What is the full form of SGST? State Goods and Services Tax (SGST) is a crucial component of India’s GST system. It isa tax levied by state governments on intra-state supplies of goods and services. On the other hand, CGST (Central Goods and Services Tax) is levied by the Central Government on intra-state supplies. This …
Read MoreThe introduction of the Goods and Services Tax (GST) on July 1, 2017, brought about significant changes in the taxation of various goods and services, including gold. As a precious metal with cultural and investment value, understanding the impact of GST on gold purchases is crucial for consumers, investors, and businesses alike. In this article, …
Read MoreNavigating Goods and Services Tax (GST) in India requires securing a Digital Signature Certificate. This certificate authenticates your identity in online transactions, protecting your business from fraud and ensuring that your filings are legitimate. Understanding how to obtain and register it correctly will help you avoid common GST Digital Signature Certificate errors and streamline your …
Read MoreWhen you own an asset like property, shares, or mutual funds, understanding the nuances of capital gains tax (“CG tax”) becomes crucial. This guide simplifies the complexities of this tax, covering its definitions, types, rates, and the calculation process. You’ll also learn about available exemptions and the latest tax rule changes related to mutual funds. …
Read MoreThe place of supply in GST, implemented in 2017, forms a vital part of the Indian tax system. GST is a destination-based tax, meaning it is levied where the products or services are consumed. To ensure appropriate application of GST, it is critical to identify the point of supply(POS) correctly. Let us explore the significance …
Read MoreNavigating the complexities of GST requires a thorough understanding of its rules and regulations. If you want to avail ITC in Goods & Services Tax, particularly under Section 16(2)(aa) of the CGST Act 2017, it’s crucial to comply with the guidelines. Claiming Input Tax Credit effectively reduces your tax liabilities and improves your cash flow. …
Read MoreProfessional tax plays a critical role in financial management for individuals and businesses in India. Grasping its concept, rates, due dates, and compliance requirements is essential to avoid penalties and ensure smooth operations. This comprehensive guide offers key insights, assisting you in navigating the complexities and maintaining compliance. Whether you are an employer, employee, or …
Read MoreImplemented in 2017, the GST system in India has revolutionized indirect taxation. This GST (Goods and Services Tax) structure comprises Central GST (CGST) and State GST (SGST) or Union Territory GST (UTGST). The dual GST regime impacts businesses significantly – affecting pricing, Input Tax Credit (ITC), and overall operations. In this article, we will understand …
Read MoreGoods and Service Tax (GST) is a comprehensive indirect tax levied on India’s production, distribution, and use of products and services. The Input Tax Credit (ITC) is a way to prevent tax cascades. In layman’s terms, cascading taxes refer to “tax on tax.” The current tax structure prevents the Central Government’s tax credits from being …
Read MoreSmall and medium-sized enterprises are important in driving the country’s economic growth. But, getting access to capital remains an ongoing challenge for your business expansion plan. This is where Fintechs and traditional banking platforms provide much-needed financial support by giving business loan. Per the businessline report, India’s fintech ecosystem stands third largest globally. It is …
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