GST Made EasyIn this article we have explained the all the features of GST portal which is https://gst.gov.in. It provides various services to the users like GST registration, GST return filing, GST refund, Payment of GST, cancellation of registration etc. GST portal provides comprehensive online services which eliminates physical visit to government offices to much extent.
When the GST liability is more than input tax credit at that time while filing GST return we are required to make GST payment. Here we will understand how to make GST payment online and when we are required to make it. You can also make GST payment without any liability same will be credited to cash ledger in GST (Kind of GST wallet).
As per Income Tax Act, 1961, the taxability of person depends upon the Residential Status of the individual for the previous year. Residential status of an Individual is to be checked every year. Section 6 of the Income Tax Act defines the criteria for determining residential of an Individual. Recently by The Finance Act, 2020, government made certain changes in the criteria to determine the Residential Status.
As per IT Act, residential status is divided in to 3 categories, we shall understand the each categories in this article:
In this article we will understand implication of GST on corporate debtors under IBC. When entity defaults certain threshold amount then CIRP (Corporate Insolvency Resolution Process) is initiated. Here we will understand, when new GST registration is required, how we can avail GST input credit and how we can claim refund of GST paid.
Our Honourabe prime minister Shri Narendra Modi has given vision for Make In India, Startup India to boost manufacturing indutries in India to stand at par with developed nations. Government of Gujarat(GoG) since last decade taken numerous initiatives to boost up the Manufacturing industries. GoG give several subsidies and Incentives for such industries. Lets have a look at 5 subsidies to start business in Gujarat.
Who will be eligible?
Liquidated Damages (LD) is levied or imposed when some specific task or work is not performed as per the agreed terms or condition, means that there is breach of contract terms. LD is generally levied at fixed rated irrespective of actual damages. Generally in large quantum work like infrastructure projects where performance of the contract is very essence of project, then there is specific clause for LD in the contract. Example situation in which LD is levied is like when milestone is not performed within specific time frame then LD is levied at 1% of milestone amount. We will not understand applicability of GST on liquidated damages.
Government of Gujarat, to promote the business of Micro, Small and Medium enterprise has formed various subsidies like Interest Subsidy, Capital Subsidy, Technology acquisition subsidy, Market Development Assistance, Assistance for patent registration, SME IPO Subsidy etc.
Read more on interest and capital subsidy available to manufacturers