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MSME is directed to Micro, small and medium enterprises. The Government in agreement with the MSMED (Micro, Small, and Medium Enterprises Development) Act of 2006 has introduced it. According to the same act, MSMEs are the enterprises that are engaged in the processing, production, and preservation of goods and commodities. In the country's socio-economic development, MSMEs are the essential sector of the economy and have contributed to that. It creates employment opportunities along with that it contributes to the development of the country. MSMEs Are of Two Types Manufacturing enterprises: These are engaged in manufacturing or the production of goods in any industry. Services enterprises: It is involved in furnishing or rendering the services. MSMEs Specifications Issues the credit limit or funding support to several banks in the country. Support packaging, product development, and design intervention MSME works for the welfare of the workers and artisans. They would assist the

CGST Act, 2017 Section 50 of Legal Language A. Every individual who is responsible to furnish the tax as per the provision of the act or the compliance incurred in it, however, unable to furnish the tax or any portion in it to the government with the duration mentioned, would be for the duration towards which the tax or any portion in it would stay unpaid, pay on itself, interest at that rate, mot more than 18%, as might be reported via government on the council's suggestion. Mentioned that the interest on the levied tax for the supplies incurred a tax duration and mentioned in the return for the particular duration filed post to the last date as per the provisions of section 39, besides where these returns would file post to the start of any proceedings under section 73 or section 74 for the mentioned duration would be subjected to pay on that tax segment which would be paid through debiting the electronic cash ledger. B. The interest under sub-section (1) will be computed in a wa

Any individual registered is being permitted to avail of the credit for the input tax.  Definition of Input Tax Credit  Input tax concerning the enrolled individual directed to the central tax, state tax, or union territory tax imposed on any goods or services supply or both incurred to him, the same excludes the tax furnished beneath the composition levy.  The input tax credit is directed to the credit provided on the input tax. What Would be the Situation to Claim the ITC U/S 16? Sec 16 of CGST act used to furnished some conditions, the ITC would be availed post to fulfilling the mentioned conditions: For the businesses or in extending the businesses, the mentioned goods or services or both are used.  Possession of tax-paying document: a registered individual is in the possession of the tax filing document like the tax invoice or debit note or the entry bill or additional tax-paying documents.  Receipt of goods or services: An enrolled individual obtains the goods or services. Th

The article discusses the due dates that come in June 2022 concerned with furnishing the forms or returns with MCA/ROC including the major facts for all the e-forms posing the last date in June 2022. The author mentioned Form No., the Form purpose, Actual Due of Filing of form with ROC, Extended due date of filing of the form with ROC, and Additional fees would get furnished on 01.07.2022 if Form is not get furnished via 30.06.2022. Form No Form Purpose Actual Due Date Extended Due Date Additional Fees On 01.07.2022 DPT-3 Return of Deposit 30-06-2022 30-06-2022 Two Times CSR-2 Report on CSR 30-05-2022 30-06-2022 No Fees File LLP Form 11 Annual Return Annual Return 30-05-2022 30-06-2022 Additional Fees shall be count from 31-05-2022 Other LLP Forms All the Forms of LLP Due Date b/w 25-02-2022 to 31-05-2022 30-06-2022 Additional fees shall be count from Actual Due Date of the Form Major Points A. DPT-3 (Return of Deposit) It secures an e-form. The same form must be needed to get furn

Towards the matter in which the taxpayer has wrongly entered the information of the tax furnished, he or she would receive the tax credit mismatch notice beneath income tax section 143(1) (a). Mechanism to Improvise That in The Updated Income Tax Portal Step 1: Post to login to the income tax portal, go to service then tap on the rectification option which is being shown in the service bar. Step 2: Make a new request in the opened path Step 3: Choose the assessment year for which the notice is provided to the taxpayer. Step 4: Move with the tax credit mismatch correction option Step 5: An individual shall obtain the information of the challan already inserted during the furnishing of the income-tax return , there is a choice to edit the information such as the amount, date, BSR code, and others.  Step 6: Post the successful submission, you would obtain the rectification reference number for the subsequent resemblance.