Key Takeaways HSN or the Harmonised System of Nomenclature, is a widely accepted set-up for categorising traded goods. Initially introduced by the World Customs Organisation (WCO) for international trade, it now acts as the standard for denoting and classifying products. Businesses should be aware of the specific HSN codes to streamline their daily operations and […]
Key Takeaways The introduction of the Goods and Services Tax (GST) regime has brought in a demand for standard classification of goods in India. The essential element of this process is the Harmonised System of Nomenclature (HSN) code which ensures that there is consistency in the identification of the products, primarily during their taxation in […]
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 […]
by Key Takeaways Form GST RFD-04 plays a crucial role in India’s Goods and Services Tax (GST) refund mechanism by enabling provisional refunds to taxpayers. Form GST RFD-04 is the provisional refund application form in GST. When a business files a refund claim, this form allows them to receive up to 90% of the eligible amount […]
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