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Updates found with '300 km'

GST UPDATE:What is the penalty of non-filling of E-way Bill ? Is it editable ?Ans.: The penalty of non-filling of E-way Bill is 200% of GST value of invoice. And please note that there is no editing in E-way bill after final submission.What is the validity of E-way Bill?Ans.: The validity of E-way Bill is:#00 to 100 Km. : 01 Days#100 to 300 Km.: 03 Days#300 to 500 Km. : 05 Days#500 to 1000 Km. : 10 Days#More than 10000 km.: 15 DaysWhat is Consolidated E-way Bill?Ans.: consolidated E-way bill is generated when the transporter is carrying multiple consignments in a single vehicle. Consolidated E-Way allows the transporter to carry a single document , instead of a separate document for each consignment in a conveyance.Any Printout of E-way bill need with the Invoice of Goods?Ans.: No Printout need with the Invoice of Goods, show only number of E-way bill in front of InvoiceWhat is the Identity of Goods in E-way Bill?Ans.: The Goods will be identified with the HSN Code shown in E-way BillWhat is the limit of fill Part B in E-way Bill?Ans.: If the material Dispatch less than 10Km. through by hand or Rickshaw part B will not be requiredHow Many part file in E-way Bill?Ans.: There are 2 part of E-way bill, it’s A and B. Part A, we have to mention the detail of Goods receiver , items detail and Value of Goods. Part B is a Column of Transporter details such as Transport name, vehicle number, and GR numberWhat Amount is cover under E-Way Bill?Ans.: Material valued up to Rs. 50000/= are not covered under E-way Bill, if the total Value of material who load in a single vehicle more than 50000/= E-way bill will be generated by the Transporterwhat type of supply is cover under E-Way Bill?Ans.: There are all type of movements of Goods Cover under E-Way Bill. Which Include Rejection, Sale Return, Repair and Maintance and Job Work or material send for Job Work with a Delivery Challan. A approx Value will be there on Delivery Challan of Job work and make a E-way Bill for this ChallanWho is responsible for E-way Bill ?Ans.: The responsibility for E-way Bill is of:Ist – The SupplierIInd – The receiverIIIrd – the Registered person if Purchase or sale from a Un-Registered Person/dealerE-Way bill will be implementing from 01-02-2018 in all over India. Some important FAQ of E-Way Bill:
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MCA UPDATE 22.01.2019Highlights of Companies (Amendment) Ordinance 20191. *Commencement Certificate* is mandatory now to be obtain within 6 months of Incorporation without which, it can not comment its business activity or borrow money.2. The ROC can strike off a company if the address of Regd Office is *bogus* or incomplete/improper address. 3. Conversion of public Ltd to Pvt Ltd matters shifted from NCLT to Regional Directorate. 4. Company cannot issue shares at discount, - heavy penalty imposed on violation. 5. Alteration of Authorised Capital to be intimated within 30 days, default - penalty 1000 every day or 5 Lac whichever is less.6. Creation of charge filing with ROC- time limit *reduced* from 300 days to 60 days. 7. Wrong statement/ information in filing Charge forms with ROC may lead to misrepresentation and *jail*8. *Annual Return* should be filed within 60 days from AGM, failure to this, penalty of 100 per day to Company + directors max 5 Lakh apart from ROC delay charges is applicable. 9. Penalty of 5 lakh to Company secretary certifying wrong Annual Return. 10. Explanatory statement to be given with Notice of General Meeting must contain all details as required by Law, if no detail/short detail/misleading - penalty for Company + Directors + KMP - 50K11. *filing of Resolutions* with ROC- delay will be *very costly* now. Penalty for defaulter increased substantially. 500 every day max 25 Lakh12.Filing of Balance sheet with ROC within time limit- failure is costly for Company + Directors both. Penalty of 100 per day + 1 lakh to Company + Director each. 13. *Resignation of Auditor* must be filed by the resigning Auditor within 30 days, failure to which the resigning Auditor is liable for penalty of 50, 000 + 500 per day. 14. A director can not become director in morethan 20 companies. If he continues, he becomes disqualified now. 15. Appointment of CS on payroll (Pvt Co having paid-up capital 5 cr & above) is mandatory. Default is now very costly- penalty increased substantially. 16. ROC may strike off a company if subscribers have not paid initial share capital after incorporation of a Company within 6 months.
