Reverse Charge Mechanism in GST is yet another name for RCM. RCM is a GST method that shifts tax responsibility from the supplier of the goods and services to the people who actually receive them. The tax burden in the case of the Reverse Charge Mechanism under GST is unlikely to happen under the GST …
Are you a business owner in India eager to understand credit notes, especially in the context of GST? This blog will provide you with a clear understanding of credit notes, their significance, and their role within the GST framework. What is a Credit Note? A credit note is a commercial document used in financial transactions …
Curious about Input Credit under GST? If you’re a business owner or taxpayer in India, you might have come across this term, “GST input tax credit.” In this guide, we’ll break down GST input tax credit, why it’s essential, and how it can work wonders for your business. Understanding GST Input Tax Credit Input Tax …
What is Input Credit under GST & How to claim it? Read More »
As a modern-day consumer residing in a developed nation, you’ve likely devoted a significant portion of your life thus far to your smartphone and computer. Reflect on it: you make purchases and access services via mobile apps. Similarly, you store your photos securely in the cloud using platforms like Google, Dropbox, or Microsoft. Moreover, you …
NEO Banks vs Traditional Banks: What’s the Difference? Read More »
In the field of international economics, a term that frequently comes forth is the ‘current account deficit’. It’s a concept that influences global trade and economic stability, yet it’s often misunderstood. In this article, we will look into current account deficit meaning, its causes, components of current account deficit definition, and many more things. What …
Current Account Deficit: Meaning & How Does It Work Read More »
Managing your finances efficiently is important for financial stability and growth in today’s fast-paced world. Regarding this, individuals use two primary types of bank accounts for their everyday banking needs that is current account and savings account. No doubt, both serve the purpose of storing your money and facilitating transactions, but they differ significantly in …
Difference Between Current Account And Savings Account Read More »
Depreciation is a fundamental accounting method that allocates the cost of assets over their life, reflecting the decrease in their value over time. In taxation, depreciation plays a crucial role as it allows businesses to allocate the cost of assets with their useful life. The Income Tax Act in many countries, including India, provides specific …
It is normal throughout business operations for a GST invoice to issue an incorrect invoice or a few invoices needing modification or revision. They must correct these invoices in these circumstances and report them in the monthly returns. This process refers to the revision of invoices. One can correct tax invoices in several ways, resulting …
The Legal Metrology Act of 2009 regulates the maximum retail price or MRP. MRP, or manufacturer-recommended price, is the most expensive price that may be charged for a product. The store has no right to charge the client more than MRP. The proportion of taxes for many items has changed significantly since the introduction of …
The implementation of the goods and services tax system resulted in significant changes to the Indian tax structure. It has fundamentally altered how authorities calculate and collect taxes. The adoption of the advance charge mechanism is a crucial component of the GST system. It makes the provider accountable for tax payments and collections. In this …
