Input Tax Credit on Capital Goods

By |2021-10-27T08:14:59+00:00October 27th, 2021|Categories: General|Tags: , , , , , , , , , |

  The goods and service tax (GST)  introduced a new concept of Input Tax Credit capital goods which is similar to that of VAT but with an important difference that the former will allow a set-off only on output rather than on both import and exports as in case of VAT. This would bring an inconsistency between [...]

Comments Off on Input Tax Credit on Capital Goods

Impact of GST on works contract

By |2021-10-07T12:35:04+00:00September 30th, 2021|Categories: GST|Tags: , , , , , , , |

A works contract is primarily a service contract with the possibility of item supply as part of the contract's execution. A works contract, by definition, is a formal agreement to do work or other obligations in exchange for money, such as construction, installation, modification, repairs, maintenance, or renovation of any immovable property. A subcontract for building [...]

Comments Off on Impact of GST on works contract

GST Registration certificate: How to download it from GST portal

By |2021-04-10T08:54:49+00:00April 10th, 2021|Categories: GST|Tags: , , , , , , , , , |

GST Registration Certificate is given to GST-registered individuals. Those that have a GST registration certificate are expected to show it prominently in their place of business. The method of obtaining a GST certificate is relatively simple. In this post, we'll go over how to get your GST certificate from the GST Portal. Introduction to GST Registration [...]

Comments Off on GST Registration certificate: How to download it from GST portal

Impact of GST on Rental Properties – Commercial and Household

By |2021-07-02T07:40:45+00:00February 5th, 2021|Categories: GST|Tags: , , , , , , , |

Introduction With the Introduction of this act, there were minor changes introduced on commercial rental income, the limit was 10 Lakh for commercial rental income, with the introduction of GST it raised to 20 lakhs. Since rent has been an important source of income for many and here so the implementation of GST on commercial rental [...]

Comments Off on Impact of GST on Rental Properties – Commercial and Household

Key Highlights of Union Budget 2020-21

By |2020-02-06T09:31:01+00:00February 6th, 2020|Categories: News|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Introducing the first union budget 2020 of the 3rd decade of the 21st century, Finance Minister Smt. Nirmala Sitharaman revealed a series of far-reaching reforms, pointed at fortifying the Indian economy by a succession of short-term, medium-term, and long-term projects. This year the union budget is themed as " Ease of Living ". The Finance Minister [...]

Comments Off on Key Highlights of Union Budget 2020-21

What is the procedure for Customs clearance ?

By |2021-06-30T05:15:59+00:00July 15th, 2019|Categories: Import Export|Tags: , , , , , , , , , , , , , |

Introduction: custom clearance procedure Custom clearance procedure works include formation and submission of documentation needed to help export procedure or imports into the country, describing the client while customs examination, evaluation, payment of duty and taking delivery of cargo from customs after clearance with documents. The documents included in customs clearance are : Exports Documentation custom [...]

Comments Off on What is the procedure for Customs clearance ?