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 Scheme A taxpayer whose …

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 supply. …

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 be treated as Intra state supply, if the …

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 network backed by regional and bilateral …

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 documents that are required to start a subsidiary of a …

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 agency (Like UN, Red Cross, Embassies) What procedures …

GST (Goods and Services Tax) was introduced on 1st July 2017 as an indirect tax to replace all other forms of taxes that were previously applicable. As promising as this new taxation system may seem to be, it also has its shortcomings. Let us have a look at the pros and cons of GST, starting …

So, you are an NRI (Non-Resident Indian) living abroad, working in an MNC or running your own business. You probably don’t even know the income tax laws of India. After all, you won’t be needing them, right? If you think like that then you need to change your point of view. Here are some income …

It’s not business as usual anymore… The city of Bangalore grew rapidly over the last 20 years and earned the name as India’s Silicon Valley. With the IT industry making a firm footing, Bangalore now has a very robust business environment. The city is home to large corporations, both Indian and multinational, and a vibrant …

A lot of people have a lot of questions regarding TDS. To help you all understand here is the table of TDS rate chart for the financial year 2017-2018: And, it continues… Finally, here it ends. Well, that was long but not too tough. We hope you found this article to be useful. If you have more …

GST E-Way Bill is an electronic bill which will be required for the movement of goods in case the value of the goods are above fifty thousand rupees. The bill can be generated from the GSTN portal. There are various rules and regulations issued by the CBEC for the handling of e-way bill. Central Board …

As per section 194IA, the buyer of the immovable property (i.e. a building or part of a building or any land other than agricultural land) will be liable to have TDS deducted on any sum paid or payable under consideration to the seller at the rate of 1% on the date of payment/ credit whichever …

Before we get started with the provisions let us first talk a little about advance tax. Advance tax is the income tax payable if your tax liability exceeds INR 10,000 in a financial year. Advance tax should be paid in the year in which the income is received. Hence, it is also known as the ‘pay-as-you-earn’ scheme. Advance tax is applicable when an individual has sources of …

There are always times when you may have thought about withdrawing your EPF. However, do you know about the circumstances under which EPF can be withdrawn? If your answer is no then we will help you with it. So, let’s get started. EPF can be completely withdrawn under any of the following circumstances: a)       When …

Indian government has initiated to increase the exports from India as portrayed by the “Make in India” policy, and the many tax benefits provided to the exporters. GST rolled out on July 1 and yet there is still some ambiguity among the exporters on the possible impact of the new regime on this industry. On …

The market has been witnessing robust growth over the last few years as customers are increasingly shifting from traditional taxis to radio taxis. Nowadays, we call a cab to our doorsteps thanks to applications like Uber and Ola. But, do you know how to rent a cab under GST? Let’s find out. GST clearly defines …

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 AND MISCELLANEOUS PROVISIONS ACT ‘1952: The Employees’ Provident Fund and Miscellaneous Provisions Act 1952 …

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 of Undertaking (LUT) in FORM GST RFD-11. The following types of persons registered …