Author: Business So Simple

Hi, I am business consultant working with a team of Chartered Accountants, Company Secretaries, Lawyers & MBAs.

44th GST Council Meeting highlights – 12.06.2021

Posted on by Business So Simple in GST

The tax rate on ventilators, medical grade oxygen, COVID-19 testing kits, oxygen concentrators and BiPAP machine have been brought down to 5 percent from 12 percent at present.

The GST on anti-coagulants like Heparin, high flow nasal canula (HFNC) device and pulse oximeters has been reduced to 5 percent from 12 percent at present.

The GST on hand sanitisers and temperature check equipment has been reduced to five percent from 18 percent at present.

5% GST on vaccines will stay.

“GST rates have been decided for 4 categories of products- medicines, oxygen, oxygen-generation equipment, testing kits and other machines and other COVID19 related relief material.

GST Council approved all recommendations of GoM on rate rationalisation.GST on ambulances reduced to 12 percent.

The Centre will buy the 75 per cent vaccine as announced and will pay its GST too. But 70 per cent of income from GST will be shared with States.

Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021

Posted on by Business So Simple in Business Consultancy, Financial Prudence, GST, Income Tax

Dear Sir,

Please find below Weekly YouTube video compilation on Income tax, GST, Financial awareness & Entreprenurship (06th June 2021 to 12th June 2021:

Date 12-06-2021 GST Topic New functionalities on GST Portal -11 June 2021 https://www.youtube.com/watch?v=I6rTi0Zsc5c
Minute 5.18

Date 12-06-2021 GST Topic GST on E-Commerce & Electronic Commerce Operator https://www.youtube.com/watch?v=1Ttjb0ltyX0
Minute 4.42

Date 11-06-2021 Entreprenurship Topic E-Commerce Business Models II Self-run model II E-platform/marketplace model II Hybrid model https://www.youtube.com/watch?v=kN3x2eYk4-o
Minute 11.57

Date 10-06-2021 Financial awareness Topic What are Bank Loan Options for Women entrepreneur https://www.youtube.com/watch?v=LF-wiSUfEdU
Minute 5.35

Date 09-06-2021 Income Tax Topic Tax benefits available to Producer Companies II Section 80PA II Tax Deduction for Producer Companies https://www.youtube.com/watch?v=zssPO4OVtO0&t=83s Minute 2.29

Date 09-06-2021 Financial awareness Topic Common borrowing Mistakes that can impact your finance https://www.youtube.com/watch?v=jS52mchI5L8 Minute 5.16

Date 08-06-2021 Financial awareness Topic How to prepare financially for unexpected events? https://www.youtube.com/watch?v=K_PoySSEV_w&t=110s Minute 13.26

Date 07-06-2021 Income Tax Topic Tax implications if your medical treatment/covid treatment is crowdfunded https://www.youtube.com/watch?v=XiBT1yV7scY&t=143s Minute 3.46

Date 06-06-2021 Entreprenurship Topic How to Start Grocery Store business? https://www.youtube.com/watch?v=0we73JX6Weo&t=829s
Minute 27.1

Date 05-06-2021 Income Tax Topic New Taxpayer friendly e-filing Portal (New Features) -MOF Press Release dated 05 June 2021 https://www.youtube.com/watch?v=gN93Fni22zQ&t=124s
Minute 5.06

Regards,
Bipul Kumar

New functionalities on GST Portal-11 June 2021

Posted on by Business So Simple in GST, News Desk

Dear Sir,

Please find below *YouTube video Link on *New functionalities on GST Portal-11 June 2021*
https://www.youtube.com/watch?v=I6rTi0Zsc5c

1.Ledgers: Negative liability statement made available to composition taxpayers

2. Returns: Download of Form GSTR-4A in excel and auto-population of its details in Form GSTR-4 of the composition taxpayer

3. Front: Office Inclusion of common names in the HSN Directory and its download in excel format by the taxpayers

Regards,
Bipul Kumar

How to Start Grocery Store business? II ग्रोसरी स्टोर/ किराना दुकान बिज़नेस कैसे शुरू करें ?

Posted on by Business So Simple in Business Consultancy

Dear Sir,

Please find below YouTube link of Video on How to Start Grocery Store business? II ग्रोसरी स्टोर/ किराना दुकान बिज़नेस कैसे शुरू करें ?

