GST Rate & HSN Code for Eggs, Honey & Milk Products – Chapter 4

May 16, 2020 Business by PS ASSOCIATES

GST Rates & HSN Codes on Edible Animal Products – Egss, Honey & Milk Products like Cheese, Curd and Cream. HSN Code Description Rate (%) Effective From Related Export / Import HSN Code 409 Natural honey, put up in unit container and bearing a registered brand name 5 28-06-17 4090000 409 Natural honey, other
Read More

Trade Mark Classes (TM Rules, 2002)

March 27, 2020 Business by PS ASSOCIATES

THE FOURTH SCHEDULE TO TRADE MARKS RULES, 2002 Classification of goods and services – Name of the classes Class 1. Chemical used in industry, science, photography, agriculture, horticulture and forestry; unprocessed artificial resins, unprocessed plastics; manures; fire extinguishing compositions; tempering and soldering preparations; chemical substances for preserving foodstuffs; tanning substances; adhesive used in industry Class 2 .
Read More

Tax Reliefs Announced by Finance Minister on 24th March, 2020 – COVID-19

March 24, 2020 Business, Finance by PS ASSOCIATES

Income Tax Last date for filing income tax Returns for FY 2018-19 extended to June 30 2020 Interest rate for payments due for FY 2018-19 made till June 30 2020 reduced to 9% for tax payments (from 12%) and 9% for Tax withholding payments (from 18%) Dates for issue of notices, initiation, filing of appeals.
Read More

ESIC Due Date Extension for February & March, 2020 – Covid 19

March 16, 2020 Uncategorized by PS ASSOCIATES

ESIC Due Date Extension for February & March, 2020 – Covid 19 P-11/14/Misc./1/2019-Rev dtd 16.03.2020 Keeping in view the pandemic in the form of “Corona virus” (COVID-19) in the country, the Director General has relaxed the provision as entered in regulations 26 & 31 of ‘The Employees’ State Insurance (General) Regulations, 1950′ . The proviso
Read More

Mobile Phones Prices to go up from 1st April, 2020

March 15, 2020 Business by PS ASSOCIATES

Changes in the GST rates The 39th GST Council meeting happened on Saturday, 14th March 2020 at New Delhi. The Union Finance Minister Nirmala Sitharaman chaired this meeting and the rates of certain products have been increased. GST on mobile phones and specified parts was increased from 12% to 18%. This decision was taken to
Read More

39th Meeting of the GST Council Updates – 14 March, 2020

March 14, 2020 Finance by PS ASSOCIATES

The GST Council, in its 39th meeting held on 14.03.2020, has made the following recommendations: Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020 The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020. Measures for Trade facilitation: Interest for delay in payment of GST to
Read More

GST Composition Scheme

March 14, 2020 Uncategorized by PS ASSOCIATES

1. Who can opt for Composition Scheme A taxpayer whose turnover is below Rs 1.0 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh. As per the CGST (Amendment) Act, 2018, a composition dealer can also supply services to an extent of ten percent of
Read More

Section 195 – TDS on Non-Residents

March 13, 2020 Uncategorized by PS ASSOCIATES

Section 195 of the Income Tax Act, 1961, is basically concerned about the Tax Deducted at Source (TDS) for the non-resident people of India. This section basically highlights the tax rates and deductions related to all business transactions. What is section 195 of IT Act? Tax Deducted at Source is the first way of collecting
Read More

GSTR 9 :Annual Return Filing: Deadline extended to 31st Aug 19

June 26, 2019 Business, Finance, Uncategorized by PS ASSOCIATES

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A,
Read More

Verification of applications for grant of new GST Registration

April 8, 2019 Business, Finance by PS ASSOCIATES

Circular No. 95/14/2019-GST dtd 28th March, 2019 Recently, a large number of registrations have been cancelled by the proper officer under the provisions of sub-section (2) of section 29 of the Central Goods and Services Act, 2017 (hereinafter referred to as „CGST Act‟) read with rule 21 of the Central Goods and Services Rules, 2017 (hereinafter referred
Read More