Beyond having eligibility requirements like an annual turnover of up to Rs 1.5 crore and the inability to claim Input Tax Credit (ITC), you should also familiarise yourself with the forms involved as you opt for the composition levy. Signing up for the GST Composition Scheme is an ea...
Looking to claim Input Tax Credit under GST? In order to avail Input Tax Credit, a dealer needs to meet few conditions. Learn how to calculate ITC, time limit to avail ITC
Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. ...
Eligibility for GST Registration Documents Required for GST Registration GST Registration Fees and Process Verification and Approval Post-Registration Compliance GST Registration Cancellation GST Registration FAQs Traversing India’s intricate tax landscape has often felt like threading through a maze blindfolded...
4. How do startups get tax-exempt? Startups can get tax-exempt under the Startup India initiative if they are recognised by the DPIIT and meet the eligibility criteria for tax benefits. These include a 3-year tax holiday, exemption from long-term capital gains tax, and exemption from ta...
Eligibility Criteria Who is Required? Documents required Process GST Registration Fees GST Renewal Why Vakilsearch FAQs GST is an indirect tax reform in India. It was introduced on 1 July 2017. It replaces excise duty, service tax, and value added tax (VAT) with a unified tax system. GST ...
In July, there were several GST updates; one of which was related to the important changes and updates in GSTR 3B and ITC eligibility. And, taxpayers with an annual aggregate turnover between Rs. 5 Cr. to Rs. 20 Cr. are enabled for testing on Sandbox for e-invoicing. Thus, we have...
Waiver Scheme Under GST Section 128A: An advisory highlights details about the waiver scheme under GST section 128A, offering clarity on eligibility and benefits for taxpayers. ‘Other Territory’ Applications for GST: A new advisory addresses the process and requirements for ‘Other Territory’ appl...
You should also go ahead with the GST registration if you meet one of these eligibility criteria: Pre-registered businesses: Businesses already registered to pay taxes pre-GST. Casual taxable person: You’re a non-resident or occasional interstate trader. Non-resident taxable person: You’re a ...
Transportation of goods without a valid tax invoice can be a reason for the detention of goods and vehicles and fines will be also imposed Customers may deny accepting and/or pay goods if a valid tax invoice is not available as this would affect the receiver’s eligibility to receive ITC be...