In the Goods and Services Tax (GST) framework, the primary principle is that the supplier of goods or services is responsible for the payment of GST. This rule requires the collection of taxes at the point of origin, which are then remitted to the government. However, there are specific scenarios where this responsibility shifts to the recipient of goods or […]
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The Goods and Services Tax (GST) regime in India has brought various concepts to standardize indirect taxation, two of which are Mixed Supply and Composite Supply. These terms might sound similar but have distinct meanings and implications under GST. Correctly categorizing supplies is crucial, as it impacts the applicable tax rates and compliance. Principal Supply: This refers to the good […]
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Definition of Supply: Under GST, the law widely defines ‘supply’ to include all types of transactions involving goods and services, such as sale, transfer, barter, exchange, licensing, rental, leasing, or disposal. A person must make or intend to make these transactions for consideration in the course or furtherance of their business. This comprehensive definition is crucial as GST is levied […]
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The Hindu Undivided Family (HUF) structure provides a distinct advantage for Hindu families in India when it comes to tax planning and managing business operations. A family can register an HUF as a separate legal entity, allowing them to conduct business independently and potentially reduce their overall tax burden. This blog will explain how a husband, wife, and HUF can […]
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A continuous flow of money is very important for any MSME to keep its operations smoothly running and scale up further. The biggest challenge faced by the MSMEs is the delay in receipt of payments from clients/customers or vendors/principals.Such delays in payment affect their financial stability and make it difficult for them to perform day-to-day operations. Keeping this menace in […]
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Starting a business is a dream for many, but transforming that dream into a reality requires navigating through the complexities of legal formalities. One of the first and most crucial steps in this process is company registration. This article will walk you through the essentials of company registration, why it’s important, the different types of company structures, and the steps […]
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What is tax? A tax is a required financial obligation or levy mandated by the government for individuals, businesses, or other entities. Taxes are collected to fund government activities and public services such as infrastructure, healthcare, education, defense, and social services. Hence, tax filing must be paid on or before deadline. Benefits of tax Taxes provide numerous benefits, both at […]
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In India, the Goods and Services Tax (GST) has simplified the indirect taxation system by replacing multiple taxes levied by the state and central governments. If you are a business owner in Bangalore, understanding how to register for GST is crucial for compliance and seamless operations. This guide provides a step-by-step process to help you navigate through GST registration in […]
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In the dynamic world of business, protecting intellectual property and ensuring legal compliance are crucial for any venture. Two significant legal processes that every entrepreneur should understand are trademark registration and company registration. While both serve distinct purposes. And they are confused very often. This blog aims to demystify these processes, focusing particularly on Trademark registration in Bangalore and company […]
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Income tax filing is a crucial aspect of financial management for individuals and businesses in India. It not only ensures compliance with the law but also helps in claiming refunds and availing various deductions and benefits. This guide provides an in-depth look at the income tax filing process in India, covering its importance, eligibility, types of income, filing procedures, and […]
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