Services and goods are subject to indirect taxes and are collected by intermediaries such as manufacturers, wholesalers, and retailers. Unlike direct taxes, which individuals or corporations pay to the government, indirect taxes are passed on to the end consumer as…
The Goods and Services Tax is a comprehensive indirect tax that has replaced multiple taxes with a single tax system in India. The objective is to create a common market and a simplified tax regime. Here is what GST includes…
The Goods and Services Tax is not directly applied to the consumer, introduced in India in 2017 to replace several indirect taxes. GST has obtained a significant shift in the way businesses operate in India. It has simplified the tax…
When we buy goods or services, we usually pay the price advertised plus any applicable taxes. However, the taxes that we produce are not always obvious, as they can be hidden in the price or added as a separate charge.…
Compliance with GST regulations is mandatory and essential for businesses to unleash the benefits of GST fully. In this blog, we’ll explore the benefits it brings to companies. Improved cash flow: GST compliance can help businesses improve their cash flow…
GST is a value-added tax system levied on the supply of goods and services. It is a destination-based tax system, meaning the tax is collected in the state where the goods or services are consumed. GST is charged at every…
As a business owner, managing taxes can be a daunting task. With the ever-changing tax laws and regulations, it’s easy to make mistakes that could cost you time, money, and even legal issues. It is where GST Consultants come in;…
In continuation to the previous blog, there are certainly more important changes in CGST Act,2017 which commence on such date as the Central Government may, through a notification in the Official Gazette, appoint. Section 74 of CGST Act,2017 From Section…
Every taxpayer making payment of taxes to the Government on their purchases is knocked off while making the outward supply. A taxpayer must bear the tax liability on the value addition made by him, at each stage. But sometimes supply…
Refund of ITC on Input Services Within GST, the term “Inverted Tax Structure” represents the situation when the GST rate paid on inward supplies (or purchases) is higher than the GST rate paid on outward supplies (or sales). According to…