GST on MSME Sector – FAQ, Flyer and Booklet released by CBEC
Introduction: What is MSME? In accordance with the provision of Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two classes:
(1) Manufacturing Enterprises: The enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the Industries Development and Regulation Act 1951 or employing plant and machinery in the process of value addition to the final product having a distinct name or character or The Manufacturing Enterprises are defined in terms of investment in Plant and Machinery.As notified vide S.O. 1642(E) dated 29th September 2006 issued by the Ministry of MSME, Government of India, New Delhi, Micro Enterprises is an enterprise where investment in plant and machinery does not exceed twenty-five lakhs rupees; Small Enterprise is an enterprise where investment in plant and machinery is more than twenty-fiv
There is no bar in penalty u/s 271B for non-audit u/s 44AB if penalty u/s 271A is also levied for…
Cash book cannot be rejected when availability of stock in trade is not disputed as per stock register which is…
Section 148 of Income Tax Act after 01.04.2021, does not even require recording reason to believe. In a recent judgment,…
Income Tax Department, Lucknow is hiring Young Professional for assisting the Departmental Officers posted in various benches of ITAT, Lucknow…
Burden of proof is on assessee to adduce cogent evidence that land sold was an agricultural land – Supreme Court…
Civil Court decreed refund of security deposit of VAT era as in GST Regime there is no requirement of security…