Time-Saving Tips: How to Make Your Business Life Easier!
Tips for Making Business Life Easier
Understanding Suo Moto Registration under GST
What is Suo Moto Registration? In the realm of Goods and Services Tax (GST) in India, tax officials can unilaterally initiate and complete the registration process for businesses or individuals who are liable to be registered but have failed to do so voluntarily. This mechanism is called Suo Moto Registration. Tax authorities generate and allot […]
Non-Taxable Supplies Under GST: Article 265 and Section 7(1)
Article 265 of the Indian Constitution clearly prohibits the collection of taxes without the authority of law. This principle is foundational to the applicability of the Goods and Services Tax (GST) in India. GST is levied only on supplies that are clearly defined under the law. While the application of GST might sometimes seem illogical […]
Creating Passive Income Streams: Smart Strategies for Business Owners!
As a business owner, you’re always looking for ways to grow your income without having to put in more hours at the office. Passive income streams are a great way to achieve this, providing a steady flow of revenue that allows you to focus on other aspects of your business or enjoy more free time. […]
Understanding FORM GST ITC-02: A Comprehensive Guide
Filing for Input Tax Credit (ITC) transfer in FORM GST ITC-02 is essential during business reorganizations like mergers, acquisitions, or demergers. This blog clarifies the pre-conditions, the types of ITC transferable, the procedural nuances for the acquiring entity, and other relevant details to help businesses navigate this aspect of the GST regime efficiently. Pre-Conditions for […]
Challenges and Issues with GST: Impact on Businesses
Introduction The Goods and Services Tax (GST) was implemented in India on July 1st, 2017, as a significant reform in the indirect tax system. It replaced multiple taxes, including value-added tax, central excise duty, and service tax, with a single tax structure. The primary objectives of GST were to reduce tax evasion, streamline the tax […]
GST Audit: Key Processes and Portal Tips
What is GST Audit? Goods and Services Tax (GST) Audit involves a thorough verification of the original records, returns, and other documents maintained by a taxpayer at their business premises, including all additional places of business. The objective is to correlate these with the information provided by the taxpayer on the GST Portal through their […]
Analyzing Commercial Decisions: A Practical Approach for Business Success.
In the chaotic world of business, each and every decision matters. Achieving success as an entrepreneur depends on your ability to make wise business judgments, regardless of experience level. We’ll discuss an effective approach for evaluating business decisions in this blog post that will help your company succeed. 1. Know Your Goals Before making any […]
Demystifying Voluntary Tax Payments: A Guide for GST Payers
Paying taxes isn’t always straightforward, especially when faced with complex regulations. But did you know there’s a helpful option called “Payment on Voluntary Basis” under the CGST Act, 2017? Let’s break it down into simple terms to understand how it works and when you might need it. What is Payment on Voluntary Basis? It’s like […]