Topic
✅ Grocery store, Profit margin in Grocery business

✅ Grocery store-Location, Infrastructure, Investments, Marketing, Customer etc.

✅ Sources of funds for Grocery business

✅ Suitable form of business for Grocery business

✅ Set up Steps for Grocery business

✅ Grocery Shop Franchise- Advantages

✅ Suitability in Indian Market for Grocery business

Relevant Links in video

One person Company-each and everything : https://www.youtube.com/watch?v=lNxclckEyJo

LLP-each and everything: – https://www.youtube.com/watch?v=_06iCBKsDc8

Standup Loan Scheme for Women/SCs,STs- https://youtu.be/Pd8h_JFuTPE

Mudra Loan-each and everything : https://youtu.be/7AAoov-w-iE

Regards,
Bipul Kumar

DECLARATION AND PAYMENT OF DIVIDEND{Updated with all Company Law, SEBI Income tax & FEMA provisions till May 2021)

Posted on by Business So Simple in Company Law, FEMA, Financial Prudence, Income Tax, International Taxation

Dear Sir,

Please find below YouTube Link of Video on DECLARATION AND PAYMENT OF DIVIDEND{Updated with all Company Law, SEBI Income tax & FEMA provisions till May 2021)
https://www.youtube.com/watch?v=CLLl4Sw4iG0

Topic Cover

✅ Financial planning for Dividend decisions

✅ Company law provisions applicable on declaration & payment of Dividend

✅ Taxability of divided-Taxability in hands of Company & Shareholders, Withholding taxes

✅ FEMA provisions applicable on repatriation of Dividend outside India

Regards,
Bipul Kumar

Model Tenancy Act- What’s New? II(मॉडल टेनेंसी एक्ट में नये प्रावधान क्या है?) II

Posted on by Business So Simple in Financial Prudence

Dear Sir,

Please find below YouTube video link on Model Tenancy Act- What’s New? II(मॉडल टेनेंसी एक्ट में नये प्रावधान क्या है?) II https://www.youtube.com/watch?v=MZJmBpe1fi8

✅ Speedy resolution of disputes(a rent authority or a rent court)

✅ Security deposit (2 -residential/6 Months-commercial)

✅ No subleting provisions

✅ Vacation notice- after termination/expiry- Double rent for 2 months after expiry and four times thereafter

✅ 24-hour prior notice to carry out repairs or replacement.

✅ In case of a dispute- No cut in power and water supply

Regards
Bipul Kumar

Sovereign gold bond scheme- Benefits, Features & FAQs

Posted on by Business So Simple in FEMA, Financial Prudence, Income Tax

Dear Sir,

Please find below YouTube video link on Sovereign gold bond scheme- Benefits, Features & FAQs
https://youtu.be/2zAnQ1_BPy8

Topic cover

1. What is Sovereign Gold Bond (SGB)? Who is the issuer?

2. Why should I buy SGB rather than physical gold? What are the benefits?

  1. Are there any risks in investing in SGBs?
  2. Who is eligible to invest in the SGBs?
  3. Whether joint holding will be allowed?
  4. Can a Minor invest in SGB?
  5. Where can investors get the application form?
  6. What are the Know-Your-Customer (KYC) norms?
  7. Can an investor hold more than one investor ID for subscribing to the Sovereign Gold Bond?
    10. What is the minimum and maximum limit for investment?
  8. Can each member of my family buy 4Kg in their own name?
    12. Can an investor/trust buy 4 Kg/20 Kg worth of SGB every year?
  9. Is the maximum limit of 4 Kg applicable in case of joint holding?
  10. What is the rate of interest and how will the interest be paid?
  11. Who are the authorized agencies selling the SGBs?
  12. If I apply, am I assured of allotment?
  13. When will the customers be issued Holding Certificate?
  14. Can I apply online?
  15. At what price the bonds are sold?
  16. Will RBI publish the rate of gold applicable every day?
  17. What will I get on redemption?
  18. How will I get the redemption amount?
  19. What are the procedures involved during redemption?
  20. Can I encash the bond anytime I want? Is premature redemption allowed?
  21. What do I have to do if I want to exit my investment?
    26. Can I gift the bonds to a relative or friend on some occasion?
  22. Can I use these securities as collateral for loans?
    28. What are the tax implications on i) interest and ii) capital gain?
  23. Is tax deducted at source (TDS) applicable on the bond?
  24. Who will provide other customer services to the investors after issuance of the bonds?
  25. What are the payment options for investing in the Sovereign Gold Bonds?
  26. Whether nomination facility is available for these investments?
  27. Can I get the bonds in demat form?
  28. Can I trade these bonds?
  29. What is the procedure to be followed in the eventuality of death of an investor?
  30. Can I get part repayment of these bonds at the time of exercising put option?
  31. How do I contact RBI to address my queries regarding Sovereign Gold Bond ?

