Purpose and Impact of Reverse Charge Mechanism (RCM) in India:
Ever wondered why India brought in something called Reverse Charge Mechanism (RCM) into its tax system? Areas Where RCM Applies: Rules, Sections of the Act, and GST Rates: Conclusion: Reverse Charge Mechanism (RCM) might sound complex, but it’s all about making sure taxes are paid fairly and squarely. By understanding the rules, sections of the […]
Maximising Margins : Strategies for Business Owners’ Financial Goals
Maximizing Margins
Understanding GST Input Tax Credit (ITC) Reversal and Re-Availment under Rule 37A
The concept of Input Tax Credit (ITC) is ensuring seamless taxation and preventing cascading effects. However, with the implementation of GST, the process of availing and utilizing ITC has presented challenges for taxpayers, particularly concerning the reversal and re-availment of credits under Rule 37A of the CGST Act, 2017. Introduction to Rule 37A Rule 37A […]
Understanding GST Application to Freelancers in India
In recent years, the landscape of employment has undergone a significant transformation, with freelancing emerging as a popular choice for many individuals seeking flexibility and autonomy in their work. However, with this shift comes the need to navigate various regulatory frameworks, including taxation. One such taxation system that applies to freelancers in India is the […]
GST Facts about 1% payment of tax liability in cash.
Goods and Services Tax (GST) introduce Rule 86B. This rule, under Notification number 94/2020 dated 22nd December 2020, came into effect from 1st January 2021. Its primary purpose is to limit the use of input tax credit (ITC) available in the electronic credit ledger for discharging the output tax liability, thereby having an overriding impact […]
Unlock your business potential with the power of a trusted Business Buddy!
The Power of a Trusted Business Buddy ! In this blog post, we delve into the pivotal role of a trusted business buddy and how it can profoundly impact your entrepreneurial journey. As an entrepreneur, navigating the complex landscape of business can often feel like embarking on a solo expedition into uncharted territory. The journey […]
Understanding Input Tax Credit on Food: What You Need to Know
In the realm of Goods and Services Tax (GST), understanding the intricacies of Input Tax Credit (ITC) is crucial for businesses to optimize their tax liabilities. While most inputs are eligible for ITC, food and beverage supplies often present a unique scenario. Let’s delve into the nuances of claiming Input Tax Credit on food and […]
Don’t Know How to Build a Business Model?
A Beginner’s Guide to Building a Solid Business Foundation Are you someone with a brilliant business idea but unsure how to transform it into a viable venture? Or perhaps you’re already running a business but struggling to define or refine your business model? You’re not alone. Many aspiring entrepreneurs and even established owners find themselves […]
The Impact of GST on Export Businesses in India
India, a significant exporter of goods and services, plays a crucial role in the global economy. Businesses that export from India are categorized as zero-rated suppliers under the Goods and Services Tax (GST), making certain supplies GST-exempt. This special categorization allows exporters to claim a refund of the GST paid on the inputs and input […]
Advance Payments and GST: Your Roadmap to Tax Compliance
Advance payments are a common practice in business transactions, allowing parties to secure goods or services ahead of delivery. However, when it comes to taxation, particularly under the Goods and Services Tax (GST) regime, understanding the treatment of advance payments is crucial. Here’s a breakdown of the key aspects: GST Advance Receipt Voucher Essentials Issuing […]