Showing posts from July, 2022

Format of letterhead as per Companies Act 2013

Format of letterhead as per Companies Act 2013 Nowadays "Compliance" word is buzzing across every sector. Compliances may be mandatory or optional but non-observance of which may be too much punitive either monetary or non-monetary. Here we are talking about non-compliance with the Company law.  Recently registrar of companies issued hefty penalty order against non compliance with easy compliances. Like in one of the case just because of CIN was missing on the letter head of the company penalty of Rs. 22,500/- was levied. Hence, summarizing herewith requirements of the law and draft format of the letterhead for easy reference. Obviously you can change design but don't play with the contents. Easy and small things can save your company and directors from penalty. Download the letterhead sample for a private limited company. Letterhead Rules w.r.t. stationery of a company like letterheads, billheads etc. SECTION 12 (3) Every company shall — (a) paint or affix its name

Payment of GST through DRC-03 using input tax credit balance

Utilisation of the amounts available in the electronic credit ledger for payment of tax and other liabilities. CBIC vide Circular No. 172/04/2022-GST dated 06th July 2022 issued clarification on this subject.  Here is the text of the circular: 1.In  terms  of sub –section  (4)  of  section 49 of CGST Act, the amount available in the electronic credit ledger may be used for making any payment towards output tax under the CGST Act or the Integrated Goods   and   Services   Tax   Act,   2017(hereinafter referred to as “IGST Act”),subject  to  the  provisions  relating  to  the order of utilisation of input tax credit as laid  down  in  section  49B  of  the  CGST Act  read  with  rule  88A  of  the  CGST Rules.  2.Sub-rule  (2)  of  rule  86  of  the  CGST Rules   provides for   debiting   of   the electronic  credit  ledger  to  the  extent  of discharge  of  any  liability  in  accordance with  the  provisions  of  section  49  or section 49A or section 49B of the CGST Act. 3.Further, 

No GST annual return for the FY 2021-22 for the small taxpayers

GST annual return exemption for the FY 2021-22 CBIC vide notification no 10/2022-Central Tax dated 05th July 2022 exempt filing of GST annual return in form GSTR-9/9A for taxpayers whose annual aggregate turnover (AATO) for the FY 2021-22 is up to 2 Crores .  Who shall file annual return in form GSTR-9 Every registered person, other than : Department of the Central Government or a State Government or a local authority Input Service Distributor A person paying TDS (TDS under GST)  under section 51 Electronic commerce operator required to collect tax at source under section 52 a casual taxable person a non-resident taxable person Composition tax payers paying tax under (Section 10) shall furnish an annual return for every financial year as specified under section 44 electronically in FORM GSTR-9 on or before the thirty-first day of December following the end of such financial year. Person paying tax under section 10 (composition tax payer) shall file Annual return in GSTR-9A. Every elect