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GST

GST

Reading Time: 2 minutes FAQ of GST Migration Q1. What is Goods and Services Tax (GST) ? It is a destination based Indirect tax which is levied on a supply of Goods or Service. The GST is lived at the time and place of supply. FAQ of GST Migration Q2. Should I need to register under GST if I am a small shop keeper ? GST is exempted until the turnover of your business is not equal to or more than 20 lacs all over India. However, for businesses of Northeast states the threshold turnover is Rs. 10 lacs only. Q3. I have interstate…

Reading Time: 2 minutes FAQ of GST Registration Q1. What is Goods and Services Tax (GST) ? It is a destination based Indirect tax which is levied on a supply of Goods or Service. The GST is lived at the time and place of supply. FAQ of GST Registration Q2. Should I need to register under GST if I am a small shopkeeper ? GST is exempted until the turnover of your business is not equal to or more than 20 lacs all over India. However, for businesses of Northeast states the threshold turnover is Rs. 10 lacs only. Q3. I have interstate supply,…

Reading Time: 3 minutes Tax Deduction Number Registration in India – TAN Registration Tan Number is a ten-digit alphanumeric number which is allotted to by NSDL to tax deductors. This is unique number allotted for the purpose of TDS related accounting by the income tax department in India. This alpha numeric number is required to be obtained by all the individuals who are liable to deduct or collect the tax. Moreover, it is also obligatory to quote TAN in all TDS/TCS certificates, returns and payment challans. It is to be noted that each tax deductor is separately recognised by a TAN and the first…

Reading Time: 2 minutes Loan syndication consultation in Indian company In the process of Loan Syndication Consultation in Indian Company, multiple lenders work together in order to provide various fragments of a loan instead of a single lender providing the whole amount to the borrower. It happens due to two reasons: the amount is high for a single lender to provide, the amount is beyond the scope of a lender’s risk exposure levels. The need for loan syndication usually arises when a borrower requires a large sum of capital. Advantages of Loan Syndication Loan terms can be reduced Best prices available to the businesses…

Reading Time: 2 minutes Contents GST Invoice In common parlance, Invoice is a document issued to the addressee specifying the nature of taxable supply made and the value of such taxable supply. It indicates the amount receivable by the person issuing the invoice from the person to whom it is issued. The GST rules relating to Contents GST Invoice has been notified and a standard Invoice Format can be downloaded from the link provided on this page. As per rule 1 of Tax Invoice, Credit and Debit note rules the invoice issued u/s 31 of the GST Act it shall contain the following information:…

Reading Time: 5 minutes GST Registration Applicability of Existing Taxpayers Goods and services tax (GST) is a major tax reform after the independence of India. After a long struggle the parliament passed the constitutional amendment act enabling passing of GST, which is proposed implementation effective from 1st April 2017 (FY 2017-18), there is wide ranging confusion with respect to seeking GST Registration, though this article we are answering some of the concerns which a taxpayer may have. GST Registration For New Start-ups & entrepreneurs starting operation in FY 2016-17 : As the Goods and services tax is not in force now and shall be effective…

Reading Time: 3 minutes Central Sales Tax (CST) Central Sales Tax basics need know Central Sales Tax basics need know The Central Sales Tax (CST) is a tax imposed on inter-state trade or sales of goods. It is imposed by the Central Government of India under Entry 92A of List I (Union List) of the Seventh Schedule to the Constitution of India. However, the liability of collecting the tax in such case is that of the state government from where the goods were sold. The Central Sales Tax is an indirect tax levied on consumers which were enacted under the Central Sales Tax Act…

Reading Time: 2 minutes Increased Service Tax Rate to be 15% Effective from June 1, 2016 Increased Service Tax Rate The Union Budget for 2016-17 was presented by the Hon’ble Finance Minister Shri. Arun Jaitley on February 29, 2016, in the LokSabha. The Finance Bill, 2016 was passed by Lok Sabha and later on by Rajya Sabha on May 5, 2016, and May 11, 2016, respectively. Now, with the final ascent of the Hon’ble President given on Saturday, May 14, 2016, the Finance Bill, 2016 proposed along with the budget has become a law. Earlier Swachh Bharat Cess (“SB Cess”) was levied @ 0.5%…