A large number of representations were received from various quarters for waiver of fee or condonation of delay and relaxations in additional fee on the ground of excessive financial burden. It is also noted that a large number of LLPs are not filing their due statutory documents which are required to be filed with the […]
Relaxation to statutory and regulatory compliance due to pandemic Corona-virus (COVID-19) Entire word is facing pandemic corona-virus (COVID-19). Maharashtra had the highest number of the corona-virus (COVID-19) cases as of April 3, 2020. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central […]
GST returns Due date, interest and late fee amendment as per various Notifications issued on 03.04.2020 Note : As per CGST Circular No. 136/06/2020-GST 3rd April, 2020 para 3 Sr. No. 2 “The due dates for furnishing FORM GSTR-3B for the months of February, March and April, 2020 & GSTR 1 Mar, April and May […]
The spread of Novel Corona Virus (COVID-19) across many countries of the world, including India, has caused immense loss to the lives of people and resultantly impacted the trade and industry. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central Goods and […]
As we move into the New Financial Year 2020-21 here are a few important things every businesses must do. 1. New Billing Series: If your business has GST registration you must start a new billing series for your Sales Invoice, Debit Note & Credit Note. As per Section 31 of the CGST Act, 2017 a business […]
The market regulator Securities and Exchange Board of India (SEBI) provided many relaxations to the listed entities w.r.t. the strict timelines of compliances amid the outbreak of corona virus so that the people of India do not have to go out in any case to adhere to such strict timelines of various acts regulated by […]
In Indirect Taxes Regime tax/duty was charged on various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of State etc. This have been done away in GST with in favour of just one taxable event i.e. ‘Supply‘. The taxable event in GST is supply of goods or services or both. […]
Articles presents GST Returns filing date chart for the period Feb 2020 to May 2020 for Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding Financial year, Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to 5 crores in the preceding FY and Taxpayers having […]
Practical examples and solutions to understand applicability of reduced interest under GST There has been whole lot of discussions about how the applicability of reduced rate of interest and waiver of late fees shall work in case of taxpayers having turnover exceeding Rs. 5 crores. The Notification Nos 31/2020, 32/2020 and 33/2020 – Central Tax […]
Explains repatriation rules for NRO accounts, including limits, permissible transfers to NRE accounts, remittance conditions, credits, debits, and FEMA compliance.
