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.
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...
GST registration is mandatory for businesses whose taxable profits exceed $1 million. 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?
With the startup ecosystem booming across the country and more and more people looking to do something on their own, there is a need to be well-acquainted with different business registration types, i.e. sole proprietorship, limited liability company, and private limited company. Private Limited ...
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...
Before charging and collecting sales tax from customers, you need to register for a sales tax permit. Since sales tax is governed by each state, you must register individually with each state once you meet the registration requirements, which are based on factors such as physical presence and ...
Additionally, if multiple customers have the same PAN, an accumulated transaction value is compared with the threshold limit to determine the eligible number of transactions for TCS deduction. Dynamics 365 Finance For information about the update for Finance, see the following KB article: "Tax ...
Post GST era in India 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...
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 thres...
If you are based in Canada and your total worldwide taxable supplies exceed CAD $30,000 in a single calendar quarter or over the past four consecutive calendar quarters, you must register for the goods and services tax (GST) and harmonized sales tax (HST). The same registration threshold ap...