goods and service tax identification number

Goods and Service Tax Identification Number

Goods and Service Tax Identification Number (GSTIN) All the business entities registering under GST will be provided a unique identification number known as GSTIN or GST Identification Number. Before GST was implemented, all dealers registered under the state VAT law were assigned a unique TIN number by the respective state tax authorities. Similarly, service providers were assigned a service tax registration number by the Central Board of Excise and Custom (CBEC). Format of GSTIN Number: ...

E way bill

E-way Bill

E-way Bill E-way bill refers to a document to be carried by the person in charge of conveyance generate electronically, to reduce tax evasion with proper invoicing of the goods and to stop the practice of bogus Invoicing of goods. E-way bill is mandatory for every registered person who causes movement of goods of consignment value exceeding Rs. 50,000 In relation to a ‘supply’ For reasons other than a ‘supply’ ( say a return) Due to inward ‘supply’ from an unregistered person ...

GST Registration

GST Registration

GST Registration GST Registration compliance GST Registration is done by every supplier who is making a taxable supply of goods or services or both shall register in every State/Union Territory from where he makes taxable supply if his aggregate turnover exceeds 40 lakhs (10 lakhs for northeastern states) in a financial year. Aggregate turnover means the value of all taxable supplies (excluding the value of inward supplies liable to tax on reverse charge basis), exempt supplies, exports ...

gst

Goods and Service Tax (GST)

GST is commonly known as the tax imposed on the supply of goods and services. Previously, the Central Government levied taxes on manufacturing (Central Excise duty), provision of services (Service Tax), and interstate sales of goods (Central Sales Tax, or CST, levied by the Centre but collected and appropriated by the States). Additionally, State Governments imposed taxes on retail sales (VAT), entry of goods into the State (Entry Tax), luxury tax, purchase tax, etc. This created multiple layers ...

UIDAI

UIDAI

UIDAI The Unique Identification Authority of India (UIDAI) is a statutory authority established under the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (“Aadhaar Act 2016”) on 12 July 2016 by the Government of India, under the Ministry of Electronics and Information Technology (MeitY).= Prior to its establishment as a statutory authority, UIDAI was functioning as an attached office of the then Planning Commission (now NITI A ...

minimum alternative tax mat

Minimum Alternative Tax (MAT)

Minimum Alternative Tax (MAT) The concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. The introduction of the concept of Minimum alternative tax was to take the “zero tax” companies into the taxation bracket. It is payable under the Income-tax Act. According to Section 115JB, every taxpayer or company is eligible to pay income tax. It is applicable for all the public and private companies, including Indi ...

kisan vikas patra kvp

Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) The government scheme that was originally designed for farmers is now open to all. Kisan Vikas Patra (KVP) is a government-sponsored saving scheme that was initially designed specifically for farmers but is now open to all. Although the name of the scheme suggests that it is for farmers alone, you can also invest in the scheme, save money and accrue interest on your savings. Kisan Vikas Patra (KVP) is a savings scheme available at India Post Offices in the form ...

allowances taxability for salaried employee

Allowances Taxability for Salaried Employee

Allowances Taxability for Salaried Employee Allowances:- Allowances Taxability for Salaried Employee are 1. Fully-taxable allowances: a. DA or special allowance b. Fixed medical allowances c. Tiffin allowanced. Servant allowances e. Nonparticipating allowance f. City compensatory allowances g. Field allowances h. Overtime allowances 2. Partly exempted allowances: a. Special allowances 1.) Children Education Allowance - Exempt up to actual amount received per child or Rs.100 p. ...

indexation on mutual funds

Indexation on Mutual Funds

Indexation on Mutual Funds helps investors in long-term debt funds to save taxes. If you sell investments in debt funds after three years, the gains are treated as Long Term Capital Gains (LTCG). LTCGs are taxed at 20 percent with the indexation benefit. Indexation allows you to inflate the purchase price using cost Inflation index. It is a prudent way of not losing money by way of taxes. It helps us in inflating the purchase price of the debt mutual fund meaning we can reduce our tax liabili ...