CIBIL, a part of TransUnion, is one of the RBI-approved credit rating agencies that are responsible for generating credit scores of individuals and businesses based on the data provided by the banks and lending institutions. CIBIL full form is Credit Information Bureau India Limited. A CIBIL score determines whether an individual is likely to repay his debt or loan in time. Therefore, lenders consider it … Continue reading What is a Good Credit Score? Top 3 factors that affect your credit score
The Indian Government introduced GST, also known as Good and Services Tax, on July 1st 2017, passed on March 29th in the same year in the Indian Parliament. It is a tax imposed on goods and services that replaced several other indirect taxes prevalent in India. Presently, GST registration has become mandatory for businesses with a yearly turnover of Rs.40 lakh and above and in … Continue reading Know About The Process of GST Registration in India
After the implementation of the Goods and Services Tax (GST) in India, it is mandatory for all business entities with the minimum aggregate turnover in a fiscal to complete the GST registration procedure. As a business owner, you can visit the GST portal, fill up the GST REG-01 form, upload the required documents to initiate GST registration process. The list of documents required for GST … Continue reading Documents Required for GST Registration Procedure
Businesses with an annual turnover of more than Rs. 40 Lakh and Rs. 20 Lakh for north-eastern and hilly states have to file GST mandatorily. They have to obtain a GSTIN, a 15-digit alphanumeric code required for filing returns. There are various goods and service tax forms that taxpayers have to fill depending on their income. Entities with an annual turnover of up to Rs. … Continue reading What is GST Tax Returns Filing In India?
Experts feel that the recent changes declared in the 32nd GST Council meet would complicate tax structure but spell convenience for small and mid-sized enterprises (SMEs). During its meet, the Council raised the minimum threshold limit for GST registration from Rs. 10 lakh to Rs. 20 lakh for hilly and north eastern states, while for others it was raised to Rs. 40 lakh from Rs. … Continue reading Changes in GST could Complicate Tax System but Boost SMEs
The Goods and Services Tax (GST) came into effect back in 1st July 2017 although the reform for a new taxation system began in 1958. GST’s rollout got delayed due to multiple changes of power within the central government. There were various GST advantages and disadvantages when it was finally implemented that divided the general public’s opinion of this new tax regime. One of the … Continue reading Here are Top Pros and Cons Of GST Tax In India
Goods and Services Tax (GST) has been one of the major reforms in India. This tax has levied many indirect taxes on various Micro, Small and Medium Enterprises (MSMEs) by State and Centre Government, including VAT, service tax and excise. However, there are both pros and cons of implying GST on MSMEs: Pros: The major advantage of GST benefits according to 2019 Interim Budget is … Continue reading What are the Pros and Cons of GST for MSMEs in Indian Budget 2019?
While the advantages of GST in India are still being debated, the GST Council in its 32nd meet has proposed some major changes. The Council has increased the Goods and services tax exemption limit from the current Rs. 20 lakh to Rs. 40 lakh for other states, while doubling the exemption limit to Rs. 20 lakh from Rs. 10 lakh for hilly and north eastern … Continue reading What are the Advantages of GST in India After New GST Exemption Limit?
The Goods and Service Tax (GST) came into effect on June 30, 2017 amidst numerous controversies. While on one hand, economists said that GST would bring nothing else than inflation, others claimed that it will make the economy healthier than ever. Now, irrespective of the claims and actual consequences, the business sector has been widely affected in both negative and positive ways. Let’s take the … Continue reading Pros and Cons of GST for Startups
The GST or the goods and services tax identification number is an exclusive 15-digit alphanumeric code assigned to an individual or business entity registered for paying the GST in India. Every business inside the liability tax bracket should get a GST identification number in order to perform business operations in India within the legal framework. A GSTIN number includes a 2-digit state code to start … Continue reading Guide To Get GST Identification Number