Extract of Annual Return to be filed with ROC

Board of director’s report is the main part of company’s annual report as its required having details of the company. According to companies act 2013 read with Companies (Management and Administration) Rule, 2014, every company is required to attach an extract of annual return in form MGT-9 to company’s board report. This means the extract … Read More » "Extract of Annual Return to be filed with ROC"

Consequences of not filing Annual Return with ROC – Form MGT 7

In our previous article, we have discussed when and how to file company’s annual return and signing of annual returns. In this article, we will be discussing the consequences of not filing Annual Return. As per section 92 of Companies act 2013, every company shall prepare an annual return in form MGT-7 containing details as … Read More » "Consequences of not filing Annual Return with ROC – Form MGT 7"

What is Input tax credit under GST – Explained with examples

The main reason of bringing GST law into India is to reduce the cascading tax effect. As per the present law, at each stage of the entire supply chain, registered taxable persons are eligible to take input tax credit. Input tax means the taxes that have been paid while buying raw material or services. Similarly, … Read More » "What is Input tax credit under GST – Explained with examples"

Who is Liable to get Registered under GST

With effect from 1st July 2017, Goods and Service Tax (GST) has been introduced in India to combine nine existing indirect taxes into one. In this article, we will be discussing when and who is required to get GST registration in India. We recommend you to read our article aggregate turnover calculation under GST before … Read More » "Who is Liable to get Registered under GST"

How to get GST Registration in India – A Step-By-Step guide

Not all suppliers in India are required to get GST registration. If you fulfill certain conditions then only registration under GST law is mandatory. After taking GST registration, you are required to file your return every month irrespective of your turnover. For this reason, before getting registration under GST law, we suggest you know exactly … Read More » "How to get GST Registration in India – A Step-By-Step guide"

Intra-state supply Vs inter-state supply under GST Law

The meaning of intra-state supply and inter-state supply is important in GST law to know the tax implication. As per the present GST law, states only have the power to regulate intra-state supply, not inter-state supply of goods and/or services. Before getting into the tax implication under GST law, you should first understand the difference … Read More » "Intra-state supply Vs inter-state supply under GST Law"

Form 12BB – Investment Declaration Form for Income Tax

Employees are required to provide a declaration at the beginning of the financial year or at the time of joining the organization showing proposed investments and expenses eligible for tax deductions. At this point, you are not required to submit actual proofs of investment and expenditure. Based on this declaration, employer is required to deduct … Read More » "Form 12BB – Investment Declaration Form for Income Tax"

What is GSTIN-Goods and Services Tax Identification Number

Business units taking registration under GST law, will be provided a unique identification number known as Goods and Services Tax Identification Number or GSTIN. Its also referred as GST number. This number consists of 15 unique alpha numeric digits issued by the government in response to the application filed by the person. Out of the 15 … Read More » "What is GSTIN-Goods and Services Tax Identification Number"