which brings a temporary GST/HST exemption on essential items during the 2024 holiday season. For small business owners, this means adjusting to these temporary changes during peak season –December 14, 2024, to February 15, 2025. It’s a busy time, but with the right planning, here’s ...
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. Every business operating in a state or Un...
However, it is important to note in advance that the special exceptions do not apply to some transactions made using vending machines and automated services. For details, refer to the National Tax Agency’s page on the exemption from issuance obligation. For other cases when you only need to ...
GST exemption: You’ll canimport tax-exempted supplies and suspend your GST payments at the point of importation. Enhanced cash flow: Enjoy tax payments deferral until your goods are sold domestically, in turn improving your business’s liquidity and working capital position. Qualifying conditions To...
If your customer indicates on their exemption certificate that they own a clothing store but they are trying to buy an unrelated item (e.g., carpet) from you tax-free, this is an indication the sale might be fraudulent. Keep a copy of the exemption certificate for your records: If you...
Following is a step-to-step guide on how you can apply for a FASTag exemption: Step 1:Head to the official web portal of IHMCL and register by clicking on exempted FASTag Portal. Step 2:To move ahead, click on “Applicant Login” followed by “New User Registration” as displayed on...
22 October 2024 Enable Export/SEZ Endorsement You can now enable endorsements for SEZ and overseas customers, indicating whether the supply is made with or without the payment of integrated GST (IGST). This feature is only supported in Spreadsheet and Standard invoice templates, and your business ...
Income tax is the tax that is imposed by the government on persons on their earnings through house property, salary, business, capital gains or other sources. Tax payers need to file Income tax return annually mentioning their income, deductions, tax payable, etc....
The generation-skipping transfer tax (GSTT) is an additional tax on a transfer of property that skips a generation, known as a generation-skipping transfer (GST) for short. The GSTT was implemented to prevent families from avoiding the estate tax for one or more generations by makinggiftsor ...
After taxes and expenses, the net effect of a raise is often less significant than it appears. Take the time to calculate the real change to your budget and determine how that extra money is going to impact you. Plan for Mindful Spending ...