The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. The GST Department has been striving hard to ensure that only genuine taxpayers are registered under the GST regime. However, there have been instances where fake GST registrations have been made, causing huge revenue losses to the government.
Tax season can be a daunting time for many individuals, particularly those who are not well-versed in tax laws and regulations. With the constant changes in tax laws and the complicated nature of tax filing, it can be a real challenge to navigate the process on your own. This is where a tax consultant for individuals comes in handy
As a business owner, understanding input tax credit (ITC) can help you save money and streamline your tax filing process. In this blog, we will discuss ITC on food items, which can be a significant expense for many businesses.
The term “works contract” has a limited scope under the GST regime and is applicable only to contracts related to the construction, fabrication, or similar activities for immovable properties. Any composite supply involving goods, such as a paint job or fabrication work carried out in an automotive body shop, does not fall under the purview of a works contract for GST purposes.
Form 26AS is a crucial document that outlines the specifics of any sum that has been deducted from a taxpayer’s income as TDS or TCS from a variety of sources. Additionally, it provides information on the amount of advance tax or self-assessment tax that has been paid, as well as any high-value transactions that the […]
TDS or Tax Deducted at Source is a direct tax mechanism introduced with the aim of collecting tax from the very source of income. The government uses TDS to minimize tax evasion by taxing the income partially or wholly at the time it is generated rather than at a later date.