Under Goods And Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal taxable person. It is called GST registration. For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, […]

The Goods and Services Tax, sometimes known as the GST, is a tax that was recently added to the Indian tax system and is assessed on the delivery of goods and services. GST Registration is necessary for the proper operation of the firm. It takes about 3-6 working days to obtain GST Registration. Any company that

The structure of indirect taxes in India up to 30-6-2017 was based on three lists in the Seventh Schedule of the Constitution of India, which came into effect on 26-1-1950. These provisions were based on the situation prevailing in 1935 and were based on the Government of India Act, 1935. Due to changes in the

The full form of GST is “Goods and Services Tax”. GST is a comprehensive indirect tax introduced in India on 1st July 2017, replacing the previous multiple indirect taxes such as excise duty, service tax, VAT, and others. GST is a destination-based tax levied on the supply of goods and services. In India, It is

GSTR-3B is the summary return that taxpayers must file regularly to show details of sales, ITC claims, tax liability, refunds, etc recorded on their GSTIN. The implementation of the GST regime has successfully eliminated the cascading taxation effect and has simplified the overall process. Since its introduction, several GST returns forms have been introduced catering

The GST (Goods and Services Tax) regime was introduced on July 1, 2017. It is one of the most significant and revolutionary indirect tax reforms in India post-independence. GST subsumed a number of indirect taxes levied by the Central and State Governments. Taxes such as Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales

In the Indian economic landscape, property rental holds significant weight, both as a vital income source for individuals and businesses, and as an unavoidable expense component for countless firms. The spectrum of rental scenarios is broad, spanning from residential leases for personal use to commercial property rentals for business purposes. In this complex setup, an

Implementation of GST has seen as a great tax reform that will unify the entire nation, as far as taxation is concerned. This has been beneficial for various sectors, at the same time, implementation of GST will have social consequences on charities and the non-profit organizations.   What is GST? A person who carries any

Input tax credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount. Here’s how:When you buy a product/service from a registered dealer you pay taxes on the purchase. On selling, you collect the tax. You adjust the taxes paid at

GST council is a governing body to regulates and directs every step for the implementation of goods and service tax in the nation with decisions over tax rates and further implementation measures. GST council assimilates suggestions and regulations into one form and improvises the changes formally through notifications and circulars with its departments and finance ministry. A