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Benefits of Proprietorship Firm

Sole Proprietorship, you can say is a one-man business organization. Furthermore, a sole proprietor is a person (not a legal person/entity) who have their ownership and manages this type of entity. In Proprietorship Firm, the owner and the entity are same and does not have a separate legal entity. Additionally, a sole proprietorship usually does not get incorporated or registered. So, it is the easiest form of business form and… Read More »Benefits of Proprietorship Firm

Benefits of Private Limited Company

A Private Limited Company is the most common form to carry on a business as an entity intending to make a profit and enjoy the benefits offered by it, particularly limited liability. It is a voluntary association of at least 2 and not more than two hundred members/ shareholders, whose liability is limited according to the shares held by them. The shares of a Private Limited Company cannot be traded… Read More »Benefits of Private Limited Company

National Anti-Profiteering Authority Rules On Passing On Benefits Of Lower GST Rate To Home Buyers

The National Anti-Profiteering Authority aka NAA is the statutory mechanism which come under GST law to check the improper profiteering activities by the registered suppliers under GST law. The core function of authority is to ensure that the compatible advantages of the reduction in GST rates on goods & services done by the GST Council and of the Input tax credit (ITC)are passed on to the recipients by way of… Read More »National Anti-Profiteering Authority Rules On Passing On Benefits Of Lower GST Rate To Home Buyers

Filing CMP-08 Return: Due Date | Eligibility | Penalties

CMP-08 form filing need to be done by all composition taxpayers. Form CMP-08 is a form for quarterly return filing by every taxpayer who comes under GST- Composition Scheme, applicable from FY 2019-2020 onwards. He/she can use a quarterly statement of CMP-08 to affirm or declare the self-assessed details of the tax payable by a composite dealer in the given quarter. This form can also be used as a challan… Read More »Filing CMP-08 Return: Due Date | Eligibility | Penalties

UDYAM Registration Benefits

The concept behind introducing UDYAM Registration was to simplify the procedural format to register their business under Micro Small Medium Enterprise or MSME. UDYAM Registration is also known as MSME Registration, a government registration that is provided along with a recognition certificate & a unique number. This is to certify small/medium businesses or enterprises. The new procedure for registration of micro, small and medium enterprises (MSMEs) in the name of… Read More »UDYAM Registration Benefits

GST on Used Car

GST on Sale of Used Car

With the implementation of GST, tax applicable on sale of old and used vehicles was the same as on new vehicles – 28% + Applicable cess at the rate of 15% – this resulted in a rate of up to 43% being charged on the sale of old vehicles. The used car market was heavily affected with this high rate of tax being charged causing a burden on trade and… Read More »GST on Sale of Used Car

GST Input Tax Credit Restrictions

It is been said that, under the GST, credit would flow smoothly throughout the supply chain – meaning all taxes paid on inputs would be available as credit – and that would diminish tax costs. But that may not be entirely true. The Model GST Law aka MGL, prescribes various restrictions on input tax credit, and there is a lot less being said about them. Let us go through all… Read More »GST Input Tax Credit Restrictions

Fake ITC Claims: GST Departments Has Started Blocking Fake Claims

The government has blocked fraudulent Goods and Services Tax (GST) refund claims worth Rs 1,875 crore, involving 1,377 exporters- according to finance ministry official said. The CBIC (Central Board of Indirect Taxes and Customs) has already instructed officials to verify the correct availment of input tax credit (ITC) by such risky exporters based on pre-defined risk parameters, the official said. The Directorate General of GST Intelligence also known as DGGI… Read More »Fake ITC Claims: GST Departments Has Started Blocking Fake Claims

RFID Tag Mandatory Along With E-Way Bill in UP From 1st Nov 2018

For the first time since the rollout of E-Way Bill in India, the Uttar Pradesh State had mandated for vehicles operating in the state to use the radio frequency identification device (RFID) tag along with an e-way bill from November 1, 2018. E-way rules decree that a vehicle carrying goods valuation over Rs 50,000 must provide the details electronically on the common portal and generate e-way bill. The portal grabs… Read More »RFID Tag Mandatory Along With E-Way Bill in UP From 1st Nov 2018

Auto Calculation of Route Distance for Generation of E-Way Bill

Electronic-way Bill – associate electronically generated document that is needed to be carried for movement of products price extraordinary Rs fifty,000. The validation of e-way bill is for a definite time-period, supported the sort of merchandise being transported and therefore the distance between supply and destination. Distance between supply and destination was perpetually major issue whereas making E-way bill among alternative issues. Now, E-waybill system is being enabled to machine… Read More »Auto Calculation of Route Distance for Generation of E-Way Bill