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…
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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…
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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…
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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…
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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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How to generate e-way bill in Karnataka under GST regime ?

We have explained how to get e-way bill login in Karnataka under new GST regime . Once you get the login id and password created next step would be generation of e-way bill.     As of now GST number of the receiving party is not validated so kindly check twice before generating e-way bill. Once you generate e-way bill depending on KM it will allocate the time. if you made any error in e-way bill you can cancel e-way bill by entering e-way bill number as generated from system. You can enter the vehicle number or Transporter…
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How to register for e-way bill in Karnataka ?

As we know from our earlier post  e-WAY BILL SYSTEM is live in Karnataka one can register using the link http://gst.kar.nic.in/ewaybill and new user click on e-way bill registration which will get redirected to a new page asking you to enter your GST number. Once you enter your GST number your details will appear like this but make sure details belong to your GST only. There are some cased data is not matching. You will be asked to send OTP and it will allow you to choose your own user name and password for e-way bill. After that login…
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Unable to connect to the installed EMSigner | Ports 1585, 2095, 2568, 2868, 4587 problem

Most of the GST tax payer during GST return filing i.e. GSTR3B for next 2 months are facing problem of submission when they are using Sign with Digital signature option ( Sign with DSC is applicable for Private limited companies, Limited companies or LLP's .) getting error message as "Unable to connect to the installed EMSigner. Please close any other application running on following ports 1585, 2095, 2568, 2868, 4587 and restart your system, and try again." but when you open emsigner it is still running on port 1645. What to do? We have many good…
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GSTR-3B filing date has NOT been extended for all

GSTR-3B filing date has NOT been extended for all: There are rumours floating around that the last date for payment of GST and filling of return  in FORM 3B is being extended by a week. These rumours are unsubstantiated. There is no change in the last date for payment of GST as per the self-assessed liability. However for taxpayers who want to claim transitional credit the time period for only filing of return in FORM3B is extended by one week. However even those taxpayers will settle self-assessed liability ( after adjusting…
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Queries relating to GST rates received from various sectors have been scrutinized and developed into short FAQs.

Queries relating to GST rates received from various sectors have been scrutinized and developed into short FAQs.: Sl. No. Query Reply 1. What is the HSN code and GST rate for lac or shellac bangles? Lac or Shellac bangles are classifiable under heading 7117 and attract 3% GST 2. What is the HSN code and GST rate for kulfi? Kulfi is classifiable under heading 2105 and attracts 18% GST 3. What is the HSN code for Solar Panel Mounting Structure and its GST rate? ·        Structures of iron or steel fall under heading…
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All traders are requested to register now without waiting for the last date i.e. 31st of July 2017

Provisions related to registration under GST regime; Traders are requested to register now without waiting for the last date I.e. 30th July, 2017. As per the GST laws, one is required to take registration on or before 30th July, 2017. All traders are requested to register now without waiting for the last date. If one carrying-out any business and have an Annual Aggregate turnover in the preceding Financial Year exceeding Rs. 20 lakh (RS. 10 lakh in Special Category States), you need to register in all the state/union Territories from where you…
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TRANSITIONAL PROVISIONS Under GST

TRANSITIONAL PROVISIONS Under GST : 1. Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day (1) Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly signed, on the Common Portal specifying therein, separately, the amount of input tax credit to which he is entitled under the provisions of the said section: Provided that the Commissioner may, on the recommendations…
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SUPPLYING THE GOODS WITHOUT PAYMENT OF IGST TO SEZ'S

SUPPLYING THE GOODS WITHOUT PAYMENT OF IGST i) Any Supplier ( he may be trader/manufacturer) at the time of supplying the goods without payment of IGST (earlier it was without payment of duty), the supplier has to execute LUT  as per the GST Rule 96A.  ii) Supplier has to mention LUT No. and its validity along with the GSTIN in their invoices without fail.  iii)             Also Invoice should have the HSN Code /SAC Code without fail.  iv) Since, SEZ units are treated as foreign territory, they have to mention…
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GST applicable on perquisites provided by the employer ?

The Government of India, Ministry Of Finance today has come out with a Press Note that Goods & Services Tax (GST) will NOT be applicable on perquisites provided by the employer to the employee. It clarifies that the services of an employee to an employer in the course of or relation to his employment is outside the scope of GST. Accordingly supply by the employer to the employee in terms of contractual agreement entered into between the employer and the employee will not be subject to GST. Also as the Input Tax Credit (ITC) Scheme under GST…
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All about GSTR-3B Filing for July and August

All about GSTR-3B Filing for July and August: The GST Council has relaxed filing rules for the first two months post implementation. Here's how to file your returns for these months using form GSTR-3B. The recently concluded meeting of the GST Council on June 18th brought some good news to business owners. The Council has agreed to relax the return filing requirement for the first two months under the new GST regime. As per the provisions of GST law, a normal taxpayer is required to file GSTR-1 by the 10th of the next month. Similarly, GSTR-2…
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