"11 July 2020" Archive

E-Way Bill- Provisions & Applicability

Applicability : Whenever  there is a Movement of Goods of Consignment Value > Rs. 50,000. – In relation to Supply – In relation to Other Than Supply – Inward Supply from Unregistered Person Movement Of Goods : E-way Bill is not required for all transactions, only required for those which involves movement of goods wh...

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Disclosure requirements regarding MSME dues under MSMED Act, 2006

The MSME Development Act, 2006 (‘MSMED Act’) strengthens the provisions relating to delayed payments to the Micro, Small and Medium Enterprises (‘MSME’) by specifying the maximum credit period and higher penal interest if delayed beyond that period. If there is a delay in payment, companies will have to mention the reason for such...

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Relaxations under IBC due to COVID 19 and its impact

A financial creditor may himself or through a joint application can file application for initiating insolvency proceedings against corporate debtor if the amount of default exceeds the threshold limit of INR 1 Crore. Financial creditor means a person to whom a ‘financial debt’ is owed. E.g. lenders...

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Cases where generation of E-way bill under GST is not mandatory

It is been 36 months since the inception of GST aura in 2017. Since then many dealers, producers & traders are struggling with the complicated provisions of GST. Slow moving Indian economy is projected to achieve growth rate of 4.5% in the year 2020-21 amid this COVID-19 lockdown conditions. However many liberal steps have been [&hell...

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Job Work Under GST | Section 143 | CGST Act 2017

This Article explains about the Job Work under GST its Procedural Part, Document to be issued and Obligation of record to maintain. Disclosure in GSTR-1, Clearance of Scarp or Waste generated, Transitional Provision, ITC Credit, and filling of Quarterly return ...

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Joint Development Agreement (JDA) & GST

JDA is common factor in the real estate sector which tied between the landowner and the developer in an agreement for the construction of new Building / projects. In return by the developer agrees to provide like i. Lump sum consideration, ii. Percentage of sales revenue, or a certain percentage of the newly constructed project […]...

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Refund of tax (GST) | Section 54 | CGST Act 2017 | Part -2

Simplified GST Series –Section 54 Refund of Tax – Part -2 CGST Rules 2017 relating to Refund of Tax- Rule 89-Application for refund of tax, interest, penalty, fees or any other amount-  Summary of sub –rules-  Sub –rule (1)- Any person claiming refund of any tax, interest, penalty, fees or any other amount other than […]...

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Who is required to file Return of Income under Income Tax Act?

1. Sec 139 of Income Tax Act a. As per sec 139(1), being a company or a firm [mandatorily required to file Return of Income (ROI)] ; or being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he […]...

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Benefits of using Point of Sale (POS) software for small businesses

Are you still using a cash register and traditional methods to manage your retail operation business? If you have been hesitant in the past, though, there’s no better time to upgrade than now. POS systems are user-friendly and more cost-effective than ever. With a POS system, you’ll see benefits not just at the checkout in [&h...

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Redemption vs. Switching in Mutual Funds?

Redemption of Mutual Fund Unit vs. Switching in Mutual Funds? In the first week of July, the capital market regulator of India SEBI has provided a clarification finally ending speculations over whether any stamp duty shall be payable on the redemption of mutual funds. It asserted that no stamp duty shall be eligible on the redemption o...

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