GST impact on IT Sector

Introduction: GST impact on IT Sector One of the most major tax reforms in India was the implementation of the Goods and Services Tax (GST). It has made sure that the economy is rationalized and has strengthened mop-up, resulting in continual convergence under the notion of “one nation, one tax.” It has been referred to …

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Difference between Goods and Services

Difference between Goods and Services

Goods Definition  The term “goods” refers to tangible, consumable items, articles, and commodities that businesses offer to clients in exchange for payment. They are things with physical properties, such as shape, appearance, size, weight, and so on. It is able to fulfil human desires by making them useful. Some goods can only be used once, …

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What is Excise Duty

Introduction Excise duty is a levy imposed on goods produced domestically. This indirect tax is collected from clients by retailers or middlemen, who then pay it to the central government.   When manufacturers shift products from their production area or warehouse to a different location for selling, they must pay this fee. Since tax is …

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Save tax on Home loans

Save tax on Home loans

Introduction The deadline for claiming additional deductions for house loan interest payments was recommended to be extended to 31 March 2024 by Union Finance Minister Nirmala Sitharaman in the budget speech. This comes after the administration extended the deadline to March 31, 2022, in the previous budget. All home loans approved up until the end …

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How does Section 80GGC work?

A tax deduction is allowed under Section 80GGC for any money given to a political party or an electoral trust by an individual during the preceding year. If the donor gives a cash donation, there is no deduction allowed.  Any sum contributed to a political party or an electoral trust during the fiscal year may …

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Rules related to Compliance

What guidelines apply to compliance?  It is essential to take action to prevent compliance problems. There are numerous regulations that firms must abide by. Depending on your sector, these guidelines may alter.    Regulators also frequently update existing regulations and develop new ones. As a result, managing compliance effectively might require time and commitment.    …

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Consequences of not keeping records

Introduction  The assessment under GST is primarily centered on the taxpayer’s self-assessment, in which the taxpayer determines his own tax burden for the tax period and pays it. The department bases its compliance verification, examination, audit and investigation on documented checks rather than actual records. This led to the creation of a specific requirement that …

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ITC under GST

ITC under GST

ITC Computation: What Is It?  The provisions of the GST Act and Rules, which have also evolved over time, are applicable to ITC computation. In order to calculate ITC and submit it in GST filings, taxpayers must abide by all the requirements set forth in the GST Law. Since the introduction of GST, the fundamental …

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