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April 7, 2024
Form MSME-1 Non-Payment to MSME Suppliers – Reporting to ROC
The Ministry of Corporate Affairs (MCA) issued a notification that specific companies having outstanding dues to the Micro or Small enterprises registered under MSMED Act have to file the particulars of all current outstanding dues in Form MSME-1 with the ROC (Registrar of Companies). Who Should File Form MSME-1?Specified companies should file Form MSME-1 when…
View detailsGST: Movement of Jewellery to Various Shops for Marketing Purposes
sales teams frequently visit various shops for marketing purposes. However, predicting which retailer might be interested in purchasing jewelry remains uncertain. To address this, a GST delivery challan is used as per Rule 55. Instead of specifying the recipient’s address directly, the recommended approach is to mention the following details on the delivery challan: Name of the authorized representative: This should be the person carrying the jewelry for marketing purposes. Address of the authorized representative: Include the representative’s address. Authorization letter: Attach an authorization letter to validate the representative’s role. Purpose: Clearly state that the movement is for Line Sales Within the State (Telangana), specifically involving jewelry being transported to various shops within the local limits of Hyderabad. Please note that while this recommendation is practical, legally, the issue of line sales is not explicitly addressed. However, Rule 55 does require mentioning recipient details along with their GSTIN (if registered).
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