Are doctors required to register under GST?
This article deals with the question- whether GST registration for doctors is required ?The health care sector is one of the biggest sectors in India, is regulated by the Indian Medical Association (IMA). Doctors, apart from engaging themselves in healthcare services by working as doctors and consultants in hospitals, or running their own clinic etc. can […]
Tax Implications on Drop-shipping business in India
Drop-shipping is a type of business where the products to be sold are not kept in the store, rather in the drop-shipping model, the products are purchased from the third party and are directly shipped to the customer. As a result, the seller does not have to handle the product directly. The difference between standard […]
Review of Input tax credit
The GST law aims at providing seamless Input tax credit to the registered persons, which can be claimed by furnishing details of ITC in GST returns. While the missed ITC could be a loss to an entity, an undue or excess claim of ITC could put an entity to a trap of interest, penalty & […]
Sale of Second hand goods under GST
While GST is charged on transaction value under a normal supply. For a second hand supply, GST would be applicable only on the margin i.e. the difference between the value of sale and purchase price. If there is no margin, no GST is charged for such supply. The purpose of the scheme is to avoid double taxation […]
Tax aspects every Freelancer in India should know
Freelancing is the talk of the town; it’s the way new generation works. So, every freelancer needs to be aware of the tax implication on freelancing. This article aims to address issues such as Whether a freelancer require GST registration? Is he/she supposed to file GST returns? How should a freelancer file ITR optimally? So, […]
Applicability of GST on sellers in e-commerce market place i.e. sellers registered on Amazon, flipkart, Playstore
E-commerce has emerged as an emerging trend of business in India, there are thousands of suppliers under e-commerce operators, we will discuss about the applicability of GST on the suppliers selling goods or services through an e-commerce platform. An e-commerce platform/operator is an entity which owns, operates or manages digital or electronic facility or platform […]
TDS ON SALE OF IMMOVABLE PROPERTY 194IA AND FORM 26QB
There are various provision related to TDS where tax is to be deducted at source at a given percentage either at the time of payment or at the time of credit, as the case may be e.g. TDS on salary, TDS on professional fees, TDS on Contract, TDS on rent etc. Here, we are going to […]
Companies having share capital to declare commencement of business
All Companies having share capital registered on or after 02nd November 2018, are required to declare commencement of business to the authorities, before it could start its business. This needs to be declared within 180 days of incorporation to avoid penalties. This requirement was also present there in erstwhile Companies Act 1956 and Companies Act 2013. […]
What to do if someone has deducted TDS and did not submit it to the government?
This happens quite often, somebody deducts the TDS & do not submit it to government or do not file the TDS return due to which it does not reflect in our tax credit statement (26 AS). In such a case you won’t be able to claim credit of TDS and you would receive a tax […]
Treatment of Cash discounts & Trade discounts under GST
There has been a lot of confusion in treatment of discounts in invoice and questions with respect to which amount should be chargeable to GST. Though the law is pretty clear about it. GST treats all the discounts such as trade discounts, cash discounts, volume/turnover discounts, etc. Instead, the treatment varies with the timing of […]