Introduction: India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. India’s overall textile exports during FY 2017-18 stood at US$ 39.2 billion in FY18 and stood at US$ 38.70 billion in FY19 and is expected to increase to US$ 82.00 billion by 2021..The Indian textiles industry is extremely […]
GST, a paradigm shift from origin based tax to destination based tax, has been introduced in India with one of the objectives to provide an uninterrupted and seamless flow of input tax credit, and a mechanism to avoid cascading of taxes. Thus, to ensure this smooth flow of credit and also authencity of credit claimed […]
Article Explains about E-Invoice Under GST, Misconception About E-Invoice Under GST, E-Invoice Scheme, Benefits From E-Invoice under GST, E-Invoice Portal [Invoice Registration Portal – (IRP)], Steps of Generation of E-Invoice under GST, QR Code, Modes of Generation of E-Invoice under GST and Other Important points of E-Invoices under GST. Detailed Note is as follows:- 1. […]
38th GST Council Meeting dated 18-12- 2019 1) GSTR-1 Late Fee Waiver on GSTR-1 1. Notification 4/2018-CT dated 23-01-2018, reduced late fee for delayed filing of GSTR-1 from Rs. 2 00/- per day to Rs. 50/- per day. For NIL returns it was reduced to Rs. 20/- per day 2. Notification 75/2018-CT dated 31-12-2018 waived […]
Circular Trading is not a new concept in India, it has been ever existing in the Indian Market, but many tend to believe that it only takes place in the stock market. However, that is not the case, Circular Trading can also take place into companies or trading businesses. Before we further get into the depth and analysis of circular trading, let’s start with the basics and try to understand the following aspects.
It is important to note that whatever is recommended by GST Council , does not becomes the law unless and untill the recommendation is notified in the offical garetta of India. The GST Council in its 37th meeting held in Goa had made the following recommendation , which are yet to be notified √ Small […]
Definition of affordable housing: A residential house/flat of carpet area of up to 90 sqm in non- metropolitan cities/towns and 60 sqm in metropolitan cities having value up to Rs. 45 lacs (both for metropolitan and non- metropolitan cities). Metropolitan Cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), […]
Composition Scheme for Services under GST Effective from 1st April,2019 – Notification No. 2/2019-Central Tax (Rate) dated 7th March, 2019 1) Description of supply First supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year, by a […]
1. Upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr. 2. A Composite dealer (in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding –
1) The following classes of taxpayers shall be exempted from obtaining registration: a. Suppliers of services, having turnover upto Rs. 20 lakh, making inter State supplies; b. Suppliers of services, having turnover upto Rs. 20 lakh, making supplies through e-commerce platforms.
