The Limit for Mandatory E-invoicing has been reduced from Rs. 50 crores to Rs. 20 crores
CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.20 crore from April 1, 2022. (Turnover exceeds in any FY from 2017-18 and onwards). Original Notification 13-2020 has been amended from time to time and turnover limit is now reduced to Rs. 20 crores in latest Notification […]
Upcoming GSTR-1 Enhancements & Improvements:
GSTR-1/IFF can be viewed as usual by navigating in the following manner : Return Dashboard > Selection of Period > Details of outward supplies of goods or services GSTR-1 > Prepare Online The following changes are being done in this phase of the GSTR-1/IFF enhancements : 1.Removal of ‘Submit’ button before filing: The present two-step filing of […]
INTRODUCTION OF FORM CSR- 2 – Annual reporting
THE COMPANIES (ACCOUNTS) AMENDMENT RULES, 2022 – INTRODUCTION OF FORM CSR- 2 The Ministry of Corporate Affairs (MCA) vide Notification dated February 11, 2022, has issued ‘Companies (Accounts) Amendment Rules, 2022 the Companies (Accounts) Rules, 2014. The Amendment Rules: Inserts new-sub rule 1A in Rule 12 in Companies (Accounts) Rules, 2014 Adds a new form – form […]
GSTR 2A Form removed from GST Portal by GSTN – From January 2022
GSTR-2A has been deleted from the GST Portal January 2022 onwards by the Goods and Service Tax Networks (GSTN). The following are the key changes in CGST Rules notified in Notification No. 40/2021 – Central Tax With effect from 1st January 2022, ITC shall be allowed only to the extent invoice/debit notes are reported in GSTR-1 […]
INTEREST INCOME TAXABLITY AND IMPLICATIONS UNDER GST LAW
TYPES OF INTEREST INCOME AND ITS TAXABLITY As per the provision of GST Law a person is required to take registration if aggregate turnover exceeds the threshold limit. Exempt income is part of aggregate turnover and hence question arise whether all types of interest income is part of aggregate turnover? Meaning of Interest “Interest” means […]
Key Changes in GST – effect from January 1, 2022.
GST Rates/Exemptions Textile Industry (Implementation of new rates deferred by 46th GST Council Meeting on 31-12-2021) At present, tax rate on raw material and final product are not uniform. Apparel and clothing up to Rs 1,000 per piece currently attracts 5 per cent GST. GST rate will be harmonized across the textile chain after amendment […]
GST on the supply of transportation of passenger service provided by an auto rickshaw through an ‘electronic commerce operator’
Previously, passengers were exempted from paying for metered cabs or auto rickshaws (including e-rickshaws) to transport them, with or without their stuff. GST will be applicable on such transportation services provided by auto rickshaws following the revision to the exemption entry. However an auto ride provided via offline modes such as street hailing will still […]
Opening of Current Accounts by Banks
Recently, RBI has issued revised guidline with respect to the opening of the current accounts by Banks. On a review and taking into account feedback received from Indian Banks’ Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of […]
SEBI – ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS
SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (FOURTH AMENDMENT) REGULATIONS, 2021 SEBI vide its notification dated October 26, 2021, amends the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulation”), which shall come into force on the date of their publication in the Official Gazette. As per the amendment, it […]
RELAXATIONS GRANTED BY MCA for FY 2020-21
RELAXATION UNDER THE COMPANIES ACT, 2013: EXTENTION OF HOLDING AGM Ministry of Corporate Affairs (“MCA”) has extended the Due Date for Holding of AGMs by the companies upto November 30, 2021 ( i.e. by 2 months from the original due date) for the financial year 2020-21 ended on March 31, 2021 Accordingly, respective Registrar of […]