In order to reduce the compliance burden on small retailers, traders, shop keepers who comprise the Medium, Small and Micro Enterprise (MSME) sector, the Union Budget proposed to raise by five times the turnover threshold for audit from the existing Rs. 1 crore to Rs. 5 crore. While presenting the Union Budget 2020-21 in Parliament today,…
Services offered through MSME Global Mart Portal developed by National Small Industries Corporation, a PSU under the Ministry of MSME, include online registration, web store management, multiple payment options, customer support through Call Centre and enhanced security features. Ministry of Micro Small and Medium Enterprises (MSME) implements Credit Linked Capital Subsidy Scheme, Credit Guarantee Scheme…
The Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman has said that Entrepreneurship has always been the strength of India and our young men and women have been contributing to India’s growth with their entrepreneurial skills. She was presenting the Union Budget 2020-21, in Parliament, here today. We recognise the knowledge, skills and…
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 date of filing GSTR-3B returns for every taxpayer is 20th of…
Now there will be 20, 22 and 24 deadlines for three different categories of taxpayers. The central government has given a big relief to small businessmen doing business of less than 5 crore. It has been decided to extend the last date for filing Goods and Services Tax (GST) by four more days. In the…
GeM Samvaad, a two month long national outreach programm was launched on 17th December 2019 to reach out to stakeholders across the country and also local sellers in order to facilitate on-boarding of local sellers on the marketplace while catering to specific requirements and procurement needs of buyers. The outreach programme took off from19th December 2019 and during…
CDBI has implemented Income Tax E-Assessment Scheme this year itself. It is supposed to come into effect from 12th of September 2019. It concludes on the view Notification No. 61/2019 – Income Tax. The assessment submitted under this Scheme will be formulated in the relevance of the territorial area, people, class of persons, income or…
In order to ensure that the e-filing utility for filing of return for assessment year (A.Y) 2020-21 is available as on 1st April, 2020, the Income-tax Return (ITR) Forms ITR-1 (Sahaj) and ITR-4 (Sugam) for the A.Y 2020-21 were notified vide notification dated 3rd January, 2020. In the notified returns, the eligibility conditions for filing…
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…
The 2nd National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax was held here today under the chairmanship of Dr Ajay Bhushan Pandey, Revenue Secretary, Ministry of Finance. The multi-faceted Conference was focused on brainstorming session for streamlining Goods and Services Tax (GST) system and plugging revenue leakages. This…
The gross GST revenue collected in the month of December, 2019 is ₹ 1,03,184 crore of which CGST is ₹ 19,962 crore, SGST is ₹ 26,792 crore, IGST is ₹ 48,099 crore (including ₹ 21,295 crore collected on imports) and Cess is ₹ 8,331 crore (including ₹ 847 crore collected on imports). The total number of GSTR 3B Returns filed for the month of November up to…
The Anti-Evasion wing of CGST Delhi South Commissionerate has discovered here today yet another case of fake invoicing and GST fraud alongside a new modus operandi of defrauding the exchequer by exploiting the facility of refunds given for inverted duty structure. Over 120 entities who are involved in the transactions have come to light so…
The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of Ministry…
The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of Ministry…
The Indian Government has issued certain guidelines in its campaign of MSME support & Outreach where it has asked all the head of the departments of public sector banks to do the detail analysis of issues and progress done in the credit facility that are faced by MSMEs. The main effort of the Government is…
The gross GST revenue collected in the month of November, 2019 is Rs 1,03,492 crore of which CGST is Rs 19,592crore, SGST is Rs 27,144crore, IGST is Rs 49,028crore (including Rs 20,948crore collected on imports) and Cess is Rs7,727 crore (including Rs 869 crore collected on imports). The total number of GSTR 3B Returns filed for the month of Octoberup to 30th November, 2019 is 77.83 lakh. The government has settled Rs…
CCI approves acquisition by Amazon.com in Future Coupons About Acquirer Company – The Acquirer, NV Investement Holdings LLC, is globally engaged in the business of making investments in other companies. It is a direct subsidiary of Amazon.com, Inc. (“ACI”) and belongs to the Amazon group. ACI is the ultimate parent entity of the Amazon group….
The finance minister has already formed a notice for the e-assessment Scheme formed in 2019. It will be further incorporated for conducting faceless scrutiny assessment of Income Tax Return (ITR). The scheme further involves the formulation of e-assessment centres at national and regional levels. It will further input in the auto-allocation of cases among the…
The finance ministry showcases Goods and Services Tax which has been registered for a certain amount in the month of June 2019. It has been proven that the growth was sluggish in comparison to Rs. 1,00,289 crore in May 2019. When it comes to June, the collection has been higher than Rs 95,610 crore that…
The Indian Government has issued certain guidelines in its campaign of MSME support & Outreach where it has asked all the head of the departments of public sector banks to do the detail analysis of issues and progress done in the credit facility that are faced by MSMEs. The main effort of the Government is…
As per the guidelines presented by the Reserve Bank Of India, the banks will be issuing debit cards to the customers in relevance to their Board approved the policy. As per the KYC updated from 29th of May, 2019, RBI’s Master Direction has been that Banks are supported to attain the Aadhaar number from a…
The Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules) today to provide a generic framework for insolvency and liquidation proceedings of systemically important Financial Service Providers (FSPs) other than banks. The Rules shall apply to such…
About National Corporate Social Responsibility Awards (NCSRA): The Awards have been instituted in 2017 subsequent to the recommendations of the High Level Committee on CSR. Objectives: a) increase competition in various categories of companies to infuse excellence in their CSR activities b) encourage companies to spend the entire amount i.e. eligible CSR spend c) recognise…
Financial Crux of Budget 2019 2017-18 (Actuals) 2018-19 (Revised Estimates) 2019-20 (Budget Estimates) Revenue Receipts (Like Income Tax, GST, Dividends from PSU’s & Banks ,Interest on Government Lending Etc.) 14,35,233 Cr. 17,29,682 Cr. 19,77,693 Cr. Capital Receipts (Recovery of Loans, Funds Raised from PPF, small saving deposits etc.) 7,06,742 Cr. 7,27,553 Cr….