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29Mar
MCA amends Schedule III to the Companies Act, 2013

Ministry of Corporate Affairs (MCA) has made the changes in Schedule III to the Companies Act, 2013 wef 1st April 2021 to ensure more transparency. Schedule III contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company. Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by MCA:

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29Mar
GSTIN Not Mandatory for MSME Udyam Registration

Ministry of MSME has, vide its notification dated 05.03.2021, relaxed the condition of having GSTIN as mandatory for registration as MSME and has provided that the exemption from the requirement of having GSTIN shall be as per the provisions of the Central Goods and Services Tax Act, 2017. It further provided that in case of any proprietorship enterprise not registered under any Act or rules of the Central Government or the State Government, the proprietor may use his or her PAN for registration of the enterprise in the Udyam Registration portal and for all other types of enterprises PAN shall be mandatory

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