GST, Goods and Service Tax in India, has changed how taxes are collected and applied. It’s like a big umbrella that covers various types of taxes. But have you ever wondered how it affects labour charges? Labour is vital to many businesses, and understanding how GST on labour charges works, can help us see how …
GST on Labour Charges in India: Types of Labour Contracts, Application, and GST Rates Read More »
When discussing the Goods and Services Tax (GST) registration in India, the Letter of Authorization emerges as a powerful tool to facilitate and expedite the process. This article will take you on a comprehensive journey through the Letter of Authorization for GST Registration, offering insights into its significance, providing a clear format, and presenting practical …
Letter of Authorization for GST Registration: Meaning, Structure with Example Read More »
While dealing with the import and export of goods in the context of GST, the Bill of Entry takes center stage. The Bill of Entry is a guiding beacon for businesses, helping them navigate the complex terrain of India’s Goods and Services Tax (GST) framework easily and confidently. We’ll underscore its pivotal importance within the …
What is Bill of EaWhat is Bill of Entry in GST? Meaning, Types & Process Read More »
What is Business Banking? Business banking, commonly known as commercial banking, relates to the financial dealings that a company has with a financial institution. Business banking is essentially personal banking tailored to the needs of businesses. This applies to items like business loans, credit cards, bank accounts, and savings accounts. In such form of banking, …
Business Banking: Meaning, Types, Benefits and Services Offered Read More »
GST, or Goods and Services Tax, was introduced in India in 2017. The indirect tax is imposed on supply of goods and services on every value addition. GST had replaced most legacy indirect taxes such as value-added tax and excise duty. Under the GST, the place of supply is the location where goods are delivered …
Place of Supply in GST: Impact on Taxable Transactions and How to Determine Read More »
Setting aside money for the future is sensible. But storing the hard-earned money at home may expose them to the risk of theft or damage in the event of a natural calamity. The best way to safeguard the money is to open an account with a bank. In India, citizens have the option to open …
What is a Current Account? Meaning, Types, Features & Benefits Read More »
Transactions in traditional banks could involve a lot of time. In the recent past when individuals have become accustomed to ultra-fast 5G internet connections, the prospect of spending long hours in a bank just for a transaction to be processed can be quite exasperating. So, fintech companies are now offering customer-centric services through electronic channels. …
What is Neo-Banking? Meaning, Features, Benefits & Type Read More »
In the complex landscape of goods and services taxation, an e-way bill emerges as a pivotal instrument, streamlining the movement of goods across state lines. In this comprehensive guide, we’ll explore the intricacies of the e-way bill system, from its meaning and purpose to the rules governing it and how to create one. What is …
E-Way Bill System: Meaning, Rules, and How to Generate It Read More »
Late payments are those amounts for which goods or services are delivered by the business to customers but the payment for the same is yet to be made. It is the due amount for which the decided payment period or date is crossed. Late payments are common and can occur due to many reasons. Before …
How to Collect Late Payments Quickly and Prevent Them Read More »
Basic accounting tips for small business and startup owners like you are very important. This is because, employees in such an ecosystem play many roles. For example, a person involved in inventory management also does other important business work like taking care of day-to-day sales invoicing, keeping track of them, etc. In such a scenario, …
5 Essential Accounting Tips for Small Business Owners Read More »
