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Munimji

Blog

Jan08

2020

Public Provident Fund Investment Best of Both Worlds

The Public Provident Fund is a savings-cum-tax-saving instrument in India, introduced by the National Savings Institute of the Ministry of Finance in 1968. The aim of the scheme is to mobilize small savings by offering an investment with reasonable returns combined with income tax benefits. The scheme is fully guaranteed by the Central Government. Balance in PPF account is not subject to attachment under any order or decree of court except the Income Tax & other Government authorities can attach the account for recovering tax dues.

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Dec27

2019

HSN Classification and its Applicability under GST

What is HSN Code?

  • HSN code stands for “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide. It was developed by the World Customs Organization (WCO) and it came into effect from 1988. It has about 5,000 commodity groups, each identified by a six-digit code, arranged in a legal and logical structure. It is supported by well-defined rules to achieve uniform classification. The main purpose of HSN is to classify goods from all over the World in a systematic and logical manner. This brings in a uniform classification of goods and facilitates international trade. India is a member of World Customs Organization (WCO) since 1971.

Dec20

2019

Suo Moto Cancellation of Registration

Meaning of the term “Suo Moto”:

The term “Suo Moto” is a Latin legal term which literally means “on its own motion”. It implies that an action was taken by a group or persons on their own. Hence, when a government entity or a court takes up a matter suo moto, it is taking up the matter “on its own motion” meaning of its own accord or on its own initiative.

Dec10

2019

Applicability and Rate of GST in case of Sale of Used Cars

With the implementation of the GST Law, there has been lot of confusion regarding applicability of GST on supply of used car. In this article we would focus on points like levy of GST on sale of second hand car, conditions to be satisfied for levy of GST on sale of second hand Car and will also discuss other important matters in this regard.

Dec03

2019

A Guide to E invoice Generation under GST

  • The GST Council approved the standard of e-invoice in its 37th meeting held on 20th September 2019.
  • E-invoicing is proposed to be implemented from 1st January 2020.
  • It will be implemented in a phased manner by GSTN.
  • Similar to the new GST return filing system, the electronic invoicing system will first be available on a trial basis or voluntary compliance

Nov26

2019

Negative List of Input Tax Credit under GST

The article focuses on following areas:

Non-availability of Input Tax Credit on certain inward supplies under GST.
Exception to rules / provisions of non-availability of Input Tax Credit under GST.

Refer to the below table for further details:

Membership of a Club, Health and Fitness Center.​

Travel benefits extended to employees on vacation such as leave or home travel concession.​

Financial Management