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Monday, 16 January 2017

Thought of the day 16-01-2017

THOUGHT of the DAY 16-01-2017

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Saturday, 14 January 2017

CA Final & CA CPT Result date announced by ICAI

Finally, after so much wait, ICAI have announced the result date for CA Final Exams held in November 2016 & CA CPT exam held in December 2016. The official result date of both these exams is:

17th January 2017 - TUESDAY 

Result will be announced around 2:00 pm

Results will be hosted on ICAI official result site: icaiexam.icai.org

However, most of the time in recent past it has been seen that result is announced before its scheduled time.

You can also get results on your mail inbox or SMS

Source: official announcement at icai.org: http://resource.cdn.icai.org/44371exam34294.pdf

For those who have forgot/ lost their Roll numbers, please read this: 

if you have forgot or lost your roll number for the exams held in Nov 2016 or Dec 2016, you can view your roll number, just follow the procedure

2. Login using your login id and password (use login details which you used to fill exam form online, if you dont have the same, then just open your mailbox and search for "Application Registration for ICAI exam portal" you will find login details)
3. on right side under "Apply & Track your application", there is option of "Admit Card"
4. Click on "View" - a pop up window will appear (if pop up window does not appear, then check your browser settings & allow pop up window on this site & then login again)
5. Click on "Continue"
6. You will get your admit card,, you can save this at your end.

All the best for your results !

Gourav Kapoor
CA Passion

Wednesday, 11 January 2017

CAPassionJobs - Vacancy for CA/CS/CA Final

#CAPassionJobs - 024
*Organisation: APCO Infratech Pvt Ltd*

*DGM/AGM/ Sr Manager/ Manager-Finance & Accounts (Project Site)*
: - CA with 5+ years experience in Costing, Accounting, Budgeting, Cash flow Management, Internal Audit & Taxation. Understanding BOQ/ Mile Sone Based billing would be advantage

*DGM/AGM/ Sr Manager/ Manager-Banking Operation (Head Office)* : - CA with 5+ years experience in Banking Operation, raising long-term financial resources and liaisoning with banks

*Manager/ Dy Manager-Internal Audit(Head Office)* : - CA with 5+ years experience in Internal Audit and Taxation

Send detailed resume mentioning position & function applied for in subject line at Grow@apcoinfra.com

For more Jobs, Register Now @ CA Passion Job Portal: 

#CAPassionJobs - 025
Company: Japanese MNC
Department : Finance & Accounts Position: Executive / Sr Executive
Ctc: 2-3 Lac per annum candidate
Experience: Minimum 6 months
Education Q: B.com / M.com.
*Location: Bawal ( Haryana)*
Skills Required :
Bank Reconciliation
Petty Cash Handle
Foreign Payment Entry
Vendor Payment
Prepare Monthly Expenses
SAP Knowledge is must

Send your CV to dev.bansal3883@gmail.com OR contact 9812404713
Mention position name in subject line while you send your CV

For more Jobs, Register Now @ CA Passion Job Portal: 

#CAPassionJobs - 026
We have vacancy for CA's experience 2-5 years preferred for nbfc. package 6 lack. Location Punjabi Bagh.delhi. if interested send resume at tayalvishnu@yahoo.co.in

For more Jobs, Register Now @ CA Passion Job Portal: 

#CAPassionJobs - 027
A leading Delhi based PCS firm is planning to expand its business operations in Mumbai .

Required a Company Secretary holding COP , preferably in Mumbai; Candidate should possess strong academic credentials, communication and liasion skills along with a strong knowledge of corporate laws pertaining to private/public (unlisted/listed entities)/NBFCs.

Interested candidates may forward their Resume at :
hr@corporateconsultant.in / jacs.sharma@gmail.com

For more Jobs, Register Now @ CA Passion Job Portal: 

#CAPassionJobs - 028
Organisation: HT Media Limited
Job Title: Industrial Trainee
*Location: Gurgaon*
Required Qualification: CA Final
Required Experience: 2 yrs
Pay: above 50000 to 150000/- p.a.
Contact Person: Abhishek Chautala
Send your CV at abhishek.chautala@hindustantimes.com

For more Jobs, Register Now @ CA Passion Job Portal: 

Download CA Final Pankaj Garg Sir Notes for CA Final Paper 3 - Audit

#CAPassionNotes -M17-F301

About CA Pankaj Garg
CA. Pankaj Garg is a Chartered Accountant, Company Secretary and Cost Accountant. He is an All India Topper of ICAI Examinations, Kolkata. He has also been awarded with Gold Medal by Institute of Cost Accountants of India, Kolkata. He has also done MBA (Finance) from IGNOU.

He possesses a vast experience of teaching to students of CA Final and CA IPCC for Face to Face and Satellite Classes. He has also authored the books for IPCC and Final Auditing for Taxmann Publications and very much appreciated by the students due to use of tabular presentation, simple and concise language, flowcharts and coverage of all past examinations. His unique lecture delivery & practical method of teaching helps the student to easily grasp & remember the subject.

