The history of tax reforms in India dates back to 1985, when the then government had announced the Long Term Fiscal Policy. The MODVAT laws – which were the indirect tax laws we were following till 2017 – were introduced in 1986. And then, almost thirty one years later, in 2017, the GST (Goods and […]
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Ensuring compliance with GST Verification is of paramount importance for businesses operating in India. Among the key practices for maintaining compliance, regular GST verification stands out as a critical step. It involves the scrutiny and verification of business records, transactions, and adherence to GST regulations. In this blog, we will explore the significance of regular
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Table of Contents In our last article “ 5 ways to save tax for sole proprietor” we had seen some basic things how a sole proprietor can save tax and grow his business. In this article we will see in detail what are other tax saving tools for small business class which will also help
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COMPOSITION RULES Composition Scheme Rules encapsulates the procedural compliance w.r.t the intimation for Composition Scheme; the effective date for Composition Levy; Conditions and Restrictions on the levy; and Validity of levy and Rate of Tax. A Small businessman who pay taxes and have an aggregate turnover of Rs. 50 lakhs in a financial year is
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Benefit Description Loan Approvals Easier access to credit Tax Refunds Claim excess tax deducted Income & Address Proof Valid documentation Carry Forward Business Losses Offset future tax liability Claim Tax Deductions Reduce tax burden 5 benefits to sole proprietors who file their IT Returns regularly Filing income tax returns (ITRs) is not just a mandatory
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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,
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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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GST Return Filing Guide GST Return Filing Guide GST return filing is a crucial aspect of complying with Goods and Services Tax regulations in India. Understanding the process and requirements for filing GST returns is essential for businesses of all sizes. In this comprehensive guide, we’ll walk you through the ins and outs of GST
A step in ensuring the accuracy and currentness of the information regarding the taxpayers enrolled under the GST regime is the GST Verification by PAN process. The PAN is a special identification number given to people and businesses by the Income Tax Department. It is used to monitor financial transactions and tax payments. GST verification
Unlock the Potential of GST Verification by PAN: Why It’s Important and How to Do It Read More »
Preparing for GST verification is a crucial step for businesses operating in India. It ensures compliance with GST regulations, minimizes the risk of penalties, and establishes credibility with tax authorities. However, the process can be complex and challenging without proper preparation. In this blog, we will provide you with valuable tips and best practices to
How to Prepare for GST Verification: Tips and Best Practices 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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