The Cabinet has approved a change in the basis of classifying Micro, Small and Medium enterprises from ‘investment in plant & machinery/equipment’ to ‘annual turnover’. Criteria Now Based On Annual Turnover Not Investment.This will encourage ‘ease of doing business’, make the norms of classification growth oriented and align them to the new tax regime revolving around GST (Goods & Services Tax).Read More
GST is all about a smooth flow of funds and compliances till the end. To facilitate such a smooth flow, it is imperative for the Government to provide for a hassle-free refund process. The current tax structure is cumbersome, and it takes months and sometimes years to get refunds from the Government’s basket.In this article, we’ve covered the GST refund in brief.Read More
While every small or large business entity is busy in complying with GST regime, HR professionals are also engaged in discussions to assess the effect of GST on their transactions with the employees under various categories. Here are some of the teething troubles which are taking its own time and shape while implementing this unified tax system.Read More
The article is in relation to the recent amendment in the tax audit report i.e Form 3CD vide Notification 33/ 2018 dated 20 July 2018. The said Notification inter alia requires the Assessee to report the breakup of expenditure into GST and non GST transactions.