Introduction In the principality of taxation, a puzzling concept known as Input Tax Credit (ITC) has taken center stage, particularly within the context of indirect taxes like the Goods and Services Tax (GST) implemented across numerous countries. This tantalizing notion allows businesses to offset taxes paid on inputs against those collected on outputs, resulting in …
The advent of Goods and Services Tax (GST) in India was a move to streamline the taxation system and induce transparency. However, every system is prone to exploitation. GST authorities faced a lot of problems and challenges, but among all the major challenges, one was the issue of fake GST registrations. These fraudulent businesses led …
Introduction: Goods and Services Tax is charged on the supply of goods and services. Considering GST, renting residential and non-residential property is treated as a ‘supply of service’. In this article, we shall understand the applicability of GST on residential and commercial renting. 18% GST is applicable on rental income if you fall above the …
An electronic bill, known as an E-way bill, is a GST compliance mechanism where the taxpayer, with the help of digital interference, has to generate this document on the E-way bill portal by uploading relevant information about the goods to be transported prior to such movement of goods. This document includes all the details relating …
What is reconciliation? In accounting terms, reconciliation refers to comparing two sets of financial records to check the accuracy and viability of the data. It helps to identify discrepancies between two data and make adjustments to correct them. Reconciliation is a crucial accounting practice every business performs monthly, quarterly, and annually. It helps businesses to …
Introduction The composition scheme is a simplified tax system the government implements to support small businesses. It was introduced in 2017 under the Goods and Services Tax (GST) regime. It is specially designed for small taxpayers. The regular GST being charged is in two ways: input GST is set off against output GST. Whereas the …
The Indian taxation system was completely unorganized and had multiple tax systems, such as excise duty, service tax and value-added tax (VAT), which resulted in chaos and complications. To streamline the entire tax system, The Goods and Services Tax (GST) was introduced and implemented in India on 1st July 2017. This indirect tax system was …
Introduction: Goods and Services Tax (GST) was brought into effect on 1st July 2017. GST was introduced to develop a new framework and give the Indian economy a systemized face towards the Indian Taxation System. The new GST regime subsumed 17 different taxes and surcharges – 8 from the Centre and 9 from the States …
If you are a travel enthusiast who enjoys traveling but does not want to deal with the time-consuming process of searching for and booking hotels, transportation, and so on, you may be a travel-agent type of traveler, but you should be aware that your travel budget is not only exceeded by travel commission but GST …
