Update on MSMEs registration
The Ministry of MSME by notification dated 26th June 2020 has updated the procedures for seeking registration as MSME. The Registration of MSMEs would going forward becalled as UdyamRegistration.
GST ON DIRECTOR’S REMUNERATION
An independent director should not be an employee of the company in any of three financial year preceding the year he is proposed to be a director. Since, there is no relationship of employer or employee it does not fall under schedule III of CGST Act 2017 and therefore RCM is applicable for the company.
TReDS
An electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers.
SECRETARIAL AUDIT
Secretarial Audit is a compliance audit, it is a part of total compliance management in an organization.The Secretarial Audit is an effective tool for corporate compliance management. It helps ensure timely corrective measures when non-compliance is detected.
INDIVIDUAL TAX IDENTIFICATION NUMBER
Should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership
REGISTRATION – NGO DARPAN
NGO-Darpan is an e-governance application offered by NITI Aayog to electronically maintain data and transparency regarding NGOs/Trusts/Societies in the country.
APPLICABILITY OF NUMBER OF DIGITS OF HSN CODE BASED ON TURNOVER
Harmonized System of Nomenclature, or HSN, was conceived and developed by the World Customs Organization (WCO) with the vision of classifying goods from all over the World in a systematic and logical manner. It is a six digit uniform code that classifies more than 5,000 products and is accepted worldwide
Slump Sale -is it still Tax Efficient?
Provision for Slump Sale has been significantly amended by Finance Act 2021 . This has retrospective ef ect even for slump sale concluded in FY 20-21 . The transaction structuring landscape would predominantly change
Place of Effective Management (PoEM)
The Finance Act 2015 amended the requirement of when a foreign entity would be treated as a resident in India. The intention of this is to bring under the residence bracket shell companies and such other companies created for retaining income outside India although real control and management of affairs are located in India
Can Retailers and Wholesalers open MSME ?
The government has received various representations and it has been decided to include retail and wholesale trades as MSMEs, and they are allowed to be registered on the Udyam Registration portal which is paperless online and instant registration portal.