Connect with us

Business

Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash

Published

on

Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash

The crucial Board of indirect Taxes and Customs has delivered Rule 86B in items and offerings Tax (GST) policies which restricts use of input tax credit rating for discharging GST legal responsibility to 99 steady with cent.

Agencies with monthly turnover of over Rs 50 lakh will want to mandatorily pay at least 1 regular with cent of their GST liability in coins, the Finance Ministry stated as it moved to reduce evasion thru fake invoicing.

The essential Board of indirect Taxes and Customs (CBIC) has introduced Rule 86B in objects and services Tax (GST) policies which restricts use of input tax credit score (ITC) for discharging GST legal responsibility to ninety nine in line with cent.

“… The registered character shall now not use the amount available in virtual credit ledger to discharge his criminal obligation within the path of output tax in excess of 99 in keeping with cent of tax felony responsibility, in instances in which the price of taxable supply … In a month exceeds Rs 50 lakh,” the CBIC stated.

Whilst calculating the turnover threshold, earnings from GST exempt gadgets and zero prices supply would possibly not be included.

However, this restriction will now not practice wherein the dealing with director or any accomplice have paid greater than Rs 1 lakh as income tax or the registered man or woman has received cash back amount of extra than Rs 1 lakh within the preceding economic 365 days as a result of unutilised input tax credit.

EY Tax associate Abhishek Jain said the authorities has positioned guidelines on seamless input credit utilisation with introduction of Rule 89B, which blocks utilisation of ITC past 99 in step with cent of the output legal responsibility, for agencies having taxable turnover of greater than Rs 50 lakh in step with month.

“With the authorities providing affordable exceptions to this rule, the concept stays to prevent misutilisation of credit with the useful resource of groups taking faux credit,” Jain introduced.

Further, the CBIC has amended GST policies proscribing filing of outward supply information in GSTR-1 for business agency which have no longer paid tax for the past periods by the use of filing GSTR 3B.

To this point, till now, non-filing of GSTR 3B ended in blockage of e-manner invoice but will now result in GSTR 1 blockage as properly.

Abhishek Jain, Tax partner, EY said, “The government has now confined submitting of outward deliver information in GSTR 1 pass back for agencies who have now not paid tax for the beyond intervals with the aid of filing GSTR 3B.

“The authorities’s idea here appears to be to scale back input tax credit rating passing by means of businesses that have otherwise now not paid their GST legal responsibility,” Jain delivered.

AMRG & pals Senior associate Rajat Mohan stated, “these changes recommend that authorities is grappling with decrease tax collections and immoderate tax evasions, burden of that allows you to again be on sincere taxpayers”.

The CBIC has also notified authentication of Aadhaar quantity or bodily verification of business premises for the functions of obtaining GST registration.

“This amendment has possibly been delivered to prevent fraudulent registrations,” Jain added.

Moreover, the validity of digital manner bill provisions has been amended through the CBIC in line with which the e-way bill might be valid for 1 day for each two hundred km of adventure, as towards one hundred km earlier.

Also Check: BossPocket Technology opens doors to the future of business starting Jan 1, 2021

Continue Reading
1 Comment

1 Comment

  1. Pingback: Karnataka govt launches affidavit-based approval system to assist business - Daily News Junction

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Why India’s energy stocks are doing well?

Published

on

Share prices of power sector companies such as Thermax Ltd, NTPC Ltd and Adani – Siemens and Torrent Power Ltd have witnessed a steady surge

Power stocks have been mostly trading in the positive zone over the last 6 months. The share price of Adani Green Energy Ltd is up from Rs 1,134.70 on Dec 1, 2020 to Rs 1,360.95 as on 24 May, 2021. Whereas, Adani Transmission Ltd share price has surged from Rs 378.95 on Dec 1, 2020 to Rs 1,526.50 in the same period.

Apart from this, Adani Power Ltd is also up from Rs 41.05 on Dec 1, 2020 to Rs 101.05 as on 24 May, 2021. The company posted a consolidated net profit of Rs 13.13 crore for the March 2021 quarter, although the operational performance was affected by lower merchant sales and grid back down. Despite a strong performance by Adani, Siemens Energy, has reported a moderate drop in Q2 revenue. However, the company’s share price has risen from 25.00 EUR on Dec 1, 2020 to 25.76 as on May 24, 2021.

Among the top gainers, Power Grid Corporation of India Ltd is up from Rs 192.35 on 1 Dec, 2020 to Rs 231 as on 24 May, 2021. While as, Thermax Ltd share price has surged from Rs 896.35 to Rs 1,408.95 in the same period.

The power companies have witnessed a decent turnaround in the Q4 of FY-2021. Especially, the growth prospects of Adani Power have increased on the back of strong showing. The potential of the company has improved drastically with an installed thermal power capacity of 12,410 MW spread across six power plants in Gujarat, Maharashtra, Karnataka, Rajasthan and Chhattisgarh.

