Business Life after Lock down is not going to be easy ride for anyone, except for few sectors such as Pharma, Software. The working capital management is going to be a big concern for every company , irrespective of scale of the company. Don't look as we lost two months in our business cycle; Instead, Do approach that you only have 10 months in this financial year - Change your approach. Following would be key points that need to be addressed for 1. SURVIVAL IS KEY Be any crisis, the Survival should be the objective of every business. As a Entrepreneur, Do chalk out a Business Continuity Plan to survive the crisis. Don't worry too much about the downfall in the growth & pressure clouds on cash flow. Even Majors are going to undergo this. Be Open & Do all the possibilities to survive. 2. CUSTOMER ENGAGEMENT - 80:20 ANALYSIS Do apply 80:20 analysis to last three year sales data and gather the customers through whom we received 80% of business in the last thre
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The Finance Bill, 2020 requiring every seller (whose previous year turnover exceeds Rs.10 crore) to collect tax at source (TCS) at the rate of 0.1% of the sale consideration exceeding Rs.50 lakhs in respect of sale of any goods. If there is no PAN or Aadaar, then the TCS Rate would be 1%. In simple sense, It means that if your are buying any goods from big seller (Turnover more than 10 Crore), then you will be charged TCS 0.1% on the Invoice and same would be credited to your PAN account and same would reflect in Form 26 AS. The same tax can be taken credit in your income tax return. The effect / intent of this amendments is that all your significant purchases of yours would be reported to income tax authorities. This would keep a check on tax evasion on small business in B2C business. But, already all these transactions were getting reported through GST returns. All business were already heckled with GSTR-2A Reconciliation. Now, what is the purpose of this provisions ???
In Summary following are the relief given for GST Compliances For Detailed Information, Please read the circular through below link http://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_136_6_2020.pdf GSTR-1 RETURN (Sales Return) - March, April & May 2020 The Due dates for the month of March, April & May 2020 would remain unchanged. But the late fees payable will be Nil, if the returns are filed on or before 30th June 2020. If filed later, then the respective late fee would be payable. This extension is irrespective of the turnover of the company GSTR-3B RETURN (Summary & Payment Return) A. Feb, March and April 2020 If Turnover is less than 1.50 Crore The Due dates for Feb, March and April 2020 would remain unchanged. But, the Interest & Late Fee will be Nil, if the returns are filed within following Due Dates. If filed later than that, the respective interest, late fee and penalty would be applicable right from the actua