Enhancing Quality of Life, Standard of Living, and Sustainability: A Holistic Perspective
In today's fast-paced world, the generation of the information age is driven by a desire for more than mere survival. We yearn for fulfilling lives, characterized by comfort, happiness, and a sustainable environment. The concepts of quality of life, standard of living, and sustainability resonate deeply with us. In this blog, we will delve into these aspects, exploring their meaning, interconnections, and how we can enhance them for a more...
Read More »The Value Chain: Understanding the Key Activities that Drive Business Success
Value Chain: In the world of business, success is often driven by the ability to create value for customers. Behind the scenes, a complex series of activities takes place to deliver products or services and satisfy customer needs. This process is known as the value chain. In this article, we will explore the key activities within the value chain and understand their importance in driving business success.
Read More »The SaaS Revolution: Empowering Businesses through Software as a Service
SaaS stands for Software as a Service. SaaS companies are businesses that provide software applications and services to customers through a subscription model. Instead of purchasing and installing software directly on their computers or servers, customers access and use the software over the internet. SaaS companies typically host the software on their own servers and handle tasks such as maintenance, updates, security, and data storage. Customers can access the software...
Read More »The Importance and Contribution of CMA Professionals in the Indian Economy
Introduction: CMA (Cost and Management Accountants) professionals hold a significant position in the Indian economy, making vital contributions across diverse sectors. Their expertise in financial planning, cost management, strategic decision-making, compliance, and governance plays a crucial role in driving economic growth and stability. In this blog post, we will delve into the importance and substantial contribution of CMA professionals in shaping the Indian economy.
Read More »A Taxing Tale: Navigating the Fiscal Skies
A Taxing Tale: Navigating the Fiscal Skies In India, tax complications arise, As we navigate through fiscal skies, At every step, tax seems to appear, evied upon us, year after year. From the moment we earn our first pay, Income tax takes its rightful way, Our hard-earned money, it claims a share, To fund the nation's welfare and care.
Read More »What is a Private Limited Company
A private limited company is a business entity in "private" ownership. Members’ contribution constitute the registered capital in a Private Limited Company and the liability of the members is limited to the amount of their registered capital which is amount of shares held by them. Shares of a Private Limited Company cannot be publically traded.
Read More »About Section 8 Company
A Section 8 Company is licensed under section 8 of companies Act 2013 as a Non-Profit Organization (NPO) formed with the objective to promote social welfare, charitable activities, religion, environmental protection, arts, science, commerce, sports, education, research, etc. and meeting objectives of the organization towards the society at large.
Read More »Changes in GST Law effective from January 1st 2022
Blocking of GSTR-1 for non-filing of GSTR 3B:- GSTR-1 return filing facility will be blocked on failing of submitting GSTR 3B for two previous periods. GST Provision related to Input Tax Credit to the recipient:- The provisions of Section 16 of the CGST Act has been amended wherein clause 16(2) (aa) inserted. As per this provision, the details of the purchase invoice or debit note referred to in clause (a)...
Read More »Summary of Key Decisions in 43rd GST Council meeting
The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs. The GST Council has made the following recommendations relating to changes in...
Read More »CBIC issued a Press Release on new functionality available in Form GSTR-2A w.r.t Import Data
Two new tables have been inserted in GSTR-2A for displaying details of the import of goods from overseas and inward supplies made from SEZ units/SEZ developers. Taxpayers can now view their bill of entries data which is received by the GST System (GSTN) from ICEGATE System (Customs). The present data upload has been done on a trial basis to give a feel of the functionality and to get feedback from...
Read More »CBIC vide Notification No. 63/2020 – Central Tax dated August 25, 2020, has notified proviso to sect
CBIC vide Notification No. 63/2020 – Central Tax dated August 25, 2020, has notified proviso to section 50(1) of the CGST Act, 2017, with effect from September 01, 2020. Interest in GST to be levied on “Net Tax liability”, Section100: In section 50 of the Central Goods and Services Tax Act, in sub-section (1), the following proviso shall be inserted, namely:–– “Provided that the interest on tax payable in respect...
Read More »GSTN: Downloading Document-wise Details of Table 8A of Form GSTR-9
1. A facility has been provided to the taxpayers to download document wise details of Table 8A of Form GSTR-9, from the portal in excel format. This can be done by using a new option of ‘Document wise Details of Table 8A’ given on the GSTR-9 dashboard, from Financial Year 2018-19 onwards. This will help the taxpayer in reconciling the values appearing in Table 8A of Form GSTR 9, thus...
