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10 December 2019 43 Comments Sachin Jaiswal(Business Advisor)

Know GSTR-9

The GSTR 9 is a document or statement that has to be filed once a year by a registered taxpayer. This document will contain the details of all supplies made and received under various tax heads (CGST, SGST and IGST) during the entire year along with turnover and audit details for the same.

The government has introduced a GSTR 9C audit form, which is to be filed annually by taxpayers who have a turnover of more than Rs.2 crores. It is basically a reconciliation statement between the annual returns filed in GSTR 9, and the audited annual financial statements of the taxpayer.Continue Reading...

30 November 2019 85 Comments Sachin Jaiswal(Business Advisor)

Micro, small, and medium enterprises?

MSME (Micro,Small and Medium Enterprises) sector accounts for 45% of industrial production and 30.5% of service sector.The MSME technology sector provided for at least 10 components that were used in Mangalyaan (Mars Mission). MSME have huge potential to grow in today's world.MSME industries are governed by MSMED Act 2006 which are classified into two classes as stated below.

Manufacturing Enterprise-They are engaged in manufacture and production of goods pertaining to any industry specified in industries (development and regulation ),Act of 1951)or employing plant and machinery in the process of value addition to the final product having a distinct name,character or use.These are subdivided into Micro,Small and Medium industries based on investment in Plant and Machinery. Service Enterprise-They are engaged in providing or rendering of services and are subdivided into Micro,Small and Medium industries based on investment in Plant and Machinery.Continue Reading...

15 November 2019 102 Comments Sachin Jaiswal(Business Advisor)

All about Trademark

The Trademark, known by the layman is nothing but just a logo registration. In fact, people also have huge confusion between "TM" and "R". Another big question is the period to get a Trademark.

So here we will clear the basic idea to get the clarity of fundamentals of Trademark so that those little and big confusions can be solved to an extent.Continue Reading...

01 November 2019 128 Comments Sachin Jaiswal(Business Advisor)

Audit under GST

In a conventional sense, audit means scrutiny, verification of documents, events and processes in order to verify facts and to draw conclusions regarding the correctness of recording of facts and the efficiency of system under study. Today, the concept of audit in general has under gone change from a transactional audit to a risk based one.

GST law mainly functions under the principles of self-assessment wherein the tax payers assess / determine the tax liability and discharge the same, which brings multiple challenges. These challenges in the new GST law make assessees tend to mistakes/errors. This further leads to unnecessary departmental interventions / litigations or revenue leakages to exchequer.Continue Reading...