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