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Ca Chakka Thiruvayu Kumar

Latest Posts by Ca Chakka Thiruvayu Kumar

Compliance for transactions done with Micro & Small Enterprises

February 25, 2023 3573 Views 2 comments Print

MSME Compliance Guide: Mastering Transactions with Micro & Small Enterprises – Key requirements and classifications for businesses.

Common Errors in GSTR-3B & GSTR-1 & Possible Solutions

June 6, 2021 59571 Views 10 comments Print

-Returns are a way of communicating business data to the -Different types of returns are prescribed for sending different types of -In this presentation common errors relating to returns GSTR-1 and GSTR-3B are -No Revised Return Record wise amendment possible.   Law relating to filing and amendment of GSTR-1 Section Details 37(1) Obligation to file […]

Verbatim wise meaning & credits which are not blocked u/s 17(5)(d) of IGST Act

December 4, 2020 14658 Views 2 comments Print

Input Tax Credit (ITC) is available on all type of purchases (goods or capital goods or services) if they are used for business (Sub-Section 1 of Section 16). But there are exceptions to this rule. In case of certain purchases ITC is not available even if they are used for business. Such types of purchases […]

Incomes which are exempted under Section 11 of Income Tax Act, 1961

November 30, 2020 71985 Views 4 comments Print

Similar to Section 10, incomes mentioned in Section 11 also does not form part of the total income. There are various conditions to be fulfilled for claiming exemption under this Section. However in this article, an attempt is made to understand basically what types of incomes are exempt under this Section. So for understanding purpose […]

Recent Changes and Benefits to MSME

June 8, 2020 7554 Views 0 comment Print

MSME History ♣ Support measures for Micro, Small & Medium Enterprises are contained in the 2 Acts and notifications issued: ‘The Industries (Development & Regulation) Act, 1951’ & ‘The Micro, Small and Medium Enterprises Development Act, 2006’ Need for MSME division Under Industries (Development & Regulation) Act, manufacturing licence will be given only after “full […]

AP State Government ReSTART package for MSME

May 25, 2020 3255 Views 0 comment Print

01. About ReSTART Package -Government of Andhra Pradesh announced ReSTART package -This package provides certain financial benefits to the MSME and large units located in Andhra Pradesh. -This package is announced vide G.O.Rt.No.103 dated 15-5-2020 and G.O.Rt.No.104 dated 19-05-2020. -The objective of this package is to support the industrial units to enable them to restart […]

Who has to file GSTR-9 & GSTR-9C Annual Returns & due dates for FY 2018-19

April 25, 2020 103911 Views 1 comment Print

There have been many amendments, relaxations, due date extensions and many more in respect of GST Annual Returns. In this article these aspects and key features were briefly discussed with bullet points providing relevant notification references wherever required.  At the end of the article, due date table was also given for ready reference. This article […]

Logic behind not extending GST Returns due date

April 13, 2020 4275 Views 2 comments Print

Reasons and Logic behind not extending the GST Returns due date but giving exemption from payment of Late Fee and Interest for February, March and April 2020 due to COVID-19 pandemic Whenever there are exceptional situations, the return filing due dates will be extended which we have seen many times in GST era also. Presently […]

Late Fee & Interest waiver for late filing of GSTR-3B for Feb, Mar & Apr 2020

April 5, 2020 7728 Views 6 comments Print

Late fee & interest is payable if GSTR-3B is filed after the due date. In case of difficult periods, generally the due dates will be extended to give relief from the payment of late fee & interest. But during this COVID-19 difficult times, Government has chosen different & innovative method. Instead of extending the due […]

GST Interest not payable until manner of calculation is notified u/s 50(2)

March 5, 2020 20721 Views 4 comments Print

Sub-Section 2 of Section 50 mandates interest is to be calculated in such a manner as may be prescribed. However, so far no notification is issued under this Sub-Section. Hence no interest is payable under the provisions of CGST Act, until the manner of calculation is notified under the provisions of Section 50(2) of CGST Act.

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