Also, the last date to file Income Tax Return (ITR) for FY 2023-24 (AY 2024-25) without a late fee is 31st July 2024. Our blog on Income Tax Planning: Strategies for Maximizing Returns and Minimizing Liabilities aims to help you plan your ITR through various strategies and optimize re...
GST stands for goods and services tax and whether you pay it or not will depend on the turnover threshold. Learn everything about GST in this guide.
However, the GSTT truly applies to the very wealthy because the transferred amount is astronomical. Most people will never encounter the GSTT because of the high threshold: the tax only applies when the transferred amount exceeds $13.61 million per individual (for single taxpayers, in 2024), and...
So, registering for the GST before they hit the income threshold will have a negative impact on the cafe’s cash flow.Making the right choice on GST No single choice will be right for every business. Deciding to register for GST early is a big move and one that could have a big ...
The increase in participation in the economy by individual or small operators who may fall under the GST registration threshold. Household rent (actual or imputed) is the single largest component of household consumption and has increased faster than GDP over recent decades. But GST is not ...
Regulations are different from country to country. Businesses may apply for a VAT number at any time. Businesses that meet a minimum threshold of income are obligated to apply for one. Note that many European countries may issue national (non-EU) tax numbers or other tax identification numbers...
the government will set a threshold limit for them. An official said that the businesses that will fall under a certain threshold will be given a unique number whenever an e-invoice will be generated. The businesses can match this number with the invoices which are written in the sales ...
of the amount of guarantee offered, where no consideration is charged, or the actual consideration is lower than the aforesaid threshold. However, the said deemed value is applicable only where the following conditions are met: Recipient of the service (i.e., the borrower) is a related person...
The GST registration threshold limits that apply to ordinary taxpayers also work the same to gold mining and distribution enterprises. Making charges are what goldsmiths will charge for their services, and they will be subject to a 5% GST. The primary supply is the sale of gold, the GST rate...
When the business turnover of a GST registered person is below the threshold limit. Non-filing of GST return When GST registration obtained by an individual by means of fraud, willful misstatement or suppression of facts. Non-compliance of GST rules & provisions. ...