In the vast world of taxes, the term “composition” might sound complex, but its essence is quite straightforward. In the realm of Goods and Services Tax (GST), the composition scheme is a simplified approach for businesses, offering more than just a reduction in payable amounts. Understanding Composition Scheme under GST Under the GST legislation, those …
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In a recent development, the Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, GST Policy Wing, issued Instruction No. 04/2023-GST on the 23rd of November 2023. This directive, marked with F.No.20016/41/2023-CBIC, carries significant implications for businesses and taxpayers under the purview of the Goods and Services Tax …
In the realm of GST compliance, Tax Deduction at Source (TDS) is a crucial concept. Essentially, it mandates that a registered entity, when making payments exceeding the threshold for taxable goods or services, must deduct GST at the source. This procedural requirement, as specified in Section 51 of the CGST Act, involves the deductor withholding …
Introduction The taxation landscape is a complex and ever-evolving domain, and one crucial aspect that taxpayers need to navigate is the tax audit. Under the Indian Income-tax Act, taxpayers are required to maintain proper books of accounts and undergo a tax audit if their gross turnover or receipts during the previous year exceed the prescribed …
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In the modern business landscape, keeping accurate and comprehensive books of accounts is not just good practice; it’s a legal necessity and a cornerstone of financial management. The relationship between maintaining books of accounts and Goods and Services Tax (GST) compliance is particularly vital for businesses operating in countries with a GST or Value Added …
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The Ministry of Finance, in collaboration with State Governments, is set to introduce the “Mera Bill Mera Adhikaar” Invoice Incentive Scheme, aimed at fostering a culture of requesting invoices for all purchases. This initiative seeks to instigate a profound cultural shift, encouraging consumers to assert their right and demand proper invoices. Key Details of the …
Introduction The Goods and Services Tax (GST) is a comprehensive indirect tax that replaced multiple cascading taxes levied by the central and state governments in India. This transformative tax system has brought about significant changes in the country’s economic landscape, particularly for the service and manufacturing industries. GST registration has emerged as a pivotal step …
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Introduction In recent years, the rise of freelancing has transformed the global job market. Freelancers, or independent professionals, provide a wide array of services across various industries, from writing and design to programming and consulting. As this trend continues to gain momentum, it’s essential for freelancers to understand the regulatory landscape they operate in. One …
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Introduction In 2017, India underwent a significant tax reform with the introduction of the Goods and Services Tax (GST). This comprehensive indirect tax structure replaced the intricate web of multiple taxes, such as excise duty, service tax, and value-added tax, streamlining the taxation system and fostering economic growth. One of the pivotal aspects of this …
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Introduction: The Ministry of Finance has recently unveiled important updates regarding the Liberalised Remittance Scheme (LRS) and Tax Collection at Source (TCS). These changes, aimed at facilitating remittances and overseas travel, were initially scheduled to take effect from July 1, 2023. However, in response to feedback and suggestions, the government has made certain amendments and …
