Latest Blogs from SBS and Company LLP

    Key Topics:


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

    Indirect Taxes

    • ISD VS Cross Charge


    • 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


    Late Submission Fee (LSF)

    Amount involved in reporting (in Rs.)

    Late Submission Fee (LSF) as % of amount involved *

    Maximum amount of LSF applicable

    Up to 10 million

    0.05 percent

    Rs.1 million or 300% of the amount involved, whichever is lower

    More than 10 million

    0.15 percent

    Rs.10 million or 300% of the amount involved, whichever is lower

    * The % of LSF will be doubled every twelve months




    Under the Pre-GST regime, E-way bill enforcement was considered as one of the biggest impediments for smooth movement of goods as multiple check posts created lot of logistic inefficiency and harassment from tax officers. Trade expected that there will not be any e-way bill system under GST as the rates are uniform across all States without any scope for tax arbitrage. However, Governments continued the urge to hold firm control over movement of goods even after GST, thereby, e-way bill system has been enforced even under GST. The present system is more reformed, and efforts were made to overcome various impediments of pre-GST system. Let us have an overview of e-way bill system under GST. 

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