All Hows and Whats! The composition scheme under the CGST Act is intended specifically for small taxpayers in order to facilitate compliance and simplify tax levies. It is a supplementary scheme. A person who qualifies for this scheme must pay quarterly tax at the prescribed rate on his or her earnings. There is no input …
AI and GST, a first and foremost question that arise in each and everyone’s mind are what GST is and what Artificial intelligence is. GST is a word that is heard or used by the common person to a professional. Each and everyone have a different way of looking into it. For a common person, …
On February 1st, 2023, Hon. Finance Minister Smt. Nirmala Sitaraman presented the budget. If you live in India and earn and spend money, the budget is something that will undoubtedly affect you as a citizen. The Budget centered on seven priorities, dubbed the “Saptrishis guiding us through Amrit Kaal” by Sitharaman, namely Inclusive Development Reaching …
In the grand scheme of things, GST has been very effectively working its way out, but if we just talk about small complex things that may have inherent characteristics of doubt, then transactions of handling Freight, TCS, and Discounts in E-invoicing can still be a concern for many. Particularly now that the e-invoicing turnover limit …
Don’t worry about missing any deadlines in 2023 – we have created a GST Compliance Calendar with all the due dates of the year! To get you off to a good start, here is the monthly GST calendar so that you can keep track of all your compliance obligations. The GST compliance calendar keeps track …
The 48th GST council was held on 17th December, 2022 in New Delhi. Smt. Nirmala Sitharaman, the minister of finance, presided over the meeting, which also included senior officials from the Ministry of Finance for States and Union Territories as well as Union Minister of State for Finance Pankaj Choudhary. The following article will discuss …
In a perfect world, every business or individual who comes under the purview of the tax system will wholeheartedly follow all the rules and will never make any advances to avoid or evade taxation. However, if this were to occur, there would be no need for a system in the first place. In the real …
In the past, the indirect tax system was in effect, and the Indian hospitality sector was subject to various indirect tax rates, such as VAT, luxury tax, and service tax. With the introduction of the GST regime and GST-related taxation, hospitality businesses in the Indian hospitality industry are set to benefit from uniform and standard …
The GST Council agreed at its 35th meeting to implement an e-invoicing method that would apply to specific groups of people. ‘E-invoicing,’ also known as ‘electronic invoicing,’ is a method by which GSTN authenticates B2B invoices for online use on the popular GST platform. The GST Network’s Invoice Registration Portal would assign an ID number …
