The article explains What is a startup, Process of recognition of a startup, Benefits of recognition as a startup which includes Income tax deduction under Section 80 IAC, an exemption under section 56 of Income Tax Act (Angel Tax Exemption), Intellectual Property Right (IPR) benefits, Relaxation under public procurement norms, Self-certification under labour and environmental… Continue reading
Ineligible Input tax credit under GST Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available…. Continue reading
Applicability of TCS under GST & it’s impact on E-commerce The deferred TCS provisions has now become applicable w.e.f. 01st October 2018 and we aim to discuss how is it going to impact the E-commerce sector, what would they need to do as E-commerce operator and seller registered on E-commerce platforms. TCS under GST refers to… Continue reading
Introduction Online business is a business or commercial transaction that includes sharing information across the internet. With the growing use of internet and online marketing, businessmen find it convenient to grow their business over internet and attract a large number of consumers. A successful online business requires correct blend of true marketing facts, creative and… Continue reading
Input credit under GST What is Input credit In simple words taking input, credit means taking credit of GST paid on various purchases A registered person is entitled to take credit of GST charged on the purchase of goods or services which are used or intended to be used in the course or furtherance of his business… Continue reading
Imports under GST GST has subsumed the major indirect taxes, however, import duty such as Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard duty, etc. will continue. The additional duties of Customs i.e. the Countervailing Duty (CVD) and Special Additional Duty of Customs (SAD), would be replaced with the levy of Integrated Goods and Services… Continue reading
Introduction Private limited company is the most popular corporate entity amongst small, medium and large businesses in India. Features of a Private Limited company It should have a minimum of 2 members and can have up to 200 members No minimum capital is required to start it. It has minimum 2 directors Factors to be… Continue reading
Introduction Limited liability Partnerships (LLP) is the most popular form of partnership in India which is becoming the most favoured form of partnership over the traditional forms of partnerships and sole proprietorships Features of Limited Liability Partnership It should have a minimum of 2 partners There is no limit on the maximum number of partners No… Continue reading
Whether such business is required to take the GST registration? In general, the businesses with annual turnover up to Rs.20 lakhs are not required to take the GST registration. However, there are some specific cases, where a person is required to take GST registration even if the turnover is below Rs.20 lakhs. With this write-up,… Continue reading