59 Minutes Loan
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How to apply for the new Loan under 59 Scheme by the Government

Prime Minister Narendra Modi has announced an ambitious scheme of getting loan up to 1 Crore in just 59 minutes. The scheme has been started for the Micro, small and medium enterprises. Among the 12 schemes that were generated, one that was highlighted was the facility of availing loan under 59 minutes. With this initiative, the Government is working towards pushing the growth in automation and bringing down the time and process involved in cumbersome Loan facilities. Quick Approval Process An Individual who qualified for such loan would…
Class 3 DSC

Class 3 DSC Signature and E-tendering- What you need to know

Class 3 Digital Signature is used for e-tendering and is considered to be the signature of the highest level. The importance of the Class 3 DSC lies in the fact that it enables safety of the user. An Individual who is applying for tenders through e-tendering route would always want to know that his transactions are safe. Class 3 Digital Signature has been designed to do exactly the same. There are two validity period of Class 3 Digital Signature – One year and Two Years. According to the Information Technology Act, Class 3 Digital Signatures…
US$ to INR

Here is Why Indian Rupee is Falling Against The U.S. Dollar

The Indian Rupee is not taking halt against US dollar, falling continuously to touch the lifetime low of 71.10 against the greenback. In today’s session, the currency got some relief after the good GDP numbers but failed to sustain and fell to an all time low levels. There are multiple factors behind falling Indian rupee against US dollar. Global and Domestic Factors The rising tensions between two biggest economies – the United States and China has taken toll on India rupee. Both the countries are in a race to slap tariff on each other’s…

DIR-3 KYC Filing Date Extended - How to file the form?

The government has extended due date of filing DIR-3 KYC without any late fee till 15th September. As a part of updating the registry, the Ministry of Corporate Affairs as is conducting KYC of all Directors of all companies annually through DIR-3 KYC form. This form is compulsorily required to be filed by every director who has been allotted a Director Identification Number on or before 31st March of a financial year and whose DIN is in Approved status. It is mandatory for Disqualified directors also. Late filing after 15th September would attract…

Different Types OF ITR Status And How To Check It Online

Taxpayers should regularly check their ITR status to ensure that the Income Tax Return has been accepted and processed. Income-tax Department has provided access to check Income-tax Return Status in user login. However, not every tax payer understands the meaning of checking the status means after they file the return. Different types of ITR status: Submitted and pending for e-verification: this status appears on the screen:  When you have filed the ITR but have not e-verified it. You have  sent the acknowledgement to the department but…
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Everything you need to know about Digital Signature

Digital Signature acts like a guarantee that the electronic documents and the message sent digitally has not been tampered because of the encryption techniques used. Digital signature is popularly known as electronic signature. Difference between digital and electronic signature Digital signature is also a form of electronic signature but the method differs slightly. It uses the certificate-based digital ID to authenticate signer identity. In digital signature, the proof of signing linked together to the document through encryption and the…
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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…
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GST Training in Bangalore | GST Classroom cum online training in Bangalore

Being July 1st 2017  date fixed for GST roll out all over India many of us are worried about GST preparedness??  We have one good opportunity with GST training in Bangalore DBA Cosmic IT services pvt. Ltd. Bangalore with it's 16 years of rich industry experience in US and Indian financial market has launched 3 days and 2 days GST training session from 3rd of July to 7th of July  2017 . Following are the topics covered in these 5 days: One more greater advantage you will have once you attend session and write exam you will get Certificate…
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Frequently asked question on GST as responded from CBEC

Question No. 1: Is ITC available on vehicle taken on lease for employee in a manufacturing company? Answer: No. It is not allowed as per section 17(5) of CGST Act, 2017. Question No. 2: We are dealer having more than 1.5 cr turnover. Whether GSTR-1 return to be filed for every month for July- October, 2017 or Single GSTR-1 Return will be filed for the month of July- October, 2017 on or before 31st December, 2017. Answer: FORM GSTR -1 return is to be filed for every month from July-October, 2017 by registered persons having more than 1.5 cr turnover.…
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Establishment of National Anti-profiteering Authority under GST

