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
In this article, we will talk about FSSAI Initiatives to ensure Food Safety in Online Food Delivery Services. Making sure that the food we eat is safe is really important, especially when we order food online in India. The Food Safety and Standards Authority of India (FSSAI) is responsible for making sure that the food … Read more
In case of failure to deduct TDS as mandated by the statutory provisions of the Income Tax Act, an individual may incur interest and penalty charges. This article covers the relevant Defaults and Penalties in TDS Payments & TDS Return filing. Understanding the consequences of TDS defaults is crucial for you, as it helps in … Read more
If you are a business dealing with hair oil in India, it is important to understand the GST rate applicable to your product. The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. The GST rate for hair oil in India depends on its … Read more