The Central Govt. has notified revised method of classification of micro, small and medium enterprises w.e.f. 1st July 2020. Those who could not find time to read entire notification or could not get any point clearly, may go through the following gist with examples for simple but clear understanding. 1. The classification of entities based on investment […]
The Report Cover Impact of Covid -19 on Industry in India. From March 2020 to next 9 months are very unpredictable for all Companies. This was completely dominated by the COVID-19 Pandemic. It is seen in history never & first time that nearly everyone in the world has decided to stay at home, quarantined. We […]
Equalisation levy was initially brought to impose tax on online advertisement including provision of digital advertising space on certain entities which did not have any physical presence in India but which earned revenue from Indian advertisers. The levy required every resident making payment for such services to deduct 6% equalization levy and deposit it to […]
Notification No. 50/2020 – Central Tax, dated 24.06.2020-simple text Vide Notification No.50/2020-Central Tax, dated 24.06.2020, substitute new table in rule 7 of CGST Rules, 2017 has been done retrospectively from 01.04.2020. For the taxpayers, simple text is as under in easy manner: Rate of tax for the composition taxpayer is as under: S.No. Category of […]
Allahabad HC gives Respite to schools on payment of fee during lockdown but schools must show benevolence The Allahabad High Court on 24 June dismissed the plea demanding full waiver on school and college fee in the state of Uttar Pradesh for the period they have been closed or will remain so due to the […]
In continuation with the earlier article where registration process under MSME Act was elaborated, this article covers the benefits of being an entity registered under MSME, Act. Read-Registration under MSME Act ♦ Benefits of MSME registration Collateral Free Automated Loan A scheme for in principal approval for business loan up to 5 crores, available in […]
What’s Udyog Aadhaar? – It is an identification system, similar to Aadhaar, but specifically for businesses. Earlier Udyog Aadhaar Registration was an online method by which an MSME can get a 12-digit Udyog Aadhaar Number and then go for MSME registration. Therefore, one can say that both are different, but now Udyog Aadhaar registration is the new way of MSME registration.
GST Insights- Further Relief Measures- COVID-19 –Updated Compliance Chart for GSTR-3B and GSTR-1 -Reduction in Late fee in filing GSTR-3B -Change in calculation of Interest amount if filed after relief dates -Relief provided in filing GSTR-3B for May 2020 to August 2020 -Reduced rate of Interest @9% if GSTR-3B filed by Sept. 20 -One-time chance […]
Composition Scheme under section 10 of CGST Act, 2017- Great Initiative for Small Tax payers under GST Act Composition Scheme {Section 10 of CGST Act, 2017} -Composition Scheme is a simple and easy scheme under GST for taxpayers. -Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of […]
It is important to note that the industry was waiting for definition change in MSME for quite a long time. As there was fear among MSME that if they grow in terms of number, they might lose the title of being MSME and lose benefits of Government provided for MSME.
