0141-2351245, 4047632

Home » Articles posted by admin

Author Archives: admin

Why reconciliation of Books with GSTR-2A is Important?

Why reconciliation of books with GSTR-2A is Important? In GST, GSTR-2A is an online statement prepared based on data reported by suppliers based on the invoices issued on a particular GSTIN. GSTR-2A is a monthly statement of purchases and Input GST which is automatically prepared once the supplier files its GSTR-1 return and shows invoices […]

Read More...

CBIC issues Clarification regarding application for revocation of cancellation of registration

On 23rd April 2019, the CBIC has issued a clarification vide circular no 99/18/2019-GST clarifying the issues relating to application for revocation of cancellation of registration by those assessees whose registrations have been cancelled by GST authorities upto 31st March, 2019.   Salient features of this circular is as under One time opportunity to apply […]

Read More...

2% Interest Subvention Scheme for MSME notified by RBI on 21-02-2019

2% Interest Subvention Scheme for MSME notified by RBI on 21-02-2019 Reserve Bank of India has notified 2% interest subvention scheme to MSMEs on 21-02-2019. Following are the salient features of the scheme. Conditions for Eligibility SME should have valid Udhyog Aadhar Number and a Valid GSTN No. SME has taken term loan, working capital […]

Read More...

Selection of Business Entity for your Start up

Selection of Business Entity for your Start up Planning to start a business? The selection of business entity for your business start up is a very important decision. The selection of business entity format effects various factors in your business i.e. Cost of setting up Ease of doing business Cost of Regulatory Compliance Entrepreneur’s Focus […]

Read More...

Outreach and Support Initiatives for MSME by Government of India

Outreach and Support Initiatives for MSME by Government of India PM unveils 12 key initiatives 59 minute loan portal to enable easy access to credit for MSMEs Mandatory 25 percent procurement from MSMEs by CPSEs Ordinance for simplifying procedures for minor offences under Companies Act                      […]

Read More...

GST Input Tax Credit of FY 2017-18 can be claimed upto 31-03-2019

CBIC has issued a special order no. 02/2018 dated 31st December, 2018 u/s 172 of the CGST Act and made following amendments regarding the provisions of time limit for availing the input tax credit by an assessee. Provisions before this Order As per earlier provisions, the input tax credit of invoices issued upto 31st March […]

Read More...

GST on Charitable and Religious Trusts and Institutions

GST on Charitable and Religious Trusts and Institutions   The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. In fact, there are many services that are provided by such entities […]

Read More...

Debit Notes in GST

Debit Notes in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value which is less than the actual value of […]

Read More...

Credit Notes in GST

Credit Notes in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value which is more than the actual value of […]

Read More...

GST Impact on ITES Sector – Sectoral FAQs released by CBEC

FAQs on IT/ITES Sector released by CBEC Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property […]

Read More...