Ensuring your GST registration details are up to date is a crucial part of managing your business. It helps maintain accurate information in accordance with GST regulations. In this article, we’ll provide a detailed step-by-step explanation of how to change the address in a GST certificate. By following these instructions, you can be confident that …
How to Change GST Registration Details of a Business Read More »
In terms of taxation, two terms often cause confusion for businesses and individuals: GSTR 9 and GSTR 9C. These are forms used in the Goods and Services Tax (GST) system in India, and they play different roles. GSTR-9 is an annual return that taxpayers need to file, while GSTR-9C is a reconciliation statement. On the …
When it comes to the Indian Goods and Services Tax (GST), there’s a crucial concept called “Input Tax Credit” (ITC). Think of it as a tool that businesses use to match the taxes they pay when they purchase things with the taxes they collect from their customers. It’s like a balancing act for taxes. However, …
Availing Input Tax Credit (ITC) in GST as per Section 16(2)(aa) Read More »
GST has been a groundbreaker in India’s economy. It clarified the tax system and encouraged collaboration between the central government and the states. Leading this significant transformation is the GST Council, a constitutional body that wields considerable influence over everything related to GST. Comprising representatives from both the central and state governments, this council plays …
GST Council: Functions,Constitution, and Decision-Making Read More »
In India, bonuses are a common incentive employers offer employees, often during festivals or as a reward for exceptional performance. While bonuses are a great way to boost morale, employers and employees must understand the tax implications of these additional earnings. So, let’s dive deep into the details of bonus tax rate. What is a …
Tax On Bonus In India – How Much Tax Is Deducted On Bonus? Read More »
The Indian taxation system has seen a significant transformation in recent years, with the introduction of the New Tax Regime. However, this change main aim is to simplify the tax structure and allows taxpayers to select between the two. Keeping this in mind, let’s learn about old vs new tax regime or income tax new …
Difference Between Old Tax Regime vs. New Tax Regime Read More »
Income tax has become an integral component of the Indian financial landscape. In India, Business or Profession Codes serve the purpose of categorising the nature of one’s business or profession. It is an essential component when filing an Income Tax Return (ITR). The Income Tax Department designates these codes and plays a crucial role in …
Income Tax Business Code: A Comprehensive Guide for Taxpayers Read More »
Accounting standards are written documents that guide how to recognize, measure, treat, present, and disclose accounting transactions in financial statements. The government or other regulatory authorities may also publish them. Now that you know the meaning of accounting standards, learn why they are useful. Accounting Standards: Why Are They Useful? Accounting standards increase financial reporting’s …
The Goods and Services Tax (GST) of India constitutes a revolutionary tax reform. Its objective is to streamline the convoluted indirect taxation system within the nation. Amongst various integral components, we emphasise here one—the GST return. This element plays a vital role in ensuring compliance as well as facilitating revenue collection. This article will explore …
GST Return – What is GST Return? Who Should File & Types of GST Returns Read More »
Every nation engages in international trade to fulfill the needs of its citizens. The current and capital account constitute crucial elements within a country’s balance of payments system. Both these accounts monitor interactions between a country’s residents and the global community, specifically focusing on international trade. In this article, we will delve into the difference …
Current vs. Capital Accounts: What’s the Difference? Read More »
