With the GST regime's bundling of taxes on products and services, there is no longer any uncertainty concerning the levy of distinct taxes on services and goods. Unlike the previous regime, the GST threshold limit has been raised from Rs 10 lakh to Rs 20 lakh. With the adoption of GST, ...
For companies whose taxable profits don’t exceed this threshold, registration is not mandatory; you’ll have to consider whether registering is in the best interests of your business. What is GST Exemption? While many businesses will need to register for GST, there are certain cases where your...
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 ...
Employees:Having an employee, contractor, salesperson, installer or other person doing work for your business in a state. Events:Selling products at a trade show or other event. However, just because you have met a nexus threshold in a state does not mean that you are required to collect sa...
Liability:The liability of the shareholders is limited to the amount of shares they have subscribed to. Capital Structure:The company raises capital by issuing shares to shareholders. Common Use:This is the most common type of company, suitable for businesses of all sizes. ...
Goods and services tax (GST):GST is a tax similar to VAT in that it is levied whenever value is added to the product throughout the supply chain. GST is commonly found in Canada and the Asia-Pacific region. Sales tax:Sales tax is another type of indirect tax levied on the sales of ...
Initial achieved threshold value: The CBDT clarification states, "It may be noted that this TCS shall be applicable only on the amount received on or after 1st October 2020. However, the threshold is based on the yearly receipt, it may be noted that only for calculation of this threshold ...
Small traders with threshold of up to Rs 20lakh will not come under the GST while there is a composite scheme for small and medium enterprises with turnover up to Rs1.5crore to file return which can pay 1-5% GST. Negative impact of GST ...
This article describes new or changed functionality that was released in Microsoft Dynamics 365 Finance version 10.0.13 for the APAC India Goods and Services Tax (GST) features.
What happens if the receiver of goods and/or services is required to pay tax under Reverse Charge but is not a registered dealer? In such scenarios, all the taxpayers who are required to pay tax under reverse charge must register for GST and the threshold of Rs 20 Lakhs is not applicable...