On 20th September 2021, CBIC issued a Circular No. 160/15/2021-GST which in simple language reads as under: The intent of law as specified in the Memorandum explaining the Finance Bill, 2020 states that “Clause 118 of the Bill seeks to amend sub-section (4) of section 16 of the Central Goods and Services Tax Act so […]
GST Registration can be cancelled either suo-moto or on application filed by the registered person. But why would a person want to cancel the registration? Circumstances that would warrant the registered person to cancel his registration are: a) The business has been discontinued/transferred fully for any reason/amalgamated with other legal entity/demerged, or otherwise disposed of/death […]
Now Ministry of Corporate Affairs (MCA) has amended the Companies (Specification of definition Details) Rules, 2014 w.e.f. 1st April 2021 to give effect to higher monetary limits for a private company to be considered as a small company. The limit of maximum Paid-up capital has been increased from Rs. 50 Lakh to Rs. 2 Crores and the maximum turnover limit has been increased from Rs. 2 Crores to Rs. 20 Crores to be a small compan
Common credit means that part of ITC which cannot be identified specifically to taxable supplies including zero rated or exempt supplies or non- business rather commonly used for taxable supplies, exempt supplies or/and for non-business use. For Input goods and services: Rule 42 of the CGST Rules 2017 prescribe the ITC reversal on the supplies […]
In common parlance Ease of Doing Business is an index which has been created in order to facilitate comparability across economies and indicate which businesses ace in the environment of simpler government regulations and stronger protection of property rights. This index is meant to measure regulations directly affecting businesses and does not directly measure more […]
Last year the Budget 2020 came with an additional compliance on part of the sellers to collect TCS u/s 206C(1H) as was announced by the Hon. Finance Minister . Now with the rolling out of this Budget, the impetus has been shifted upon the buyer. However, with the introduction of this New Section194Q, following questions […]
College, as we all know, is an exciting and challenging undertaking for most students. Moving away from your parents, living on your own (or with a roommate), making decisions for yourself and having to manage your own finances are just a few of the roadblocks you will be facing. H
The flag bearer of the initiative Aatmanirbhar Bharat Hon. Finance Minister Nirmala Sitharaman paved the way by laying down a corpus of Rs.20 lakh crore at the disposal of these massive policy reforms.
Subsequent to qualifying as a MSME the following needs to be ensured to get registered in order to reap maximum benefits available which are:
