In these article we will see the resolution for the error of ‘Invalid Summary Payload’ in GSTR-10. The steps to resolved the error are: 1. What is Form GSTR-10? Ans. A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is statement […]
The CBIC has notified the Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019. The said Notification has also revamped the entire method of availing credit, by inserting a new Rule i.e. Rule 36(4) in the CGST Rules, 2017. The rule seeks to restrict credit in […]
In the below given situation, there are four different parties involved with three different transactions between them for supply of goods. All these transactions in together lead to single movement of goods. The transaction is explained as below: 1. D places order to C (Trader) for supply of material X; 2. C orders the same […]
This article aims at covering most of the concepts of recently issued Ind AS 116 by the ICAI and MCA which will supersede the earlier issued standard Ind AS 17 on leases w.e.f. 01st April 2019 1. Introduction Ind-AS 116 Leases brings significant changes in accounting requirements for lease accounting, primarily for lessees. Ind-AS 116 […]
The Implications of GST on Sale of Capital Goods Questions arises in relation to this are 1. Implications of GST on Capital Goods that are bought under the erstwhile Indirect Taxes Regime (Excise, VAT) 2. Implications of GST on the Sale of those Capital Goods whose ITC is not allowed under GST. 3. Implications of […]
CBIC has recently issued notification no. 49/2019-CT dated 9 October 2019, through which sub-rule (4) has been inserted in section 36 of the Central Goods and Services Tax Rules, 2017. By virtue of the said insertion, a restriction has been imposed on the taxpayers for availing input tax credit (ITC). ITC of unmatched credits, can […]
Section 35D of the Income Tax Act, 1961 deals with the Amortization of Expenditure incurred in respect of Preliminary Expenses. Preliminary Expenses: These are those expenses which are incurred for setting up of new business i.e., before commencement, or for extension of existing undertaking or in connection with setting up of a new unit. These […]
Many decisions have been taken by the GST Council in its various meeting for the betterment and befit of MSME Sector: Details of such major decisions are as below 1. Goods, which are manufactured majorly by the unorganized MSME Sector, have been kept at lower rates or are exempted. For example: Electrical switches and wires, […]
What is Startup India? Startup India, initiated by the Government of India is a flagship initiative launched in January 2016. This initiative is taken by the government of India to boost the ecosystem for supporting innovation and startups in India. Through this scheme, the government is looking forward to driving sustainable economic development and enhance […]
Article explains What is Dormant Company, advantages of dormant company, Which company can apply for dormant status, process to apply for Dormant Status of Company, For how long a company can remain dormant company, What are the compliances for dormant company, How can a company become active again? What is Dormant Company? The concept of […]
