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Showing posts from October, 2020

What are the industry base, its registration, process and benefits.

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Start of industry base Honorable Minister of MSME, Mr. Kalraj had called a meeting in New Delhi on October 2015 on the issue of industry base.  In this meeting itself, it was said to use the industry base first. If it was talked about a few years ago, then the government used to focus only on big companies and industries.  But this was not enough to enable the country.  Then the government changed its approach to small and micro industries, due to which the government started several schemes to give subsidy for small scale industries.  But to get subsidy, first had to register with the Ministry of Micro, Small and Medium Enterprises.  The process of which was difficult to a great extent, due to which many people were deprived of these schemes, so the industry base was brought to make the registration process easier. Objectives of industry base Simplify the registration process One of the main objectives of the Udyog Aadhar scheme is to pursue small and micro ind...

GST disturbances in bilaspur

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37 lakh fine and tax recovered from the contractor for GST disturbances The Excise and Taxation Department has imposed a penalty of about Rs 43 lakh, tax, and interest to a contractor in Bilaspur district on the GST disturbances.  The department has taken a fine of about Rs 37 lakh while taking action, while other funds are yet to be recovered.  Departmental action is stirred up.  According to the information, the said contractor had taken up the job of the Jal Shakti Department, but the tax liability of the said contractor was miss-matching. On this, the departmental team investigated, and then GST disturbances were found.  Acting on the rules, the department imposed a tax, penalty, and interest of about Rs 43 lakh on the contractor.  The contractor has admitted a fine of Rs 37 lakh and others while accepting the mistake.  Around six lakh rupees are yet to be filled.  The contractor has filed before the department to fill it soon. Rakesh Bhartiya, Joi...

GST Returns Forms and Due Date

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GST Return GST Returns - It is mandatory for all the persons registered under the GST Act to file GST returns. Interest and penalty have been provided in the GST Act for non-filing or late filing of GST return by the registered person. Therefore a registered person must file a GST return on time. According to the status of registered persons in the GST Act, different GST return forms have been prescribed. Therefore, a registered person should file the returns according to the forms applicable to him. The GST Returns by a registered person contains information on the goods or/and services or both supplied by him, the input tax credit is taken, tax payable, and tax paid. In today's article GST return, we will learn about different forms of GST return. Types of GST Returns GSTR - 1 The GST Act requires all individuals to file Form GSTR-1 within 10 days of the end of the month, in which details of all the goods and services supplied by them are filled. But, if your tur...

how to impact on businesses

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  The Goods and Services Tax (GST) Council on Monday did not resolve the problem of tax reimbursement and postponed the problem for the following assembly to be hung on 12 October. However, the council made a few different selections to influence businesses. Consultancy Corporation EY India on Monday summarized the opposite selection taken by means of Council. The levy of GST reimbursement tax should extend the transition period to more than 5 years, as needed to meet the sales gap. Permission of taxpayers having turnover of less than five crore rupees for documenting GST returns on a quarterly basis from January 1, 2021 with month-to-month charges. Such people will have the option to pay 35% in their internet coins. Use of an auto-generated invoice for the primary months of the area of ​​responsibility of the preceding area. With effect from 1st January, the due date for submission of GST Return (GSTR-1) on quarterly basis will be changed to the 13th of the following month. To tak...

Gst Updation

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Latest GST  Updates for Companies & Taxpayers The Fund Service expressed that citizens are  needed to give just data identified with exchanges identified with that monetary year in the 2018-19 yearly GST return. As indicated by an announcement from the service, it was educated that the GSTR-9 naturally filled for the year 2018-19 additionally incorporates the information for the budgetary year 2017-18. Be that as it may, citizens have just made this data accessible for the FY 2017-18 in the Yearly Return (GSTR 9) petitioned for the FY 2017-18.  There is no framework to show the two years (f.y 2017-18 and f.y 2018-19) independently in Structure GSTR-9 for the year 2018-19. The announcement stated, 'It is explained that the citizens need to educate just about the worth identified with the budgetary year 2018-19. Data has just been given about the value identified with the f.y 2017-18, so there is no compelling reason to give data about it.  As per the announcement,...

Benefit of ISO Certification

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  What is ISO Certification The ISO certificate is a Quality Standards Certificate awarded to a company, institution, business, and industry. ISO has more than 155 country members. It is an independent organization that provides standards of quality, safety, and efficiency of the products and services of a business. Along with the increasing competition among businesses, it has become necessary to provide good quality products and services to customers. ISO certification helps you in improving the reliability and overall efficiency of your business. Therefore ISO Certification is very important.   Benefits of ISO certification International Credibility: - ISO Certification plays an important role in strengthening the organization's credibility in external foreign trade. Customer Satisfaction: - ISO Standards helps the organization to get the services of the customer to the right criteria, which gives the customer satisfaction. Government contracts: - It is nece...