The process for claiming a GST refund involves specific steps, including submitting required documents and declarations to the GST authorities. Taxpayers can claim refunds for various reasons, such as an excess cash balance in the electronic cash ledger, tax paid in error, or accumulated Input Tax Credit (ITC) that they couldn’t utilize due to zero-rated sales or an inverted tax […]
Continue reading »
Under GST, zero-rated supply refers to goods or services that are exported out of India or supplied to a Special Economic Zone (SEZ) developer or an SEZ unit, where the goods or services are taxed at a rate of 0%. This concept is critical for promoting exports and operations in SEZs without the burden of tax. Key Features: Tax Rate: […]
Continue reading »
Under GST, determining whether a supply is inter-state or intra-state is essential, as it dictates the applicable tax—Central GST (CGST), State GST (SGST), or Integrated GST (IGST). Proper classification ensures compliance, accurate tax calculation, and timely payment.Inter-State Supply: An inter-state supply of goods or services arises when the supplier’s location and the place of supply are in: Different states Additionally, […]
Continue reading »
In the Goods and Services Tax (GST) framework, the primary principle is that the supplier of goods or services is responsible for the payment of GST. This rule requires the collection of taxes at the point of origin, which are then remitted to the government. However, there are specific scenarios where this responsibility shifts to the recipient of goods or […]
Continue reading »
The Goods and Services Tax (GST) regime in India has brought various concepts to standardize indirect taxation, two of which are Mixed Supply and Composite Supply. These terms might sound similar but have distinct meanings and implications under GST. Correctly categorizing supplies is crucial, as it impacts the applicable tax rates and compliance. Principal Supply: This refers to the good […]
Continue reading »
Definition of Supply: Under GST, the law widely defines ‘supply’ to include all types of transactions involving goods and services, such as sale, transfer, barter, exchange, licensing, rental, leasing, or disposal. A person must make or intend to make these transactions for consideration in the course or furtherance of their business. This comprehensive definition is crucial as GST is levied […]
Continue reading »
The Hindu Undivided Family (HUF) structure provides a distinct advantage for Hindu families in India when it comes to tax planning and managing business operations. A family can register an HUF as a separate legal entity, allowing them to conduct business independently and potentially reduce their overall tax burden. This blog will explain how a husband, wife, and HUF can […]
Continue reading »
A continuous flow of money is very important for any MSME to keep its operations smoothly running and scale up further. The biggest challenge faced by the MSMEs is the delay in receipt of payments from clients/customers or vendors/principals.Such delays in payment affect their financial stability and make it difficult for them to perform day-to-day operations. Keeping this menace in […]
Continue reading »
Starting a business is a dream for many, but transforming that dream into a reality requires navigating through the complexities of legal formalities. One of the first and most crucial steps in this process is company registration. This article will walk you through the essentials of company registration, why it’s important, the different types of company structures, and the steps […]
Continue reading »
What is tax? A tax is a required financial obligation or levy mandated by the government for individuals, businesses, or other entities. Taxes are collected to fund government activities and public services such as infrastructure, healthcare, education, defense, and social services. Hence, tax filing must be paid on or before deadline. Benefits of tax Taxes provide numerous benefits, both at […]
Continue reading »