Make cost auditing mandatory for state coops, PSUs : ICAI
Vadodara, May 20, 2018
The Institute of Cost Accounts of India (ICAI) has urged the centre as well as state governments in Gujarat, Rajasthan, Kerala and Haryana among others to make it compulsory for the co-operatives and PSUs to adopt cost auditing.
Liquidated damages proceeds to attract 18% GST, says AAR
New Delhi, May 19, 2018
Mumbai-based Authority of Advanced Ruling (AAR) for the goods and services tax (GST) has held that payment made on account of ‘liquidated damages’ will attract an 18% GST as it is an independent levy which can’t be treated as reduction of the contract price.