Manasa Reddy Bonam CMA,(CA),B.com(Comp) Qualified Cost and Management Accountant in 2017, cleared CMA in first attempt with merit. Graduated from Osmania University, Hyderabad. Currently handling Taxation in Ramky Estates and Farms Limited at Hyderabad. • Completed certification course on "Six sigma and the organization (advanced level)” from University System of Georgia, USA. • Completed certification course on "Customer Relationship Management (CRM) from Indian Institute of Bangalore (IIM-B). • Contributor of GST/Service Tax articles to ICMAI Hyderabad and CAClubindia, Tax management India. • Particle experience in the Indirect taxes including GST at M/s. Hiregange & Associates, Hyd. • Particle experience in the Cost Audit at M/s. Susarla & Co, Hyd. • Won all round performance Trophy in Southern India Regional CMA student’s fest, “Pragathi”, conducted by the ICMAI, Cochin. • 2nd Runner up in the Odisha National Quiz Competition conducted by ICMAI, Odisha. • 2 Times winner of Quiz and All round performer in the Events conducted by ICMAI, Hyderabad chapter. • Stood as Overall champions for ‘Mangalam Narayanamma Memorial Trophy’ and ‘T.N Mohan Kumar Rolling Cup’ in the events conducted by ICMAI, Hyderabad. • Topped SSC in Sri Goutham Grammar High School.
No issues posted by the user yet!
No replies have been made yet!
Showing 1 to 4 of 4 Results
GST return due-date extensions adjust interest and late-fee rules and require reconciliations for real estate taxpayers.
The real estate sector is granted extended GST filing deadlines for annual and periodic returns with tiered relief on interest and late fees tied to turnover categories and filing dates. Specific forms covered include GSTR 9/GSTR 9C, GSTR 1, GSTR 3B, GSTR 4/CMP 08, ISD, TDS and ITC 04. Taxpayers must perform comprehensive reconciliations of books with GST returns-covering outward supplies, claimed ITC, electronic ledgers, refunds, ITC reversals and reverse charge payments-and complete monthly reconciliations, ISD entries, invoice amendments, vendor identification, agreement renewals and revenue recognition mapping before the final extended cut off. (AI Summary)
Goods and Services Tax - GST
GST rates for real estate changed, altering input tax credit eligibility and reverse charge liability for development rights.
The revised GST framework distinguishes rates for affordable, non affordable residential and qualifying commercial apartments, disallows input tax credit for supplies under the new scheme, and requires developers to opt to retain the old scheme if desired. Liability for tax on development rights depends on timing of joint development and sale agreements with supplies intended for sale generally subject to reverse charge; time of supply follows percentage completion or occupancy/completion certificate, and valuation is determined by the prescribed deeming method tied to the date development rights were transferred. (AI Summary)
Goods and Services Tax - GST
GST audit obligations require statutory, departmental, special and voluntary management reviews with prescribed procedures and timelines.
GST provides statutory, departmental and special audit regimes to verify declared turnover, taxes, refunds and input tax credit and to assess compliance. Statutory audit mandates audited accounts, annual return and a reconciliation statement filed in prescribed form for taxpayers above the turnover threshold; departmental audit allows officers to inspect records with prior notice and set timelines for completion; special audit permits appointment of a CA/CMA by the administration for complex valuation or abnormal credit issues. Voluntary management and IT audits serve as non mandated assurance reviews. (AI Summary)
Goods and Services Tax - GST
Audit documentation obligations under GST ensure sufficient working papers to support audit procedures and evidence retention.
Audit documentation under GST must comprise written and electronic working papers sufficient for an experienced auditor to understand the nature, timing and extent of procedures, results obtained, and significant judgments. Required items include engagement and offer letters, audit plan and programme, detailed observations with documentary references, evidence such as returns and invoices, written representations, risk assessment records, and indexed electronic file lists cross linked to statutory return parts. Documentation supports planning, accountability, peer review, future audits, and must be retained and protected as the auditor's property consistent with record retention and confidentiality obligations. (AI Summary)
Goods and Services Tax - GST
TaxTMI 
TaxTMI 
27 Jun 2020 
3 Replies 
