It has been observed that due to applicability of additional fee on late filing, which in case of inordinate delay could actually become a financial burden, a large number of Limited Liability Partnerships (LLPs) have remained non-compliant, mainly on account of their inability to pay late fees for the cumulative period of delay. As part…
The Ministry of Corporate Affairs (MCA) has taken several initiatives to achieve the vision of being a facilitator of world class governance of corporates and Mission of easing compliance, balancing interest of stakeholders and achieving excellence in service delivery. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate…
Read More “New and innovative measures to improve working in MCA.” »
Keeping with the Hon’ble PM’s objective of turning districts into export hubs, Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech. This additional information from the export declarations will provide a…
To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further verification. Moreover, a standard operating procedure has been prescribed for…
The Micro Small and Medium Enterprises (MSME) sector has better adaptability to cater to the export market due to its smaller size and can adapt to market change sooner said Union Minister of Commerce and Industry & Railways, Piyush Goyal, during a meeting held in New Delhi yesterday to discuss with MSME associations various industry…
Advance Ruling Mechanism in GST An advance ruling helps the applicant in planning his activities, which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities. Further,…
Read More “Charitable trust liable to pay GST in Maharashtra- AAR (Authority of Advance ruling)” »
Under the newly introduced GST regime, the transporters are required to carry an electronic or e-way bill at the time of moving the goods from one location to another. It is a mandatory requirement and the transporters, consignors, and consignees must comply with it. This is an online version of the earlier accepted Way Bill…
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With the introduction of GST, there has been a lot of confusion about the different aspects of this tax regime that combined nine existing taxes into one. Here, we will discuss the taxable person who is liable to register under this law. Any person who carries any business at any location in India and is…
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What is GSTR 3B – For the first two months of GST implementation, Every GST registered person have to file form GSTR 3B within the due date for each GSTN. If you have more than one GSTN, it would be required to file separate GSTR3B for each GSTN. However this form is temporary in nature, still…
Today consumers have no idea about the extent of taxes they pay on goods. If you get a bill after buying merchandise which gives the extend of VAT you have paid, it is an understatement of the actual tax you have paid. Remember, well before merchandise reached the retail outlet, the central government has collected…
