The government has recently announced a quick loan scheme for MSME Sector, in which they claim to approve the MSME loan in less than an hour. They have launched a dedicated portal to apply for the loan: https://www.psbloansin59minutes.com Salient features of MSME loan MSMEs loan would be applied to SIDBI & 5 PSU Banks Entire application… Continue reading
Ineligible Input tax credit under GST
Ineligible Input tax credit under GST Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available…. Continue reading
Applicability of TCS under GST & it’s impact on E-commerce
Applicability of TCS under GST & it’s impact on E-commerce The deferred TCS provisions has now become applicable w.e.f. 01st October 2018 and we aim to discuss how is it going to impact the E-commerce sector, what would they need to do as E-commerce operator and seller registered on E-commerce platforms. TCS under GST refers to… Continue reading
Applicability of TDS under GST
Introduction You might be aware of the concept of TDS & TCS in the Income tax Act. Similar concepts were introduced in GST, though these were deferred to a later date. Recently, government has notified that the provisions relating to TDS under GST would become applicable w.e.f. 01st October 2018. So, the laws around these concepts… Continue reading
All you need to know about the DIR-3-KYC
What is DIR3- KYC ? Every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year. Since it’s a recent introduction, there has been a lot of… Continue reading
How to cancel the GST Number
Introduction GST Registration can be cancelled by any person who is no longer required to file GST Return if either his annual turnover is below the exemption limit or the taxpayer is no longer liable to be a registered person or any other reason explained below. One must settle all the GST liability before they… Continue reading
How to Become an online seller on Amazon and Flipkart
Introduction Online business is a business or commercial transaction that includes sharing information across the internet. With the growing use of internet and online marketing, businessmen find it convenient to grow their business over internet and attract a large number of consumers. A successful online business requires correct blend of true marketing facts, creative and… Continue reading
Input credit under GST
Input credit under GST What is Input credit In simple words taking input, credit means taking credit of GST paid on various purchases A registered person is entitled to take credit of GST charged on the purchase of goods or services which are used or intended to be used in the course or furtherance of his business… Continue reading
Key things to keep in mind with respect to accounting under GST
Key things to keep in mind with respect to accounting under GST With every change in tax laws, there must be certain points that must consider while preparing the accounts or keeping our books and records. So, we are trying to highlight a few key areas & procedures one should know and must keep in… Continue reading
Applicability of GST on sellers in e-commerce market place i.e. sellers registered on Amazon, flipkart, Playstore
E-commerce has emerged as an emerging trend of business in India, there are thousands of suppliers under e-commerce operators, we will discuss about the applicability of GST on the suppliers selling goods or services through an e-commerce platform. An e-commerce platform/operator is an entity which owns, operates or manages digital or electronic facility or platform… Continue reading