SCN stands for “Show Cause Notice” in the Goods and Services Tax (GST) context. A show cause notice is issued by the GST department when it suspects that a business has violated the GST laws and regulations. The notice requires the business to explain and justify its actions and provides an opportunity for the business …
1. What are the prerequisites for registering as a Non-Resident Taxable Person on the GST Portal? A Non-Resident Taxable Person must meet the following criteria: After the PAN, email, and mobile number have been validated, a Temporary Reference Number (TRN) will be issued and sent to you through SMS and email. Using this TRN, you …
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Customs is responsible for working with Postal authorities to clear selected goods that come in the form of postal parcels, etc. after conducting proper checks. Customs makes sure that these postal items comply with the regulations outlined in the Customs Act, 1962. If the value of goods in the postal package exceeds the limit for …
The GST Portal has recently implemented a new feature called “Initiate Drop Proceedings” for GST registration numbers that have been suspended due to the non-filing of GST returns. This feature is available for taxpayers who have filed their pending returns, such as 6 months or 2-quarters returns. The implementation of this new feature is aimed …
What is a Partnership Firm A partnership firm is a type of business organization in India where two or more individuals come together to carry on a business with a view to profit. All the partners are jointly and severally liable for the debts and liabilities of the firm. This means that each partner is …
Micro, Small and Medium Enterprises (MSMEs) are an important sector of the Indian economy, contributing to the country’s industrial output and exports. They are known to provide employment opportunities and promote entrepreneurship, particularly in the rural and underdeveloped areas of the country. MSMEs face various challenges such as access to credit, technology, and markets. To …
Gurgaon, also known as Gurugram, is a city located in the northern state of Haryana, India. It is a major center for technology and business and has become a hub for startups in recent years. One of the main reasons for Gurgaon’s emergence as a startup hub is its proximity to the national capital, Delhi. …
A Startup is a company or organization that is in the initial stages of operation, often characterized by high uncertainty, risk, and a lack of established performance or revenue. These companies are often working to develop a unique product or service, or to establish a new market. The goal of most startups is to grow …
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What is GST The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It was introduced on July 1, 2017 and subsumed a number of indirect taxes that were previously levied by the central and state governments, such as the Value Added Tax (VAT), …
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Goods and services tax (GST) has come into effect on 01st July 2017 with significant indirect tax reform in the country. GST has subsumed many indirect taxes in the country and made indirect taxes simpler than ever before. Since the day the GST has taken place many drastic changes have been incorporated into the GST …
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