by CA Chinmay Shirish Agate | Mar 25, 2021 | GST, SMEs, Taxation, Technology
What is GST? Term GST stands for the Goods and Services Tax. GST bill was passed on 6th May 2015 in Lok Sabha. Once the bill is implemented it can give some major advantages to businesses. GST is basically a value-added Tax which is taxed at different check points in...
by CA Chinmay Shirish Agate | Mar 9, 2021 | GST, SMEs, Taxation
During the last few months there were several media reports relating to the electronic invoice (‘e-invoice’) in the GST law. The e-invoice system will first be rolled out, on a voluntary basis, from January 1st 2020 for the business houses with an annual turnover of...
by CA Chinmay Shirish Agate | Mar 9, 2021 | SMEs, Taxation
The Finance bill 2020 proposed to abolish dividend distribution tax (DDT) which may result in boost in dividend pay-outs in corporates. A dividend is the share, a company pays its shareholders from the profits it earns, and DDT is the tax levied on that dividend. Only...
by CA Chinmay Shirish Agate | Mar 9, 2021 | GST, SMEs, Taxation
GST collections for February were at Rs 1.5 lakh crore, registering an increase of over 8.3% year on year, higher than the nominal GDP growth of 7.5% in 2019-20. This is welcome. The 8.3% growth comes from 12% growth in domestic transactions, but sluggish economic...
by CA Chinmay Shirish Agate | May 19, 2020 | SMEs, Taxation, TDS
As per the Finance Bill 2020, the following amendments have been made in TDS Section 194J which will take effect from 1/04/2020. What is TDS Section 194J? Section 194J of the Income Tax Act 1961 contains provisions with respect to TDS deduction on fees for...
by CA Chinmay Shirish Agate | May 15, 2020 | GST, SMEs, Taxation
GST and its impact on consumers The finance ministry released the recently released draft of goods and sales tax. And, based on the current scheme of affairs, consumers are expected to pay a service charge tax of around 14.5-15% for all broadcast services like...
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