From The Desk of CA SANDHYA JAIN

  Introduction In a landmark session held at the Sushma Swaraj Bhawan, New Delhi, on 3 September 2025 , India’s 56th GST Council , chaired by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman , unveiled sweeping “Next-Gen GST Reforms.” These reforms aim to bring simplicity, fairness, and growth-oriented relief to households, farmers, MSMEs, and critical sectors across the economy. 1. Simplified Rate Structure Transition from a four-tier system (5%, 12%, 18%, 28%) to a streamlined two-tier structure : Merit Rate : 5% – for essential and socially beneficial goods and services Standard Rate : 18% – for general items A special de-merit rate of 40% for selected luxury and sin goods 2. Relief for the Common Man Essentials & Household Items GST reduced from 18% or 12% to 5% on items like hair oil, soaps, shampoos, toothbrushes, toothpaste, bicycles, tableware, and other household articles. Staples & FMCG GST reduced to Nil on...

  Form MGT-14 was introduced in the Companies Act 2013. The purpose was that certain resolutions need to be filed with the Registrar of Companies, after the passing of the same at a Board meeting or Shareholders/Creditors meeting of the company. As per Section 117 and Rule 24 of Companies (Management and Administration) Rules, 2014, a copy of every resolution or any agreement, together with the explanatory statement under Section 102, must be filed with the Registrar within thirty days of the passing of the resolution in the prescribed Format i.e.Form MGT-14. The resolutions have to be filed in the E-form MGT-14 as per below 3 categories: Board Resolutions, Special Resolutions, Ordinary Resolutions. Sr. No. List of Board Resolutions 1. Issue of Securities, Debentures, whether in or outside India. It may be noted that in the case of shares, the issue of security denotes the issue of a Letter of Offer. 2. Borrow Monies from any sources, including a director 3. Investment of funds of ...

  Due Date Compliance Calendar for July 2021   Date Type of Return/ Form Goods & Service Tax 04.07.2021 GSTR 3B for April 2021 whose turnover is less than 5cr. 05.07.2021 GSTR 3B for May 2021 whose turnover is Greater than 5cr. 10.07.2021 GSTR 7 for June 2021. 10.07.2021 GSTR 8 for June 2021. 11.07.2021 GSTR 1 for June 2021 whose turnover exceeds Rs. 1.5 crore or have not chosen QRMP scheme. 13.07.2021 GSTR 6 for June 2021. 13.07.2021 GSTR 1 for the Quarter ending June 2021 less than 1.5 crore 18.07.2021 CMP-08 for the Quarter ending June 2021. 20.07.2021 GSTR 3B for May 2021 whose turnover is less than 5cr. 20.07.2021 GSTR 5 for June 2021. 20.07.2021 GSTR 5A for June 2021. 20.07.2021 GSTR 3B for June 2021 whose turnover exceeds Rs. 5 crores or have not chosen QRMP scheme. 22.07.2021 GSTR 3B for the Quarter ending June 2021 under QRMP Scheme for State Category A 24.07.2021 GSTR 3B for the Quarter ending June 2021 under QRMP Scheme for State Category B 25.07.2021 ITC-04 for...

Synopsis:- The Union Budget FY 2021 has introduced a new Tax Collected at Source (TCS) provision on foreign remittance with effect from Oct 1, 2020. As per the mandate, a 5 % (where PAN/ Aadhaar of customer i.e remitter is available) tax collection at source has to be done for all outward remittances over INR 7 lakh, done under the Liberalised Remittance Scheme (LRS), except if it is remitted for the purpose of pursuing education through a loan obtained from any financial institute, then the rate of TCS shall be 0.5%. The same will be collected by Remitter Bank. If PAN / Aadhaar of the customer i.e. remitter is not available, then TCS shall apply at a higher rate of 10%.   Key points on the new tax provision:   1.             TCS shall be applicable on the amount in excess of Rs 7 lakh in a financial year and not on the total amount. 2.             In cases...

Probably when you guys are reading this article the refund drive organized by CBIC has been closed. But that’s the thing late but not too late. The Tax department has been cleared more than Rs.7000 crore‘s of IGST/ITC refund to claimants under the special refund drive organized from    “May 31 st to June 14 th , 2018. This information has been shared on their twitter handle. The CBIC also asked the Exporters/Traders/Other claimants Opportunity of special refund  Fortnight from May 31 st  to June 14 th  ,2018  and visit their jurisdictional GST office or Custom House/Port and settle pending claims. Add caption By organizing this kind of drive government is trying to clear backlog of refunds and help to traders and exporters as mentioned by exporters and traders that huge backlog of refund are affecting business due to capital blockage. As I mentioned in my earlier post that it is not enough to file refund online the exporter...

GST collection in May declines to Rs 940 billion, misses Rs 1-trillion mark India collected a Rs 94,016 crore in the form of goods and services tax (GST) in May 2018, up from the average collection of nearly Rs 90,000 crore per month in financial year of 2017-18.The collection for the April was higher than that but in April all the year end adjustments/tax payments are done hence it usually reflects anomaly.   Press Release Visit my blog for all the latest updates on GST and Direct Tax