Notification No. 50/2020 – Central Tax, dated 24.06.2020-simple text Vide Notification No.50/2020-Central Tax, dated 24.06.2020, substitute new table in rule 7 of CGST Rules, 2017 has been done retrospectively from 01.04.2020. For the taxpayers, simple text is as under in easy manner: Rate of tax for the composition taxpayer is as under: S.No. Category of […]
Allahabad HC gives Respite to schools on payment of fee during lockdown but schools must show benevolence The Allahabad High Court on 24 June dismissed the plea demanding full waiver on school and college fee in the state of Uttar Pradesh for the period they have been closed or will remain so due to the […]
In continuation with the earlier article where registration process under MSME Act was elaborated, this article covers the benefits of being an entity registered under MSME, Act. Read-Registration under MSME Act ♦ Benefits of MSME registration Collateral Free Automated Loan A scheme for in principal approval for business loan up to 5 crores, available in […]
What’s Udyog Aadhaar? – It is an identification system, similar to Aadhaar, but specifically for businesses. Earlier Udyog Aadhaar Registration was an online method by which an MSME can get a 12-digit Udyog Aadhaar Number and then go for MSME registration. Therefore, one can say that both are different, but now Udyog Aadhaar registration is the new way of MSME registration.
GST Insights- Further Relief Measures- COVID-19 –Updated Compliance Chart for GSTR-3B and GSTR-1 -Reduction in Late fee in filing GSTR-3B -Change in calculation of Interest amount if filed after relief dates -Relief provided in filing GSTR-3B for May 2020 to August 2020 -Reduced rate of Interest @9% if GSTR-3B filed by Sept. 20 -One-time chance […]
Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?