Monday, 9 January 2017

Overview of Model GST Law

  • Single Largest Reform in Post Independent India
  • Merging 11 Indirect Tax Laws in Single Structure
  • Principles of Destination Based Consumption Tax
  • About 3 Crore Assesses would Migrate in New GST law

Why is GST Necessary
  • GDP growth could go up by 1%. We are already at 8.5% and probably with GST we would cross double digit, the Only Country in the World.

  • International Competitiveness by about 5%.

  • Increased in FDI. Just by the announcement of GST or the Possibility of GST has made India a favorable destination

  • Removal for Barriers for Trade and Commerce in India. For example Removal of Check Posts and the Unnecessary Expenditure Incurred on tax planning of setting Up of Depots in Different States would certainly go down.

  • Substantial Lowering of the Transaction Cost and Reduced Corruption.

How is Model GST Law Drafted
GST Model Law has borrowed from the following Laws not only the Principles but also has Expanded the Various Definitions in the Respective laws:

  • CST/VAT: Definition of Business, Market Value of WCT, Agent, Aggregate turnover, Discount Etc.

  • Central Excise: Concept of Supply has arisen as the Central Excise considers the Point of Removal as the Taxable Event. Also Concepts of Place of Business, Job Work, and Provision of Assessment have been taken from Central Excise, Custom and to some Extent from Service Tax.

  • Customs: Definition of the Related Persons and the Concept of Valuation of the Similar Goods have been borrowed from the Customs.

  • Service Tax: Concepts related to Consideration, Reimbursable Expenses, Place of Place of Service i.e. POPS rules are almost same in the Model GST Law

  • CCR: Cenvat Credit Rules ensures that there is No Cascading Effect or Limited Cascading effect and Encompasses the Credit of Capital Goods, Inputs and Input Service. The same is coming in the Model GST Law.

  • Foreign Trade Policy(FTP): It is Important Aspect of the Indian Law and Provides Exporters with Certain benefits

Some Features of the Draft Model Law
  • Single Tax on Supply Instead of Manufacture(CED+Entry Tax), Trading (CST/VAT) and Services(Service Tax, Luxury Tax, Betting, Entertainment Tax etc)

  • GST is a Destination based Consumption Tax as Against VAT and Central Excise which are Origin based Taxation system although Service Tax is Destination based.

  • There would be Multi Point levy with full credit at Each Stage similar to Present System of VAT and thus each Assessee will have to pay small % of Tax.

  • Stock Transfers are held liable to GST whether within the same state or outside the state. In case of Interstate Stock Transfers IGST would be levied and in case of Intrastate CGST/SGST would be levied. In the Present system Stock Transfers are not held liable to VAT at all and there is Exemption, Compliance is ensured through Form-F.

  • Non Inclusions under the GST model Law: Major Fuels, Liquor, Purchase Tax, Stamp Duty, Vehicle Tax and Electricity duty

Principles of GST

  • Scope of Supply, Levy and Collection
  • Value of Supply of Goods and Services
  • Input Tax Credit and Set Off
  • Other Procedures ( Registration, Payment, Return and Refund)
Input Tax Credit Under GST
Tax To be Paid                      Tax can be Adjusted Against

1) SGST                            SGST and IGST in that Order
2) CGST                         CGST and IGST in that Order

3) IGST                          IGST, CGST and SGST in that        

Impact on Service Sector
  • Tax Rate will Increase compared to Present rate of 15%.

  • All Continuing/Ongoing Contracts have to suffer increased rate in respect of the contracts completed after the Effective date.

  • Some Exemptions may be withdrawn as Govt is looking for a Wider Tax Base.

  • Presently a Service Provider can opt for Centralized Registration even if he has branches across the Country and is required to file only 2 returns in a Year for all the Branches taken together. Under GST a Service Provider has to take separate registration for each branch in different state.

  • Service Provider shall be eligible for the Credit of VAT portion on his purchases which was earlier not available.

  • Service Provider can opt for Composition Scheme and Pay Tax @ 1% if the Aggregate turnover is up to 50 lakhs subject to certain Conditions

  • Free Service would become Taxable

Impact on Manufacturer
  • SSI Exemption may be Reduced up to 10 lakhs instead of 1.5 crore at Present

  • Manufacturer shall be Eligible for VAT Credit for which he was Earlier not Eligible

  • Exemptions will be Minimum

  • Area Based Exemptions shall not be available under GST Law.

  • Faster movement of goods due to the Elimination of Check Posts and Entry Barriers.

  • No Retention/Disallowance of Credit on the Stock Transfers
  • Reduction in Exemption, Confusion would lead to less Tax Evasion and thus Less Corruption.

Impact on Traders
  • Traders can now avail the Credit of Service Tax and Excise duty Paid.

  • Credit of Import Duty will make the Imports Cheaper for the Retailers

  • Traders will have to register with Central Govt for the Payment of CGST/IGST.

  • No Requirement of F-Form in case of stock transfers as such Transfers are liable to Tax under the GST law.

  • Exemption under GST would be up to Rs 10 lakhs. At Present the average Exemption across all the states is Rs 5 lakhs.

  • Retailers can avail Composition Scheme and Pay Tax @ 1% if the Aggregate turnover is up to 50 lakhs subject to certain Conditions.

  • Form- C are Abolished under GST model law.

Written by :

Rohit Kapoor
CA Final Student


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