Can one HSN code have multiple GST rates The Harmonized System of Nomenclature (HSN) code is a globally recognized system of classifying goods, primarily for the purpose of taxation. Introduce by the World Customs Organization (WCO) in 1988, the HSN system is use by over 200 countries, including India, to classify goods in a standardize… Read More »
Source of Income Vs Head of Income Source of Income: The source of income and the head of income both are two different concepts use in the computation of income tax for filling the Income Tax Return. The source of income refers to the origin or the place from where the income is earn For… Read More »
GST registration for multiple states GST registration can obtain a taxable person under GST in each of the State or Union Territory, from where the taxable supply of goods or services made. For example, if a restaurant operates in the States of Maharashtra and Delhi, then separate GSTIN would have to be obtained for Maharashtra… Read More »
Private Ltd company Private Ltd company and income tax are two types of taxes that a private limited company may be require to pay, and they have some differences: Pvt Ltd Company Pvt Ltd Company is a tax on the profits earn by a private limited company is paid on the net profits of the… Read More »
Applicable GST GST extra as applicable” indicates that the price mentioned for a product or service does not include the Goods and Services Tax imposed by the government. The GST amount will add separately to the quoted price, and the final price will include in it. So the GST amount will add to the quoted… Read More »
PAN number GSTIN (Goods and Services Tax Identification Number) is a unique 15-digit alphanumeric code issue to every registered taxpayer under the GST regime. The first two digits of the GSTIN represent the state code, followed by the next 10 digits representing the PAN number of the taxpayer, then a 2-digit entity code for the… Read More »
Process for charging GST Process for charging GST, If a local supplier in India purchases goods or services from an international supplier, the local supplier would be require to pay the Integrated Goods and Services Tax (IGST) on the import of goods or services, and the local supplier can claim the credit of such IGST… Read More »
Capital gain tax in India Capital gains tax is a tax levied on the profit realized from the sale of an asset. In India, capital gains tax is divided into two categories – short-term capital gains and long-term capital gains. Short-term capital gain tax in India is applicable when an asset sell within 2 years… Read More »
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 »
Section 194Q of Income Tax Act Section 194Q of the Income Tax Act, introduced in the Union Budget 2021 and effective from 1st July 2021, is a provision that specifically applies to buyers making payments to resident sellers for the purchase of goods. To visit:https://www.incometax.gov.in According to this provision, if a buyer makes payments exceeding… Read More »
