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 »
Can I Use a Single GST Number for Selling Products and Services In India, the Goods and Services Tax (GST) is a comprehensive tax system that has streamlined the taxation process for businesses. A common question among entrepreneurs and small business owners is whether they can use a single GST number for selling both… Read More »
Service tax Service tax:- However, in 2017, it was replaced by the Goods and Services Tax (GST). Under the services taxation system, services providers were mandated to register with the Central Board of Excise and Customs (CBEC) if their annual turnover exceed a specify threshold. The taxation was levied on the value… Read More »
Goods and Services Tax Yes, in India, as a service provider, you are required to pay Goods and Services Tax (GST) if your annual turnover exceeds the threshold limit of Rs. 20 lakhs (or Rs. 10 lakhs for some special category states). Even if your turnover is below the threshold limit, you have the option… Read More »
Types of GST In India, there are primarily four types of Goods and Services Tax (GST): State Goods and Services Tax (SGST): Levied by state governments on the supply of goods and services within the state. Central Goods and Services Tax (CGST): Levied by the central government on the supply of goods and services within… Read More »
