Annual GST Return Annual GST Return, The Government of India has recently introduced some changes to simplify and streamline the process of filing annual GST returns for taxpayers. Here are the key changes: Single return form: Previously, different forms were use for filing annual returns based on the taxpayer category. Now, a single annual return… Read More »
GST Compliance GST Compliance, Under the Goods and Services Tax (GST) regime in India, different categories of taxpayers are required to File returns to fulfill their GST Compliance. Here are the types of taxpayers and their corresponding return filing requirements: Regular taxpayers: Registered individuals or businesses who are liable to pay GST on their… Read More »
Which items are liable for cess in GST In GST, cess is levy on certain goods or services that are consider to be luxury or sin goods, such as cigarettes, tobacco products, pan masala, aerated drinks, and luxury cars. For more information to visit https://www.gst.gov.in/ The proceeds from the cess are mean to be use… Read More »
The implications of non registration with GST Non-registration with GST can have various implications, such as: If a business is not registered under GST, it cannot collect GST from its customers. This means that the business will have to bear the tax burden on its own, which could impact its profitability. To visit:https://www.gst.gov.in/ Penalty for… Read More »
Destination based tax When we refer to GST (Goods and Services Tax) as a destination-based tax. It implies that the tax is imposed at the final point of consumption for goods or services. The tax proceeds collecte by the state where the goods or services consumed, rather than the state where they produced. For more… Read More »
Filing income tax returns Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »
Private sector enterprises are businesses that are owned and operated by individuals or groups of individuals rather than the government. 1.Private Ownership: Private sector enterprises feature always own and control by private individuals or organizations. The owners bear the responsibility for the success or failure of the business. 2.Profit Motive: Private sector enterprises are driven… Read More »
The sectors in India that are not allowed for private firms In India, there are certain sectors where private firms are not allowed to operate, and these sectors are reserved for government entities or are subject to certain restrictions. Some of these sectors are: To visit- https://www.mca.gov.in/ 1.Atomic energy 2.Space exploration and satellite communication 3.Defence… Read More »
What is the Difference Between Capital and Non-Current Capital? When managing or analyzing a business, understanding different financial terms is crucial. Two commonly used terms in financial discussions are capital and non-current capital. While they may seem similar, they have distinct roles in the financial framework of a company. In this blog, we’ll break down… Read More »
What are Revenues? What Are Revenues? Revenues, often referred to as sales or turnover, are the income generated from normal business operations. They are a crucial component of a company’s financial health and are a key indicator of its performance. Understanding revenues is essential for stakeholders, including investors, managers, and analysts, as they provide insight… Read More »
