Risk in taking GST on home address For many small business owners or freelancers, using a home address for Goods and Services Tax (GST) registration is a common practice, especially if they don’t have a commercial office space. But is there any risk involved in this? Let’s explore the potential concerns: Legal Compliance As long… Read More »
Indirect and Direct Tax Indirect and Direct tax is a type of tax that is imposed on the income or wealth of an individual or entity. It is called “direct” because the tax is levied directly on the person or entity that is liable to pay it. The tax liability cannot be shifted to… Read More »
Legal barter transaction Legal barter transaction, Yes, GST (Goods and Services Tax) may be levy on a legal barter transactions done between two companies. According to the GST Act, any supply of goods or services made for a consideration in the course of business or commerce is taxable, including barter transactions. The value of… Read More »
Purpose of GST returns The purpose of Goods and Services Tax (GST) returns is to provide a consolidated report of a taxpayer’s business activities, including sales, purchases, tax liability, and input tax credit claims. So, GST returns are filed by registered taxpayers with the GST authorities on a regular basis, as per the rules and… Read More »
Advantages and disadvantages Advantages and disadvantages Advantage of Direct Taxes: 1.Fairness: Direct taxes are base on a persson’s income or wealth, so those who earn more pay more, which is seen as fair. 2.Progressive: Direct taxes are design to be progressive, meaning that the tax rate increases as the income or wealth of the taxpayer… Read More »
