GST Invoice
Introduction A GST invoice/bill is like a receipt which is issued on the purchase of taxable goods and services. It is issued by the registered seller under the GST Law to the customer. The invoice mentions the details regarding the goods and services and it also mentions the amount due for those goods and services. […]
GST Registration for Interstate Supply | Applicability and Registration Process
GST law has put in place multiple scenarios that can trigger compulsory registration under GST. While the most common include the aggregate turnover exceeding the threshold limit (i.e., Rs. 40 lakhs, 20 lakhs and 10 lakhs), another important criterion for compulsory GST registration GST law has bifurcated supply into two categories i.e., interstate supply and […]
How to Apply for MSME Loan
Micro, small and medium enterprises (MSMEs) are the backbone of every economy. They account for more than 60% of all jobs in the world and contribute more than 50% to global GDP. MSMEs are also responsible for a large chunk of innovation and new business ventures. Despite their importance, MSMEs face several struggles, including access […]
PAN TAN Application
Overview PAN is abbreviated from Permanent Account Number; PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. Section 139A of the Income Tax Act, 1961 needs the following person to make an application to PAN: PAN number is to be quoted on the following documents: TAN is abbreviated from Tax Deduction […]
Is GST mandatory for Udyam Registration?
The Micro, Small and Medium Enterprises (MSMEs) sector is the backbone of the Indian economy. It provides employment to crores of people and is a major contributor to the country’s GDP. In order to give a boost to this crucial sector, the Government of India has come up with the Udyam Scheme. Under this scheme, […]
Impact of Russia-Ukraine War on the Indian economy
The Russia-Ukraine war has been ongoing for the past 8 years. And to its escalation, Russia invaded Ukraine in February 2022 resulting in global havoc. Recent geopolitical tensions between Ukraine and Russia sent oil prices tumbling, raising concerns about the impact on India’s economic recovery. How did the Russia-Ukraine crisis affect India’s economy? The Russia-Ukraine […]
How to save Tax on Capital Gain
Overview The general categorization of assets is of two types Long term capital assets and short-term capital assets. As per Indian Tax laws, the capital gain arising on the transfer of LTCA (Long term Capital Assets) is recognized as Long term Capital Gain and the transfer of STCA (Short term Capital Assets) is identified as […]
GST Registration for Freelancers in India
Freelancer is a new normal and people are shifting from their traditional jobs to freelancing. Many freelancers are earning handsomely through their freelance projects and services. However, they need to be aware that they are not the employees earning salary income and therefore, they shall be liable for GST registration once they cross the threshold […]
Steps for Converting a Private Limited Company to an LLP
Businesses operating as private limited companies often resort to getting converted into LLP. The choice comes out of the fact that you still get the perks of private limited companies, but this time, with lesser compliances because of LLP incorporation. Private limited companies enjoy their own set of benefits but is it the best-suited format […]
Delay in Income Tax Refund – Causes and Action Plans
There arise certain situations in the income tax whereby the assessees are allowed a refund of income tax from the government. However, it does not happen every time that the assessees receive the refund on time from the government. There are many situations whereby there is a delay in receipt of income tax refund, largely […]