Under GST to Get 180 Days to Pay Back Their Loans

 Businesses not Under GST to Get 180 Days to Pay Back Their Loans

As part of the interim relief work for small companies not registered in GST, the Reserve Bank of India extended the loan repayment date to 180 days from the date of maturity without being classified as a non-productive asset. This latest announcement comes after the enactment of legislation in April, which allowed the taxes of goods and services to register borrowers of SMEs, with turnover up to? Rs 25 crore to delay repayment of loans in 180 days.

“Taking into account the lines of credit received and related problems, it is now decided to allow banks and NBFC institutions to temporarily classify their exposure, in accordance with the 180-day maturity criterion, for all micro and small enterprises with credit limits added to the previous limit (Indian) “, Including unregistered under GST”.

The central bank faces demands that it continue to be lenient with SMEs because it is the largest employer and is under severe pressure to implement a GST that has hampered its economic prospects. MIPYME accounts which were standard on 31 August 2017 and where the outstanding balance did not exceed 31 January 2017?

25 crores would be eligible for support. Under current regulations, banks and NBFC are classified as unprofitable if they can not repay a loan within 90 days.

GST payment mechanism

The easing of the central bank occurs when the promotion of the GST payment mechanism results in benefits from the formalization of the economy, including better tax liability. “Considering the benefits of increasing the formalization of the economy for financial stability, 180 days of delay” “The standard, with respect to fees payable by small and small companies registered as of January 1, 2019 onwards, will be met with the current 90 day rule “In a gradual manner, while entities not registered under GST until 31 December 2018, the classification of assets with respect to maturities due from 1 January 2019 onwards will immediately return to the rule 90 days.

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What is Advance Tax?

How to Calculate & Pay Advance Tax?

Pre-tax means that the income tax must be paid in advance rather than paying the total amount at the end of the year. It is also known as pay as you earn taxes. These payments must be made in installments according to the dates provided by the Income Tax Department.

Who should pay the advance tax?

Salaried, freelancers and businesses – If your total tax liability is 10,000 Rs or more in the fiscal year, you must pay a pre-tax. Pre-tax applies to all taxpayers, payers, independents, and businesses. Seniors, aged 60 or older, who do not run a company, are exempted from paying advance taxes.

Presumptive Businesses – Taxpayers who choose a hypothetical plan where business income is assumed at 8% of turnover less than 2 crores rupees are exempt from pre-tax 2011-11 tax.

Presumptive income for Businesses for FY 2016-17  – Taxpayers must start the fiscal year who choose the default plan to pay the full amount of the advance tax in a lump sum on March 15 or earlier. If they pay all their dues by March 31, that’s good too. The beginning of the financial year 2016-17. Companies with turnover of Rs 2 crores or less can choose for this scheme.

Presumptive Businesses– Taxpayers who opt for a presumptive scheme where business income is assumed at 8% of the turnover of less than ₹2 crore are exempt from advance tax for FY2017-18.

Presumptive income for Businesses for FY 2016-17 – Starting financial year taxpayers who opt for the presumptive scheme have to pay the whole amount of their advance tax in one installment on or before 15th March. If they pay all of their tax dues by 31st March that is also ok. Starting FY 2016-17. businesses with a turnover of Rs 2 crores or less can opt for this scheme.

Presumptive income for Professionals for FY 2016-17

– Starting in the fiscal year 2016-2017, this scheme has been extended to include professionals such as doctors, lawyers, architects etc. if their total income is 50 thousand or less (Section 44ADA). These taxpayers must pay an advance tax in quarterly installments.

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Due Dates for payment of Advance Tax

FY 2017-18 & FY 2016-17

For both individual and corporate taxpayers

Due Dates for payment of Advance Tax

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