30Jan 2021 by Asmeet No Comments

Key takeaways from the Economic Survey of 2020-21

Budget, Economy, Uncategorized
Key takeaways from the Economic Survey of 2020-21 The Survey expects the Indian economy to grow by 11% in real terms (adjusted for inflation) during 2021-22. This is close to the growth of 11.5% forecast by the International Monetary Fund (IMF). This is good news. 11% growth from this means that the Indian GDP in 2021-22 is expected to be at ₹149.2 lakh crore, which is just 2.4% more than the GDP of ₹145.7 lakh crore in 2019-20The gross tax revenue earned by the government during the period April to November 2020 fell by 12.6% to ₹10.26 lakh crore.Other than gross tax revenue, the amount of money the government expected to earn through the disinvestment route, by selling its stake in public sector enterprises, has taken major beating this year. Of the…
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25Jan 2021 by Asmeet No Comments

How to get Credit Report for free?

Banking and Finance
How to get Credit Report for free? Given the importance of the credit report in an individual’s financial matters, Reserve Bank of India (RBI) through a notification dated 1 September 2016, made it mandatory for all the four credit information companies in India to provide one free credit report including credit score, once every year (January-December), to individuals on request There are four authorised credit bureaus in India as of now. Of these CIBIL is the oldest and has the widest coverage in terms of number of customer accounts. Newer ones like Experian, Equifax and CRIF High Mark are also growing fast. Here is how you can get a free CIBIL report once a year. Step 1: Go to the CIBIL website Step 2: Fill out the provided form that…
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25Jan 2021 by Asmeet No Comments
All about GST Quarterly Return Monthly Payment (QRMP) Scheme

All about GST Quarterly Return Monthly Payment (QRMP) Scheme

GST
All about GST Quarterly Return Monthly Payment (QRMP) Scheme Q1. Who can take benefit of the QRMP Scheme? Taxpayers whose aggregate turnover (incl Branc Transfers) is up to Rs. 5 Crore in the preceding financial year are eligible for QRMP Scheme. In case if the aggregate turnover exceeds Rs.5 crore during any quarter in the current financial year, they shall not be eligible for the scheme from the next quarter. E.g, If a Taxpayers aggregate Turnover for all GSTIN's in FY 19-20 is Rs. 5 crore of less and Turnover in FY 20-21 upto Dec20 does not exceed Rs. 5 crore, such a tax payer can take benefit of the QRMP Scheme for filing GST Returns from Jan-21 onwards. Some examples to better understand the eligibilty: Q2. How does the…
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02Jan 2021 by Asmeet No Comments

Important Changes in GST w.e.f. January 01, 2021

GST
Important Changes in GST w.e.f. January 01, 2021 1. E Invoicing for Turnover above Rs 100 crores 88/2020–CT dated November 10, 2020 Amended Notification No. 13/2020 – CT dated March 21, 2020 E-invoicing made applicable to Registered Person (other than SEZ unit, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger transportation service, supplier of services by way of admission to exhibition of cinematograph films in multiplex screens) whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs. 100 crore in respect of supply of goods or services or both or for exports. 2. ITC on debit notes Finance Act 2020, Section 16(4) [Eligibility and conditions for taking Input Tax Credit (“ITC”)] Delinks availment of ITC on debit notes with the date of…
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