Admin, Author at SOLUBILIS

Accounting services in Coimbatore

January 25, 2025 Admin Accounting and bookkeeping services

In today’s fast-paced business environment, accurate and timely accounting is essential for any company’s success. Whether you are a small start-up, a medium-sized enterprise, or a large corporation, accounting services are a critical aspect of your business operations. In Coimbatore, businesses are increasingly turning to professional accounting services in Coimbatore to streamline their financial processes, ensure compliance, and make informed […]

GSTR 9 annual return

January 20, 2025 Admin GST

The GSTR-9 annual return is a crucial compliance requirement under the Goods and Services Tax (GST) system in India. It is a consolidated document summarizing a taxpayer’s annual GST transactions. Filing GSTR-9 ensures transparency and helps reconcile the details filed in various GST returns throughout the financial year. Whether you’ve completed GST registration in Coimbatore, GST registration in Chennai, or […]

Time, Place and Value of Supply in GST

January 20, 2025 Admin GST

The Goods and Services Tax (GST) framework in India is built on three fundamental aspects: time, place, and value of supply. These concepts play a vital role in determining the applicability of GST, the state in which tax is to be paid, and the amount of tax to be levied. Businesses must grasp these principles to ensure compliance and avoid […]

Refunds in GST

December 23, 2024 Admin GST

The process for claiming a GST refund involves specific steps, including submitting required documents and declarations to the GST authorities. Taxpayers can claim refunds for various reasons, such as an excess cash balance in the electronic cash ledger, tax paid in error, or accumulated Input Tax Credit (ITC) that they couldn’t utilize due to zero-rated sales or an inverted tax […]

GST (GOODS AND SERVICES TAX) – Zero Rating of supplies

December 23, 2024 Admin GST registration

Under GST, zero-rated supply refers to goods or services that are exported out of India or supplied to a Special Economic Zone (SEZ) developer or an SEZ unit, where the goods or services are taxed at a rate of 0%. This concept is critical for promoting exports and operations in SEZs without the burden of tax. Key Features: Tax Rate: […]

What is SGST, CGST, IGST and UTGST?

December 23, 2024 Admin GST

Under GST, determining whether a supply is inter-state or intra-state is essential, as it dictates the applicable tax—Central GST (CGST), State GST (SGST), or Integrated GST (IGST). Proper classification ensures compliance, accurate tax calculation, and timely payment.Inter-State Supply: An inter-state supply of goods or services arises when the supplier’s location and the place of supply are in: Different states Additionally, […]

What is Reverse Charge Mechanism in GST?

November 18, 2024 Admin GST

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 […]

Mixed Supply and Composite Supply under GST

November 4, 2024 Admin GST Supply

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 […]

Definition of Supply under GST: Scope explained

September 26, 2024 Admin GST Supply

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 […]

Clubbing of income & HUF

September 20, 2024 Admin save tax

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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