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Parmeet Kaur

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All About HSN And SAC Code Under GST

November 21, 2021 24678 Views 0 comment Print

HSN stands for Harmonised System of Nomenclature code, it is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO) (formerly the Customs Co-operation Council), an independent intergovernmental organization based in Brussels, Belgium, with […]

Proof of Principal Place of Business For GST Registration

July 6, 2021 162645 Views 29 comments Print

GST registration is a simple online process. However, it get’s rejected, the most common reason of rejection/objection is defect in proof of principal place of business. This article analyses and explains the admissible proof of place of business for GST registration. As per GST REG-01 PART B of CGST Rules, 2017 read with Rule 8 […]

Income Tax – Exmeptions And Extension Of Due Dates

June 26, 2021 2511 Views 0 comment Print

CBDT on 25 June, 2021 considering hindrances caused by Covid, extended due dates for certain compliance and exempted COVID treatment expenses incurred by employers. Summary: Exemptions: 1. Covid treatment expenses by employers for employees for FY 2019-20 and subsequent years. 2. Ex-gratia payment received by family members of employee deceased due to Covid for FY […]

GST Exemption of Mid-Day Meal Services to Educational Institutions

June 20, 2021 7611 Views 1 comment Print

Various representations have been received by CBIC seeking clarification regarding applicability of GST on exemption of serving of food in schools under Mid-Day Meals Scheme if such supplies are funded by government grants and/or corporate donations.

Why LLP is Better Than Private Limited?

June 1, 2021 3477 Views 0 comment Print

The following table depicts various advantages of forming a Limited Liablity Partnership (LLP) over Private Limited Company. Basis Limited Liablity Partnetship Private Limited Company Minimum and maximum number of partners/members Minimum : 2 partners Maximum : No limit Minimum: 2 members Maximum: 200 members Form of contribution The contribution may either be in form of […]

Exports Under GST- Microscopic View

May 28, 2021 1824 Views 0 comment Print

This Article amplifies and decodes the scope and applicability of Goods and Service Tax (GST) on export of goods and services. 1. Exports are priority of every country, since it is one of the largest source of earning foreign currency. To promote export of goods and services, tax exemption is granted by the government, like […]

Mandatory GST Registration

May 28, 2021 40245 Views 0 comment Print

GST registration is not mandatory perse, its applicability is dependent upon certain conditions. For proper understanding of mandatory application of GST registration, it is divided into two categories (i) Mandatory registration based on Turnover, and (ii) Mandatory registration irrespective of Turnover. MANDATORY GST REGISTRATION BASED ON TURNOVER Every supplier making a taxable supply of goods […]

Post Incorporation Compliances for Companies- Simplified View

May 28, 2021 2529 Views 0 comment Print

Article explains Compliance related to First Board Meeting, Appointment of First Auditor, Issue of Share Certificates, Opening of Bank Account, Commencement of Business, Filing of annual return (Form MGT-7), Filing of financial statements (Form AOC-4), DIN KYC, Holding annual general meeting, Books of Accounts and Maintenance of Registers. 1. First Board Meeting with 30 days […]

Trust, Society or Section 8 Company- Which is Best Option?

May 17, 2021 8430 Views 1 comment Print

A NGOs (Non-Governmental Organization) also known as NPOs (Non-Profit Organizations) are organizations formed for non-profit or selfless purpose, these organizations are generally formed for promotion of arts, science, commerce, sports, social welfare, religion, charity, environmental protection any such other objects. An NGO can be formed either as a: 1. Section 8 Company, or 2. Trust, […]

Trust Registration Process

May 17, 2021 27318 Views 1 comment Print

TRUST – MEANING A trust is a harmonization where the owner (settler/author) of the Trust transfers the property to another party (trustee) for the benefit of a third party (beneficiary). Step 1 – Decide Trust Details First step is to decide the following details concerning Trust: Name of the Trust Address of the Trust Objects […]

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April 2024