How is GST treated in relation to employee notice pay recovery?
Posted Date : 13-May-2023 , 11:58:52 am | Posted By
Ishita Ramani
Introduction
In exchange for a salary and non-monetary benefits, employees provide services under employment transactions. This creates a supply at both ends, making it taxable under GST. In this article, we will discuss the effects of GST on employee notice pay recovery, its applicability, and the...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 625 |
 |
Deferment of Implementation of Time Limit on Reporting Old GST e-Invoices
Posted Date : 13-May-2023 , 09:29:46 am | Posted By
S.Mahajan
GSTN Defers of Implementation of Time Limit on Reporting Old GST e-Invoices.
Dear Taxpayers,
1. It is to inform you that it has been decided by the competent authority to defer the imposition of time limit of 7 days on reporting old e-invoices on the e-invoice IRP portals for taxpayers wit...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 541 |
|
GST E-invoicing's scope widens to include taxpayers with Turnover upto 5 Cr
Posted Date : 12-May-2023 , 08:10:54 am | Posted By
S.Mahajan
Central Board of Indirect Taxes & Customs has recently announce the applicability of GST e-invoicing for registered taxpayers upto INR5 crores with effect from 1 August 2023. Notification No. 10/2023 – Central Tax dated 10 May 2023, issued by Central Board of Indirect Taxes and Customs (C...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 449 |
|
Section 8 Company Annual Compliance
Posted Date : 11-May-2023 , 12:03:06 pm | Posted By
Ishita Ramani
Introduction
Section 8 companies are non-governmental organizations that are established to promote various activities such as sports, commerce, charitable works, science, art, and more. These types of companies are registered to support underprivileged populations and industries in India. In this ...
Continue Reading...
Category : Corporate Law |
Comments :
0 | Hits : 390 |
|
Why is it Important for Business to File an Income Tax Return?
Posted Date : 11-May-2023 , 11:35:15 am | Posted By
Simran Saxena
Income tax is a type of direct tax which is paid on the money that people and businesses make during a certain fiscal year. Declaring the income received during the financial year, the claimed deductions and the tax paid to the government are all part of the process of submitting income tax returns....
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 616 |
|
GST Returns - New Due Dates for GSTR-1 and GSTR-3B | GST Advisory on Timely Filing of GST Returns
Posted Date : 10-May-2023 , 02:50:57 pm | Posted By
S.Mahajan
Advisory for Timely Filing of GST Returns
1. It has been observed that some taxpayers faced difficulty in filing GSTR-3B of March 23’ period on 20th April 2023’. On analysing the reasons, it was noted that large number of tax payers attempted to file GSTR-3B returns in the aftern...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 494 |
|
7 mistakes to avoid while filing GST returns
Posted Date : 09-May-2023 , 12:23:55 pm | Posted By
Ishita Ramani
Introduction
When it comes to filing a Goods and Service Tax (GST) return, taxpayers need to exercise caution to prevent the inconvenience of unnecessary reconciliation. Therefore, it is important to understand the common mistakes to avoid while filing GST returns. But before focusing on mistakes, ...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 378 |
|
GST for Freelancers
Posted Date : 06-May-2023 , 01:21:29 pm | Posted By
Ishita Ramani
Introduction
The Goods and Services Tax (GST) is a value-added tax that replaced several indirect taxes such as VAT, excise duty, and service tax in India. This tax is levied on the supply of goods and services sold for domestic consumption. As a freelancer, understanding the rules and regulations ...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 502 |
|
How to file GST return online
Posted Date : 04-May-2023 , 12:50:37 pm | Posted By
Ishita Ramani
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It has replaced several indirect taxes like Value Added Tax (VAT), Service Tax, Central Excise Duty, and Customs Duty. GST is a self-assessment tax, and every registered taxpayer has to ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 478 |
|
SAC code in GST
Posted Date : 03-May-2023 , 12:09:29 pm | Posted By
Ishita Ramani
Introduction
The GST system uses a nomenclature called SAC code, which was created by the Central Board of Indirect Taxes and Customs. These codes aid in identifying services and their corresponding GST rates to calculate the applicable tax amount.
What is SAC code in GST?
SAC stands for Servicin...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 653 |
|
Designated Partner of an LLP: An overview
Posted Date : 01-May-2023 , 12:43:27 pm | Posted By
Ishita Ramani
Introductio
The LLP Agreement mandates that any gap in the designation of partners must be filled within 30 days of its formation. In the absence of a designated partner or in the case of a single partner, every member of the LLP is considered a partner. Failure to appoint authorized partners may r...
