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What Happens If E Invoice Applicable Rules Are Not Followed?
E-invoicing is now an integral part of the GST growing compliance process in India. When the e invoice applicable is not achieved, businesses have to suffer penalties, GST disputes, and…
What are the Eligibility Criteria Under Sec 44AD of Income Tax Act?
The sec 44AD of Income Tax Act holds great significance for any small business, shopkeeper, or freelancer who is looking for a way to make the tax returns simple. Instead…
How Is the Valuation of Supply Under GST Different for Imports and Exports?
The valuation of supply under GST is important in determining the amount of tax that a business must pay or retrieve in the form of a refund. For companies involved…
How to Avoid Paying Extra Interest Under Section 234C of Income Tax Act?
The section 234C of Income Tax Act is concerned with interest charges for the delayed or short payment of advance tax. Many Indian businesses and professionals involuntarily end up paying…
How Do International Standards Define Provisions in Accounting?
The provisions in accounting are valued very highly in showing the actual financial stance of the company. These enter into a future claim even if the amount is unknown or…
What Are the Exemptions and Threshold Limits Under Section 194Q?
In order to collect tax at source for large purchase transactions, section 194Q was introduced by the Income Tax Department. It is the responsibility of the buyer and not the…
Who is Liable to Pay Tax Under the Reverse Charge Mechanism under GST?
The concept behind the Reverse charge mechanism under GST leaves the business owner confused more often than not. Unlike valuations where the seller will fill in tax returns and deposit…
Which Sectors Will See the Biggest Impact from GST Reduction?
The GST reduction in India has sent shockwaves throughout businesses in the country, providing respite in expenses and bringing opportunities for development. Some industry sectors gain direct benefits while other…
How Different Is the GST New Slab from the Previous Structure?
The GST new slab has introduced some major changes in the taxation regime of India. For businesses, this means taking a look at the rates, making the necessary adjustments to…
How Will Next Generation GST Reforms Impact E-Invoicing and E-Way Bills?
The next generation GST reforms will reasonably introduce some changes in e-invoicing and e-way bill processing by Indian businesses. The streamlining of numerous processes with GST 2.0 will achieve improved…