CA NARESH KUMAR SANKHLA

  Can a composition taxpayer sell through an e-commerce operator in India? In the realm of tax compliance, the Composition Scheme emerges as a beacon of simplicity for small businesses, especially those navigating the complexities of e-commerce. Recent amendments have expanded the scope of this scheme, granting e-commerce goods suppliers the opportunity to embrace its advantages. Now, they can revel in the perks of a fixed tax rate based on turnover and streamlined compliance procedures. It's important to emphasize that this amendment exclusively pertains to the sale of goods via e-commerce platforms, excluding services. Service providers operating within the e-commerce landscape remain outside the purview of the Composition Scheme. This amendment represents a significant stride forward, lightening the tax load for e-commerce goods suppliers. It's a testament to fostering growth and adherence to regulations within the ever-evolving digital marketplace.

The Central Government, acting on the recommendations of the GST Council, has issued a set of significant notifications, bringing about changes that will impact electronic commerce operators and businesses operating in the e-commerce space. These changes are set to take effect on October 1, 2023. Can a composition scheme dealer sell online? Notification No. 36/2023 - Central Tax (Dated: August 4, 2023): According to this composition scheme dealer can sell online within same state. This notification outlines a special procedure for electronic commerce operators in India. It restricts them from facilitating inter-State supply of goods by persons paying tax under Section 10 of the Central Goods and Services Tax Act. Electronic commerce operators are required to collect tax at source for such supplies and file the details electronically in FORM GSTR-8. These changes aim to ensure smoother tax collection and reporting, particularly for composition scheme dealers. The effectiv

Introduction:- The recent demerger of Jio Financial Services (JFSL) from Reliance Industries (RIL) has sent ripples of excitement through the financial sector. With its inclusion in prestigious indices like Nifty50 and BSE Sensex, JFSL's imminent listing has shareholders and investors eagerly awaiting its entry into the stock exchanges. This article delves into the significance of this move, sheds light on the pre-listing valuation, and explores the visionary approach of RIL's Chairman and MD, Mukesh Ambani. Shareholders' Awaited Crediting As anticipation builds for the listing date of JFSL, eligible shareholders of RIL have already received a notable boost. Shares of the newly demerged company have been credited to their demat accounts, creating a palpable sense of anticipation among investors. However, it's important to note that trading in these shares will only commence post-listing on the stock exchanges. The Nifty50 and BSE Sensex Inclusion JFSL's inclusion in

Recent notification issued by CBIC with respect to Standard Operating Procedure (SOP) for Scrutiny of GST Returns for FY 2019-20 onwards. Earlier CBIC had rolled out a module for automated scrutiny of GST returns. The module enables tax officers to carry out scrutiny of GST returns selected on the basis of data analytics and risks identified by the System.  Selection of returns for scrutiny will be done by the Directorate General of Analytics and Risk Management (DGARM) based on various risk parameters identified by them. The selected GSTINs (GST Identification Numbers) with the details of the risk parameters, in respect of which risk has been identified for a particular GSTIN, and the amount of tax/ discrepancy involved in respect of the concerned risk parameters (i.e. likely revenue implication), will also be shown on the ACES-GST application i.e scrutiny dashboard of the proper officer for their convenience. Step 1:- Tax officer would send scrutiny notice to an assessee in GST ASM

The Reserve Bank of India has decided to withdraw the ₹2000 denomination banknotes from circulation but they will continue to remain as legal tender. It has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect. The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. ₹2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the ₹2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic," news agency ANI quoted citing sources. Rs 2,000 notes were primarily introduced to quickly replenish earlier Rs 500 and Rs 1,000 not

Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or parents are allowed for deduction.  As per section 80D, a taxpayer can claim deduction on premiums paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction.  The limit of the deduction varies with age.  A deduction of Rs 25,000 is available for self, spouse, and dependent children. An additional deduction of Rs 25,000 is available for insurance paid for parents aged less than 60 years.  If any insurer, i.e. self, spouse or parents, is above 60 years of age, then an additional deduction of Rs 50,000 is allowed instead of Rs 25,000.  Which expenses are not allowed as deductions under Section 80D?   Health Insurance premium paid in cash. Payment made on behalf of working children, siblings, grandparents or any other relative. Group health insura

New GST E-invoicing notification:   The Finance Ministry has issued a notification announcing reduction in threshold limit for GST E-invoicing . Businesses with a turnover of ₹5 crore or more will be required to adopt e-invoicing from August 1, whereas the current threshold stands at ₹10 crore.  E-invoicing was initially implemented in 2020 for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore. E-invoicing for business-to-business (B2B) transactions was made mandatory under GST law for companies with annual revenues over Rs 500 crore starting on October 1, 2020, and then for those with annual revenues over Rs 100 crore starting on January 1, 2021. Companies that had a turnover of more than Rs 50 crore started producing B2B e-invoices from April 1, 2021. from April 1, 2022, the barrier was reduced to Rs 20 crore. The threshold was further reduced to Rs 10 crore as of October 1, 2022. 

Recent GST Notification for a Special All-India Drive:-  A Special All-India Drive may be launched by all Central and State Tax administrations during the period 16th May 2023 to 15th July 2023 to detect suspicious / fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers from the GST eco-system and to safeguard Government revenue.  Basic Things for GST registered persons:-  1. Mention GST number on Sign bord.  2. Display of Registration Certificate on prompt place.  3. Filing of GST returns on timely basis.  4. Maintain purchase and sales bills in proper file or folder.  5. If any additional place of business or godown then same to be updated on GST registration certificate. For regular updates click here  More details

On February 21, 2023, Singapore's PayNow network and India's Unified Payments Interface (UPI) retail payment system were connected to allow for quicker remittances between the two countries. Users from both nations will be able to access faster and more affordable cross-border remittances thanks to this linkage. The facility was introduced by Reserve Bank Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon through token transactions utilising the UPI-PayNow interface. Prime Ministers Lee Hsien Loong of Singapore and Narendra Modi of India virtually attended the inaugural event.