Introduction Registering a company in India involves more than selecting a business name and submitting an online application. Applicants must provide accurate information about the proposed company, its directors, subscribers,...
Read MoreIntroduction Importing goods into India involves more than paying customs duties and arranging transportation. Businesses must also verify the applicable Integrated Goods and Services Tax (IGST), maintain customs documentation, record...
Read MoreIntroduction Businesses exporting goods or services need to manage GST documentation carefully. Along with commercial invoices, shipping records, payment evidence and accounting entries, exporters must determine how their supplies will...
Read MoreIntroduction Selling through an online marketplace can increase a business's reach, but it also creates additional accounting responsibilities. Sellers need to track customer orders, invoices, cancellations, product returns, marketplace commissions,...
Read MoreIntroduction Before recording a purchase in the accounts and claiming input tax credit (ITC), a business should verify more than the invoice amount and supplier name. It should confirm the...
Read MoreIntroduction Receiving a notice from the GST department can create uncertainty for a business, especially when the communication refers to a tax discrepancy, input tax credit mismatch, unpaid liability or...
Read MoreIntroduction Reverse Charge Mechanism (RCM) changes the normal process of paying GST. Instead of the supplier being responsible for paying the tax, the recipient becomes liable to discharge GST in...
Read MoreIntroduction A shipment can be delayed even when the goods are packed and ready to leave the warehouse. An incorrect GSTIN, a missing Invoice Reference Number (IRN), an invalid vehicle...
Read MoreIntroduction Filing GST returns is not just about entering figures on the GST portal. Businesses also need to ensure that their sales invoices, credit notes, accounting records, outward supply statements...
Read MoreIntroduction Applying for GST registration is an important compliance step for businesses that become liable to register under the Goods and Services Tax system. A GST Identification Number (GSTIN) enables...
Read MoreIntroduction Input Tax Credit (ITC) is an important part of GST compliance because it allows eligible registered businesses to reduce their output tax liability using credit available on qualifying purchases...
Read MoreBusinesses incur various expenses to operate efficiently, including purchasing vehicles, servicing company cars, providing meals to employees, arranging transport and offering insurance benefits. Although GST may be charged on these...
Read MoreIntroduction Businesses regularly incur expenses on rent, mobile phones, internet services, travel, vehicles, meals, office equipment and employee-related requirements. Although GST may be charged on these purchases, it does not...
Read MoreIntroduction Input Tax Credit (ITC) helps businesses reduce their GST liability by claiming eligible tax paid on business purchases. However, claiming ITC is not based only on receiving a tax...
Read MoreIntroduction Input Tax Credit (ITC) is an important feature of the Goods and Services Tax system because it allows eligible registered businesses to offset tax paid on purchases against their...
Read MoreIntroduction Office rent, electricity, telephone and internet are recurring expenses for many businesses. These expenses support daily operations, employee communication, customer service, accounting, online transactions and business administration. However, the...
Read MoreInput Tax Credit (ITC) is an important part of GST compliance because it allows eligible registered businesses to offset input tax against their output tax liability. However, an incorrect ITC...
Read MoreIntroduction Closing a business involves more than shutting down operations, settling supplier payments and closing bank accounts. Businesses registered under GST must also review their tax liabilities, dispose of remaining...
Read MoreIntroduction Businesses registered under GST frequently deposit money into their electronic cash ledger to pay tax, interest, penalties, late fees and other liabilities. Sometimes, the deposited amount exceeds the actual...
Read MoreIntroduction Businesses registered under GST frequently deposit money into their electronic cash ledger to pay tax, interest, penalties, late fees and other liabilities. Sometimes, the deposited amount exceeds the actual...
Read MoreIntroduction Businesses regularly sell old machinery, computers, office furniture, vehicles, production equipment and other assets that are no longer required for their operations. A manufacturing company may replace an outdated...
Read MoreIntroduction Employers regularly make deductions from employee salaries or recover amounts for various reasons. These may include canteen charges, notice pay for an unserved notice period, damaged company property, lost...
Read MoreIntroduction Input Tax Credit (ITC) helps GST-registered businesses reduce the tax payable on their outward supplies by claiming eligible GST paid on business purchases and expenses. However, calculating ITC becomes...
Read MoreIntroduction Employers regularly make deductions from employee salaries or recover amounts for various reasons. These may include canteen charges, notice pay for an unserved notice period, damaged company property, lost...
Read MoreIntroduction Businesses regularly distribute free samples, promotional products, gifts and complimentary items to attract customers, encourage repeat purchases and increase sales. Pharmaceutical companies may provide product samples to distributors or...
Read MoreIntroduction Discounts, incentives and rebates are common commercial practices. Manufacturers offer trade discounts to distributors, wholesalers provide volume-based rebates to retailers, and businesses give customers promotional discounts to increase sales....
Read MoreIntroduction Security deposits are common in commercial transactions. Landlords collect them from tenants, equipment owners collect them from customers, suppliers may require deposits before delivering goods, and service providers may...
Read MoreIntroduction Input Tax Credit (ITC) is an important part of the Goods and Services Tax system. It allows eligible registered businesses to claim credit for GST paid on purchases of...
Read MoreIntroduction A company's registered office is its official address for receiving legal notices, government communications and other formal correspondence. It is also an important part of the company's statutory records...
Read MoreIntroduction GST registration is important for businesses required to collect and pay Goods and Services Tax, issue tax invoices and comply with applicable return-filing obligations. When the GST department cancels...
Read More