Category: GST

GST Rate Cuts : How is it going to help small businesses

The Goods and Services Tax (GST) Council, in its 28th GST council meeting, approved rate cuts for several consumer centric items such as cosmetics, refrigerators, washing machines, and small screen tele units, and cleared the widely demanded exemption on sanitary...

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TDS and GST on Advertisement through Google Adwords

GST @ 18% is levied and TDS @ 2% is deductible on the Google Adwords advertisement expense. It is important to note here that some publishers are advertising through the Google entity which is registered in India and some advertisers...

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Comprehensive Guide on TDS on GST @ 2% (with Examples)

TDS @ 2% is required to be deducted on payment made to the supplier of taxable goods or services of both where the value of such supply under a contract exceeds Rs. 2.5 Lakhs. The provisions of TDS on GST...

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The new classification of MSME on the basis of Turnover

The classification of MSME for both goods and services organisation is done on the basis of the turnover and is as follows:- Classification Turnover Micro Enterprise Upto Rs. 5 Crores Small Enterprise Rs. 5 Crores to Rs. 75 Crores Medium...

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How I stay updated with the latest Tax Laws and you can too

The day I qualified my CA Exams, I was on 7th heaven and very confident that clients would soon start coming to engage me for my services and there would be a long cue of clients waiting in my office....

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Claiming Benefits of GST paid on Business expenses (Simplified)

The concept of GST is similar to that of VAT and Service Tax, which was applicable earlier. The only difference between the two is the mechanism of taking Input Tax Credit. In this article we will tell you how you...

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How to apply for IEC code for Import and Export of goods?

An IEC Code is a 10-digit code Importer Exporter Code, issued by the Director General of Foreign Trade (DGFT), which is mandatory for every organisation who does or intends to do the business of Import-Export. It is only applicable when...

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All about GST Compensation Cess

GST Compensation Cess is an additional cess levied on certain notified goods in addition to GST applicable on it. GST Compensation Cess also known as GST Cess was introduced to compensate states which are heavy on manufacturing. Due to the...

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GST e-Way Bill: Validity, Applicability, Rules & Procedure

E-Way Bill is an electronically generated document which is required to be generated for the movement of goods of more Rs. 50,000 from one place to another anywhere in India except Delhi. For movement of goods within Delhi, e-way bill...

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Submit LUT for Exports without payment of GST (Updated)

Export sales are considered as a case of Inter-state sale under GST and are therefore covered under the IGST Act. As per the IGST Act, the export of goods and services can be conducted under the following 2 possible ways:-...

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