Continue Reading...
Category : Corporate Law |
Comments :
0 | Hits : 481 |
|
3 Benefits of Foreign Company Registration in India
Posted Date : 27-Apr-2023 , 11:53:22 am | Posted By
Ishita Ramani
Introduction
India is widely recognized as one of the prominent players in the global economy. Despite being a developing nation, India's economy has a significant impact on world trade. The majority of the most developed countries worldwide are eager to establish or strengthen their ties wit...
Continue Reading...
Category : General |
Comments :
0 | Hits : 683 |
|
Difference between GSTR-1 and GSTR-3B
Posted Date : 25-Apr-2023 , 01:18:36 pm | Posted By
Ishita Ramani
Introduction
Dealers who have registered for GST are required to submit monthly and quarterly returns. These returns are essential to collect data from authorized dealers and forward it to the ITC. Taxpayers file several types of GST returns annually, but this blog will focus on GSTR-1 and ...
Continue Reading...
Category : Income Tax |
Comments :
0 | Hits : 733 |
|
Amendment in GST Registration | Amendment Process in GST Registration
Posted Date : 23-Apr-2023 , 09:10:50 am | Posted By
S.Mahajan
Amendment Process in GST Registration
Notification No. 04/2023– Amended Sub-Rule 4A of Rule 8 – Authentication of Aadhaar and Date of Submission of Registration Application The date of submission of registration application shall be date of authentication of the Aadhaar number, ...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 556 |
|
Accounts and Records under GST and Consequences of Non-Maintenance of Books of Accounts under GST
Posted Date : 20-Apr-2023 , 07:36:30 am | Posted By
S.Mahajan
According to Section 35(1), every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a true and correct account of:
production or manufacture of goods
inward and outward supply of goods or services or both
stock of goo...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 708 |
|
Components of annual return
Posted Date : 19-Apr-2023 , 12:06:57 pm | Posted By
Ishita Ramani
Introduction
The term "Annual Return" refers to the returns on an investment that are computed as a percentage of the initial investment over the period of a year. A gain on the initial investment occurs when the return is positive. It would also be regarded as a loss on the investment if it were...
Continue Reading...
Category : Corporate Law |
Comments :
0 | Hits : 714 |
|
GSTN Advisory on Time Limit for Reporting Invoices on the IRP Portal
Posted Date : 19-Apr-2023 , 08:08:34 am | Posted By
S.Mahajan
Updated GST Advisory: Time limit for Reporting Invoices on the IRP Portal Dear Taxpayers, 1. It is to inform you that it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores...
Continue Reading...
Category : GST |
Comments :
0 | Hits : 546 |
|
TDS Rate chart for the FY 2023-24 (AY 2024-25)
Posted Date : 18-Apr-2023 , 12:00:28 pm | Posted By
Ishita Ramani
Updates concerning TDS in Union Budget 2023-24
The TDS Rate Chart for FY 2023-2024 / AY 2024-2025 includes several updates and changes. These changes are outlined below:
Section 194BA: TDS introduced on income from online gaming, applicable from 1st April, 2024.
Section 196A:...
Continue Reading...
Category : Corporate Law |
Comments :
0 | Hits : 864 |
|
Cost Inflation Index for the FY 2022-23 AY 2023-24
Posted Date : 17-Apr-2023 , 05:01:38 pm | Posted By
Ishita Ramani
Introduction
Cost Inflation Index is a term used in the context of income tax in India. It refers to the index that helps taxpayers determine the inflation-adjusted purchase price of an asset, which in turn is used to calculate capital gains. The government of India announces the Cost Inflation Ind...
Continue Reading...
Category : Corporate Law |
Comments :
0 | Hits : 566 |
|
Income Tax Rates Slab for FY 2023-24 (AY 2024-25)
Posted Date : 17-Apr-2023 , 11:40:52 am | Posted By
Ishita Ramani
The taxation system in India is characterized by a progressive approach, where the amount of tax payable rises as income increases. In order to facilitate this approach, Income Tax slabs have been introduced in the country. The applicability of these slabs is influenced by various factors, such as t...
Continue Reading...
Category : Corporate Law |
Comments :
0 | Hits : 557 |
|
|
