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Tag: GST Consultants in Ashoknagar

The GST compensation amount for FY22 at the Centre should be greater than the anticipated Rs 1.58 lakh crore: Opp-ruled states

Three opposition-ruled states stated on Sunday that the compensation sum guaranteed by the Centre is expected to be more than the Rs 1.58 lakh crore anticipated by the Centre and that a special session of the GST Council will be summoned to debate it. The finance ministers of Kerala, Punjab, and Chhattisgarh claimed during the…
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GST compensation at the Centre for FY22 should be higher than the expected Rs 1.58 lakh crore: States dominated by the opposition

Three opposition-ruled states stated on Sunday that the compensation sum guaranteed by the Centre is expected to be more than the Rs 1.58 lakh crore anticipated by the Centre and that a special session of the GST Council will be summoned to debate it. The finance ministers of Kerala, Punjab, and Chhattisgarh claimed during the…
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Year ending Tasks for GST for the financial year 2020-21

1. New Invoice Series: Ensure the creation of a set of new/unique invoices to be raised from 01 April 2021. The set should contain serial numbers. You can create multiple layers according to your convenience. 2. Physical Stock Check: The physical stock needs to be reconciled with the stock according to books of account. This…
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Latest Updates FY – 2020-21

Ø  Fitch revises India GDP growth to 12.8% for FY22 Ø  Development forum set up to promote cooperative sectors’ growth Ø  India likely to resume new bankruptcy filings after halt expires Ø  Sebi orders attachment of bank, demat, MF accounts of Rana Kapoor Ø  Hotel investment trading volume in India declines 84% in 2020, says JLL Ø  Privatising two PSBs: India…
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GSTN advisory on Opting-in for Composition Scheme for the Financial year 2021-22

The composition scheme was created specifically for small taxpayers to help them avoid the complexities of the GST framework and compliances. Small registered taxpayers should pay a flat rate of tax based on their annual revenue. For the financial year 2021-22, the Goods and Service Tax Network (GSTN) has released an advisory on opting into…
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GST Changes in Budget 2021 To Assist Small And Medium-Sized Enterprises

In Budget 2021, Finance Minister Nirmala Sitharaman proposed a host of reforms to the goods and services tax system aimed at assisting small and medium enterprises in weathering pandemic-related disruptions. This includes easing the audit requirement for registered companies, assessing the amount of interest owed on outstanding tax liabilities, and identifying the conditions under which…
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Govt backs the merger in GST of 2 tax slabs

A senior finance ministry official said that the central government is in favour of combining the 12% and 18% goods and services tax (GST) rates into a single slab, acceding to a proposal first made by some states and endorsed by the Fifteenth Finance Commission (FFC). At its meeting in March, the GST Council, India’s…
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unlink Aadhaar from the bank account and SIM cards?

How to unlink Aadhaar from the bank account and SIM cards? How to unlink Aadhaar On Wednesday, the Supreme Court handed down a ruling on Delink Aadhaar, that linking Aadhaar to his bank account or SIM card is no longer mandatory and forcing anyone to do so to be considered unconstitutional. For those who have…
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Statutory Audit

What is a ‘Legal Audit’ A legal audit is a required legal review of the accuracy of a company’s (or government’s) financial statements and records. The objective of a legal audit. Determining whether an organization provides a fair and accurate representation of its financial position by examining information, such as bank balances, accounting records, and…
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Challan 280 – How to pay your income tax online

1. Steps to pay tax on income Due Step 1: Select Challan 280 Go to the Inland Revenue Department tax information network revenue and select Challan 280. Click here to go to the government website and pay tax   Step 2: Enter personal information For individuals who pay tax: Step 1: Select (0021) the income…
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