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Archives for Goods & Service Tax

GST Turnover Limit Reduced form 40 lacs to 20 lacs in certain goods

General Limit of GST registration in case of supplier of goods is 40 lacs as per the CGST Act, 2017,  but some of the following cases & Supply of goods this limit is not applicable

Following (cases  & described Goods in the table) this limit is  not applicable:-

(i) persons required to take compulsory registration under section 24 of the said Act;

(ii) persons engaged in making supplies of the goods, the description of which is specified in column (3) of the Table below and falling under the tariff item, sub-heading, heading or Chapter, as the case may be, as specified in the corresponding entry in column (2) of the said Table;
(iii) persons engaged in making intra-State supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand; and

(iv) persons exercising option under the provisions of sub-section (3) of section 25, or such registered persons who intend to continue with their registration under the said Act. Notification-02-2019-Union-Territory-Tax-English.pdf;jsessionid=DBC4F61F038B73FD56136736C68C0D6E

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Budget Update 2021

Budget update 2021

Short Summary Union Budget Discussion 2021


Economic Reforms & Schemes – Budget highlights 2021


The overall capital expenditure for FY 2021-22 is Rs.5.54 lakh crore. Improvement of healthcare center is the priority of Government, FM proposed a new centrally sponsored scheme in the health sector, PM Aatmanirbhar Swasth Bharat Yojana, with an outlay of about Rs.64,180 crore over six years.


Further, the Budget outlay for the Health sector and Well being is estimated to be Rs.2,23,846 crore for FY 2021-22, which is a rise by 137% Y-o-Y basis. The increased allocation in health care is expected to expand and strengthen existing national health institutions, National Centre for Disease Control (NCDC), Health Emergency Operation Centers, and mobile hospitals. Another major highlight was the increase in the FDI limits in the insurance sector from 49% to 74%. The government plans to divest two PSUs as well as one insurance company.


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Financial Accounting


Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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