What is a GST Exemption? How Will It Impact MSME Business?
Taxes can have a big effect on all types of businesses and change how they make money and pay taxes. This is why small and medium businesses need to understand…
Why MSMEs With GST Should Apply For An Import Export Code (IEC)?
The international market gives Indian MSMEs (Micro, Small, and Medium Enterprises) a lot of chances to grow. India’s exports are worth about $450 billion for goods and $323 billion for…
GST Amnesty Scheme – Features, Benefits & Impact On MSME
The Amnesty Scheme is intended to assist taxpayers, including small enterprises, who need to file their GST returns on time. The amnesty plan also minimizes the administrative burden of managing…
What Is An Input Service Distributor Under GST?
Managing tax credits effectively becomes vital when managing a business with many branches or units scattered around the nation. Here is where the Input Service Distributor (ISD) mechanism under GST…
What is OIDAR Under GST? Who Can Apply for This?
OIDAR, Online Information Database Access and Retrieval services play a crucial role in contributing to India’s digital economy under the Goods and Services Tax (GST), which has been effective since…
GST Compliance: Introduction, Benefits & Complete Checklist
According to a survey conducted in June 2022, 37% of businesses reported a significant reduction in the time spent on GST compliance compared to the previous tax regime. This considerable…
What is GST Accounting – Transactions and Entries Under GST
Goods and Services Tax, popularly known as GST, is a destination-based indirect tax that is levied on goods and services supplied in India. It was introduced in 2017 and has…
How to Get a New GST Registration Number? Process, Charges & Apply
Did you know that after the GST was implemented, it swiftly replaced most of the indirect taxes in India? According to a stat, as of January 2023, the number of…
GST Verification – Complete Process, Uses, Tools & Resources
As of 2023-24, there are around 82 million taxpayers in India. Even after a huge number of people rely on GST, understanding its complexities might be challenging, but it is…
LUT In GST – Registration, Eligibility Criteria, How to Apply & Filing
A Letter of Undertaking is an important document for any exporter under the GST regime in India. It means that the exporter is declaring to the tax department that it…