A view on the financial world.
The Finance Minister of India, Nirmala Sitharaman announced the various measures of the 20 lakh crore relief package over five tranches. However, these also included the relief announced by the Finance Minister earlier and liquidity measured provided by the RBI. Here is the breakup of the INR 20 lakh crore package- However, as per …
TCS on High Value sale of Goods - Section 206C (1H) > Applicable on sellers of goods whose turnover exceeds INR 10 crores during the last year. This means that for the provision to be applicable during FY20-21, the sales should have exceeded INR 10 crores during FY19-20.> TCS is to be collected from buyers …
Continue reading "Major TCS Amendments applicable from 1st October 2020"
I. New Classification for MSMEs As announced as a part of economic stimulus and reforms in response to Covid 19, the Ministry of Micro, Small and Medium Enterprises has modified the classification criteria for MSMEs as follows- Existing Criteria- New Criteria (Applicable from 1st July 2020)- Note: All units with GSTIN listed against same PAN …
Continue reading "Udyam Registration and New Classification for MSMEs – All You Need to Know."
Starting off with a genuine question, does mere deferment of taxes mounts to reliefs? The taxation reliefs provided in the "Aatmanirbhar India Economic Relief Package" may be more of the nature of deferment of incidence, rather than providing actual monetary relief. The Taxation Reliefs announced by Hon’ble Finance Minister are as follows :TDS/TCS Rate reduction …
Continue reading "Atmanirbhar Bharat: Taxation Relief – Is it a Real Relief?"
On 12th May 2020, India's honourable PM addressed the nation and announced an economic stimulus package of INR 20 lakh crore, amounting to ~10% of the country's GDP. The primary aim of the package was to make India self-reliant and self-dependant in terms of production and services. https://www.youtube.com/watch?v=P4QjOhu9eIQ This is how India compares to other …
Continue reading "Atmanirbhar Bharat- A 20 lakh crore project underway- All you need to know"
