Showing posts from August, 2023

LLP Amnesty scheme 2023

MCA grants one time relaxation in filing LLP form-3, Form-4 &Form-11 Due to technical glitches, certain Limited Liability Partnerships (LLPs) were unable to submit their Form 11, Form 3, and Form 4 within the stipulated timeframe. Consequently, the Ministry of Corporate Affairs (MCA) has chosen to provide a special one time concession by waiving off additional fees for these LLPs. Here are the key points of General Circular No 08/2023 dated 23/8/2023 to note: ✅Simplified Processing: Form-3 and Form-4 submissions will undergo a Straight Through Process (STP) mode, except for alterations in business activities. It's recommended to file these forms sequentially, starting with older event dates, to ensure accurate master data updates. ✅ Pre-filled Data with Edit Option: When filing these forms, pre-filled data aligned with the existing master data of the LLP will be provided. However, this data can be edited as needed. Responsibility for accurate data lies with the stakeholders.

E-invoice applicable for Debit-Credit Notes?

In the dynamic landscape of the Goods and Services Tax (GST) era, the concept of electronic invoicing, commonly known as e-invoicing, has emerged as a game-changer . With the aim of fostering transparency, reducing errors, and simplifying tax compliance, e-invoicing has gained substantial traction among businesses. While many are now acquainted with its application for regular invoices, there exists a significant lack of awareness regarding its extension to debit and credit notes .  What is e-invoice ? E-invoicing under the Goods and Services Tax (GST) system refers to the digital creation of business-to-business (B2B) invoices. These invoices are formatted in accordance with the standardized e-invoicing structure approved by the Goods and Services Tax Network (GSTN). The purpose of this standardized format is to ensure uniformity and consistency in the presentation of invoices before they are uploaded onto the GST portal. As per Rule 48(4), notified person has to prepare invoice by up

Minimum wages in Maharashtra effective from July 2023

Maharashtra minimum wages July 2023 The Minimum Wages Act is applicable to any establishments / industries / factories / employment either registered under the shops & establishment Act or the Factories Act,  irrespective to the strength of employment . That is even if anybody  employs an one employee he has to pay Minimum Wage .  The term Minimum Wage includes the Basic Wage plus Special allowance, as prescribed & published by Labour department, time to time for a given schedule of employment. Brief summary of the Minimum Wages Act in Maharashtra for easy understanding: Maharashtra minimum wages are set by the state government and can vary depending on the type of work and the skill level required. The minimum wages in Maharashtra are reviewed and revised periodically by the state government. The wages are determined by the labor department and relevant authorities. Employers in Maharashtra are legally required to pay their employees at least the state-mandated minimum wage. F