Harmonized system of nomenclature (HSN) in Goods and Services Tax HSN CODE IS REQUIRED ON ALL B2B INVOICES FOR EVERY TAXPAYER. HSN codes to be declared under the GST in present circumstances Note: A registered person with a cumulative turnover of up to 5 crores rupees in the past financial year is not required to …
GSTN Advisory on the Waiver Scheme under Section 128A, issued on January 14, 2025: Taxpayers should review their eligibility and take immediate steps to leverage the waiver scheme for smoother GST compliance. For more details, visit the advisory section of the GST portal. For guidance on filing applications and other updates, refer to the GST …
Statutory Compliance Register required as per the Companies Act, 2013. The Statutoryย Compliance Register required as per the Companies Act, 2013, consolidates various statutory registers required for the company to maintain for compliance. This combined approach simplifies record-keeping while ensuring that all mandated registers are up-to-date and readily available for inspection by stakeholders or authorities. Here’s …
Right2Vote is a GOI Tested & Certified eVoting platform The information highlights the credentials and certifications of the Right2Vote eVoting platform, which emphasizes its compliance with security, quality, and government standards.ย Below are the key points summarized: Certification and TestingโeVoting Platform STQC Certification: Certified by the Standardization Testing and Quality Certification (STQC) Directorate under the …
NRIs, PIOs, and foreign nationals – Foreign Remittances and Tax Implications This notification, FEMA 13 (R)/2016-RB, issued by the Reserve Bank of India on April 1, 2016, governs the remittance of assets outside India under the Foreign Exchange Management Act (FEMA), 1999. The regulations provide a framework for NRIs, PIOs, and foreign nationals to remit …
Summarized list of 30 points on GST officers & their powers The following points outline the comprehensive powers and responsibilities of GST officers under the Goods and Services Tax law, ensuring adherence to tax regulations and efficient tax administration. Classes of Officers: Various officer ranks like Principal Chief Commissioner, Commissioner, etc., under Goods and Services …
Checklist for incorporating a Private Limited Company in India Ensure all the following documents are correctly filled out, signed, and submitted to avoid delays in the incorporation process. Digital Signature Certificate : Ensure all subscribers and directors have valid DSCs. Director Identification Number : Obtain DIN for all directors if not already issued. Company Name: …
Revenue shared with franchise doesn’t attract TDS liability U/S 194I if no actual services were rendered: The case of Addl CIT Vs. VLCC Health Care Ltd. (ITA No. 4414/DEL/2017) decided by the Delhi Income Tax Appellate Tribunal addresses the issue of whether revenue shared with collaborators or franchisees under a Joint Venture Partnership model attracts …
Self-invoicing, Time of supply for registered & Unregistered suppliers under RCM The recent changes effective from 1st November 2024 in the GST framework related to Self-Invoicing and the Time of Supply of Services under Reverse Charge Mechanism (RCM) introduce more structured timelines and compliance requirements. These changes aim to streamline compliance, especially in Reverse Charge …
CBIC ๐ก๐ผ๐๐ถ๐ณ๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป:ย ๐๐ฆ๐ง ๐ฅ๐ฒ๐๐๐ฟ๐ป ๐๐ฎ๐๐ฒ ๐๐ฒ๐ฒ๐ ๐ช๐ฎ๐ถ๐๐ฒ๐ฑ The Central Board of Indirect Taxes and Customs has issued a notification waiving late fees for filing GST Returns (FORM GSTR-7) after the due date, as per the Central Goods and Services Tax Act, 2017. Below are the key highlights of the notification: The waiver applies to any …