Validity of existing Enterpreneurs Memorandum (EM) Part-II and Udyog Aadhaar Memorandum (UAM) obtained till 30.6.2020 has been extended by Ministry of MSME from 31.3.2021 to 31.12.2021 vide notification no. S.O.2347(E) as a result of which holders of EM Part-II and UAMs will now be able to avail benefits of existing schemes and incentives. Owing to […]
The government released GST Circulars on 17.06.2021, thereby resolving disputes in relation to the following matters: Status of Anganwadis for GST purpose and taxability of input service of serving food to educational institute based on who sponsors it. Taxability of the following:a) Annuity received as consideration for construction of Road/ Bridgeb) Services rendered by the […]
Rule 4 has been omitted by the Central Government, thereby eliminating the requirement of the physical presence of BOD during meetings in certain circumstances.Analysis of the relevant notification has been provided below for reference purpose.
The Finance Act, 2021 brought certain amendments with respect to taxation of Provident Fund Interest Income. The very purpose behind such amendment was to tax interest income earned against the employee contribution, considering the fact that the rate of interest offered in the case of Provident Funds is relatively higher and the same induced people […]
The requirement of E-Invoicing was originally brought into the picture vide notification no. 70 and 69 of 2019 – Central Tax dated 13.12.2019. However, the same witnessed changes from time to time. The notifications issued over the past years in this regard have led to changes in terms of the effective date from which the […]
The revised criteria for being classified as MSME was laid down vide Notification No. S.O.1702(E) dated 1.06.2020. The same has been in effect since 1.07.2020.The aforementioned notification classifies enterprises as MSMEs based on the following two parameters:1)Â Investment in Plant & Machinery, and2)Â Annual Turnover. The current position in terms of classification as MSME, based […]