Taxability of gta under gst (gst reverse charge mechanism in gta)
According to Section 9(4) of CGST Act, if the Supplier is Unregistered and Recipient is registered then such registered recipient will pay the tax under reverse charge. This Section is suspended from 13th Oct’ 2017 till 30th Sep’ 2019 by following Notifications of Central Tax Rate 38/2017, 10/2018, 12/2018, 22/2018
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Notification no. 49/2019 - central tax dated 09-10-2019
The CBIC, vide Notification No. 49/2019 – Central Tax dated October 9, 2019, had, inter alia, inserted a new sub-rule (4) to Rule 36 of the Central Goods and Services Tax Rules, 2017 which states that a registered person can claim maximum 20% ITC from the eligible credit available in GSTR 2A against those invoices or debit notes which is not filed by their supplier in GSTR 1 (which means Invoices or Debit notes not showing in GSTR 2A).
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Gstr-9 and gstr-9c are more simplified and last dates of submission extended
Key points of GST Press Release Dated November 14, 2019 1. Due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 extended to 31 st December 2019. 2. Due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2018-19 : 31 st March 2020. 3. No need to fill HSN level information of outward and inward supplies. 4. Not to provide bifurcation of input tax credit avail
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Annual general meeting under companies act 2013
Holding of AGM: Annual general meeting (AGM) should be held once each year. First AGM of the company should be held within a period of 9 months from the date of closing of the first financial year of the company. Subsequent AGM should be held within a period of 6 months from the date of closing of financial year. The gap between two AGM should not exceed 15 months. In case, company could not take AGM within specified period of time, the registrar may, for any special reason, extend the ti
Read MoreGist on gst amendment act 2018 applicable w.e.f. 01.02.2019
GST Amendment Act 2018 applicable w.e.f. 01.02.2019 vide Notification No. 02/2019 – Central Tax Dated 29th January, 2019. ???????Section 9(4) – Application Reverse charge Mechanism in case of purchase from unregistered persons. Reverse Charge shall be applicable on notified classes of registered person for the purchase of specified goods and services from unregistered dealers. The Government shall, by notification, specify such “specified goods or services and specified classes of...
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Procedure and steps for register a private limited company
Procedure and Steps for Register a Private Limited Company Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate). Step 2. Search for the Company Name availability. Step 3. Application for the Name availability. Step 4. Drafting of Memorandum of Association (MOA) & Articles of Association ?(AOA).? Step 5. Filing of e-forms with RoC (Registrar of Companies). Step 6. Payment of RoC Fees & Stamp Duty. Step 7. Verification o
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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 ('FB 2020'),
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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 great extent, is determined by the size and
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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 provided by the parent company to its subsidiary hence qualifies as an import of services and l
Read MoreAbout 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 MoreWhat 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 MoreA 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 MoreThe 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 MoreThe 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 through web browsers or
Read MoreThe 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.
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