Stay updated with GST rules, tax rates, compliance guides, filing procedures, and practical GST tips designed for Indian SMEs and business owners.
KEY TAKEAWAYS GST 2.0 introduced a simplified tax structure with major slabs reduced to 0%, 5%, 18%, and 40% from 22 September 2025 The old 12% and 28% GST slabs were largely removed, with items shifted either to 5%, 18%, or 40% Daily essentials like soap, shampoo, butter, ghee, namkeen, notebooks, and insurance became significantly…
KEY TAKEAWAYS Section 44AD offers a presumptive taxation scheme for small businesses to simplify ITR filing Eligible businesses can declare 8% of turnover as income (6% for digital receipts) Turnover limit is ₹2 crore, or ₹3 crore if 95% of receipts are digital No need to maintain books of accounts or get a tax audit…
Introduction As the financial year draws to a close, many business owners feel they’ve missed the window for tax planning. In reality, there’s still time to make a few smart financial decisions before March 31 that can reduce your tax liability for FY 2025-26. For SMEs, proprietors, and professionals, year-end tax planning isn’t about complicated…
Introduction As the financial year comes to a close, March becomes one of the most important months for GST compliance. Businesses must ensure that their sales data, tax liability, and input tax credit records are properly reconciled before filing returns. Missing deadlines at this stage can create complications during year-end closing and reconciliation for FY…
Introduction If you ask most small business owners what stresses them about GST, the answer isn’t tax rates. It’s deadlines. Returns stack up, portals misbehave, accountants chase documents, and somewhere in the rush, a filing gets delayed. A few weeks later, the email arrives: Late fee. Interest. Notice. More anxiety. The truth is simple: GST…
Introduction GST registration cancellation is a frequently asked issue, and we’ve addressed a few of the most prevalent concerns regarding it in this article. Meaning of cancellation of GST registration If the taxpayer cancels their GST registration, it simply implies that they are no longer a GST registered business or individual. Such businesses or individuals…
GST fоr E-соmmerсe GST hаs а mаjоr imрасt оn eсоmmerсe in Indiа. With mоre аnd mоre соmmerсe hаррening оnline, the Gоvernment hаs рrоvided sрeсiаl рrоvisiоns аnd regulаtiоns thаt eсоmmerсe соmраnies hаve tо соmрly with under GST. In this аrtiсle, we lооk аt sоme оf the fаqs reсeived frоm eсоmmerсe орerаtоrs with resрeсt tо GST. GST Registrаtiоn fоr…
Introduction Раrtnershiр firms in Indiа саn be fоrmed by аnyоne either by written оr оrаl аgreement. Under this аgreement, twо оr mоre рeорle аgree tо shаre the рrоfits eаrned thrоugh the business whiсh is run by аll раrtner оr аny оne оf them. Fоr the рurроse оf Inсоme Tаx, раrtnershiр firms аre required tо submit…
Introduction With growing awareness on healthy living, organic farming & grocery chains carrying organic store food products, are coming up everywhere. With the Indian organic food market anticipated to grow over 25% in the next 3 years, there is huge scope for venturing into the small business of organic food & organic farming. Whаt is а соnsent…
Introduction In a move to put all the taxes together under one roof, the Government of India implemented GST, the Goods, and Services Tax, which came into existence on July 1, 2017. A single tax on goods and services, GST may be one of the most far-reaching economic reforms in India’s history. Previously, there were…
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