Encouragement of compliance:The structure of GST encourages tax compliance as businesses need to report their sales and inputs to claim tax credits, which in turn creates a self-regulating system. With the scope of all the taxes that businesses need to think about, it's useful to consider the...
In case there is no response to the notice as well, the tax officials will assess the tax liability. If an entity fails to respond to the assessment order for a period of over 30 days, the authorities will have the power to initiate a recovery action. Conclusion In essence, the answer ...
Who Should Pay GST? Any individual who is a supplier of goods or services must pay GST when the output tax liability is more than the input tax liability. To pay the Goods and Services Tax duly, the person must register under GST and obtain a GSTIN - GST Identification Number. What are...
Learn how to pay GST online with our step-by-step guide. Understand GST payment rules and processes to ensure smooth and compliant transactions.
Your business could be penalised if you don’t apply for GST registration. Registering for GST ensures regular record-keeping and allows you to claim GST credits on business purchases, reducing your tax liability and making your financial year-end easier. And don’t forget: GST registration ...
While there are different flavors of legal structures, choosing which one will best serve your needs is based on multiple factors, such as how much personal liability you want to have, taxes and business registration requirements. For example, a sole proprietorship is the easiest to file, but ...
It’s called “value-added tax” because it’s charged whenever value is added to the product throughout the supply chain, from production to the point of sale. VAT is commonly found in Europe. Goods and services tax (GST): GST is a tax similar to VAT in that it is levied whenever...
How to legally start an import and export business in India? Private limited companies and limited liability partnerships (LLP) are great organisational structures for export businesses. To international customers, private limited companies or LLPs present a solid brand image. Along with giving stakehol...
10/- per day each for the CGST and SGST (if there is no tax liability), up to a maximum of Rs. 5000/-. Here the taxpayers will be able to get the understanding and complete knowledge for filing GSTR 4 form for the composition scheme taxpayers through the Gen GST software. For any...
Procedures to claim reduction in output tax liability of GST in India Comments Hema:On 05 November 2013 Can we get the samples from some other country before getting IEC for the firm . This is required by some people who are new to the trade , to analyse the product before they can star...