The integration of technology and robust innovation has seen players like NHPC Ltd, NTPC Ltd, ABB India Ltd, among others take decent strides in the power sector. Due to such developments, S&P BSE Power index has continued to rise from strength to strength.

Also Check: Beyond stereotypes and towards freedom. How Shivya Mishra and Soni Mehta are making a mark

Continue Reading

Business

Beyond stereotypes and towards freedom. How Shivya Mishra and Soni Mehta are making a mark

Published

on

Shivya Mishra, a young 25-year-old Digital Marketer from Delhi, and Soni Mehta, a social media artist, professional choreographer are about to break some long-lived stereotypes and inspire women all over just by following their passion with utter determination.

Shivya and Soni Mehta are firm believers in the fact that women should be financially abundant and independent. They consider this as the true parameter for success and freedom. In order to achieve this themselves and to encourage women ahead of them, Shivya Mishra and Soni Mehta have ventured into the land of real estate in Dubai.

The real estate of Dubai is going through a tremendous time. Dubai’s real estate market has made a hard landing, but lower prices may be a good time for investors looking to buy. It’s actually a great time to buy property in Dubai. Shivya Mishra and Soni Mehta saw this as an opportunity and decided to make their mark. Both of them believe in the creation of various streams of income, and what better than a stream of income from the ever lucrative real estate.

Also Check: Armaan Malik: Priyanka Chopra is a prime example of how an Indian can achieve so much in the world | Hindi Movie News

Shivya and Soni will also be simultaneously handling their social media work as well. Shivya Mishra has a well-established Digital Marketing base in Delhi with clients from around the world. She will be spearheading each and every task of both the industries that she’s a part of now. On the other hand, Soni Mehta has been meticulously handling choreography and social media influencing very well. Real estate is a feather in her cap.

Shivya Mishra commented, “I love this transition. I have always been a firm believer in taking opportunities as they come and then work for them. All my life I’ve always tried to go against the norms set by society and I hope this endeavor of mine inspires women, especially. I want the newcomers to keep experimenting with their way to success. And always remember, success has no shortcut. It may be a long road, but it’s always worth the while.

Shivya Mishra and Soni Mehta met in Dubai a couple of months ago. They immediately noticed the growing real estate sector of Dubai and chalked out a plan to implement. They understand the power of cashing on possibilities by anchoring one’s personal skills and values. They are huge advocates of having a positive and calm mindset through all the ups and downs of life.

On the same lines, Soni Mehta mentioned, I’ve been in Dubai for a long time now and I am truly impressed by the host of opportunities that it provides. I like to live life on my terms and without any restrictions and I know I have to work for that. I have continuously created an environment for my dreams to thrive. In no way, I have achieved it all. I’m still working every day. Every day I’m an inch closer to my dreams. This real estate venture is an ad on and I’m positive it will help me and my community grow in every way.

Shivya and Soni regularly document interesting bits of their life and can be followed on- (@ishivyamishra) and (@soni_mehta)

 

Continue Reading

Business

Vikrant Tyagi: A proficient teenager from Deoband Small city in District Saharanpur Uttar Pardesh

Published

on

Vikrant Tyagi

Vikrant Tyagi a proficient teenager from Deoband Small city in District Saharanpur Uttar Pardesh.he Has accomplished his education at St John’s Senior Secondary College Roorkee, Bachelor’s of Arts from Sri Dev Suman College Uttarakhand, Diploma in Mechanical Engineering from Yamuna Group of Establishment.

Vikrant Tyagi was one of many core group members in Y4D Basis who Organized one of many greatest occasions within the June 2018 New India conclave with Honourable Prime Minister of India Shri Narendra Modi Ji, Vice President of India Shri M. Venkaiah Naidu Ji, And plenty of different senior leaders and dignitaries. Vikrant Tyagi By no means surrenders, do what you want but it is going to be in I optimistic manner and put forth a robust effort and for sure, you’ll accomplish what you want. The battles and points we face at work and residential ought to not be one thing to gripe about. The very obstruction that we cry about is the lifestyle the place we as an entire have to stroll. No one assured you that life could be a clean trip or a cakewalk, it has its hardships. Vikrant Tyagi is a Form-Hearted and Motivated Particular person. It moreover has its prosperity and disappointments. You must respect this trip as a result of there is no such thing as a substitute manner or alternate route. It is going to all be over even earlier than you perceive it. So stop crying and proceed to stroll forward

As it’s rightly stated, Our actuality is heaven with ponders hiding in every fringe of it. In case you are barely extra aware and appreciative of the environmental components, you can find excellence in all issues. Life doesn’t should be uninteresting or dreary when there’s a good solar welcoming you every day, a cool wind touching your face, and dazzling nature encompassing you. Vikrant Tyagi loves Studying, Listening to Music, Travelling, Exploring new issues, Yoga, and Taking part in chess. He says that Whereas working on this discipline what I like most is that I will help needy folks and society.

Also Check: Armaan Malik: Priyanka Chopra is a prime example of how an Indian can achieve so much in the world | Hindi Movie News

Continue Reading

Trending