These include a 3-year tax holiday, exemption from long-term capital gains tax, and exemption from tax on investments above the fair market value. 5. What is the GST turnover for small businesses? 40 Lakhs for goods and Rs. 20 lakhs for services are required to register for GST and ...
tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. The predominant responsibility of the GST Council is to ensure to have one uniform tax rate for goods and services across the nation. In this section, we give...
5 lakhs had to pay VAT in most states across India. However, this limit varied from state to state. Additionally, service providers with a turnover of less than Rs. 10 lakhs were exempt from paying service tax. Under the new GST system, the turnover limit for exemption has been raised ...
You may request a refund of input tax credits (ITC) for inputs/input services used in exporting goods or services, subject to satisfying the requirements. What is the GST exemption limit for export of services? GST treats exports of commodities or services as interstate supplies. Therefore, ...
GST for Commodities in India, click here GST for Services in India, click here Exempted goods and services under GST The above links explains about GST slab rates for services and goods in India. Click here for GST Exemption list of goods and services ...
Grow your business with Marg ERP! Easy GST invoices and filing. Book Free Trial! Read Other Related Blogs: GST Rate List GST Exemption List The GST tax rates in India are divided into four slabs:5%, 12%, 18%, and 28%. Some goods and services are exempt from GST, and others are tax...
What is GSTIN? GSTIN, short for Goods & Services Tax Identification Number is a 15-digit, unique identification number allotted to each taxpayer (GST registered business, firm, dealer, supplier, business entity) once they have registered under the GST regime in India. ...
Small businesses can benefit from the threshold exemption limit, allowing those with a turnover below a specified limit to be exempt from GST registration. This assists in reducing compliance burdens for smaller enterprises. Latest Updates:The Manipur government has further simplified the GST registrati...
Threshold Exemption: Small businesses with a turnover below a specified threshold (currently, it is 20 lakhs: supplier of both goods & services and 40 lakhs: for supplier of goods (Intra–State) in India) are exempt from GST. Present Challenges in GST Rates Complexity and Confusion: The exis...
January in India marks the beginning of a new fiscal quarter, a time when businesses gear up for year-end tax planning and compliance. The month is also crucial for businesses focusing on closing reconciliations for the previous year while staying compliant with evolving regulations. Amid festive ...