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 »
Advantages and disadvantages 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 increases, which helps to reduce income inequality.… Read More »
User Intent Users searching for GST rates on commissions are likely business owners, freelancers, financial professionals, or accountants. They aim to understand how the Goods and Services Tax (GST) applies to commissions, its impact, benefits, and limitations. This guide provides an in-depth analysis of GST rates on commissions in India. Introduction The Goods and… Read More »
Long-term capital asset In income tax, Long-term capital asset refers to any asset that is held by an individual or a company for a period of more than 36 months before being sold. The sale of such assets generates long-term capital gains or losses, which need to tax at a different rate than short-term capital… Read More »
Tax Audit Introduction Taxation is a critical component of a country’s economy, ensuring revenue generation for public welfare and infrastructure development. However, to maintain transparency, accuracy, and compliance with tax laws, businesses and individuals must adhere to regulatory audits. One such essential audit is the Tax Audit. The objective of a tax audit is to… Read More »
What Are the Implications of Non-Registration with GST? Introduction Goods and Services Tax (GST) is a comprehensive tax levied on the supply of goods and services in many countries, including India. It is mandatory for businesses that meet the prescribed turnover threshold to register under GST. Non-registration can have serious legal, financial, and operational consequences.… Read More »
Which state does not accept GST in India? User Intent Users searching for this topic likely want to know if any state in India has rejected the Goods and Services Tax (GST) and the reasons behind it. This article will provide a detailed breakdown of the issue, covering its definition, applications, benefits, limitations, and comparisons.… Read More »
Introduction Taxation is an essential part of a country’s economy, contributing to the government’s revenue to fund various public services. While most adults are aware of their tax obligations, minors or individuals under 18 often wonder whether they must pay taxes in India. Understanding the tax laws applicable to minors can help in better… Read More »
Which professions are exempt from income tax In India, no professions is completely exempt from income tax. However, certain professions or categories of taxpayers may be eligible for certain tax deductions or exemptions based on the provisions of the Income Tax Act. To visit- https://www.incometax.gov.in As an illustration, specific types of income such as agricultural… Read More »
GST in India Introduction Co-working spaces have become increasingly popular in India, providing freelancers, startups, and businesses with flexible office solutions. However, a common concern among members is whether they are legally liable for tax issues like Goods and Services Tax (GST). Understanding tax obligations is essential to ensure compliance and avoid legal complications. Understanding… Read More »