gst
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GST will increase productivity and efficiency
The introduction of GST will incentivise the logistics sector in India. It is expected to act as the secondary factor that will build upon the primary foundation of a good infrastructure and faster ad...
25 July
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Aditya
GST on Agriculture
What is the GST rate on Agricultural activities?
Majority of agricultural products and services are exempted under GST. However, there are certain products and services relating to agriculture on whi...
29 May
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logitax
Top 10 Latest Updates on GST You Should Know in 2024
Goods and Services Tax (GST) is India's comprehensive indirect tax system, which was implemented in July 2017 to replace multiple taxes such as VAT, Excise Duty, and Service Tax. GST is levied on the supply of goods and services, with the tax rate varying depending on the type of goods and services...
18 May
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Riya
What is Capital Gains Tax rules & regulations?
Investing in a house property is one of the most popular investments, primarily because you get to own a home. Others may invest with the intention of profiting from the property when they sell it. It is important to note that a residential property is considered a capital asset for income tax purpo...
10 May
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Riya
What are the Depreciation Rates & Rules of Income Tax Act
According to the Income Tax Act, depreciation is the reduction in an asset's value brought on by use, deterioration, aging, or obsolescence. The Income Tax Act permits an entity's depreciation costs t...
25 April
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Riya
What are the Depreciation Rates & Rules of Income Tax Act
According to the Income Tax Act, depreciation is the reduction in an asset's value brought on by use, deterioration, aging, or obsolescence. The Income Tax Act permits an entity's depreciation costs t...
25 April
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Riya
"Export of services" under GST!
What is meant by “export of services” under GST?
As per section 2(6) of the IGST Act, 2017, "export of services" means the supply of any service when,
(i) The supplier of service i...
10 April
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logitax
“Aggregate Turnover” under GST
What is the definition of “Aggregate Turnover” under GST?
The term "Aggregate Turnover" under GST, defined in section 2(6) of the CGST Act, 2017, refers to the total value of all taxable...
10 April
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logitax
What Are Indian Accounting Standards?
Indian Accounting Standards
Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Com...
30 March
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Riya
"Continuous Supply" under GST!
What is meant by continuous supply under GST?
According to section 2(33) of the CGST Act, 2017, a "continuous supply of services" refers to the provision of services that are either provided or agree...
26 March
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logitax
Important activities every businessman should complete before 31st March.
Important Things to do before financial Year End
In India, the financial year is from April 1st to March 31st every year. As a result, the 31st of March is a critical deadline for meeting signif...
16 March
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Riya
Reverse Charge Mechanism under GST- Part II
Which are the goods on which RCM is applicable?
As per Notification No. 4/2017 - Central Tax (Rate) and Notification No. 4/2017 - Integrated Tax (Rate), following are the supplies of goods in which case RCM is applicable:
Which are the services on which RCM is applicable?
As per Notification No...
14 March
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logitax
What is GSTR-1? | How to file GSTR 1
What is GSTR-1?
Goods and Services Tax (GST) has revolutionized the taxation system in India by replacing multiple indirect taxes with a unified tax structure. Under the GST regime, businesses are required to file various returns to comply with tax regulations. One such crucial return is GSTR-1...
07 March
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Riya
Difference Between Old Vs New Tax Regime: Which is Better?
A Guide to Tax Rates in the Old and New Regime
The choice between the old tax regime and new tax regimes depends on various factors, including individual financial situations, income levels, and...
01 March
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Riya
Difference Between Old Vs New Tax Regime: Which is Better?
A Guide to Tax Rates in the Old and New Regime
The choice between the old tax regime and new tax regimes depends on various factors, including individual financial situations, income levels, and...
01 March
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Riya
The Impact of Budget 2024, Income Tax, and GST
Budget Analyzing the Impact on Income Tax and GST
The government has decided to leave the current rates of direct and indirect taxes unchanged. On February 1, 2024, Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2024, which offers some reforms and relief for businesses and taxpayer...
10 February
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Riya