India’s Reserve Bank (RBI) has reported that the country’s service exports have experienced an unprecedented surge of 26.6% in 2022-23, reaching US$ 322 billion. This has brought India’s services exports almost on par with merchandise exports. Let’s read this interesting milestone achieved by businesses in India.. India’s Diverse Services Exports Experience Strong Growth India’s services … Read more
The President of the Indian Association of Tour Operators (IATO), Mr. Rajiv Mehra, has written a letter to the Prime Minister requesting for incentives to revive the tourism industry, which has been severely impacted by the pandemic. IATO Proposes Measures to Support Struggling Inbound Tourism Sector The IATO has proposed two solutions. These include: The … Read more
An Employer Identification Number (EIN) is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to businesses operating in the United States. It is used to identify the business for tax purposes, similar to how a Social Security Number (SSN) is used to identify an individual. Let’s learn all the important information about … Read more
In April 2023, India’s gross GST revenues skyrocketed to a staggering ₹1,87,035 crore, marking a remarkable 12% increase from the highest tax tally recorded in the same month last year. This remarkable feat is a testament to India’s robust economic growth, fueled by various factors, including an increase in domestic consumption, a favorable global economic … Read more
Before the implementation of GST on life insurance policy, life insurance premiums were liable to service taxes, including Basic Service Tax, Swachh Bharat Cess, and Krishi Kalyan Cess. These all totaled up to 15% tax rate. Now the GST has been implemented and you have to pay GST as per the life insurance policy. Let’s … Read more
After having company registration in the UK from India, you will need to follow compliances and pay taxes in the UK. Let’s understand the Corporate Taxes in UK for Company Registered in India. What does Corporate Tax in UK mean? Corporation Tax is a type of corporate tax that is imposed on the annual profits … Read more
Once you get company registration in UK, you have to follow numerous compliance requirements as per the UK Companies Act and Customs and Inland Revenue Tax Act. The major compliances include conducting an annual general meeting, submitting a Confirmation Statement on a yearly basis, keeping its accounting records up-to-date, conducting financial statement audits (unless exempt), … Read more
This article will guide you about GST on Forward Charges by GTA. As you already know, transportation has a major role in the Indian Economy. With roadways being the primary mode of transportation, it is responsible for the movement of a significant portion of the country’s freight and passenger traffic. However, any disruptions in this … Read more
The Goods and Services Tax Network (GSTN) has issued an advisory regarding a new functionality for Bank Account Verification on the official GST portal. Let’s understand the advisory of GST Portal enables new feature of Bank Account Verification. Integration of Bank Account verification Feature with GST System According to the advisory, the new bank account … Read more
Let’s understand the GST Calculations for E-Commerce Business. As an e-commerce business, it’s crucial to understand the basics of GST, GST Calculations,, and registration process. All of these are discussed in this article. The GST’s Relevance to E-Commerce Business In India, e-commerce businesses are classified as “aggregators” or “marketplaces” that facilitate the exchange of goods … Read more