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The government of India in a measure to support the financial health of micro, small, and medium enterprises (MSMEs) in India, announced the enactment of a strict rule requiring payments to MSMEs to be settled within 45 days. Tax penalties on the due amount shall be levied if companies fail to follow the said rule. […]
The finance ministry is thinking about changing a new tax rule. As per this rule, businesses must pay small and medium-sized companies within 45 days. Some businesses want this rule to start later, while others want more time to pay, they say it needs to be extended more than 45 days. Read Also: New Rule […]
Section 44AD Streamlines Presumptive Taxation: Enhanced Requirements for Enterprises The income tax department in an action objecting to easing the process of tax for businesses has waived the criteria for the presumptive taxation under section 44AD. A new ‘receipts in cash’ column has been presented, showing the cash turnover or gross receipts. To Rs. 3 […]
A new regulation for the assessment year 2024-25 has been enforced by the central government, mandating that purchasers settle payments for goods procured from MSMEs within 45 days of delivery. Furthermore, all outstanding dues to MSMEs must be cleared before March 31, 2024. Failure to adhere to these timelines will result in the pending payment […]
As small businesses look ahead to further Goods and Services Tax (GST) reforms in the upcoming year, several crucial GST-related changes impacted MSMEs in 2023. Let’s take a swift look back at the significant events of the past year for these resilient small businesses that have navigated through regulatory shifts with determination. Validate the Units […]
MSMEs benefit from GST registration by gaining access to credit and business loans, according to a notification from the Goods and Services Tax Department. In the Government of India, the Ministry of Micro, Small, and Medium Enterprises (MSMEs) holds the highest authority in formulating and administering rules, regulations, and legislation for micro, small, and medium […]
Towards the MSME that asks for assistance on the services like ‘Business Accounting, Tax Filings, GST Calculation & Filing Support’, business support would arise as an important area. It is hard for MSMEs to maintain the quarterly GST and income tax filings within time because of a lower understanding of the needs. An MSME Sentiment […]
Facilitate to perform businesses for MSMEs- Between offline companies and online e-commerce sellers MSME body Federation of Indian Micro and Small and medium enterprises (FISME) urged the government for equality in GST compliance to motivate more MSMEs to arrive online. The same was among the suggestions built by FISME to MSME ministries Additional Secretary & […]
In an audacious move last year, in the 47th general meeting of the GST Council, both offline and online sellers were brought on an equal footing concerning the mandatory registration of GST. Before, online sellers needed to register for GST by selling through e-commerce. It was mandatory, regardless of their annual revenue. In the case […]
