Moving towards rolling out GST from 1st April 2017, the first GST council meeting was held on 22nd & 23rd September 2016.The GST Council, which is headed by Union Finance Minister Arun Jaitley, includes representatives of all the 29 states and 2 union territories. In the first meeting, the members discussed several issues related to composition scheme, threshold […]
Why your business needs bookkeeping services?
A startup is an organization that is under control of one or more entrepreneurs and aims at bringing a new product or service to the market. In most cases, founders fund initially for setting up a startup. They invest a substantial amount of time and money in research. Mostly, young entrepreneurs are involved in the […]
Comparison between GSTR-1 and GSTR-3B
Every dealer registered under GST has to file monthly and quarterly GST Returns. These returns are required to collect information from registered dealers and pass on the Input Tax Credit. In this article, we shall be discussing the comparison between GSTR-1 and GSTR-3B returns in detail. What is GSTR-1 and GSTR-3B? GSTR-1 is a monthly or […]
Keep in mind before opting for Voluntary GST registration
Goods and services tax is a single, consumption-based tax applicable on sale, manufacturing, and trade of goods and services. A business exceeding the turnover of Rs 20 lakh in a financial year (Rs 10 lakh for North Eastern and hill states) is eligible to get GST registration. Many businesses opt for voluntary GST registration in India […]
What is GST credit and how to avail it?
GST Credit is commonly known as Input Tax Credit (ITC), is the credit of ‘input tax’ paid by a person for the use of goods or services or both in the course or furtherance of business. ‘Input tax’ here means: Central GST, State GST, Integrated GST, Union Territory GST charged on supply of goods and/or services but […]
Prosecution Immunity & Penalty Waiver for Compliance Filing
The new financial year 2020-21 has started today. It is a testing time for all businesses across the world on account of the Coronavirus lockdown. We are all working from home and available to support our clients.In an effort to give a fresh start to existing companies and LLPs, the Government has unveiled schemes for […]
Corona Virus – Due Dates Extension
Income Tax Due Date Extension F.Y 18-19 last date for filing income tax return has been extended to 30th June 2020. For delayed income tax payment made till 30th June 2020, delayed payment on income tax will be reduced to 9% from 12%. No due date extension for TDS deposit, but delayed deposit of TDS […]
About 92% of large taxpayers filed annual returns for 2017-18: GSTN
This is the first time businesses registered under the GST have to file an annual return, GSTR-9, and a reconciliation statement, GSTR-9C, after the tax was launched 2017 The GST Network (GSTN) on Sunday said around 92% of large taxpayers with a turnover of over ₹2 crore have filed annual returns for the 2017-18 fiscal. […]
CBIC Notifies Exemption of Customs Duty against Scrips Issued under 2% Additional ad hoc Incentive for Mobile Phones
The Central Board of Indirect Taxes & Customs (“CBIC”) has notified regarding exemption of duties of Customs against scrips issued under the 2% Additional ad hoc incentive for mobile phones vide Notification No 14/2020 – Customs dated February 14th, 2020 (“said Notification”). Notification No. 24/2015 – Customs dated April 8th, 2015 (“original Notification”) has been amended vide the said […]
CBIC further extends the due date for filing Form TRAN – 1 till Mar 31, 2020
The CBIC vide Order No. 01/2020 – GST dated February 07, 2020, which extends the time limit for submitting the declaration in Form GST Tran – 1, under Rule 117(1A) of the CGST Rules, 2017 for such class of registered person who could not submit the declaration by the due date on account of technical difficulties on the […]