Answered: Your Most Burning Questions About The E-Way Bill
E-way Bill under GST is electronic road permit for movement of goods from one place to other, within or outside a state. Supplier and purchaser are required to generate E way bill in the case of movement of goods valued more than Rs 50,000/- per movement. E-way Bill is required in all type of movement of goods like stock sale or transfer, capital goods or goods sent for job work or any other movement of asset used for business. The E-Way Bill provision will come into effect from Feb 2018 As per CBEC press release: The E-way Bill system
Read moreUse GST Composition Scheme To Help Your Small Business Thrive
Composition Scheme comes as a relief for small businessmen as it reduces their compliance burden. Most small businesses do not have the necessary manpower or resources to keep adequate track of their tax filings. For this, reason the government decided to introduce ‘Composition Scheme’ to make it easier for Small Businessmen to comply with G.S.T. What is Composition Scheme? Composition Scheme under GST is the simple tax payment and return filing mechanism for small businessmen dealing in Goods. Small Businesses need not to be burdened with compliances under GST and can pay a small percentage of tax on turnover
Read moreTop 3 M.S.M.E. Schemes in India By The Indian Government
M.S.M.E’s contribute to 45 % of the total manufacturing output and around 40% of the total exports of the country. The small business sector in India is truly the fortune at the bottom of the pyramid which is why it is a point of focus for the government. There are various schemes launched by the Government to aid in the growth and development of M.S.M.E’s. The 3 major MSME schemes in India are 1.The Performance and Credit Rating Scheme One of the major issues that small businesses face is the lack of credit availability. Most Lending institutions have exhaustive requirements
Read moreUnderstand the Input Service Distributor in G.S.T.
Concept of Input Service Distributor As per Section 2 (61) “Input Service Distributor(ISD)” means An office of the supplier of goods or services or both It receives tax invoices issued under section 31 towards the receipt of input services. It issues a prescribed document for the purposes of distributing the credit of CGST,SGST,IGST or UTGST paid on the said services. Such document is issued to a supplier of taxable goods or services or both having the same Permanent Account Number as that of the said office.Further, Companies may have their head office at one place and units at other places
Read moreInsolvency and Bankruptcy Code: A boon for small business
Recently, the Government has passed the Insolvency and Bankruptcy Code, 2016 to establish the process and regulation for liquidation and insolvency resolution in India. Earlier, there was no single law to deal with insolvency and bankruptcy. Liquidation of Companies and Individual Bankruptcy and Insolvency were handled by the Courts. In case of any Company defaulting in repaying Loan to Banks, payment to creditors, salary payment to employees and labor or any other creditor in excess of Rs. One Lac, the aggrieved person can initiate Insolvency proceedings against that company for recovery of his dues. SME’s/Small Vendor can raise Demand notice
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