Tag: tax
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ITC Availment Under Wrong Head Should Not Be Penalised: High Court
In a recent ruling, the High Court has addressed an important issue related to the availment of Input Tax Credit (ITC) under the wrong head of GST (i.e. CGST, SGST,…
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Multi-State GST: Mandatory ISD Registration Effective April 1, 2025
The Goods and Services Tax (GST) landscape in India is set to undergo a significant transformation with the mandatory implementation of Input Service Distributor (ISD) registration, effective from April 1,…
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ITR vs. AIS (Annual Information Statement): What the IT Department Knows About You
Introduction Taxpayers in India are required to file their Income Tax Returns (ITR) every year, declaring their income, deductions, and tax liability. However, did you know that the Income Tax Department already has…
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How to Handle GST Notices & Avoid Common Compliance Traps
Introduction Receiving a GST notice from the tax department can be a serious concern for businesses. With increasing scrutiny on GST compliance, even minor errors in return filings or Input Tax Credit…
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GST on E-commerce Sellers: How Online Businesses Can Stay Tax Compliant
Introduction With the rise of e-commerce platforms like Amazon, Flipkart, Meesho, Nykaa, and Shopify, thousands of businesses are selling online. However, many sellers fail to comply with GST laws, leading to penalties,…
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GST Notices & Scrutiny: A Comprehensive Guide to Handling GST Demand Notices
Introduction Under the Goods and Services Tax (GST) Act, 2017, businesses are required to comply with various tax obligations, including filing returns, maintaining proper records, and ensuring accurate tax payments. In…
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GST on SaaS Businesses in India: Foreign Payments & Reverse Charge Mechanisms
Introduction The SaaS (Software as a Service) industry in India has witnessed significant growth, with businesses offering cloud-based software solutions to global customers. However, understanding GST implications on SaaS businesses, especially concerning exports, foreign…
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Major Change in ITC Distribution from 1st April 2025 – ISD Mechanism Becomes Mandatory!
The Finance Act, 2024, along with Notification 16/2024 dated 6th August 2024, has introduced a significant amendment in the distribution of Input Tax Credit (ITC) for businesses. Effective from 1st…
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Can Goods Transport Agency (GTA) charge both 12 percent and 5 percent under GST Forward charge?
Introduction Goods Transport Agencies (GTAs) play a crucial role in the supply chain, ensuring smooth movement of goods across the country. The taxation of GTA services under the Goods and…
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Can We Raise an Invoice on a Trade Name Under GST?
Introduction Goods and Services Tax (GST) in India mandates that businesses issue invoices compliant with GST law. A frequently asked question in this regard is whether an invoice can be…
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