The Goods and Services Tax (GST) system in India has undergone significant updates to keep up with the evolving economy and improve revenue collection. One major change effective from November 2024 involves the Reverse Charge Mechanism (RCM). This change brings a new set of rules, primarily affecting commercial property rentals, […]
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A Complete Guide to file GSTR-9 & 9C on the GST portal
In India’s Goods and Services Tax (GST) regime, businesses are required to file periodic returns summarizing their supply transactions, tax payments, and input tax credits (ITC) availed. Among the various returns filed under GST, two critical ones that reflect a company’s annual financial activities are GSTR-9 and GSTR-9C. Both GSTR-9 […]
Continue readingWhat is Invoice Management System (IMS) portal in the GST?
If you’re running a business in India, you’ve probably had to deal with GST. It’s a crucial part of keeping things running smoothly, but let’s be real: GST compliance can be a bit of a headache. From managing Input Tax Credit (ITC) mismatches to handling notices from the tax department, […]
Continue readingUnderstanding LUT and Bond under GST: A Detailed Guide
Exporting goods and services from India requires careful navigation of the GST framework, particularly when it comes to managing taxes like Integrated GST (IGST). To facilitate exports and reduce the financial burden on exporters, the GST law provides two primary options: the Letter of Undertaking (LUT) and a Bond. Both […]
Continue readingUnderstanding Legal Compliances for LUT under GST: A Comprehensive Guide
Exporting goods and services is a vital component of global trade, and for businesses in India, the Goods and Services Tax (GST) regime has introduced several mechanisms to facilitate smoother export operations. One such mechanism is the Letter of Undertaking (LUT), a document that allows exporters to ship goods and […]
Continue readingDeemed Profit (Section 44AD): A Comprehensive Guide
Deemed profit is a concept in taxation where certain income is presumed or deemed to be the profit of a taxpayer, regardless of the actual profit earned. This concept is often used to simplify tax compliance, particularly for small businesses and certain types of transactions. Deemed profit provisions are specified […]
Continue readingSection 44AD of the Income Tax Act: A Comprehensive Guide
Section 44AD of the Income Tax Act is a presumptive taxation scheme designed to simplify the tax filing process for small taxpayers. This section allows eligible taxpayers to declare income as a percentage of their turnover or gross receipts, thereby reducing the burden of maintaining detailed books of accounts. Basic […]
Continue readingComprehensive Guide to the GST Filing Process in India
Hi, This is Ravi Kumar, and today, I will let you know about the GST, Navigating the complexities of the Goods and Services Tax (GST) system in India can be challenging for businesses of all sizes. Since its introduction in July 2017, GST has streamlined the country’s indirect tax structure, […]
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