IT industry is one of the sectors which is impacted by the implementation of GST in India. Prior to the GST regime, the tax system in India was complicated because of multiple taxes, many compliance obligations, and tax cascading. In GST regime, the complicated system converted into a simpler tax regime, especially for the IT…

The GST effect the market for several commodities, including gold, to a great extent. Gold & silver are one of the few items that attract different GST rates at different levels, right from purchasing to manufacturing. As a result, GST on gold & Silver applies to both on the supply of the precious metal as…

In this article we will came to know about Drop-shipping Business with the applicability of GST thereon. These days, this business is emerging rapidly because of its no stock requirement which leads no any investment requirement and also no risk of dead stock. What is Dropshipping Business? Dropshipping is a kind of business in which…

Rule 86B in Goods and Services Tax (GST) has been introduced by The Central Board of Indirect Taxes and Customs which restricts use of input tax credit for discharging liability to 99%. This Rule is effective from 01st January, 2021. It put the restriction on utilization of input tax credit.  After the introduction of Rule 86B, it has limited the use…

Life is unpredictable and full of uncertainties and no one knows when something unfortunate happens. Such unpredictable circumstances also bring with it several legal and financial issues that one has to face in case there is no insurance policy. People prefer to have different types of insurance policies be it health, home, vehicle, business, personal…

Notices from the tax department induce anxiety in the mind of taxpayers. Here the article is with some of the reasons for receiving such notices, precautions to avoid such cases and the procedure that has to be followed when any notice from the GST department is received by any taxpayer regarding payment of any Penalty,…

What do you mean by GST registration? GST registration is a process by which a taxpayer gets himself registered under GST. After registering a business successfully, a unique registration number is allotted to them i.e., Goods and Services Tax Identification Number (GSTIN). Table of Content What do you mean by GST registration? Who is eligible…

Table of Content Overview of the GST Return filing structure Regular Taxpayers Composition taxable persons Returns for specific transactions/persons GST Calendar for April 2021 at a glance Overview of the GST Return Filing Structure Regular Taxpayers: The GST returns in forms GSTR-1 and GSTR-3B are to be filed by businesses and professionals registered under GST…

After applicability of CGST Act, 2018 with an object of transparency in transactions creates an unnecessary burden of compliances on small businessmen who are earning a while and may get frustrated in following these high levels of compliances. So, for those taxpayers a simple and easy scheme is being introduced in the Act that is…

What is E-Commerce? E-Commerce (Electronic Commerce) basically means the supply of goods, products or services or both including digital products over digital or electronic networks. E-Commerce has grown tremendously in India in the past few years as more users are buying and selling items online, thanks to smartphones and internet connectivity Due to tremendous growth…

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