"14 May 2020" Archive

FM announces measures to support poor, migrants, farmers, tiny businesses & street vendors

• Free food grains supply to Migrants for 2 months. • Technology system to be used enabling Migrants to access PDS(Ration) from any Fair Price Shops in India by March,2021-One Nation one Ration Card. • Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched....

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Posted Under: Finance |

Revised Definition of MSME

Key Points Investment limit will be revised upwards. Additional criteria of Turnover. Both are cumulative conditions as there is used “and”. Criteria for Manufacturing & Services to be same Both are cumulative conditions as there is used “and”. We can understand this with the help of the following illustrations: Illustration 1...

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Posted Under: Finance |

Salary from company is part of aggregate turnover for GST threshold?

Partner salary, income from salary from  Company and various other income interest  on Loan and deposit , Interest on debenture , rent on commercial building , rent on residential unit and Capital Gain on Shares will be added for Aggregate turnover In GST for computing threshold limit of Rs,. 20 Lacs or 40 Lacs. Lets […]...

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Posted Under: Finance |

Rectification of GSTR-3B- Analysis of Delhi HC Judgment

Delhi HC allows rectification of GSTR-3B in the month to which the mistake relates The Delhi HC in the matter of Bharti Airtel Ltd vs UOI, allowed the rectification of mistakes in GSTR 3B in the same month to which the mistake pertains reading down para 4 of Circular No. 26/26/2017-GST which restricted it to […]...

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Posted Under: Finance |

Law of GST In Case of Death of Sole Proprietor

In the present Article, I am going to discuss the law and provisions of GST applied in case of death of sole proprietor. There are number of events when and where the transfer of business takes place few of the reason are mentioned herein below: a) sale of the business, b) merger, c) de-merger, d) insolvency, […]...

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Posted Under: Finance |

TCS Rate Chart for AY 2020-21 and AY 2021-22- Updated

Article contains updated TCS Rate Chart for For Assessment year 2020-21 (Financial year 2019-20) and Assessment year 2021-22 (Financial year 2020-21) updated with latest changes made by press release dated 13th May, 2020 and Finance Act, 2020. It further explains newly inserted TCS Provisions of Section 206C(1G)(a) – TCS on foreign ...

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SOP for non GST Return filers during lock-down- Problem & solutions

SOP for non filer regarding Circular No.129/48/2019-GST and chaotic situation during the lock-down process and its problem and solutions Base of the Provision 1.1 As per the circular, the GST Department plans to act tough with non-filers of returns and cancel their registration. It has also decided to update the progress made in this rega...

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Posted Under: Finance |

Cross Charge Vs Input Service Distribution – ISD is not a substitute for Cross Charge and Vice-Versa

Cross Charge Vs Input Service Distribution – ISD is not a substitute for Cross Charge and Vice-Versa Goods & Services Tax (GST) is one of the biggest tax reformations in Indian Indirect Tax History. With this reformation there are many unsolved issues which are still exist even after 3 years of implementation of GST Law. […]...

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Posted Under: Finance |

A Massive Hit to Genuine Exporter of Goods claiming Refund of Input Tax Credit

Exports play a pivotal role for building an economy as it helps in influencing the level of economic growth, employment and the balance of payments. GST law provides copious benefits to exporters, however in the meanwhile we will analyse how the Indian Government has discouraged the same by modifying definition of turnover of zero-rated s...

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Posted Under: Finance |

Applicability of RCM on Director Remuneration- Version 2

Introduction As per Serial No. 6 of Notification No. 13 / 2017 – Central Tax (Rate) dated 28.06.2017, services supplied by a Director of a company or a body corporate to the said company or the body corporate is liable to tax under reverse charge. Thus, the company or a body corporate located in the […]...

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Posted Under: Finance |