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 With an increased focus to rehabilitate the MSME Sector which is considered as backbone of Indian economy, Indian government has substantially increase the benefits for MSME industries. Below mentioned is the criteria of registration for MSME industries:-   In terms of numbers, micro, small and medium enterprises contribute a staggering 30% to the country’s GDP , and around 45% of the manufacturing output, and approximately 48% of the country’s exports. It is due to this very fact that they’re so crucial to our economic development and the reason why they’ve constantly been in the news ever since the pandemic struck in early 2020. However, as the pandemic subsides and the economy is slowly brought back to life, it presents a greater opportunity for business owners to get their MSME registrations done and avail a wide array of benefits. In order to help MSMEs, the government of India introduced the MSME (Amendment) Bill Of 2018 and re-emphasized on the MSME ACT of 2006. ...

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GST UPDATES: - Valuation in GST: - Value of Supply: - Every fiscal statute makes provision for the determination of value as tax which is normally payable on ad-valorem basis. In GST also, tax is payable on ad-valorem basis i.e percentage of value of the supply of goods or services. Section 15 of the CGST Act and Determination of Value of Supply, CGST Rules, 2017 contain provisions related to valuation of supply of goods or services made in different circumstances and to different persons. Transaction Value: - Under GST law, taxable value is the transaction value i.e. price actually paid or payable, provided the supplier & the recipient are not related, and price is the sole consideration. In most of the cases of regular normal trade, the invoice value will be the taxable value. However, to determine value of certain specific transactions, Determination of Value of Supply rules have been prescribed in CGST Rules, 2017 Compulsory Inclusions: - Any taxes, fees, charges...