A balance sheet is one of the most important financial statements that provide a comprehensive summary of a company’s financial position at a point in time. The balance sheet format details the company’s liabilities – what it owes, its assets – ownership, and shareholders’ equity – the amount invested by shareholders. In this comprehensive guide, …
Balance Sheet – Explanation, Importance, Components, and Examples Read More »
The Goods and Services Tax (GST) is a significant taxation reform implemented in India that shows varied indirect taxes under one umbrella. These days, every business is registered under GST, and they have to show a GST certificate that serves as proof of their registration. Regards to this, availing and downloading this Certificate is important …
What is a GST registration certificate, and how to download it? Read More »
The implementation of the Goods and Services Tax (GST) regime marks a substantial transformation of India’s indirect tax system. This change has streamlined the tax process, enhancing accessibility to compliance for businesses nationwide. A pivotal element of adhering to GST regulations is the filing of GST returns. This article will delve into the meaning of …
Textiles are India’s second largest industry after agriculture. GST on apparel divides the garments and clothing category into many categories. The garment and clothing sector is so broad that it is impossible to cover everything in one chapter. Furthermore, the GST in garments varies depending on the type of commodity. This blog will give you …
GST on Clothes: Meaning, Rate, Exemptions and its Impact of GST on Clothes Read More »
The GST rates on road, rail, and air transportation of goods and passengers range from 0% to 18%. The imposition of GST rate on transportation services, including air, road, and rail travel, has not substantially affected ticket pricing. Furthermore, when transportation services are subject to GST, input tax credit (ITC) availability may not always be …
The Goods and Services Tax (GST) levied on food services in India can range from 5% to 12% to 18%, depending on several variables, including the establishment’s nature and location. Value Added Tax (VAT) and service tax systems were superseded by introducing GST rate on food service industry. But it’s crucial to remember that restaurant …
GST on Food and Restaurants: Meaning, its Rules, Rates on Food, and its Impact Read More »
Goods and Services Tax (GST) is a one of the major tax reforms introduced in India whose aim is to simplify the taxation system. With its introduction, it has replaced multiple indirect taxes and brought them under one umbrella. However, one such valuable and most demanding product that falls under the GST is air conditioners, …
GST on Air Conditioners: Meaning, Benefits, and Impact Read More »
Average Monthly Balance (AMB), also known as Account Maintenance Charges, are taken by banks from the account holders who fail to maintain a specified average balance in their accounts. Every bank sets a minimum balance requirement that account holders need to maintain. With regard to this, the introduction of GST in many nations like India …
Comprehensive Guide to AMB Charges including GST Read More »
Anyone involved in the Indian construction and manufacturing industry needs to understand the GST rates on bricks. Bricks are a crucial construction component that falls under GST. The government has also notified alterations made to the brick c. This post narrates the basics of the brick GST rate. Introducing the Basics of GST on Bricks …
An All-Encompassing Guide to Understanding the GST Rates on Bricks Read More »
The “when, where, and how much” factor plays a key role for taxpayers in understanding the total tax charged. That’s where the discussion of place, time, and value of supply under the goods and services tax comes into being. The time, place, and possible value of the transaction or supply made under GST assist taxpayers …
