Business Updates

GST on Ice Cream sale in Parlors clarified

GST on Ice cream sale in parlors clarified

There was a long time confusion whether to pay GST at the rate of 5% or 18% on sale of ice cream in specified ice cream parlors.¬† Accordingly, CBIC has issued the clarification circular on GST on Ice cream sale in parlors. In this article, we will understand the latest updates regarding GST Taxation on … Read more

IE Codes license Deactivated, if not Renewed

IE Codes license Deactivated, if not Renewed

A critical news for exporters and importers in India. The news related to IE Codes. With effect from October 6, the Ministry of Commerce has decided to deactivate all Importer-Exporter (IEC) codes that have not been updated since January 2005, an action that will aid in accurately assessing the number of legitimate exporters and importers … Read more

ROC Due Date Extended for AGM of FY 2020-21

ROC Due Date Extended for AGM of FY 2020-21

A massive relief for companies as ROC due date extended for AGM of FY 2020-21. This latest MCA announcement comes in response to requests made by several companies and other stakeholders. The companies across the nation were requesting an extension of time for the conduct of the FY21 AGM due to covid. Furthermore, The representations … Read more

No GST on BPO & Call Center Services

No GST on BPO & Call Center Services

A huge relief for the nation’s $180 billion industry of BPO (Business Process Outsourcing) and IT Companies. The GST Council on Friday released a clarification that will open up hundreds of crores in tax refunds for IT, financial services, and research and development sector firms, and eliminate the four-year-old problem that has led to large-scale … Read more

45th GST Council Meeting – Latest GST Updates

45th GST Council Meeting - Latest GST Updates

On September 17, 2021, Finance Minister Nirmala Sitharaman chaired the first in-person GST Council meeting since the coronavirus pandemic began. The 45th meeting of the GST Council was conducted in Lucknow. The council members discussed a number of GST topics, including state compensation and revisions to GST rates on Covid essentials, whether or not the … Read more

Multiple Ways to Apply for MSME Loan

Multiple Ways to apply for MSME Loan

Every business needs funds. Without funding or capital, no business can be successful. In fact, businesses always need funds on a daily basis to carry out their operations. But if you are an entrepreneur or a startup, raising funds can be a challenging task. This article highlights the multiple ways to apply for MSME Loan. … Read more

FSSAI notified new Food Safety Standards for Vegan Food products.

FSSAI notified new Food Safety Standards for Vegan Food products.

A piece of Important news for Fruitarians or Vegans, and Vegan Product Businesses in India. The FSSAI has notified new Food Safety Standards and formulated a new safety code for Vegan food. The draft notification was issued on September 6, 2021. Thus, this article discusses the new notification by FSSAI on Vegan Food Products in … Read more

Reduced Penalty for late filing of Income Tax

Reduced Penalty for late filing of Income Tax

For the financial year 2020 to 2021, the time limit to file ITR (income tax return) is September 30th, 2021 (it expanded from the typical time limit of July 31st, 2021 owing to the Coronavirus). Till the previous year, if a levy payer missed the ITR filing time limit, the greatest Penalty they would have … Read more

Learn the Difference Between TDS and TCS

Learn the Difference Between TDS and TCS

TDS Return Filing is one of the most crucial components of financial management in Income Tax. People should maintain track of their earnings, Investments and make plans for a Life Insurance policy, a name plan, or another Tax-saving strategy. The government does not rely just on Income tax to fund its operations. It also receives … Read more

GST on Online Gaming Services

GST on Online Gaming Services

Gaming is no Exception in virtual reality that has become an important part of our life. The epidemic has also led to a transformation in children’s playgrounds. In India, both the income and consumption of the online gaming sector have grown exponentially. Online gaming is forecast to increase at a combined pace of 22 percent … Read more