After much trials and error, CBIC has introduced fairly convenient system to simplify compliance for small taxpayers whose turnover is less than Rs.5 crores. The scheme called Quarterly Return Filing and Monthly Payment of Taxes (QRMP) allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month. Eligibility A registered… Continue reading Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme
Category: GST
Simplified: Compliances under GST law
“Compliance has nuisance value”, is a simple answer we give to the entrepreneurs wondering about necessity of filing tax returns. Paying taxes and filing tax returns on time won’t add any value to your business. But failure to do so, leads to financial and non-financial challenges for business. Such as: Interest must be paid for… Continue reading Simplified: Compliances under GST law
Entrepreneur’s guide to GST – Input Tax Credit (ITC)
Like every indirect tax, input tax credit (ITC) is an important component of GST law. This article is aimed to enable entrepreneurs to evaluate GST impact on day-to-day procurement decisions without professional help. Meaning: Input tax credit is the GST paid on goods/services procured by the registered business which can be utilized to reduce tax on… Continue reading Entrepreneur’s guide to GST – Input Tax Credit (ITC)
What is the ideal time for a new business to get registered under GST?
Do I have to register my business under GST? Should I take burden of GST compliance right away? What is the ideal time to get registered under GST? What documents are required for getting GST number? These are few common questions faced by many budding entrepreneurs. Under the GST law, business can register either voluntarily… Continue reading What is the ideal time for a new business to get registered under GST?
Exploring the New MSME Registration (UDYAM)
Meaning of UDYAM: The notification issued by the Government says that from July 01, 2020, an MSME will be known as UDYAM, and the enrolment or the registration process will be known UDYAM Enrollment Registration. Eligibility Criteria: Ministry of Micro, Small and Medium Enterprises vide its notification dated 1st June read with notification 26th June, 2020 has revised criteria for classification… Continue reading Exploring the New MSME Registration (UDYAM)
Rationalising TDS on E-Commerce Transactions
Tax on E-commerce operators brought by Budget 2020 and its implications: Introduction: The advent of e-commerce platforms has radically changed the way consumers purchase goods or avail services. Nowadays, any goods or services can become available to any consumer at any place on a click of a few buttons. However, as easy it may seem… Continue reading Rationalising TDS on E-Commerce Transactions
TECHNOLOGICAL CHANGES IMPACTING BUSINESSES
THIS IS HOW TECHNOLOGICAL CHANGES WILL IMPACT YOUR BUSINESS IN 2020 Section 269SU of the Income-tax Act, 1961: Applicability: February 01, 2020 Turnover Threshold: 50 crores As per section 269SU of the Income-tax Act, 1961 (“the Act”), “Every person, carrying on business, shall provide facility for accepting payment through prescribed electronic modes, in addition to… Continue reading TECHNOLOGICAL CHANGES IMPACTING BUSINESSES
E-Mobility: Watch It Happen Or Be Part Of It!
WHAT IS E-MOBILITY? As it is rightly quoted by Elon Musk, founder of Tesla Inc., “Some people don’t like change, but you need to embrace change if the alternative is a disaster”. Electric Mobility, or Electro Mobility, or E-Mobility for short, is that very change which the people shall embrace in the near future. Let’s… Continue reading E-Mobility: Watch It Happen Or Be Part Of It!
Lower GST Rates For Real Estate – a Boon or a Bane?
The Goods and Services Tax Council, in its 34th meeting discussed the operational details for implementation of the recommendations made by the Council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house. Here is a detailed analysis of the… Continue reading Lower GST Rates For Real Estate – a Boon or a Bane?
GST Tax Credit Adjustment – Cashflow nightmare for MSMEs
The GST (Amendment) Act, 2018 was recently brought into effect from 1st February 2019. Out of the amendments made, the introduction of Section 49A is particularly noteworthy, as the newly introduced section has changed the dynamics of set-off of Input Tax credit against the output liability. This will create cashflow crunch and lead to demand for… Continue reading GST Tax Credit Adjustment – Cashflow nightmare for MSMEs