Providing latest updates on Direct and Indirect Tax laws including income tax and GST with Corporate Laws which are being used by the professionals and business entities in day to day activity.
By providing a detailed breakdown of GSTR-3B requirements, including filing deadlines, input tax credit calculations, and reconciliation procedures, you can gain clarity on your tax liabilities and ensure compliance with GST laws. Also, the rising number of fines being imposed on businesses due to...
The rate of GST on Travel Agency Service is updated as per Determination of Value of Supply as 5% on Basic fare in case of domestic air travel and 10% of basic fare in case of International travel. For other related services go through this link https://gstguidance.blogspot.in/2017/08/...
GST laws mandate specific timelines for issuing invoices, revised bills, debit notes, andcredit notesbased on the type of supply. For goods, a GST tax invoice must be issued when the value exceeds ₹200. However, GST-registered suppliers must issue invoices upon customer request, regardless of...
While multiple theories go around in the market on the subject, this article aims to discuss the theories and examine them in light of applicable laws. The issue It is common knowledge that, for GST to be applicable, there needs to be a supply of goods or services. Therefore, the primar...
Tax Structure: It is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. Taxation Points: Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST and State GST are charged. All the inter-state...
India's GST laws are significantly stricter than any of the country's previous indirect tax laws. Onlyinvoicesuploaded by their suppliers are eligible for an input tax credit under GST. The chances of obtaining input tax credits on fraudulent invoices are significantly reduced in this manner. The...
How to deal with overdue GST liability in case of liquidation of business? Unquestionably, the realm of indirect taxes has been made comprehensible in the GST regime. Given the high degree of precision and rationality of the GST laws, one can easily fulfil the tax compliances under various sit...
Question 25: Is IGST payable under RCM on consultancy fee paid to a lawyer located outside India for services rendered abroad? Answer:In case, the service provider is outside India and the recipient of such service is in India, then RCM will be applicable. ...
On July 23, 2024, the Finance Minister, Smt. Nirmala Sitharaman tabled the Finance Bill, 2024, proposing various amendments to tax and corporate laws. The Bill initiates simplifications in several areas, including the tax regime for charities, the TDS rate structure, provisions for reassessment ...