Key Takeaways Did you know that you must have a GST registration if the annual turnover of your company exceeds ₹40 lakhs? Well, this registration as a regular taxable entity provides authenticity to your business and helps to develop brand value. With the introduction of a GST portal, the Indian government has made it very […]
Key Takeaways Staying updated with your GST compliance is essential for every taxpayer to avoid penalties and ensure smooth business operations. When one files a GST return, one needs to stay updated regarding its status to see if any issue arises in compliance. One of the key aspects of this is monitoring your return status […]
Key Takeaways Receiving a notice from the tax authority can feel pretty overwhelming for anyone running a business or even for individuals. One of the most important modes of communication you might encounter is the Show Cause Notice (SCN). When you find yourself wondering what is SCN in GST (Goods and Services Tax, it is […]
Key Takeaways The Goods and Services Tax (GST) framework in India carefully strikes a balance between taxability and exemptions from tax on goods and services. Likewise, many services provided to the government under Goods & Services Tax are exempt. Administrative and constitutional duties may be exempt, but many other services, such as commercial licensing and […]
by Key Takeaways The government introduced the Goods and Services Tax (GST) in 2017 to simplify indirect taxation. Still, many businesses in India are learning how to use it. A key part of GST involves handling different forms, and GSTR-2A is one of them. The system automatically generates GSTR-2A to show all your monthly purchase details. […]
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