How are EPF and ESI applicable

EPF (Employees’ Provident Fund) and ESI (Employees’ State Insurance) are some of the most frequently queried topics. However, how much do we know about their applicability? In this article, we will talk about their applicability, starting with EPF. EMPLOYEES' PROVIDENT FUND A[...]

What is Letter of undertaking under GST?

According to the Notification no. 37/2017 Central Tax, any registered person who intends to supply goods /services to outside India or units covered under SEZ (Special Economic Zone) or developer of SEZ without payment of integrated tax (IGST) is required to furnish Letter o[...]

Incorporating your business is a burden or a benefit

Almost every small business person considers whether or not to incorporate their business at some point.Note that the form of business ownership isn't fixed forever; you can change the legal structure of your business as it grows. A common scenario is for small businesses to[...]

What are the provisions related to GTA Services under GST?

Goods Transport Agency has not been defined in GST Act. However, notifications related to provisions regarding GTA services have been issued by Central Tax 2017 on various dates. An attempt has been made to compile these notifications in one place & simplify the provisions &n[...]

What is Composition Scheme under GST?

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate on turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore.Who can opt for Composition S[...]

Time of Supply in case of Supply of Goods—GST

Relevance of Time of supply: Liable to pay tax shall arise on time of supply.Time of supply in case of goods shall be the earlier of the following dates: i) Date of issue of invoice or the last date on which invoice is required to be issued as per sec 31(1) with respect to [...]

Determination of Nature of Supply in GST

Relevance of Nature of Supply: To determine whether to charge CGST, SGST, or IGST based on the nature of supply.Type of supply:  1) Intrastate Supply: CGST and SGST to be charged on same tax base. 2) Interstate supply: IGST to be charged.Intrastate supply:  Supply to b[...]

What are the Key Advantages of Doing Business in India for Foreign Companies?

Many foreign companies wish to do business in India. Ever wondered why? Here are some of the advantages:Potential for growth: The growth potential in Indian Market is immense as it is one of the fastest growing economies in the world.Vast Trade Network: India has a vast trade n[...]

What Documents does a Foreign Company Require to Start a Subsidiary in India?

So, your company falls under the category of “Foreign Company” according to the Indian Companies Act 2013 and you want to start a subsidiary company. However, you know nothing about the documents which are required for the procedure. So, without further ado, here are the do[...]

Refund under GST as per Section 54

What can be claimed as Refund:ANY balance amount in electronic ledger so claimed in returns,ANY unutilized input tax credit (weather supply has been made as Zero-rated or Taxable supply but can’t be  claimed if supply is NIL Rated or EXEMPTED)Tax paid by any specified agen[...]

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