SC denies Inverted duty refund for input services
The Supreme Court recently confirmed a Madras High Court judgment which upheld a fiscal formula included in the Central Goods and Service Tax Rules to execute refunds of unutilized Input Tax Credit (ITC) accumulated on
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Introduction to TReDS
What is TReDS? TReDS stands for Trade Receivable e- Discounting System. TReDS is an online platform on which the trade receivables are auctioned , this process is commonly known as bill or invoice discounting. There
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HSN Code mandatory after 1st April,2021 under GST laws.
What is HSN ? HSN means Harmonized System Nomenclature .It is an internationally adopted system for commodity description and product nomenclature system developed by the World Customs Organization (WCO). HSN Code mandatory from 𝟏𝐬𝐭 April,
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Advantages of switching to Electric Vehicle (EVs)
Did you know in 2020 alone, more than 3.2 million new plug-in electric vehicles were registered globally. If you’re thinking of buying a new vehicle, this article will help you to understand the advantages of
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All about Composition scheme under GST laws
Composition is an alternative mode of tax levy to provide simplicity to small taxpayers so that they need not indulge in dilemma of different rates, input credit and other complicacies. This is a optional method
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Registration-Rajasthan Shops and Commercial Establishments Act, 1958
Who need to take the registration ?:- Employer of every establishment, offices, store rooms, godowns, ware-houses, whether in the same premises or otherwise, used in connection with such trade or business need to take registration
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TDS on E Commerce Transaction under section 194O of Income Tax Act 1961
Applicability: This section is applicable w.e.f. October 1, 2020 Rate of TDS: 1% (However for the FY 2020-21 rate is 0.75%) Scope: E- Commerce operator is liable to deduct tax at source (TDS) from payment
Read MoreANNUAL RETURN FOR COMOSITION TAX PAYER (GSTR-4)
GSTR-9A for the year 2017-18 and 2018-19 was waived by notification number 47/2019 dated Oct. 09, 2019. But for the year 2019-20 all the taxpayers who have opted for composition scheme need to file GSTR-4
Read MoreTDS and TCS Rate Chart 2020-21
[embeddoc url=”https://absm.in/wp-content/uploads/2020/07/TDS_and_TCS-rate-chart-2021.pdf” download=”all”]
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Basics on MSME, Udyam registration and its benefits
Q1. What is MSME? MSME stands for Micro, Small and Medium Enterprise. Q2. What is the difference in Micro, Small and Medium Enterprise? As per the latest classification applicable from 1st July,2020, Enterprises engaged in
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