Navigating the GST regime can be complex, especially for small taxpayers aiming to minimize compliance burdens and tax liability. The GST Composition Scheme offers a simplified framework for eligible businesses, allowing them to pay tax at a fixed rate on turnover while avoiding the complications of regular GST filings.
In a significant compliance update, the Ministry of Finance, through Notification No. 25/2024-Central Tax dated 09th October 2024, has amended Notification No. 50/2018-Central Tax dated 13th September 2018. This amendment specifically targets
Since the implementation of Goods and Services Tax (GST) in India, the treatment of second-hand goods, including used cars, has raised various interpretational and practical concerns. The government has made conscious efforts to ease the tax burden on
Turnover is a fundamental concept under Goods and Services Tax (GST) law in India. It determines key compliance requirements, including registration, tax liability, return filing obligations, eligibility for schemes, and audit applicability. Incorrect calculation of turnover
Understanding the classification of supplies under the Goods and Services Tax (GST) law is crucial for businesses, professionals, and taxpayers. Two classifications that often create confusion are Exempt Supply and Nil-Rated Supply. While both result in no GST liability,
E-commerce businesses in India are subject to specific GST regulations, including Tax Collection at Source (TCS), invoicing rules, and mandatory registration requirements. Under the CGST Act, 2017, an E-Commerce Operator (ECO) is any entity
The Finance (No. 2) Act, 2024 introduced a game-changing relief measure in the Central Goods and Services Tax (CGST) Act, 2017—Section 128A. Effective from November 1, 2024, this provision aims to ease the financial burden on taxpayers by waiving interest and penalties in
Vouchers are extensively used across industries, including retail, e-commerce, hospitality, and telecommunications, for promotional offers, prepayments, and consumer rewards. The taxation of vouchers under Goods and Services Tax (GST) has been a matter of legal and interpretational complexity due to
As a freelancer in India, navigating the complexities of GST can be overwhelming. Whether you provide services to international clients or work with domestic businesses, understanding GST laws, invoicing, tax compliance, and refunds is crucial to avoiding penalties and optimizing tax benefits.
GST on Affiliate? Affiliate marketing has become a lucrative income stream in India, allowing individuals and businesses to earn commissions by promoting products and services. But are you aware that your affiliate earnings may attract Goods and Services Tax (GST)? Misunderstanding tax obligations can
