GST Integrates FASTag with Eway Bill
Introduction to GST and Its Evolution Goods and Services Tax (GST) is an indirect tax regime implemented in India as of July 1, 2017. It aims to replace the complex…
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March 3, 2024
New Changes in TCS on Overseas Travel Packages
Introduction to TCS (Tax Collected at Source) Tax Collected at Source (TCS) is a provision under the Income Tax Act where the seller of specified goods or provider of specified…
March 3, 2024
Demystifying Form DRC-01B: A Comprehensive Guide
Introduction to Form DRC-01B Form DRC-01B is a vital compliance form introduced under India's Goods and Services Tax (GST) regime. It aims to ensure proper reporting and reconciliation of tax…
March 3, 2024
4 Factors to Consider while Building Credit Models using GST Data
Introduction to Credit Models and GST Data Credit risk modeling involves developing statistical models to predict the probability of loan default or other credit events using various borrower data. With…
February 22, 2024
Casual Taxpayer Registration: When and Why it is Required
The concept of casual taxpayer registration under the Goods and Services Tax (GST) regime is important for businesses to understand. So, a clarified knowledge of casual taxpayer registration - who…
December 21, 2023
Maximizing Tax Efficiency: Tips and Strategies for Regular Taxpayers
Tax efficiency primarily refers to the strategies an individual can use to save on income and prevent a significant portion from being allocated for tax payments. These strategies, however, are…
December 21, 2023
GST Annual Return Filing for Registered Regular Taxpayers
Annual return filing and compliance is the moral and social duty of every responsible Indian citizen. It helps the government determine the amount and means of expenditure of the citizens,…
December 21, 2023
Non-Compliance and Penalties: Risks Faced by Regular Taxpayers
The taxpayers must understand the risks and consequences of non-adherence to the GST regulations. Multiple charges and penalties are levied on taxpayers who don't file GSTR-7 returns according to…
December 21, 2023
Cancellation and Surrender Process for Regular Taxpayer Registration
Every business and individual with an aggregate yearly turnover of over ₹40 lakhs must get GST taxpayer registration. However, the limit for businesses established in the North Eastern states exceeds…
December 21, 2023
GSTR 9C Self-Certification: How You Need to Prepare as a Finance Head?
GST has undoubtedly changed the face of indirect taxation in India since its launch in 2017. But while GST does help simplify taxation for businesses, it is still complicated in…
December 20, 2023
Simplified Process for Casual Taxpayer Registration: A Step-by-Step Guide
According to Section 2(20) of the CGST Act, 2017, a casual taxable person is a person who occasionally manages transactions involving the supply of goods or services or both. This…
December 20, 2023
Eligibility Criteria and Time Limits for Casual Taxpayer Registration
In the Goods and Services Tax (GST) era, the concept of a ‘Casual Taxable Person’ is gaining more significance. Therefore, a person must obtain registration in the state where they…
December 20, 2023
Amendments and Updates to Regular Taxpayer Registration: Staying Compliant
On the other hand, modifying major registration details, such as the business activity, promoter’s name, or type of taxpayer, requires tax officer approval. The Government brings new updates from…
December 20, 2023
Understanding GST Threshold Limits and Exemptions: Essential Guide
Goods and Services Tax is one of the excellent tax provisions in the Indian taxation system. As per this mechanism, if a business’s annual sales exceed the specified exemption limit,…
December 19, 2023
Understanding GST Composition vs. Regular Scheme: Ideal Business Choices
The Goods and Services Tax combines multiple taxes into one. And now, complying with the tax laws has become easier than ever for businesses. The big companies have enough resources…
December 19, 2023
Benefits and Rights of Regular Taxpayer: Access to Input Tax Credit and Refunds
The input tax credit is the goods and services tax a taxable person pays to buy any services or goods. You must note that businesses particularly use the goods and…
December 19, 2023
GST Registration for Regular Taxpayer: Process and Document Checklist
Regular taxpayer registration and GST registration are mandatory to conduct business in India. Consequently, businesses with a yearly turnover of ₹ 20 to 75 lakh can benefit from regular taxpayer…
December 19, 2023