There are many cases where reduction of GST rate is not getting reflected in the price where in establishment increasing their margin keeping MRP same. I am enclosing one of the bill as raised by a Hotel where in price to end customer is same when it was 18% and now after Government reducing to 5% price remains same. If some one fine such type of issues with GST rate even after reduction once can report CBEC GST portal: Visit the portal at https://cbec-gst.gov.in/ When you scroll down you will come across the CBEC Mitra Helpdesk /There…
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File GST return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018

All Taxpayers are required to file return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018: Due dates for filing of details in FORM GSTR-1 for the period of July, 2017-March, 2018 are given bellow: A. Taxpayers with annual aggregate turnover upto Rs.1.5 Crore need to file GSTR-1 on quarterly basis before the due dates tabulated below: Period                              Date July-September          31st December, 2017 October-December  15th February, 2018 January-March …
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Latest GST update from Council Meet

1. New rates to be applicable from 15.11.2017 prospectively after notification. 2. 178 items shifted from 28% slab to lower slabs leaving apart sin goods and cess applicable goods. 3. Restaurants to have no ITC. Rate of tax shall be 5%. Restaurants in star hotels-18% with ITC. Other hotels -5% without ITC. 4. Outdoor catering -18% with ITC. 5. Gstr-3b to continue till 31.03.2018. 6. Nil returns to become very easy. 7. Only filing of GSTR-1 in current year for all taxpayers. Below 1.5 crore- 31st dec for July to sept, Qtr3- 15.02.2018, Qtr4-…
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No more uploading Forms 49 A& 49B post Incorporation

MCA has underwent drastic changes post recent development which has taken place recently. The way of working of MCA and Incorporation has underwent drastic changes in terms of approval of name availability, e-forms for MOA and AOA. The ease of doing business in India has really ranked up across globe. As part of its continuous efforts for simplifying Incorporation related process for providing Ease of Doing Business to stakeholders, MCA will be dispensing with the requirement of separately uploading Forms 49 A& 49B after filing SPICe e-forms. Accordingly,…
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How to claim Unutilised credit under GST ?

Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability.Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output tax liability. However, the GST Law permits refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated supplies or on account of inverted duty structure, subject to certain exceptions. As per Section 54(3) of the CGST Act, 2017, a…
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How to prepare GSTR 2 ?

Most of us have already filed GSTR3B and GSTR1 even we have Nil income Nil return need to be filed . We have one more complicated task here which is verifying GSTR2 if not found as per our GSTR3B input need to follow up with other side vendors who have either missed to file GSTR1 or not bothered to file GST return itself. As per the records published from Government still we are missing 10 lakh plus GST registered dealers not filed GSTR1.  1.The window to file Return GSTR 2 for the month of July, 2017 has opened and it can be filed till 31st…
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Interest and Penalty calculation for GST return filing

Interest and Penalty calculation for GST return filing: Government might waive off interest and penalty on late filing of GSTR-3B for August in lieu of load on GSTN Earlier Revenue Secretary Hasmukh Adhia ruled out any further extension of timeline after December for filing GSTR-3B tax returns by businesses. The GST Council had earlier allowed businesses to file GSTR-3B, a summarised return, till December.  Forms pertaining to tax payment under GST Form GST PMT-01 Electronic tax liability register will be maintained in Form GST PMT-01 Form…
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GST changes and Update from GST council meet good news for small traders and exporters

DECISION TAKEN IN 22ND GST COUNCIL MEETING: 1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufactures & 5% for Restaurant : This was earlier Rs.75 Lakh 2. Filing of Returns upto Turnover of Rs. 1.50 Cr - Quarterly (Non Composition Assessee) 3. Refund to Exporters - To be Started from 10.10.2017 for July Month & 18.10.2017 for August Month manually 4. From now On wards Refund will be granted immediately after filing the Return to the Exporters 5. Postponement of RCM till Dt. 31.03.2018 6. E way…
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GST Notification on extension of facility of LUT to all exporters issued

GST Notification on extension of facility of LUT to all exporters issued: Notification on extension of facility of LUT to all exporters issued. Government of India Ministry of Finance (Department of Revenue ) [Central Board of Excise and Customs] Notification No. 37 /2017 – Central Tax New Delhi, the 4th October, 2017 G.S.R….(E).- In exercise of the powers conferred by section 54 of the Central Goods and Services Tax Act, 2017, and section 20 of the Integrated Goods and Services Tax Act, 2017, sub-rule (5) of rule 96A of the Central…