#CBDT , #CBIC Merger of two Boards of Revenue factually incorrect.

A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs. This news item is factually incorrect as the Government has no proposal to merge the two Boards created under the Central Boards of Revenue Act, 1963. Read more

#TAX Updates in your #Whatsapp

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If any of your Family or Friends want regular Tax updates from our what’s app group just forward the above Link  to them, they can join the group by clicking the above link.

#EWAY BILL SYSTEM Verification of Vehicle number in EWB Portal Frequently Asked Questions

 

What is verification of vehicle number in EWB Portal?

 

Ans: E-Way bill has been integrated with Vahan System of Transport Department. Vehicle number entered in e-way bill will now be verified with the Vahan System. If Vehicle no. is not available in the Vahan system user will get ‘Alert Message’ about the non-availability of vehicle number in vahan database. However, later, such vehicle numbers will not be allowed for the generation of e-way bill. Read more

Watch video on Filing Nil GSTR-1 through SMS

A taxpayer may now file NIL Form GSTR-1, through an SMS, apart from filing it through online mode, on GST Portal.To file NIL Form GSTR-1 through SMS, the taxpayer must fulfil following conditions:

  • They must be registered as Normal taxpayer/ Casual taxpayer/ SEZ Unit / SEZ Developer.
  • They have valid GSTIN.
  • Phone number of Authorized signatory is registered on the GST Portal.
  • No data should be in saved or submitted stage for Form GSTR-1 on the GST Portal, related to that respective month.
  • NIL Form GSTR-1 can be filed anytime on or after the 1st of the subsequent month for which the return is to be filed.
  • Taxpayer should have opted for the filing frequency as either monthly or quarterly.
  • Read more

    #MSME Rules from 01.07.2020

    MSME CRITERIA RULES ON OR AFTER 01.07.2020

    Enterprises engaged in the manufacture or production, processing or preservation of goods, engaged in providing or rendering of services.

    ParticularsInvestment In Plant & MachineryORTurnover
    MICRO Upto  Rs 1 CroreORUpto 5 Crores
    SMALLMore Than Rs. 1 Crore and upto  Rs. 10 Crore.ORMore Than Rs. 5 Crore and upto  Rs. 50 Crore.
    MEDIUMMore Than Rs.10 Crore and upto Rs.50 Crore.ORMore Than Rs.50 Crore and upto Rs.250 Crore.

     

    BECOMING A MICRO, SMALL OR MEDIUM ENTERPRISE.

    (1) File Udyam Registration online in the Udyam Registration portal, based on self-declaration with no requirement to upload documents, papers, certificates or proof.

     
    (2) On registration, an enterprise (referred to as ―Udyam‖ in the Udyam Registration portal) will be assigned a permanent identity number to be known as ―Udyam Registration Number.

     
    (3) An e-certificate, namely, ―Udyam Registration Certificate shall be issued on completion of the registration process.

     

    COMPOSITE CRITERIA OF INVESTMENT AND TURNOVER FOR CLASSIFICATION

    (1) A composite criterion of investment and turnover shall apply for classification of an enterprise as micro, small or medium.

     
    (2) If an enterprise crosses the ceiling limits specified for its present category in either of the two criteria of investment or turnover, it will cease to exist in that category and be placed in the next higher category but no enterprise shall be placed in the lower category unless it goes below the ceiling limits specified for its present category in both the criteria of investment as well as turnover.

     
    (3) All units with Goods and Services Tax Identification Number (GSTIN) listed against the same Permanent Account Number (PAN) shall be collectively treated as one enterprise and the turnover and investment figures for all of such entities shall be seen together and only the aggregate values will be considered for deciding the category as micro, small or medium enterprise.

     

     

    CALCULATION OF INVESTMENT IN PLANT AND MACHINERY OR EQUIPMENT Read more