HSN Code on GST Invoices will be required starting April 1, 2021.

The Central Board of Indirect Taxes and Customs (CBIC) has reminded the HSN Code that GST Tax Invoices would become mandatory on April 1, 2021.

HSN codes of four digits are required for all B2B tax invoices and optional for B2C tax invoices on suppliers of goods and services for taxpayers with an aggregate turnover of up to Rs. 5 crores in the previous financial year. HSN codes of six digits are needed for both B2B and B2C tax invoices on suppliers of goods and services for taxpayers with an aggregate turnover of more than Rs. 5 crores in the previous financial year.

Significant framework adjustments must be implemented into the e-waybills, distribution of challans, tax invoices, GSTR 1 reporting, Shipping bills, and GST reimbursement applications. Also, options for non-reporting under Table 17 and Table 18 would be eliminated from FY 2021-22 positively.

TO READ OFFICIAL NOTIFICATION CLICK HERE.

SBI SME Gold Loan: Apply for a loan of up to Rs 50 lakh with no financial documents needed.

The State Bank of India (SBI) offers a variety of loans to help small and microbusinesses fulfil their financial needs. The State Bank of India offers a low-interest SBI SME Gold Loan to help you grow your business. The State Bank of India offers a low-interest SBI SME Gold Loan to help you grow your business. SME Gold Loan’s main target is to provide existing SME units with basic financial assistance toward gold jewellery owned in the proprietor’s name for fund-based needs for general business purposes.

TO READ OFFICIAL NOTIFICATION CLICK HERE.

SEBI has revoked the registration of Alliance Intermediaries and Networks as stock brokers.

The Securities and Exchange Board of India (SEBI) has revoked Alliance Intermediaries and Network’s registration for breaching stock broker regulations.

SEBI discovered that Alliance Intermediaries and Network are engaged in the business of issuing fake and fraudulent contract notes in exchange for cash in order to conceal fictitious transactions and enable its clients to book fictitious speculative gains and short/long term gains/losses for tax purposes.

SEBI stated that the broker’s acts were inherently dishonest and aimed at assisting and abetting tax evasion. According to a SEBI’s order issued on Wednesday, the company “failed to exercise proper expertise, care, and diligence, failed to maintain a high standard of integrity, promptitude, and fairness in the conduct of its business, and engaged in fraudulent and misleading schemes with a view to make personal gains” by engaging in such activities as a broker.

In a separate order, the regulator fined Alok Jain Tijaria, Vineet Jain Tijaria, Vikas Jain Tijaria, and Praveen Jain Tijaria Rs 2 lakh each for concealing “material content” in Tijaria Polypipes Ltd IPO prospectus.

According to SEBI, these individuals failed to disclose relevant details in the company’s prospectus about the board resolution to raise funds through inter-corporate deposits (ICDs).

TO READ OFFICIAL NOTIFICATION CLICK HERE.

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