Government had increase threshold limit of Turnover for Composition levy from Rs.1 Cr to 1.5 Cr wide notification no.‐14/2019‐Central Tax dated 7th March, 2019. This notification will come into effect from 1st April, 2019.Now, any person having turnover up to Rs. 1.5 Cr. Can opt for paying GST under composition Scheme. Let us discuss provisions …
A registered Taxpayer can apply for transfer of Matched Input tax credit that is available in the Electronic credit ledger of taxpayer to another business/another registered taxpayer in case of transfer of business by way of merger/demerger/sale of business by filling of ITC declaration in FORM GST ITC‐02. But some doubts had been raised about …
Angel Tax refers to a money pool created by high net worth individuals or companies, generally called as angel investors, for investing in business startups. Various startups founder claimed that they received notice under section 56(2) (vii) (b) of Income Tax Act (“Act”) from Income Tax Department (“Department”) to pay taxes on angel funds raised …
What is e – commerce ?E-commerce means buying and selling of goods and services including digital products over digital & electronic network. What is E- Commerce Policy?Policy of Foreign Direct Investment (FDI) in E-commerce sector as provided by Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India in Para 5.2.15.2 …
Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019– Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification. …
The Finance Minister in the Budget Speech 2016-17 had announced that a comprehensive central legislation would be brought in to deal with the menace of illicit deposit taking schemes, as in the recent past, there have been rising instances of people in various parts of the country being defrauded by illicit deposit taking schemes. The …
Ministry of Corporate Affairs issued a Notification on 21st February, 2019 to amend the Companies (Incorporation) Amendment Rules, 2014 through which it incorporated a new rule after rule 25 named as “25A. Active Company Tagging Identities and Verification (ACTIVE). MAIN CONTENT OF NOTIFICATION:‐According to aforesaid newly incorporated rule 25A of Companies (Incorporation) Amendment Rules, 2014 …
Registration Process The SME (Small and Medium Scale Enterprises) owner needs to fill a one-page form(UDHYOG ADHAAR MEMORANDUM) that he can do either online or offline. For online registration, the applicant should visit the official website: www.msme.gov.in In this form, the MSME has to self-certify its existence, details of the business activity, bank account, ownership …
With Notification No. 02/2019 – Central Tax dated 29th January,2019 ,CGST(Amendment) Act,2018 shall be applicable with effect from 1st February,2019.Actually this Act of Parliament received assent of the President on 29th August,2018 , but its applicability date appointed is 1st February,2019 with Notification No. 02/2019 – Central Tax dated 29th January,2019. These amendments are the …
Finance Minister Piyush Goyal, who was appointed on January 23rd, presented the much awaited Interim budget on February 1, 2019. It is the last budget of the Modi Government before the 2019 Lok Sabha elections. Following are the key highlights of the interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha …