CA KAMAL GARG

To Ensure that there are no major / material misstatements, It is important to check compliance with GST laws and rules even during the finalization of the Financial Statement. An important list of reconciliations is given below:  Balance of Electronic Credit ledger with Balance of Input Tax credit (ITC) in Books of Accounts  Balance of Electronic Cash ledger with Balance of excess cash paid in Books of Accounts  GST paid in cash in March return, with GST Payables as per Books of Accounts  Refund claimed in GST portal with ITC refund receivable in Books of Accounts  Output Liability in GST returns with Books of Accounts  ITC Reconciliation in FORM GSTR-2A/ 2B with FORM GSTR-3B and Books of Accounts  ITC reversed in FORM GSTR-3B with Books of Accounts  Ineligible ITC in FORM GSTR-3B with Books of Accounts  Reconciliation of Gross Turnover in Books of Accounts with FORM GSTR-1, e-Way Bills and FORM GSTR-3B  Reconciliation of accounts of the suppliers  Adjustments of previous year, do

Q 1. When the goods of the principal are directly sent to the premises of the job worker, whether ITC can be taken by the said principal?   Ans.  Yes.  As per section 19 (2)  The principal shall be entitled to take ITC on inputs,  even if the inputs are directly sent to a job worker for job work without being first brought to his place of business.  The principal should avail the ITC based on proper tax invoice as issued under section 31 when the goods are delivered at the premises of the job worker by the supplier.  Q 2. What is the time limit for claiming ITC on capital goods sent from the principal’s place of business to job worker for job work?   Ans.  As per section 19 (4)  subject to such conditions and restrictions as may be prescribed (Rule 45),  The principal shall be entitled to take ITC on capital goods sent to a job worker for job work.  As per section 19(5)  Notwithstanding anything contained in section 16(2)(b),  The principal shall be entitled to take ITC on capi

  Content 1. What is Mutual Fund (MF)? 2. Types of Mutual Fund 3. Mutual Fund Schemes as per SEBI 4. Who should Invest in Mutual Funds? 5.  Benefits of Investment in Mutual Funds 6. Risks of Investment in Mutual Funds 7. How to Invest in Mutual Funds? 8. Other Important Questions 9. Special consideration for First Time Investors *** What is Mutual Funds *** Mutual Fund is a professionally managed company (Created with an objective of Investment )  that  pooled investment  ( collects money ) from many investors  , provide shares / units to its investors and  Invests the money received from investors in the securities such as stocks, bonds etc. to generate incomes for the investors . The Investments of the mutual fund are known as Portfolio .  The Portfolio of mutual fund is structured and maintained to match the investment objectives of the investors with the objectives of mutual fund .  Mutual funds are operated by  Fund Managers  (P rofessional  e xperts ).   Fund managers manage