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 GST Implementation
1) GST is replacement of VAT, Service Tax, Excise and Luxury Tax.
2) All Businessmen and Service provider should take GST registration if Turnover of their business crossing the limit of 20L.
3) Composition scheme is available for small dealer whose turnover is below 75L.
4) Monthly GST return to be filled from July month onward.

Changes in income tax
1) Rebate under section 87A [applicable in the case of a resident individual having net income not exceeding Rs 3.5 lakh Rebate under section 87A- A Resident individual (whose net income does not exceed Rs.3, 50,000) can avail rebate under section 87A. It is deductible from income tax before calculating education cess. The amount of rebate is 100 per cent of income- tax or Rs.2, 500, whichever is less.
2) Surcharge is applicable as a % of income –Tax rates table 15%, 7% (on Rs.1 crore and Rs.10 crore.
3) Firms – A firm is taxable at the rate of 30per cent for the assessment years 2018-19.
4) Marginal relief – The provisions pertaining to marginal relief are given below-
If the net income exceed Rs.50 lakh the total amount payable as income –tax and surcharge on such income shall not exceed the total amount payable as income –tax on a net income of Rs.50 lakh by more than the amount of income that exceed Rs.50 lakh.

 Income computation and disclosure standards
Standards 1 RELATING TO ACCOUNTING POLICIES
• Market to market loss or an expected loss shall not be recognized unless the recognition of such loss in accordance with the provision of any other income computation and disclosure standard.
• If the fundamental accounting assumption of going concern consist- tansy and accrual are followed, specific disclosure is not required. If a fundamental accounting assumption is not followed, the fact shall be disclosed.
Standards 2 RELATING TO VALUATION OF INVENTORIES
• Inventories shall be valued at cost, or net realizable value, whichever is lower
• Interest and other borrowing costs shall not be include in the costs of inventories, unless they meet the criteria for recognition of interest as a component of the cost as specified in the income computation and Disclosure standard on borrowing costs.
• Cost of inventories shall be assigned by using the first-in first-out (FIFO), or weighted average cost formula. The formula used shall reflect the fairest possible approximation to the cost incurred in bringing the items of inventory to their present location and condition.
Standards 3 RELATING TO CONSTRUCTION CONTRACTS
Standard 4 RELATING TO REVENUE RECOGNITION
Standard 5 RELATING TO TANGIBLE FIXED ASSETS
Standard 6 RELATING TO CHANGES IN FOREIGN EXCHANGE RATES
Standard 7 RELATING TO GOVERNMENT GRANTS
Standard 8 RELATING TO SEURITIES
Standard 9 RELATING TO BORROWING COSTS
Standard 10 RELATING TO CONTINGENT ASSETS