Builders & Promoters: GST Rules for RCM and 80% Purchase Compliance
Builders & Promoters must follow Reverse Charge Mechanism (RCM) rules when purchasing goods and services. To qualify for a lower 1% or 5% tax rate, they must buy at least 80% of input goods and services from registered dealers. If they fail to meet this rule, they must pay 18% GST under RCM on the […]
The Entrepreneur’s Guide for Sustainable Success:
Bhagavad Gita: Chapter 2, Verse 57 Sanskrit Verse: य: सर्वत्रानभिस्नेहस्तत्तत्प्राप्य शुभाशुभम् | नाभिनन्दति न द्वेष्टि तस्य प्रज्ञा प्रतिष्ठिता || Translation:” He who remains unattached to everything, neither rejoicing when meeting with good nor despising evil, is firmly fixed in perfect wisdom.” “He who remains unattached to everything, neither rejoicing when meeting with good nor despising […]
GST on Export of Services: A Complete Guide to Refunds and Compliance
GST on Export of Services offers several advantages, yet businesses must navigate tax compliance requirements carefully. This guide simplifies the GST framework for exporting services, covering refunds, compliance, and essential documentation to ensure a smooth process. Table of Contents Understanding GST on Export of Services Under GST, the export of services is classified as a […]
Equanimity in Entrepreneurship !
Bhagavad Gita: Chapter 2.56Sanskrit Verse: दुःखेष्वनुद्विग्नमना: सुखेषु विगतस्पृह:। वीतरागभयक्रोध: स्थितधीर्मुनिरुच्यते।। Translation: One whose mind remains undisturbed amidst sorrow, who is free from craving for pleasure, and who is devoid of attachment, fear, and anger is called a sage of steady wisdom. Relevance to Entrepreneurship Krishna highlights the qualities of emotional resilience and detachment, essential for […]
Form ENR-03: E-Way Bill Enrolment for Unregistered Dealers
The E-Way Bill (EWB) system has introduced a new feature that simplifies compliance for unregistered dealers engaged in goods transportation. Starting February 11, 2025, businesses without GST registration can enrol using Form ENR-03 to obtain a unique Enrolment ID. Consequently, they can now generate e-Way Bills effortlessly without requiring a GSTIN. This update, introduced through […]
The Path to Steady Wisdom!
Bhagavad Gita: Chapter 2.5 Sanskrit Verse: श्रीभगवानुवाच: प्रजहाति यदा कामान्सर्वान्पार्थ मनोगतान्। आत्मन्येवात्मना तुष्ट: स्थितप्रज्ञस्तदोच्यते।। Translation: The Blessed Lord said: “O Partha, when a person gives up all desires arising from the mind and finds satisfaction in the self alone, such a person is said to be of steady wisdom.” Context and Explanation In this verse, […]
GST Registration Process: Key Guidelines for Taxpayers
Introduction With recent changes in the GST Registration process, taxpayers must follow updated procedures to ensure a smooth experience. Rule 8 of the CGST Rules, 2017 outlines specific steps based on Aadhaar authentication preferences. Below is a simplified guide to help you complete your registration without delays. 1. Steps for Applicants Not Opting for Aadhaar […]
New Income Tax Bill 2025: Key Changes Taxpayers Can Expect
The Income Tax Bill, 2025, introduced in Parliament on February 13, 2025, marks a significant step toward modernizing India’s taxation framework. This new bill replaces the Income Tax Act, 1961, aiming to simplify tax laws, improve compliance, and enhance transparency. The government’s objective is to align taxation with the evolving economic landscape, making it easier […]
Accounting is the Language of Business!
In the world of business, communication is key. But beyond spoken words and written reports, there exists a universal language that transcends industries and geographies—Accounting. Often referred to as the “language of business,” accounting plays a crucial role in recording, analyzing, and interpreting financial data to help businesses make informed decisions. Why is Accounting Called […]
GST Update: Taxability of Vouchers & Department Appeals – Key Clarifications
Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Instruction No. 02/2025-GST on February 7, 2025. This instruction clarifies the procedure for department appeals involving interest and penalty disputes under Section 128A of the CGST Act, 2017. Many businesses face challenges when tax amounts are fully paid, but disputes over interest or […]