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 [...]
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[...]
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[...]
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[...]
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[...]
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 [...]
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. H[...]
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,[...]
Let's face it, tax audits are tedious and every entrepreneur tries to avoid any such procedures. But, what if you get a notice regarding tax audits? How much do you know about tax audits? Do you know what to if you get a notice for a tax audit? Even in a city like Bangalore, whic[...]
We all are aware that we will have to go through a tax audit if our turnover exceeds the prescribed number as prescribed by statute i.e. Income Tax Act 1961.
However, have you ever wondered why there is a requirement for tax audits? Or, what are the objectives of tax audits? In [...]