Audit of a new company is mandatory irrespective of its volume or turnover. If you are into a business then it is essential to know your compliance requirement. Apart from handling your daily operations, it is important to know what are the regulatory authorities to whom you need to submit certain information or file documents. […]
Composition scheme under GST
Composition scheme is meant to make the life of small businesses easier. It’s an option wherein a taxpayer can opt to pay a fixed percentage of turnover as fees in lieu of tax and get relief from complying with other provision of law. Below are the important points: Precondition Those having a turnover up to […]
Know about Reverse charge mechanism under GST Regime
Reverse charge mechanism under GST It is called a reverse charge because under this mechanism, the person at the receiving end, that is the receiver of goods or service is liable to pay GST. CASES WHEN REVERSE CHARGE WILL APPLY The supply made by the unregistered dealer to a registered dealer. Services through an e-commerce […]
Who needs to register under GST in India?
Who needs to register under GST in India? Are you Liable to register under GST? It is mandatory if: Your turnover in a financial year exceeds Rs.20 Lakh( 10 Lakh for NE state) You are dealing with the interstate supply of goods. Interstate supply of services are exempt from service tax registration if turnover is […]
Compliance to be followed by company in India in 2018
Compliance to be followed by the company in India in 2018 If you have incorporated a private limited company, you must read this as we speak about the mandatory compliance to be followed by you in the year 2018, You may be a startup or an existing business in India understanding all the compliance gets […]
Know all about E-way bill system introduced in GST
An electric waybill is required for movement of goods. For any movement of goods by a registered person for the value of more than Rs.50000 e-way bill is mandatory. The e-way bill can be generated on the Goods and Service Tax portal. This is required for interstate and intrastate both. Generation of the e-way bill is […]
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How can a Non Resident or a foreigner establish company in India?
Foreign investment in India is a major monetary source for economic development in India. Apart from being a major source of economic growth, foreign investment in India is a major source of non-debt financial resource for the economic development of India. Foreign investment in India is made by foreign companies so that they can take advantage of relatively lower […]
A Brief explanation about Integrated Goods and Service Tax
IGST is a part of Goods and Service Tax (GST) IGST means Integrated Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST, and SGST) with a concept of one tax one nation. IGST falls under Integrated Goods and Service Tax Act 2016. IGST is charged when movement of […]
A Brief simple explanation about State Goods and Service Tax (SGST)
SGST is a part of Goods and Service Tax (GST). SGST means State Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST, and SGST) with a concept of one tax one nation. SGST falls under State Goods and Service Tax Act 2016. For easy understanding, when SGST is […]