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 »
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 »
GST charge on consultancy services Understanding GST on Consultancy Services: Slabs and Rates The Goods and Services Tax (GST) has streamlined indirect taxation in India by merging various taxes into a single, unified system. For professionals providing consultancy services, understanding how GST applies is essential for compliance and financial planning. We’ll explore what the GST… Read More »
User Intent Understanding the taxability of invoices in India is crucial for businesses, freelancers, and individuals dealing with financial transactions. This article provides a step-by-step guide to help users comprehend how invoices are taxed, their applications, benefits, limitations, and a comparative analysis. Introduction In India, taxation plays a pivotal role in financial transactions, and invoices… Read More »
