BUSINESS & ECONOMY

Government’s Digital Calendar, Diary App launched by Information and Broadcasting Minister

Information and Broadcasting Minister Prakash Javadekar launched the Government’s Digital Calendar and Diary App in New Delhi. Mr Javadekar said, the digital calendar inaugurated today is available in Hindi and English, but it will be available in 11 languages from 15th January 2021.

Elon Musk Becomes World's Richest Person

Elon Musk Becomes World’s Richest Person, Tesla Shares Up 743% In One Year

Tesla and SpaceX CEO Elon Musk have become the world’s richest man. On Thursday, he outpaced Amgen owner Jeff Bezos in the list of billionaires issued by Bloomberg after shares of electric car maker Tesla rose 4.8% on Thursday. This list includes 500 billionaires.

GST Return and Type of GST Return

GST Return and Type of GST Return

A return is a document including details of income which a taxpayer is
required to file with the tax authorities. This can help tax authorities to
calculate tax liability.
Under GST, a registered dealer has to file GST returns that include:
• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on purchases)
To file GST returns sales and purchase invoices are required. In the GST
regime any Regular business has to file two monthly returns and one annual
return. This amounts to 26 returns in a year.
The number of GST filings vary for Quarterly GSTR-1 filers. The number of
GST filings online for them is 17 in a year.
There are separate returns required to be filed by special cases such
as Composition dealers whose number of GST filings is 5 in a year.

India and Turkmenistan 4th round of Foreign Office Consultations held virtually

Corporate Compliance Calendar for January, 2021 Includes MCA Compliance, INCOME TAX Compliance, GST Compliance etc.

Corporate Compliance Calendar For The Month of January, 2021 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015, SEBI (Depositories and Participants) Regulations 2018), SEBI Takeover Regulations 2011, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, SEBI (Buyback of Securities) Regulations, 2018, Companies Act, 2013 (MCA/ROC and LLP Compliance), Due dates of LLP Return Filing, Due dates of ROC Return Filings, Mutual FUnd related updates, Insolvency and Bankruptcy Board of India (IBBI) Updates, NCLT & NCLAT Updates, MSME Key Updates and Investor Education and Protection Fund.

Monthly E-news letter for the month of Jan 21

Monthly E-News Letter for January, 2021

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Draft Model Standing Orders for Manufacturing Sector, Mining Sector & Service Sector published by Government

Draft Model Standing Orders for Manufacturing Sector, Mining Sector & Service Sector published by Government

Government has published the draft Model Standing Orders for the Manufacturing Sector, Mining Sector and Service Sector in the official gazette. It has invited suggestions or objections from the stakeholders within a period of thirty days. Separate Model Standing Orders for Services Sector has been prepared first time keeping in view the needs of the services sector.

Khadi and Village Industries Commission (KVIC) has launched a portal for the sale of its products

Khadi India launches online shopping portal, can buy Khadi products from home

Khadi and Village Industries Commission (KVIC) has launched a portal for the sale of its products. Along with Khadi, ready-made products will be available for sale in villages on ‘e-khadiindia.com’. With this, you will not have to go to the shop to buy Khadi products.

DIGITAL CALENDAR 2021 FROM INCOME TAX DEPARTMENT

Digital Calendar 2021 From Income Tax Department

We believe that the
honesty and hard work of
taxpayers power the
nation’s progress, and it is
our duty to reward it, by
empowering you.
It is this thought that gave
birth to a platform for
‘Transparent Taxation- Honoring
The Honest’ with innovative
initiatives aimed at making taxes,
untaxing. So, here’s giving more
power to you, as you embark on
your tax journey.

Ministry of Road Transport and Highways extends the validity of vehicular documents till 31st March 2021

Ministry of Road Transport and Highways has extended the validity of vehicular documents like DLs, RCs, Permits etc till 31st March 2021 in the light of need to prevent spread of COVID -19. The Ministry has today issued a directive to the States and Union Territory administrations in this regard. The Ministry had earlier issued …

Ministry of Road Transport and Highways extends the validity of vehicular documents till 31st March 2021 Read More »

GST COLLECTION

Recent GST Updates and Amendments

1.Restriction on availing ITC – Rule 36(4)
➢ ITC can be availed only up to 105% of GSTR 2A, as against 110% earlier. Now, the
ceiling of 105% to be computed on invoices uploaded & returns furnished + invoices
furnished by quarterly taxpayer.
➢ Violation of the above could lead to suspension of registration
2.Restriction on use of ITC – Rule 86(B)
ITC in credit ledger can be used only to pay 99% of output tax liability. It is applicable to
taxpayers having monthly taxable supply exceeding Rs. 50 lacs.
Not applicable to the following taxpayers
➢ Paid Income tax exceeding Rs. One lac in each of the last two financial years
➢ Claimed refund of more than Rs. 1 lac on zero rated supplies or inverted duty
structure in the preceding financial year
➢ Discharged tax liability cumulatively in cash in excess of 1% in the current
financial year
➢ Govt. department, PSU, local authority or statutory body

Cabinet approves merger of 4 Film Media Units with NFDC

Cabinet approves merger of 4 Film Media Units with NFDC

The Cabinet approved the merger of Films Division, Directorate of Film Festivals, National Film Archives of India, and Children’s Film Society, India with National Film Development Corporation. Briefing media in New Delhi after the Cabinet Meeting, Information and Broadcasting Minister Prakash Javadekar said, the merger of Film Media Units under one corporation will lead to …

Cabinet approves merger of 4 Film Media Units with NFDC Read More »

NEFT & RTGS 24X7X365 by RBI

NEFT & RTGS 24X7X365 by RBI

What is NEFT? NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country.

24X7 Availability: NEFT allows individuals, firms, corporate to transfer money from one bank branch account to another one anywhere in the country. Earlier, this facility could be availed only on working days between 8:00 Am and 7:00 PM. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis and the system has been operating smoothly since then. The Reserve Bank of India stated earlier in December 2019 that bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16, 2019.
No charges on online NEFT transactions: RBI has mandated banks to not to charge any fees on NEFT transactions done by savings account holders from January 1, 2020. According to the central bank’s press release, this move is aimed at pushing savings bank account customers to transfer money using electronic modes via NEFT.
 RTGS – Real Time Gross Settlement