The Central Board of Indirect Taxes and Customs (CBIC) in India has introduced new rule 86B in CGST (Central Goods and Services Tax) Rules vide notification number 94/2020 dated 22.12.2020. The rule 86B became effective from 01.01.2021. As per the…
Salvation From GST Errors
An insight has been provided to the readers how one can safeguard against unwanted demand notice from tax authorities or unwanted issues that may arise from errors in GST compliance that are committed unknowingly. It is to be kept in…
Different Types Of Financial Reports A Business Owner Must Know About
A business owner should keep financial reports at disposal which enables to analyze the business operations for better future functioning and make more informed decisions. Given below are the five most important types of financial reports which the owner should…
Accounting Standard on Property, Plant & Equipment (PPE) (AS-10) Treatment of Depreciation
Depreciable amount is: Cost of an asset less Residual value. The depreciable amount of an asset should be allocated on a systematic basis over its useful life. Depreciation Method The depreciation method used should reflect the pattern in which the…
Voluntary Liquidation of Corporate Persons under IBC
Section 59 of the Insolvency & Bankruptcy Code, 2016 deals with the provisions related to Voluntary Liquidation of Corporate Persons. Pre-requisites for initiation of voluntary liquidation proceedings: Intention to liquidate itself voluntarily. Not committed any default under the provisions of…
Ambivalence under GST
There are various topics which can be seen as debatable since the implementation of GST as each one of us have our own set of interpretation therefore such areas are considered to be inconclusive. An effort has been made to…
Introduction To E-Way Bill
The concept of E-way bill has been introduced under GST regime on similar lines of “way-bill” in the erstwhile tax regime. It is a mechanism to ensure that goods being transported comply with the GST Law and serves as an…
Blocking & Unblocking – E-Way Bill
It is the duty of every registered person to comply with proper law, provisions & rules, which ensures proper and smooth implementation of GST. It is important to ensure whether goods are being transported as per GST Law and for…
EMERGENCE OF GSTR 2B
The objective of introduction of Goods and Services Tax (GST) was to simplify the process of indirect taxation. However, despite the relative simplification from the previous tax regime, GST is still in its nascent stages. In other words, there are…
QRMP Scheme Under GST
Will it resolve monthly Compliances Ailment? In India, tax laws have always favoured small businesses as they constitute a major portion of country’s growth and GDP. With the introduction of GST, taxpayers need to file monthly return i.e. GSTR-3B, which…