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GST regime: Food industry happy at lower levy, but branded wheat players soreThe food and meat processing industry on Friday largely welcomed the new tax rates announced at the GST Council meeting in Srinagar, but some of them are concerned about certain GST fitment rates.While foodgrains and raw food items were exempted from tax, most processed products will attract lower taxes than the existing rates.“We will benefit from the decision as ready-to-fry products will attract only 12 per cent, against 14.5 per cent that we pay currently in most South Indian States where we operate, ” says Srinivas Shenoy, a senior official with the ₹300-crore Abad Fisheries Private Limited, in Kochi. In Karnataka, it is even higher at 15.5 per cent, he said.“The fitment of a GST rate of 5 per cent on edible oils as approved is more or less on expected lines. However, a GST rate of 12 per cent on soya bari and 5 per cent on soya flour comes as a disappointment, ” said Dinesh Shahra, Founder and Managing Director of Ruchi Soya Industries Ltd.“We hope that the government will relook at the GST rates on texturised vegetable proteins, commonly known as soya bari, and soya flour and bring them to the tax-exempt category to promote the use of soya protein to prevent and treat protein malnutrition in the country."Soya protein is the least expensive and nutritionally the most valuable and economical protein.Neutral impactThe impact of GST rates on farm products such as edible oils, tea and coffee is seen as neutral, with no major impact on the end-prices for consumers, while a zero-tax on unbranded wheat products such as atta, maida and sooji may make them cheaper.“The rates that we now see may not have any major impact on the retail prices of edible oils. For the industry, the GST rates are more or less in line with the expectations, " said Atul Chaturvedi, president, the Solvent Extractors' Association of India (SEA).A 5 per cent GST on branded wheat products could make them marginally expensive as the industry may chose to pass the tax burden to consumers. However, a zero tax on unbranded wheat products could make them cheaper. In the current tax structure, various States have levied a tax of 2-4 per cent on wheat products.“Wheat is a staple food for everybody. It is heartening to know that the government has exempted wheat and unbranded wheat products from GST. But given the consumers’ preference for food safety law-compliant products, such a move will be dampener on the branded players. They will pass on price hikes to consumers, " said AN Gupta, former chairman of Wheat Products Promotion Society. Players in the plantation segment such as tea and coffee said the 5 per cent levy was on expected lines and that it would not have any impact on consumers.
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Issues Disclosed: Why 7 States Does Not Want to Pass SGST?As the deadline given by the government to implement the GST is only one month away, there are still 7 states who have not passed State GST bill. Apart from Jammu and Kashmir ruled by the BJP-PDP alliance in these states, states like West Bengal and Tamil Nadu also needs to pass a bill to implement GST in their states. As of now, 24 states and Union Territories have passed the GST Bill while the remaining states are Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu and Kashmir and West Bengal which are still required to pass the State GST (SGST) bill.Going by the ruling, all these states, except for Jammu and Kashmir are non-BJP while the Central Government is fully prepared to implement the Goods and Services Tax, covering 16 different taxes, from July 1. Coming to the soaring conditions of West Bengal, leader Mamata Banerjee, has demanded the central government to avoid deadline for implementing GST law.Speaking on this issue, West Bengal’s Finance Minister Amit Mitra cleared that there are a lot of difficulties in implementing the GST from July 1 as we still do not have the necessary infrastructure to manage the new tax scheme. As of now, GST has been implemented in 200-300 companies of each state as an experiment. But many rules have been changed in May.Coming to the Jammu Kashmir issues, it is being defied by the political leaders which are under pressure from local community to mould the policies accordingly while Meghalaya, Punjab kerala & Karnataka are stuck into the political menace as various issues regarding the feasibility and technological capabilities are still not developed to support the upcoming GST.Now it is up to the Union Finance Minister to decide whether such a major reform should be implemented without any preparation. According to the rules, all the states will have to pass the state GST bill till September 15, 2017, and if in case the state does not pass the bill before the deadline, then the rights of levying taxes will be taken from the particular state.
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31st GST Council Meet Dated 22nd December, 2018 – Key Highlights*Due date for GST Annual Return and Audit Report extended till 30th June 2019. *Creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.**Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.**5% GST on Air Tickets for Economy Class for Pilgrims. 12% on Premium Tickets.*Group of Ministers (GoM) to study Issues of Low Revenue in some States.*Only Luxury and Sin Products in 28% Slab Now. Out of this, rates of 6 Items reduced Today.*GST on Movie Tickets reduced. 12% GST on Tickets up to 100 and Rs. 18% on Tickets valuing more than 100 Rupees.*30000 crores given as Compensation to States in last 6 months. GST on Video Games and Sports Items reduced to 18% 12% GST on Third-Party Insurance carrying Vehicles.*Air conditioners, dishwashers largely used by upper segment of society, left at 28%. *13 items of automobile parts, 8 items of cement industry will remain under the 28 per cent. *Composition Scheme to be restricted for Small traders only. Threshold Limit for Scheme will also be modified. Final Decision in Next Meeting.*Natural Calamity Cess: Final Decision in Next Meeting*Services supplied by banks to PMJDY to be exempted from GST*Services by Banks to Basic Savings Deposit Accounts, PMJDY exempted from GSTMore information write to usInfo@fmsllp.in
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