Read More »Non payment of GST on services provided to the employees with nominal consideration
Where the taxable person provides Canteen Services and Conveyance services to their employees by charging a nominal consideration.
Read More »Non payment of GST on services provided to the employees without consideration
Where the taxable person provides Canteen Services, Uniform, Accommodation/Housing and Conveyance Services to their employees free of charge. Free Canteen Services:- The company provides the canteen services to the employees as per company policy as part of perquisites which is emanating from contractual obligations or as per statutory requirement under factories Act 1948 which specify that factory wherein more than two hundred and fifty workers are ordinarily employed, a canteen...
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SBLC OR CORPORATE GUARANTEE PROVIDED BY PARENT COMPANY TO INDIAN SUBSIDIARY - GST PERSPECTIVE
The guarantor, who is a parent company agreeing to perform the legal obligation by taking over the payments of the loan if the subsidiary is unable to perform its obligation The lender, who is a banking company to whom the debt is owed The debtor, the subsidiary company receiving the money and who is responsible to pay back the loan. The act of providing a corporate guarantee is the service...
Read More »Form PMT-09: Importance, Use and Guidance to File Form PMT-09
Form GST PMT-09 is now available on GST portal. It enables a taxpayer to file form GST PMT 09 for transfer of any amount of tax, interest, penalty, fee or others available under one head to another head in the Electronic Cash Ledger. To file Form GST PMT-09, a taxpayer is required to login on GST portal and navigate to Services > Ledgers > Electronic Cash Ledger > File GST...
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Budgetary Control in an Organisation: An In-depth Analysis
Budgetary control is a system for establishing the best estimate budget for each function of an organisation by management in terms of expenditure and revenue. The purpose is to know the variance between actual and budgeted results with an objective to control various costs within a particular period. The budget enables the evaluation of an organisation’s financial efficiency and planning. The shape and structure of budgetary control system, to a...
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Provisions regarding TCS applicable from 1st October, 2020
Provisions regarding TCS applicable from 1st April, 2020: TCS (Tax collection at source) is covered under Section 206(C) of Income Tax Act’1961. Tax collected at source (TCS) is a tax which is collected by a seller from it’s buyer for a transaction covered under TCS provision. Following are the list of existing applicable rate of TCS under section 206 (C) in which no changes is proposed Vide Finance Bill 2020...
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Govt raises turnover threshold for Income Tax audit of MSME in Budget 2020
Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to get his accounts audited, if his gross receipt in profession exceeds, fifty lakh rupees in any previous year.
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Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner
Ministry of Finance Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner Posted On: 22 JAN 2020 6:29PM by PIB Delhi Considering the difficulties faced by trade and industry in filing of returns, the government has decided to introduce several measures to ease the process. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Presently the last...
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Summary to Circular No. 129/48/2019-GST Dated 24.12.2019
GST department is all set with harsh decision to send automated SCNs to non-filers of 3B within 5 days of due date. Department has issued Circular No. 129/48/2019-GST Dated 24.12.2019 Following are the summary to Circular No. 129/48/2019-GST Dated 24.12.2019 Being a registered taxpayer, you are required to furnish return (GSTR 3B) by prescribed due date (20th of following month). If taxpayer does not file return by prescribed due date,...
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Ministry of Corporate Affairs Compliance Monitoring System (MCACMS)
Ministry of Corporate Affairs have created an online portal “MCACMS“ (Ministry of Corporate Affairs Compliance Monitoring System). MCACMS is an artificial intelligence mechanism to make automated compliance scrutiny, issue show cause notices and submitting replies from companies/ directors for non-compliance under provisions of Companies Act 2013.
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Threshold limit of registration under GST
Threshold limit of registration under GST Section 22 to Section 30 of the CGST Act, 2017 deals in registration under GST by every supplier of goods and services. Find below note on registration with effect from 1st April 2019.
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Apportionment of credit and blocked credits-Section 17 of CGST Act
Apportionment of credit and blocked credits. Section 17 of CGST Act Apportionment of credit and blocked credits Section 17 (5) Section 17(5)(a), (aa) [newly inserted subsection] and (ab) [newly inserted subsection] – Blocked credit on motor vehicles Section 17 (5)(a) –– ITC Shall not be available in respect of Motor vehicles for transportation of persons having approved seating capacity of not more than thirteen persons (including the driver) except when...
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ZERO RATED SUPPLY IGST Act
ZERO RATED SUPPLY IGST Act 16. (1) “zero rated supply” means any of the following supplies of goods or services or both, namely:–– export of goods or services or both; or supply of goods or services or both to a Special Economic Zone developer (SEZ) or a Special Economic Zone unit (SEZU).
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