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 »
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 »
📉 Asset or Liability? The Shocking Truth Every Business Must Know 🎯 You’re probably here because you’re wondering: 👉 “Is input tax something I owe or something I own?”👉 “Does it benefit my business or burden it?” This article breaks down the truth behind it, revealing whether it’s… Read More »