The Goods and Services Tax (GST) was implemented in India on July 1, 2017, to replace multiple indirect taxes. It is levied on the supply of goods and services, categorized into 5%, 12%, 18%, and 28% tax slabs. However, certain goods are exempted from GST, meaning no tax is levied on their supply. GST-exempt goods… Read More »
The Goods and Services Tax (GST) has significantly transformed the Indian taxation system, affecting various sectors, including real estate. One crucial aspect under GST is the taxation of rental income, which applies to commercial and residential properties under specific conditions. Understanding the GST on rental income is essential for landlords, tenants, and businesses to ensure… Read More »
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. While GST applies to most goods and services, certain services are exempted from GST to provide relief to specific sectors and ensure economic balance. These exemptions are primarily aimed at supporting essential services such… Read More »
Goods and Services Tax (GST) is a destination-based tax system that has replaced multiple indirect taxes in India. One of the fundamental features of GST is the seamless availability of Input Tax Credit (ITC), which helps businesses reduce their tax liability and avoid cascading effects. Understanding how GST input credit works is crucial for businesses… Read More »
The Goods and Services Tax (GST) has significantly transformed India’s indirect tax landscape since its introduction in July 2017. One of the key aspects of GST is its treatment of exports, particularly the export of services. Given the global nature of many businesses today, understanding how GST applies to export transactions is crucial. This article… Read More »
Understanding GST on Flat Purchase in India When buying a flat, understanding Goods and Services Tax (GST) is essential as it impacts the total cost of your investment. GST, introduced on July 1, 2017, under the Goods and Services Tax Act, replaced multiple indirect taxes such as VAT, service tax, and excise duty. This brought… Read More »
Goods and Services Tax (GST) Goods and Services Tax (GST): The GST is a comprehensive indirect taxation system imposed on the provision of goods and services across India. It is a destination-base tax system that aims to replace multiple indirect taxes like excise duty, service tax, VAT (Value Added Tax), and others. 1. Introduction: GST… Read More »
Understanding the Applicability of Reverse Charge Mechanism (RCM) on Law Firms Introduction The Reverse Charge Mechanism (RCM) is a concept in tax legislation where the responsibility for paying tax shifts from the supplier to the recipient of goods or services. This mechanism is commonly applied in various sectors, but its applicability can vary depending on… Read More »
GST Registration in India for less than 1 lakh monthly turnover GST Registration in India for less than 1 lakh monthly turnover: In India, Goods and Services Tax (GST) registration is a significant step for businesses, even for those with a monthly turnover of less than INR one lakh. While many small businesses may… Read More »
GST No, two firms owned by the same proprietor cannot be registered as a single GST (Goods and Services Tax) entity. Each firm considered as a separate legal entity and needs to obtain a separate GST registration. However, the same proprietor can obtain separate Goods and Services Tax registrations for each of their firms,… Read More »