Starting from September 1, 2024, you will have to adhere to new rules and GST Updates regarding GST Return Filing. It’s essential for businesses to be aware of these changes to ensure compliance and avoid any penalties. Key GST Updates affecting GST Return filing Reporting of High-Value Supplies in GSTR-1 As per the latest notification … Read more
Goods and Services Tax is, without any doubt, one of the biggest “revolutions” that the conventional taxation system of India has been faced with, involving a single tax framework for manifold goods and services. The sectors which are being considerably affected by GST include textiles, especially readymade garments. In this article, we try to delve … Read more
While Goods and Services Tax was meant to give a new look to Indian taxation, huge complexity of the law remained unintelligible to small and medium traders. The Composition Scheme is brought in by the GST Council, which offers ease of compliance under GST to businesses covered under it. In the present piece of writing, … Read more
Now with the innovation of Dropshipping, an individual can easily open an online store and engage in trading without necessarily having an inventory holding. By the introduction of the new tax regime, the question was how the system would affect the business. Thus, on this account, the blog shall try and throw light upon the … Read more
Goods and Services Tax (GST) is a revolutionary reform in India’s indirect taxation system that has simply ushered in a chapter on how businesses are going to comply with taxes. One of the numerous advantages of GST is that it has made information on registered businesses easily accessible.This blog is being featured with the hope … Read more
Well, initialise, the Goods and Services Tax has unified most of the indirect taxes in India under one canopy. The rate of GST applied on different products and services is quite complex. The present article would discuss the GST rates on Fish Soluble Paste, forming the essential inputs to the aquaculture industry, and the effects … Read more
Implementation of Goods and Service Tax changed the way of doing business in India. Right from the very implementation point, it has impacted various industries, iron and steel industry not been excluded. It is this backdrop that this paper will attempt to look at the tax rate under GST for iron and steel, the effect … Read more
The two crucial aspects of GST are TDS and TCS that impacts how you do compliances and business operations. Lets understand the difference between TDS and TCS under GST. Understanding TDS under GST In TDS, the payer deducts GST. You have to pay tax deducted at source (TDS) to the government when payments are made … Read more
According to the Indian government, there have been some significant changes to the rates of GST on gold. GST on gold will be a fixed GST percentage of 3%. This is quite different from the current system where you would have to calculate the GOLD GST rate based on the weight and purity of the … Read more
The Goods and Services Tax has changed the indirect taxation face of India, subsuming bringing various indirect taxes under one roof. The rate charged over hallmark charges is one of the most important concepts related to GST. In this article, we will cover the GST rate on hallmark charges, its implications, and also the importance … Read more