Regards
Bipul Kumar

Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST

Posted on by Business So Simple in Company Law, Financial Prudence, GST, Income Tax, Succession Planning

Dear Sir,

Please find below YouTube link of Monthly compilation of Video on Company Law, Succession planning, Income Tax & GST for your easy reference:

👉 Company Law

Setting of Branch offices of Foreign Company in India
https://youtu.be/Y30q0ZgcMcU

Nidhi Company-each & everything
https://youtu.be/maS_1205vO4

Producer Company-each & everything https://youtu.be/MP-t3sg_qWg

CSR Funding: Ngo registration for getting CSR Funding https://youtu.be/j-OG40NJl9Q

Managerial Remuneration
https://youtu.be/a9DHcuu8iyI

Presentation of Financial Statements w.e.f. 01st April 2021
https://youtu.be/kExSlqi14os

Limited Liability Partnership & its suitability
https://youtu.be/_06iCBKsDc8

👉 Succession planning

Each & everything about Will https://youtu.be/W80MGdy0kio

Partition of Property https://youtu.be/IaQ03qcRWDg

👉 Income Tax

Fair Market Value calculation for Section 50B (Slump Sale) of Income Tax Act, 1961 – Updated by Notification No. 68/2021 -24th May, 2021
https://www.youtube.com/watch?v=UILmcJxns9k

Extension of ITRs, Tax Audit Report, TP Audit Report, Belated/Revised Return for FY 2020-21 https://youtu.be/scXDMjZ9v2k

Tax benefits for Startup
https://youtu.be/1DDJ1_LlhfA

New Rules of for registration u/s 12AB & 80G w.e.f. 01-04-2021 https://youtu.be/JfKVfZ9mk6Q

👉 GST

Accounts & records maintained under GST
https://youtu.be/k4xmiu_9mE0

GST Amnesty Scheme (July 2017 to April 2021-GSTR 3B Return)
https://youtu.be/NQ_XeOv_uXU

Late fees Rationalisation for April 2021 onwards period
https://youtu.be/NZMZhi5mG2k

Simplification of Annual Return for FY 2020-21 https://youtu.be/L21Over9X3w

Covid related measures for taxpayers https://youtu.be/Mb7Ae2LMm1E

Regards
Bipul Kumar

43rd GST Council Meeting recommedations -28th May 2021

Posted on by Business So Simple in Miscellaneous

Dear Sir,

Please find below YouTube link of latest amendments in GST:

43rd GST Council Meeting recommedations -28th May 2021

GST Amnesty Scheme (July 2017 to April 2021-GSTR 3B Return)
https://youtu.be/NQ_XeOv_uXU

Late fees Rationalisation for April 2021 onwards period
https://youtu.be/NZMZhi5mG2k

Simplification of Annual Return for FY 2020-21 https://youtu.be/L21Over9X3w

Covid related measures for taxpayers https://youtu.be/Mb7Ae2LMm1E

Regards
Bipul Kumar

Fair Market Value calculation for Section 50B (Slump Sale) of Income Tax Act, 1961 – Updated by Notification No. 68/2021 -24th May, 2021

Posted on by Business So Simple in Miscellaneous

Dear Sir,

Please find below YouTube link of Fair Market Value calculation for Section 50B (Slump Sale) of Income Tax Act, 1961 – Updated by Notification No. 68/2021 -24th May, 2021

Topic cover

✅ What is Slump sale? Computation of Capital Gain

✅ Amended provisions of Section 50B by FA 2021 (Comparison with old section 50B)

✅ Fair Market Value of Undertaking as per new rule 11UAE (N/No. 68/2021) dated 24 May 2021

Regards,
Bipul Kumar