Introduction In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail […]
What is e-invoicing under GST? ‘E-Invoicing’ or ‘Electronic Invoicing’ is a system in which B2B invoices and a few other documents are authenticated electronically by GSTN for further use on the common GST portal. Who is Required to Generate e-invoice? As per the new rules of GST on e-invoicing, all businesses having a turnover exceeding […]
What Is Meant by Capital Goods Under GST? Capital goods are assets such as buildings, machinery, equipment, vehicles and tools that an organization uses to produce goods or services. ITC Reversal on Sale of Capital Goods When Capital Goods are sold, the input tax credit on capital goods must be reversed based on the remaining […]
Composition Scheme The Composition Scheme is a simplified tax scheme under GST for small taxpayers, allowing them to pay tax at a reduced rate based on turnover, instead of the regular tax rates. It is available for manufacturers, dealers, and certain service providers, with fewer compliance requirements. Who Can Opt for Composition Scheme? Manufacturers of […]
SR NO ARTICLENO ARTICLE_NAME SAC_RULE_DESC 1 1(i)(a) Acknowledge of a Debt – upto Rs.5000/- Fixed Stamp Duty Amount of Rs. 2 2 2(B) Administration Bond – In any other case Fixed Stamp Duty Amount of Rs. 100 3 3 […]
March 31st is fast approaching, and several tasks need to be completed! Here’s a list of tasks to finish before March 31st, 2025. Income Tax GST Tax Saving Investments: Old Regime – Provident Fund Equity Linked Savings Scheme National Savings Certificate Health Insurance Life Insurance National Pension Scheme Donations eleigible u/s 80G New Scheme NPS […]
The Goods and Services Tax (GST) regime has simplified the indirect tax structure in India. One of the key components of GST is the E-Way Bill, which has replaced the earlier system of waybills. In this article, we will delve into the details of E-Way Bills under GST. What is an E-Way Bill? An […]
What is Rule 86B The Central Board of Indirect Taxes and Customs (CBIC) has introduced new rule 86B vide notification number 94/2020 dated 22nd December, 2020. Rule 86B is made effective from 1st January 2021. Restriction Imposed under Rule 86B The applicable registered persons cannot use ITC more than 99% of output tax liability. […]
Introduction LLP Form 8, also known as the Statement of Account and Solvency, is part of the annual compliance filing for a Limited Liability Partnership. The intention to file the Form 8 is to declare the financial position of the LLP to the ROC. As it is important for any business that it should be financially […]
Introduction GSTR-4 is the annual GST Return that must be filed by a composition dealer. Unlike a regular taxpayer who is required to furnish 2 monthly returns and an annual return (with certain exemptions), a dealer opting for the composition scheme is required to furnish one return every quarter in Form CMP-08 and Form GSTR 4 once a year following the […]
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