E-Invoices are mandatory for businesses with a turnover of RS.5 CRORE E-Invoicing/E-Invoice is a form of electronic billing which is increasingly mandated by Governments across the World due to tax evasion. In India, the Government introduced e-invoicing in mid of the financial year 2020 with businesses having aggregate turnover above Rs. 500 Crore. The limit […]
Cryptocurrency Taxable under GST is still being determined. However, as per GST council meeting dated 14th may 2021, it is announced that trading of Cryptocurrency will be taxable under GST. The GST council has decided to impose 18% GST on the purchase or sale of Cryptocurrency. TAXATION OF CRYPTOCURRENCY UNDER GST Virtual digital asset means
Checklist of GSTR-9/9A & 9C consists information that needs to be included in each form i.e. Details of all outward and inward supplies made during the financial year,Details of input tax credit availed,Details of any tax paid or required to be paid etc. Checklist of GSTR-9/9A & 9C What is GSTR-9 (Annual Return)? Informational/ a
Generation of E-WAY BILL using their Common Enrollment Number (CEN), which is a unique identification number assigned to them by the Indian government. The CEN can be used to log in to the e-way bill portal and generate the document electronically. This process is intended to streamline the transportation process and make it more efficient
GSTN: CHANGES IN TABLE 4 OF GSTR-3B RELATED TO CLAIM OF ITC It may be noted that the ineligible ITC, which was earlier not part of the calculation of eligible/available ITC, is now part of the calculation of eligible/available ITC in view of the auto-population of Table 4(A) of FORM GTSR-3B from various tables of
Barter Exchange under GST Term Barter is not defined in CGST Act, 2017. Barter is said to be a process of giving a thing in return for another thing, where no value is fixed. For example, bartering a book with a notepad. Barter involves two independent supplies. As per Black’s Law Dictionary, Eighth edition, barter
PROFESSIONAL TAX: MEANING, RATE & COMPLIANCE The nomenclature ‘Professional tax’ could be one of those terms which do not completely convey the real meaning of the term. Unlike the name suggests, it is just not the tax levied only on professionals. Professional tax is a tax on all kinds of professions, trades, and employment and
Recent Amendments of GTA As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “goods transport agency” or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. This means, while others might also hire out vehicles for goods transportation, only
RECENT AMENDMENT IN EQUALISATION LEVY Equalisation Levy was introduced in India in 2016, with the intention of taxation the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business to business transactions. Over the past few years, Information Technology has gone through an exponential expansion phase in
Form GSTR-7 Before 10th July is the due date of filing.For example, if a taxpayer has made TDS deductions in the month of June, the GSTR-7 for that month needs to be filed on or before 10th July. If the due date falls on a weekend or a national holiday, the return can be filed
GSTR-3B: CHANGES IN REPORTING AND FILING CBIC has notified a series of changes in filing of its existing return in Form GSTR-3B. Form GSTR-3B is the return through which the Government collects tax from its taxpayers. 1) CBIC has introduced a new table 3.1.1 in which taxpayers will be required to provide details about supplies
Latest GST Notification issued by CBIC which we discuss in this article Latest GST Notification A bunch of notifications has been issued on 05.07.2022 by the CBIC to give effect to some of the recommendations of the 47th GST Council Meeting held in Chandigarh on 29th & 30th June, 2022. Summary of the same is
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Want to Setup your business in India? Connect with the best Online Registration, Licenses and Return filing solution providers for business across India. Since 2007, LegalSuvidha has been a one-stop shop for all startups or entrepreneurs looking for a chartered accountant, company secretary or lawyer. We have been ensuring Startups and SMEs are fully compliant with India’s legal system. Over the past 15 years, the depth of our offerings has increased and that too at affordable prices and customer satisfaction has made our standing different and we are giving a tough competition to other online facilitators of legal services in India. We have the best team for Company incorporation, Trademark Registration, Auditing, Advisory and Tax Filing for large, medium, small businesses and Startups in India.
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To do any business in India, you need a license for almost everything. Started a manufacturing business? You need a GST Registration and a Trade License. For a food business, you need an FSSAI license. In case you have employees, You need a Professional Tax registration and Shops & Establishments Act Registration. If that’s not enough, you also need to file GST Returns and Professional Tax Returns.
There is a lot of importance of legal documentation when you start your business, whether with your Investors, partners/co-directors, employees and any vendors you deal with. By getting a lawyer to draft contracts or agreements with new vendors, employees, and investors, you’re ensuring that you have all the downsides covered. At LegalSuvidha, we connect you to lawyers who will deliver complex documents, from shareholders’ agreements and founders’ agreements to terms of service/privacy policy and non-disclosure agreements, at a reasonable cost in a few days.
It’s not enough to have started a private limited company or an LLP. You need to comply with all the requirements of the Ministry of Corporate Affairs, Central Board of Indirect taxes and Central Board of direct taxes once you register your business. You need to inform them of every relevant change you make, whether it is adding a director, removing a partner or increasing authorized share capital. You also need to file annual returns and maintain your accounts. In the case of a private limited company, you even need them audited. At LegalSuvidha, we facilitate all these services completely online. This means you can engage a professional on retainer for the year and we’ll ensure that all the formalities are completed for you while you focus on your business.
We are Authorized e-return Intermediaries and have recently launched our own ITR filing platform, this will help the salaried employees and businesses to get their ITR filed within the time and at a reasonable price. Through the use of automation, the system is highly effective and will help in filing ITR in up to 10 minutes for Salaried employees. We have on-boarded the best Chartered Accountants who will provide consultation for both Salaried employees and Businesses to file proper taxes to the government of India. This will help in avoiding legal notices in the future and will also help in getting the returns processed at the earliest. We are the first in the market to launch the ITR filing facility for FY 2018-19.
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