In this issue

The Institute of Cost Accountants of India (ICAI) is a statutory body set up under an Act of Parliament in the year 1959. The Institute as a part of its obligation regulates the profession of Cost and Management Accountancy. The Institute also pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession.

The Institute is also successfully publishing its pioneering Journal, ‘The Management Accountant’ since 1966. This Journal is being published keeping in mind the needs of the Cost and Management Accountants (CMA), and provides wide knowledge on the recent developments and changes in the global and national financial scenarios. The wide circulation and inputs from academicians, researchers and industry stalwarts are the keys to the success of this journal.

GST: ALLOW DUE ‘CREDIT' OF THIS ‘NOTE'

Abstract It is normal trade practice to refund the money in case of dispute in a transaction entered into by two parties and raise the credit note as a documentary requirement. Sometimes the settlement may take substantial time and even years. By that time, the GST would already have been discharged by the supplier and ITC must have been claimed by the recipient on the same. However, when the amount is refunded upon settlement of dispute, GST law may not allow to adjust the liability paid earlier by simple reason of not raising credit note within time limit prescribed under the law. This may cause hardship to the payers as tax component returned becomes cost to them. This may be avoided by bringing about a small change in GST law and making it in line with erstwhile Service tax regime. Let’s explore further.

8 mins

APPLICABILITY OF GST ON THE POWER TRANSMISSION

Abstract Under the new GST regime, while various goods & services have been covered for charging GST under various rates, certain goods & services have been excluded from the GST regime. Transmission and distribution of electricity by transmission and distribution utility is exempt from GST. India being the third largest producer and third largest consumer of electricity, the impact of no GST on above is to be noted with regard to the 3 sub sectors of power sector- power generation, transmission and distribution. This article analyses the impact of GST on the Power Sector as well as educate the reader about generation, transmission and distribution of electricity. Finally, overall impact of no GST on power sector and consumers has been analysed.

4 mins

IMPLEMENTATION OF GST E-INVOICING SYSTEM: A NAVIGATION

Abstract In GST, E-Invoice, E means ‘Electronic’ which indicates the contribution of computer because it generates an invoice electronically. In simple words, e-invoicing is a practice under which invoices are digitally generated in an approved format and the GST invoice information can be circulated electronically within the group of apprehensive individuals. The invoice information automatically gets saved in the software decreasing the need for fresh entries.

7 mins

THE DUAL GST MODEL IN INDIA: EMANATING OPPORTUNITIES AND CHALLENGES

Abstract GST model in India is a switch over from the origin based taxation system to the destination based. It has also systematically shifted the federal fiscal relation between the Centre and the States to cooperative federalism. It is expected to have direct impact on fiscal disciplines of the States. For the transition period the revenues of the State Governments are protected however scene after five years are dark and unpredictable. The paper discusses the mechanism and implications of tax revenue sharing between the Centre and the States under dual GST model and emanating opportunities and challenges therefrom.

6 mins

DECODING THE IMPACT OF GST LAW ON INDIAN SHARE MARKET OPERATIONS

Abstract The present study focuses on unravelling the implications of GST on the share broking business, which constitutes a substantial component of financial services in the Indian financial market. It brings a comparison of the pre and post GST impact on the share broking services. The authors find that the act resulted in both benefits and hazards to the whole sector.

9 mins

GST Relief Measures During Global Pandemic (COVID-19)

Abstract In light of the spread of the COVID-19 pandemic, various countries got affected by this including India. It causes a huge loss to the lives and the economy of every country. The outbreak of novel coronavirus also put a negative impact on every sector of the Indian economy. The financial sector of India is also influenced by this situation. The government of India has taken various steps to prevent the spread of this virus. Lockdown is one of the measuring steps taken by the Government. This study has addressed the various indirect tax amendments of GST. Researchers have also suggested some tax relief options given by the Government.

9 mins

ADVANCE RULING UNDER GST REGIME A SIMPLER AND QUICKER WAY TO AVOID LITIGATIONS AND NON COMPLIANCES OF LAW

Now-a-days, there is an increase in the violations of laws. Most of such violations arise due to lack of knowledge on such laws. This has increased cost of litigations as well as wastage of time because of involving in such litigations as it takes years to put a fullstop to such litigations. So, the Central government has taken a step to establish legal bodies which are called Advance Ruling authorities wherever necessary under respective Acts. Such authorities so established provides guidance on transactions for which such application is made to them, thereby avoiding litigations and non-compliances of law which arise due to lack of knowledge on such laws.

9 mins

Digital Transformation – Simplicities Of The Simple Task

Digital Transformation – Simplicities Of The Simple Task

10+ mins

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The Management Accountant Magazine Description:

The Institute of Cost Accountants of India (ICAI) is a statutory body set up under an Act of Parliament in the year 1959. The Institute as a part of its obligation regulates the profession of Cost and Management Accountancy. The Institute also pursues the vision of cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting as the key drivers of the profession.

The Institute is also successfully publishing its pioneering Journal, ‘The Management Accountant’ since 1966. This Journal is being published keeping in mind the needs of the Cost and Management Accountants (CMA), and provides wide knowledge on the recent developments and changes in the global and national financial scenarios. The wide circulation and inputs from academicians, researchers and industry stalwarts are the keys to the success of this journal.