The following are the various legal entities vide which business can be started in India 1. INDIAN COMPANY The following are the models to set up business as an Indian company- Joint Venture Wholly Owned Subsidiary N.B. :- The JV/Wholly Owned Subsidiary is set up as (i) Private Limited or (ii) Public Limited Company, as […]
GST Have enrolled new option of Filing GSTR-3B Now you can be filed as a nil return if there are no Sales(outwards Supply) and Purchase (Inward supply) in the month. This form can be filed Nil in offline mode (by SMS). Nil GSTR-3B can be file for a tax period if you. Have NOT made […]
In order to ease the process of filing of GST Returns, the Government has initiated the facility of SMS Services through which NIL GST Returns can be filed without logging to the GST Portal. Facility for GSTR 3B has already been available since 8th June 2020 and facility for GSTR1 will be available from 1st […]
1. Income Tax New disclosures asked in the new ITR forms 1 to 7 are: i. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4. ii. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR […]
Due to this pandemic situation every person is limited with resources either in the terms of funds or in terms of compliance, so in this pandemic situation, to boost the entrepreneur and to encourage him the government comes forward and introduce an one time late fees waiver for all the previous returns in which Company […]
The Authority for Advance Ruling (AAR, Karnataka) has pronounced a ruling that parantha (frozen / packaged) is different from plain roti and as such shall attract a higher rate of GST, i.e., 18% instead of 5% applicable to roti. [In Re: ID Fresh Food (India) Pvt. Ltd. (2020) 6 TMI 183 (AAR, Karnataka)]. In the […]
Treatment of bitcoins as goods/property would mean that supply of bitcoins is a ‘taxable supply’ and hence subject to GST. However, a supply of bitcoins as goods or property in exchange of other virtual/real goods should technically fall within the ambit of ‘barter transaction’ since bartering is simply an exchange of one good for other goods.
Revocation of Cancellation of Registration u/s 30 of CGST Act, 2017 via Removal of Difficulty Order No. 01/2020-Central Tax dated 25th June, 2020 GST has travelled 36 months journey with various milestones and stoppages. Law has seen many ups and downs. Tax payers have witnessed many such issues which were not that significant but have […]
This article deals with dilemma about extension of due dates in case of composition taxable persons. This article specifically deals with extension of due dates in respect of CMP-02, CMP-03, CMP-08, GSTR-4 and ITC-03 Notification 34/2020-CT dated 03-04-2020, extended the due date of quarterly payment of tax in case of composition taxable persons in Form […]
S.No 12 of the Notification No. 12/2017 dated 28.06.2017 vide Heading No.9963 has provide for the following exemption: ‘Services by way of renting of Residential dwelling for use as residence‘ This exemption entry would be applicable when the following factors are present: 1. Residential Dwelling The term ‘residential dwelling’ is not defined in Central Goods […]
