Simplification in Procedure for Getting Passports The Government has decided to print personal details on passports in both Hindi and English languages. The pre-printed portion of the passport is already in Hindi and English languages. The Government has implemented with effect from 24 June, 2017 a new scheme under which senior citizens of the age of… Read More »
Exchange Rate of Foreign Currency relating to Imported and Export Goods Notified In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs(CBEC) No.70/2017-CUSTOMS (N.T.), dated 6th July, 2017, except as respects things done or omitted… Read More »
FM to formally launch Pradhan Mantri Vaya Vandana Yojana (PMVVY) tomorrow; PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens available from 4th May, 2017 to 3rd May, 2018; The Scheme can be purchased offline as well as online through Life Insurance Corporation of India The Union Minister… Read More »
Question : What details are required to be furnished in the return to be filed by the registered person under the composition scheme? Answer: GSTR-4 may be referred for details required to be filled in the return. It is a very simple return containing consolidated details of outward supplies, details of import of services or… Read More »
Question :. What return a registered person under the composition scheme needs to file and at what frequency? Answer: A registered person under the composition scheme of GST is required to furnish quarterly return called GSTR-4 between the 11th day and 18th day of the month succeeding the quarter. GST on MSME : FAQ’s GST… Read More »
Question : Whether a registered person under the composition scheme needs to learn HSN code of any input purchases and output supplies? Answer: No, a registered person under the composition scheme would not need to specify HSN code of their products in bill of supply or return. GST on MSME : FAQ’s GST on Textile… Read More »
Question : Can a manufacturer under the composition scheme maintain his accounts manually? And can he issue his bill of supply manually? Answer: Yes, a manufacturer under the composition scheme can maintain his accounts in registers serially numbered and also issue bill of supply manually following the conditions specified in rules in this regard. GST on… Read More »
Question : Does a manufacturer under the composition scheme needs to maintain account of inputs tax credit? Answer: A manufacturer under the composition scheme need not maintain account of input tax, input tax credit claimed etc. as he is neither allowed to avail of input tax credit nor can he issue an invoice showing tax… Read More »
Question : Does a manufacturer under the composition scheme need to maintain details of accounts of every supply received and made? Answer: No, the requirement to maintain detailed accounts of stocks in respect of goods received and supplied, work in progress, lost, destroyed etc. does not apply to a manufacturer under the composition scheme. Such a person… Read More »
Question : What are the accounts a manufacturer under the composition scheme needs to maintain? Answer: Rules on Accounts and Records provide details of the accounts to be maintained. They are maintained under normal course of business by any small manufacturer. The details to be maintained in accounts inter-alia consists of goods supplied, inward supplies… Read More »