The Role of Professional Tax in State Revenue Generation
Taxes are the lifeblood of any government, providing the necessary funds for the development and maintenance of public infrastructure, social programs, and various services that benefit citizens. Among the different types of taxes, Professional Tax often plays a crucial role in state revenue generation. In this blog post, we will explore the significance of professional […]
Understanding the Role of ICEGATE in Trade Facilitation
ICEGATE stands for Indian Customs Electronic Data Interchange Gateway. International trade is essential to the economic prosperity of nations in the modern, globalized world. Effective cross-border trade of goods and services is crucial for economic expansion, job creation, and general development. Various government entities and agencies are involved in streamlining the procedures and guaranteeing adherence […]
Why Your Business Needs Expert Legal Drafting Services
An expert Legal Drafting service refers to a professional service that specializes in creating, revising, or editing legal documents, contracts, agreements, and other written materials with a high degree of skill and precision. These services are typically provided by legal professionals or paralegals who have extensive knowledge of legal terminology, regulations, and the specific requirements […]
MSME Registration: Eligibility, Process, and Benefits
MSME Registration also known as Udayam Registration is a transformed government registration of Udyog Adhaar Registration since July 2020 that is provided along with a certificate of recognition and a unique number. MSME stands for micro, small, and medium enterprises and helps in certifying these enterprises through this registration process. ELIGIBILITY FOR MSME REGISTRATION Any […]
Common Mistakes to Avoid While Filing GST Returns
Since there is no provision under GST regulation for amending a return we should ensure that Goods and Services Tax returns are right at the time of filing. The evaluates should be mindful in finishing Goods and Services Tax returns to avoid any extra problems in the future. Taxpayers are expected to file GST returns. […]
TDS on GST Transactions: Compliance and Rules
The full form of TDS stands for tax deducted at source (TDS). As per section 51, this provision is meant for government undertakings and other notified entities making contractual payments where the total value of such supply under a contract exceeds rs.2.5 lacks to suppliers. In this blog, we will discuss TDS on GST, in […]
GSTR-3: Everything You Need to Know
The GSTR-3 is a document containing the details of all transactions during the month, including purchases, sales, and interstate movement of stock for a particular month return is auto-generated based on the information available inside the AND GSTR2 That has been filed for the same tax period. This return is also not applicable to non-resident […]
Input Tax Credit on Capital Goods under GST
The Goods and Services Tax (GST) system introduced in several countries, including India, has changed the world of taxation. One of the key features of the GST framework is the Input Tax Credit (ITC), which allows businesses to offset taxes paid on purchases against their sales tax liability. In the case of capital goods, the […]
GSTR-2B Return: Understanding and Filing
GSTR-2B is an auto-drafted ITC statement that is generated for every normal taxpayer on the basis of the information furnished by his suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person), and GSTR-6 (input service distributor). The statement indicates the availability and non-availability of input tax credits to the taxpayer against each document filed by […]
Understanding the Scope of Supply under GST
As per Section 2(108) of the Focal Goods and Services Tax or CGST Act 2017, taxable supply under GST implies a supply of goods or services or both enviable to tax under this act. In this way, how about we dive further into understanding what is the taxable event under GST alongside the Scope of […]
