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Amended transitional arrangements for ITC notified u/s 140 of CGST act
Central Board of Indirect Taxes and Customs, Ministry of Finance, (Department of Revenue)vide Notification No. 43/2020 - Central Tax dated 16th May, 2020 has issued notification which Seeks to bring into force Section 128 of Finance Act, 2020 in order to bring amendment in Section 140 of CGST Act w.e.f. 01.07.2017.
Why Gujarati's are rich?
Finally, from Forbes Magazine list to India's any list, the whole of India in one side and Gujarati in another. Approximately 50% millionaires of India are Guajrati's. Whether it is Mukesh Ambani, Gautam Adani, Dilip Sanghvi, Azim Premji or Karsanbhai Patel, all have done great wonders.
Key Considerations for Assessing Going Concern Assumption
Assessment of Going Concern is one of the key areas which require the attention of Auditors and Management for the audit of financial statements for the year ended 31st March 2020. However, it is the general assumption of people that assessment of going concern is only the responsibility of auditors and not that of management.
Key highlights of fourth tranche of Economic Package
The last tranche of the Economic Package focused on MGNREGA, Health and Education, Businesses and COVID Decriminalization of Company's Act, Ease of doing business, and Public Sector Enterprises and related matters. State governments and resources related to state governments.
Atmanirbhar Bharat Sectoral Reforms announced in the Economic Package
The third tranche of the Economic Package was focused on the degradation of the Industrial Infrastructure. Relief measures were given to coal, minerals, defense production, air space management, airports, MRO, distribution companies in UTs, space sector, and atomic energy.
MSME | Micro Small & Medium Enterprises in India
The category of MSME enterprises is determined considering the amount of investment made in a plant, machinery, or equipment. The Investment and Annual Turnover as announced by FM N. Sitharaman on 13th May is now proposed to be revised.
An overview on MSME - Revised Structure and benefits of MSME Registration
The MSME registration scheme has no statutory basis. Units would normally get registered to avail some benefits, incentives, or support given either by the Central or State Govt. Benefits available under the MSMED Act.
All about MSMEs (Micro Small and Medium Enterprises)
The definition of MSMEs has been revised by the FM. The turnover and investment limits for SMEs have been increased.
Eligibility and Conditions to take ITC| Section 16 of the CGST Act
Sec 16(1) states that "Every person shall, subject to such conditions as may be prescribed and in the manner specified in sec 49, be entitled to take ITC charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.
Analysis of the Direct tax Vivad se Vishwas act, 2020
Vivad se Vishwas Scheme was announced in Budget 2020. The Scheme aims at speedy and hassle-free recovery of these outstanding Income Tax dues. This scheme has come into the force from 17th March, 2020 and the last date to avail this scheme without interest is 30th June, 2020.
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