Maintenance GST Law prescribes detailed procedure for maintenance of books of accounts and records for goods or services or both. Iof Accounts and Records under GST Regime. Document" as defined under the CGST Act, 2017 to include written or printed records of any sort and electronic record as defined in IT Act, 2000.
CAPITALISM, is an economic system, that has played pretty well in the progress of human society. America stands as an iconic symbol to substantiate this point. ..
The Hon'ble Finance Minister announced in her press briefing regarding various allotment of funds for MSMEs under various heads and she also elaborated the new definition of MSME.
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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.
The definition of MSMEs has been revised by the FM. The turnover and investment limits for SMEs have been increased.
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.
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.
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.
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.
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