S. Jaykishan

Chartered Accountants

Author Archive for S Jaykishan

DIPP simplifies the procedure for startups to claim exemption from Section 56(2)(viib)

DIPP simplifies the procedure for startups to claim exemption from Section 56(2)(viib)

(Date: 17/1/2019)

The Department of Industrial Policy and Promotion (DIPP) has simplified the procedure for startups to claim exemption from the applicability of Section 56(2)(viib). The DIPP has substituted Para (4) of Notification no. GSR 364(e), issued on 11-4-2018, which provides for conditions to be fulfilled by Startups while claiming tax exemption.

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Supply of goods against Advance Authorisation to be certified by CA

Supply of goods against Advance Authorisation to be certified by CA

(Date: 16/1/2019)

Supply of goods by a registered person against Advance Authorisation will be treated as Deemed export only if a certificate from a chartered accountant is submitted to jurisdictional GST Commissioner within 6 months. However, certificate is not required if ITC has not been availed on inputs used in manufacture of for export goods.

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GST Council proposed various reliefs to MSME sector

GST Council proposed various reliefs to MSME sector

(Date: 11/1/2019)

MSMEs engaged in supply of goods (not services) get relaxation from GST Registration. The existing threshold limit of Rs. 20 lakhs for obtaining the GST registration and levy of GST has been increased to Rs. 40 lakhs. The GST Council Meeting has given a choice to the States to choose the applicable threshold limit from Rs. 20 lakhs or Rs. 40 lakhs. The States have to take a decision on this within […] Read More >>




Govt. proposes partial reimbursement to employers for employing women workers

Govt. proposes partial reimbursement to employers for employing women workers

(Date: 3/3/2019)

Government is working on an incentive scheme wherein seven weeks wages shall be reimbursed to employers who employ women workers and provide the maternity benefit of 26 weeks paid leave as provided for in the Maternity Benefit (Amendment) Act, 2017. To enable an entity to avail of the incentive the women employees working in entity should be a wage earner of less than Rs. 15000 p.m. and a member of […] Read More >>


CBIC clarifies availability of CENVAT credit of service tax paid as transitional credit

CBIC clarifies availability of CENVAT credit of service tax paid as transitional credit

(Date: 3/3/2019)

The CBIC has clarified that expression “eligible duties” for transitional credit under GST includes CENVAT credit of service tax paid. Therefore, the CENVAT credit of service tax paid would be available as transitional credit under the GST law.

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CBDT issues circular on tax deductions from salaries

CBDT issues circular on tax deductions from salaries

(Date: 3/3/2019)

The Central Board of Direct Taxes (CBDT) has issued circular for deduction of tax at source from salaries. CBDT has explained the obligation of employers with regard to deduction of tax at source from salaries under section 192 of the Income-tax Act, 1961 for the financial year 2018-19 in a comprehensive manner.

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