Tag Archives: #IndianTaxSystem

Definition of GST invoice What is GST invoice?

Definition of GST invoice   Definition of GST invoice, A GST invoice is a crucial document issued by a supplier to the buyer, containing all the necessary details of the transaction in accordance with the Goods and Services Tax (GST) Act in India. It serves as proof of the supply of goods or services and… Read More »

Which state does not accept GST in India?

Which State Does Not Accept GST in India? In India, the Goods and Services Tax (GST) is a unified tax structure implemented to simplify the tax system across the country. However, one region stands apart: Jammu and Kashmir (J&K). While J&K does have a tax framework similar to GST, it does not fully accept the… Read More »

Which allowances are taxable under the Income Tax rules of India?

Taxable allowances Taxable allowances, Under the Income Tax regulations in India, certain allowances are subject to taxation. Some of the commonly taxable allowances include: Dearness Allowance (DA): DA is an allowance provided to employees to offset the impact of inflation. It is fully taxable. House Rent Allowance (HRA) HRA is an allowance provided by employers… Read More »

What is the taxability of invoices in India?

Taxability Of Invoices In India In India, invoices are not taxed directly. Instead, taxes such as GST (Goods and Services Tax) or VAT (Value Added Tax) are levied on the value of goods or services mentioned in the invoice. The tax amount is calculated based on the applicable tax rate and added to the invoice… Read More »

What are the taxes that you pay on dividends and how do they work in India?

Drawbacks of a single member LLC   The tax treatment of dividend income in India depends on the type of dividend and the total amount received during the financial year. There are two types of dividends: Regular Dividend: This refers to dividends paid out of the current year’s profits and is now taxable in the… Read More »