Pradhan Mantri Garib Kalyan Yojana 2016 (PMGKY)

 

20th December 2016

If you are willing to declare the unaccounted income under the new Pradhan Mantri Garib Yojana is very easy and to that you need to follow three steps and these steps are mentioned by the bills passed in the Taxation Laws Bill which was declared in the second amendment in the year 2016. It is not possible for the people who have already made the money through the illegal ways. Now, to prevent these amounts they are trying to hide it for their benefits but with the change in currencies these people came in to serious problems and they had to come out with the unaccounted amount but they are charged with serious taxation policies.

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Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

 

RBI/2016-17/187
IDMD.CDD.No.1453/14.04.050/2016-17

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

 

The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the “Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS)”. This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.

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Eligibility for GST Registration

GST enrollment

Goods and Services Tax (GST), the centralised tax we’d been awaiting for nearly a decade, is finally here. Being such a sweeping reform, as it combines nine existing taxes into one, much is not clear to businesses (of all types, from manufacturing and services to import-export and trading) small and large. So let’s start with a very basic one: do you need to register yourself?

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Steps for Migration to GST


a) Obtain provisional user id and password from VAT department

b) Obtain DSC in case of companies and LLPs or Aadhar Number in respect of authorized signatories in other cases

c) Obtain the resolutions in respect of authorized signatories wherever required

 

Following steps are required to be taken to get yourself enrolled in the GST system:

 

*Step 1:* Open www.gst.gov.in and click on ‘NEW USER LOGIN’.

*Step 2:* You have to enter the Provisional ID and password

*Step 3:* Enter mobile Number and email id of the authorized signatory of the business entity.

*Step 4:* A separate One Time Passwords (OTP) will be sent on Given mobile and email.

*Step 5:* Enter the OTP as communicated to you on your mobile and email.

*Step 6:* Create New User id and Password and enter Secret Answers for some Que given in portal

*Step 7:* Login with your Username and Password on ‘EXISTING USER LOGIN’

*Step 8:* Enter information and upload scanned images as mentioned in pre-registration form.

*Step 9:* Sign with Digital Signature or use Aadhaar Authentication

Step 10: After successful submission a welcome message will sent to the registered E-Mail ID and Mobile number

Note: Since all filled information along with annexure are subject to verification in the GST regime, therefore, in case of misleading / wrong / incorrect information with / without evidence shall attract provisions of cancellation as per the Provisions of Proposed Goods and Services Tax Act.

It is requested to complete the entire process of pre-registration before 31st December 2016

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SUPPLIES TO OR BY A SEZ UNIT/ DEVELOPER WILL BE SUBJECT TO IGST

With the original Model GST Law, there loomed grey clouds over levy of GST on supplies to and by SEZ. As per the revised model IGST Law released by ministry of finance, ambiguity surrounding levy of tax on supplies to and by a SEZ Unit or Developer has been cleared. Such supplies will be subject to IGST.

What needs attention is that supplied to or by SEZ Unit/ Developer within the state will also be subject to IGST.

As per Section 3(6) of Model IGST Law “Supply of goods and/ or services to or by a SEZ developer or an SEZ unit, shall be deemed to be a supply of goods and/or services in the course of inter-State trade or commerce.”

Clearly, the law intends to create a deeming fiction whereby all supplies whether intra or inter state, to or by SEZ shall be deemed to be inter-state supplies and then be liable to IGST.

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