GST stands for Goods and Services Tax. It’s an indirect tax that’s meant to replace a number of other indirect taxes in India, including excise duty, value-added tax, services tax, and so on. On 29 March 2017, the Parliament enacted the Goods and Service Tax Act, which took effect on 1 July of the same … Read more
For a country to prosper economically, education is seen as a prerequisite. Any country’s ability to produce a skilled workforce is directly tied to the standard of its educational system. Therefore, Taxing the educational industry has always been controversial since learning is seen as a civic duty rather than a commercial enterprise. Inspiringly, schools are … Read more
Foreign Trade Policy (FTP) for 2015–2020 comprises the Merchandise Export from India Scheme (MEIS). To encourage more exports, the MEIS was established. Foreign merchants are compensated with duty credit scrips. The DGFT (Directorate General of Foreign Trade) notifies, and the Ministry of Commerce and Industry implements, the MEIS. What is MEIS? The government provides support … Read more
There are three necessities for human survival: food, shelter, and clothing. We can choose from a few different possibilities for a place to live: Buildings / Apartments, Houses, Hotel or Hostels. Hostels are common and one of the most popular residential options for Indians. This article will inform you about GST on Hostel in detail. … Read more
Application for GST Registration Cancellation can be submitted by taxpayer or heir to the tax authorities through online mode. This process is also known as the surrender of GST Registration or Cancellation of GST Registration. In case your business has company registration, or board members, it also needs to pass a board resolution for cancellation … Read more
Marketing or Sales promotions is the promotion of a company’s products or services in order to raise demand for them. Every business utilizes their own methods to increase sales, the most prevalent of which is the “buy one, get one free” sale. In addition, a sales promotional offer might come with a free trial or … Read more
If a taxpayer’s GST registration is canceled, the taxpayer is no longer required to pay or collect GST, becomes ineligible to claim the input tax credit and do GST Return Filing. Section 29 of the CGST Act, together with Rules 20–22 of the CGST Rules, govern the cancellation of a GST registration. This article discusses … Read more
The development of the Indian economy depends heavily on the agriculture industry. India is one of the world’s top producers and exporters of agricultural goods such as rice, wheat, sugarcane, and spices. In rural India, one of the main industries for employment is the agriculture industry. Therefore, taxation of the agriculture sector plays a major … Read more
Any business entity that enrolls under GST has a unique identifier allocated to it: the GST number. It is a 15-digit number that is exclusive to each taxpayer who has registered for GST. One Person Company can also get GST Registration voluntarily if it wishes to obtain the benefits of GST. Moreover, it is mandatory … Read more
For registration under the Goods and Services Tax (GST) in India, there is a cap on the amount of exemption. If a person’s yearly turnover exceeds the exemption ceiling, he must register for the Goods and Services Tax regime. This is additionally referred to as a GST registration limit or GST threshold. Let us understand … Read more