Company Registration Company registration or incorporation in India involves several steps and legal formalities to establish a business entity legally recognized under Indian law. Here’s a comprehensive overview: 1. Choose the Type of Company: Select the appropriate legal structure for your business, such as: a). Private Limited Company b). Liability Partnership (LLP) c). One Person… 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 »
GST for for Tour and Travel GST for for Tour and Travel, GST (Goods and Services Tax) is a comprehensive form of indirect taxation imposed on the provision of goods and services at every stage of their production or distribution. It has replaced multiple cascading taxes like VAT, service tax, and excise duty, streamlining… Read More »
Turnover Threshold for Architects There is no specific turnover threshold for architects to consider for bookkeeping in India. However, architects generally required to maintain proper books of account and get their accounts audit if their gross receipts of profession exceed Rs. 50 lakhs in a financial year. The Companies Act, 2013 (the “Act”)… 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 on raw material input If there is no GST on raw material input, then there will be no GST charged on the sale of the. However, if raw material use in the production of a taxable good or service. Then GST will charge on the value of the final product or service at the… Read More »
What is Input Tax? Input tax refers to the VAT (Value Added Tax) or GST (Goods and Services Tax) that a business pays on its purchases of goods and services. This tax is paid to suppliers and is recoverable against the VAT or GST a business collects from its customers. Essentially, input tax is the… Read More »
Deadlines for GST Tax Payments The specific deadlines for GST tax payments vary based on the taxpayer’s category and the frequency of their filinga Here are some general guidelines for GST tax due dates in India: Monthly GST Return Filers: For businesses that file their GST returns on a monthly basis, the tax due… Read More »
GST Tax Imposed The imposition of the Goods and Services Tax (GST) occurs when there is a taxable provision of goods or services, ensuring its uniqueness.. In most countries that have implemented GST, including India, the tax is levied at the point of supply, which is generally the time of sale or provision of goods… Read More »
GST on imports and exports GST is not charged on international transactions as they are considered as exports or imports. GST is only applicable on goods and services that are supplied within the country, i.e. domestic transactions. For exports, the taxes applicable in the country of import are applicable, and for imports, the taxes applicable… Read More »
