place of Supply shall be determined in accordance with sections 10, 11, 12 and 13 of the Integrated Goods and Services Tax Act, 2017.

  Read more: ISD VS Cross Charge

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A. Scope:

• This Standard on Auditing (SA) deals with the auditor’s responsibilities relating to fraud in an audit of financial statements.
• Specifically, it expands on how SA 315, “Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment,” and SA 330, “The Auditor’s Responses to Assessed Risks,” are to be applied in relation to risks of material misstatement due to fraud.

B. Effective Date:

• This SA is effective for audits of financial statements for periods commencing on or after 1st April 2009.

  Read more: SA 240 The auditors responsibility relating to fraud in an audit of financial statements

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Key Topics:

Audit

• SA 240 The auditors responsibility relating to fraud in an audit of financial statements

Indirect Taxes

• ISD VS Cross Charge

FEMA

• FEMA updates for the month of Aug 2018

General Terms 

Agreement v Settlement:

• Agreement - An understanding between parties to follow a specific course of
• Settlement - A state of being settled – a resolution of

Industrial Disputes Act has not used the term agreement and it has used the term settlement. 

Show Cause Notice v Charge Sheet: 

• Show Cause Notice - Show Cause Notice is a statement which informs the delinquent employee of the acts alleged to have been committed by him and seeks his 
• Charge Sheet - Charge Sheet is a statement of allegations and contains clearly spelt out charges quoting penal provisions of Standing

  Read more: DYNAMICS OF EMPLOYEE RELATIONS

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