Latest Blogs from SBS and Company LLP


    • ICAI has issued Accounting Standards and Standards on Auditing for performance of Statutory Audit and finalization of books of Accounts. Apart from those there is a set of standards which solely deals with internal audit. These set of standards are known as “Standard on Internal Audit”
    • In general terms, Standard on Internal Audit (SIA) are a set of systematic guidelines used by internal auditors to ensure the accuracy and consistency of their actions and reports;
    • Like any other standard, they provide the guidance in determining the nature, timing and extent of audit procedures that should be applied to fulfill the objective of Internal Audit;
    • They are the criteria or yardsticks against which the quality of the Internal Audit results are evaluated.
    • The Standards on Internal Audit are issued by Institute of Chartered Accountants of India (ICAI). Apart from standards, ICAI has also issued the Guidance Notes.



    • Section 145(2) of the Income Tax Act,1961(“the Act”) grants power to Central Government to notify Income Computation Disclosure Standards. 
    • 10 ICDS were notified by Central Government on 31stMarch,2015. However, they are made applicable from the Assessment Year 2017 -18 with a specified deferment period of one year from date of its implementation. 

    This article is written to clear the confusion established in the industry as to what rate of tax is to be applied on the supply of old and used motor vehicles which are purchased pre and post GST regime.


    When the Goods and Services Tax has rolled out, the entire nation was expecting a single rate of tax across the country as campaigned by the Government with the slogan “Good and Simple Tax” but the Government came up with 4 slab rates by breaking this expectation. The four slab rates have been set at 5%, 12%, 18%, 28% for different goods and services.

    The rate applicable for the Motor Vehicles is at 28%. Further in case of luxury vehicles, where there is an additional Compensation Cess at varied rates of 15%, 3% and 1% depending upon the make specifications. The rates of excise duty and VAT on Motor Vehicles were also on a higher side under the pre-GST regime. In addition to these high rates, input tax credit is also not allowed both in pre and post GST regime except in certain specified cases.


    External Commercial Borrowings (ECB) Policy:

    1. Review of Minimum Average Maturity and Hedging Provisions:

    Master Direction No.5 dated 1st January, 2016 on “External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers”, has been amended from time to time, in terms of which certain eligible borrowers raising foreign currency denominated ECBs under Track I, having a minimum average maturity requirement of 5 years, are mandatorily required to hedge their ECB exposure fully.

    The extant provisions of Minimum Average Maturity Period, Eligible Borrowers and Hedging requirements provisions have been reviewed and it has been decided in consultation with the Government of India, to amend the above referred provisions of the ECB framework.



    This article is an attempt to list out the provisions/compliances by the applicable entities, in respect of the provisions of National Financial Reporting Authority, constituted under provisions of Section 132 of the Companies Act, 2013.     

    A specific thrust is put-in to see as to which type of entities, will come under the scope “Bodies Corporate (Other than Companies)”

    The National Financial Reporting Authority [NFRA], was constituted with effect from 01.10.2018, and working provisions, functions, have been notified vide NFRA Rules, Dt: 13.11.2018.