Latest Blogs from SBS and Company LLP

    SBS WIKI E Journal Oct 2017

    Key Topics Covered:

    • INTERNATIONAL TAXATION
    • DIRECT TAX
    • AUDIT
    • GST

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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    SBS DIGEST E Journal Oct 2017

    Key Topics Covered:

    • INCOME TAX
    • AUDIT
    • DEBIT EQUITY ADVISORY

    Updates

    • COMPANIES ACT, 2013

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

    SBS I 8th Edition

    Brief of Update: 

    This update pertains to pertains to release of press release as a consequence of 22nd GST Council Meeting at New Delhi. 

    The highlights of 22nd GST Council meet are as under: 

    Composition Scheme: 

    1. Threshold for availing composition scheme has been increased to 1 Crore from existing 75 lakhs. Hence, all dealers whose aggregate turnover in the preceding year is less than 1 crore, can opt for composition till 1 Crore of turnover for the period ended 03.2018. The scheme shall be available to new and migrated assesses. 
    1. Any person who is engaged in provision of exempted services was earlier made ineligible for opting for composition However, the Council has decided to allow such per- sons to opt for composition even they are providing exempt services. Please note all other conditions regarding eligibility for composition has to be satisfied. 

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    SBS I 7th Edition

    Brief of Update:

    This update pertains to release of notifications and circular regarding providing relaxation from furnishing of bond for all exporters and suppliers to SEZs. The summary of the notification and circular is as under: 

    The CBEC has issued a Notification No 37/2017 – CT and Circular 8/8/2017-GST dated 4th Oct, 17 regarding furnishing of Letter of Undertaking (LUT) instead of Bond. 

    Earlier, only certain class of exporters and exporters with certain turnover criterion were al- lowed to furnish LUT instead of bond along with bank guarantee for export of goods or services outside India or to a SEZ unit or developer. Now, every exporter and supplier to SEZ have been given the facility to file LUT instead of bond.

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    Transitional Provisions under GST

    Transitional Provisions under GST

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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