Pursuant to the 53rd GST Council Meeting held on 22.06.2024, the CBIC has issued several clarifications clarifying various issues related to GST. The summary of the clarifications is available in the attachment. Please click the below link to read / download the attachment. Kindly reach us if you need any clarifications on the matter....
Continue readingThe GST Council held it’s meeting on 22nd June 2024. Following key recommendations are made by the Council: 1. Interest and penalty waiver for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025. 2. Reduction of the quantum of pre-deposit required to be paid for filing of appeals under GST. 3. Recommends certain exemptions related to accommodation services, providing relief to students and working professionals. 4. Clarification regarding valuation of supply of import of services by a related person where recipient is eligible to full input tax credit. 5. Clarification on valuation of corporate guarantee provided between related persons after insertion of...
Continue readingWe present a compliance calendar for the due dates in the month of June 2024 covering the major due dates in Direct Taxes, Indirect Taxes and Companies Act....
Continue readingWe are pleased to present our monthly newsletter for the month of May 2024...
Continue readingSection 285BA of the Income-tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction. Below is the list of the reportable transactions: • Receipt from any person of an amount aggregating to 10 lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company). • Receipt from any person of an amount aggregating to 10 lakh rupees or more in a financial year for acquiring shares (including share application money) issued by...
Continue readingWe present a compliance calendar for the due dates in the month of May 2024 covering the major due dates in Direct Taxes, Indirect Taxes and Companies Act....
Continue readingMSME-1 is a mandatory filing if there are payments made to MSME vendors after 45 days of invoice/acceptance. Kindly fill the required details in the attached file "MSME-1 Requirements" for filing Form MSME-1 for the period October 1, 2023 to March 31, 2024 and filed with MCA by 30th April, 2024....
Continue readingForm MSME-1 to be mandatorily be filed by 30th April, 2024 (during the period 1st October, 2023 to 31st March, 2024) if the Company has not paid any MSME vendor for a period of 45 days from the date of acceptance of bill. ...
Continue readingWe are pleased to present our monthly newsletter for the month of April 2024...
Continue readingDear All, Please find attached the following compliances related to Companies Act, 2013 for April 2024 (part of Q1 FY24-25 MSME-1 filing: We need your confirmation & Data on MSME compliances by your company for the period October 1, 2023 to March 31, 2024. Please find the detailed note and the checklist attached for your reference and use. Applicability of MSME Form MSME working for 1 Oct 23 to 31 Mar 24 Kindly contact us for the MSME filing with details by 20th April, 2024. The last date for filing MSME-1 for the period October 1, 2023 to March 31, 2024 is 30th April, 2024. 2....
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