Table of Contents Sole Proprietors are the most common type of business owners running businesses in India. Such businesses are called sole proprietorships and are usually run and managed by single owners known in Income Tax as Individual tax payer. This being business run by single person, income tax rates of individual are applicable and […]
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GST, a one-tax system that was introduced in the last year, was a complex tax system that was understood by few. The previous articles have made it easier to breakdown the GST into simpler terms. One of the fundamental features of GST is Input Tax Credit. There is a seamless flow of input credit across
Input Tax Credit: Everything you need to know Read More »
Proper bookkeeping is crucial for businesses operating in India, particularly when it comes to Goods and Services Tax or GST verification. In a country where GST compliance is mandatory, maintaining accurate and up-to-date books of accounts holds significant importance. It not only ensures seamless GST returns filing but also helps businesses avoid penalties, disputes, and
Crucial Importance of Maintaining Proper Books of Accounts for GST Verification Read More »
VALUATION RULES In simple words, Goods and Service Tax that will be charged on the value of supply made is known as Valuation of Supply under GST. The rules will determine the charging value for GST. The rules are hosted on CBEC’s portal. To make it easier to understand, we have explained the rules or
GST Rules – Valuation and other rules Read More »
Table of Contents Sole Proprietorship Taxation is one of the least understood topics amongst small business owners. If you run a sole proprietorship and have not understood the taxation aspects that affect you and your business, then you might find this article very useful. The sole proprietors are the backbone of the Indian economy. It
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As small businesses navigate the complex landscape of Goods and Services Tax regulations in India, understanding and complying with the GST verification process becomes crucial. This blog aims to provide small businesses with a comprehensive overview of simplified procedures for GST verification in India. From the registration process to regular filing of GST returns, e-invoicing,
GST Verification for Small Businesses: Simplified Procedures Read More »
Cancelling your GST registration is a crucial step when your business no longer requires it or meets the conditions for cancellation. This process involves several key aspects, including: Understanding the GST cancellation process Filling out the GST cancellation form Paying any applicable GST cancellation fees Checking your GST cancellation status Knowing the rules and procedures
GST Cancellation: A Step-by-Step Guide Read More »
At the forefront of India’s Goods and Services Tax (GST) system, GST verification online offers a convenient and efficient solution for businesses and individuals. Implemented in July 2017, GST replaced multiple indirect taxes and introduced a consumption-based tax structure. Under this system, GST verification online plays a crucial role in ensuring compliance and transparency. By
The Ultimate Guide to GST Verification Online: How to Verify Your GST Number Read More »
The implementation of the Goods and Services Tax (GST) in India has brought about significant changes in the tax landscape. With its complexity, accurate GST verification is crucial for businesses to ensure compliance and avoid penalties. In this blog, we will explore the role of Chartered Accountants (CAs) in GST verification processes and how their
Role of Chartered Accountants in GST Verification Processes Read More »
The implementation of Goods and Services Tax (GST Verification) in India has had a significant impact on businesses of all sizes, particularly small and medium enterprises (SMEs). One crucial aspect of GST compliance for SMEs is the process of GST verification. This verification not only ensures adherence to tax regulations but also brings several benefits
The Game-Changing Impact of GST Verification on Small and Medium Enterprises (SMEs) Read More »
GST, One Nation One Tax system created a Taxation history on July 1st, 2017. Albeit making Businessmen to stop evading taxes, post – GST era has created inconvenience for them.
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