About GST Registration Concept: – Goods and Services Tax is a merged indirect tax policy that covers VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc, and is legal all over India with effect from 1st July 2017. When to register for GST: – GST is compulsory to register when annual turnover surpasses INR 40/20 lakh …
Category: Income Tax
Goods and Service Tax Return Filing
Want help filling out your GST returns once you’ve completed your GST registration? Virtual Auditors come to your aid. The Goods and Services Tax (GST) is an indirect tax paid on the sale of goods and services that was introduced by the government in 2017. Every ordinary business must file a tax return on a …
Annual Return Filing for Private Limited Companies
All firms are required to file their annual returns at the conclusion of each fiscal year. The same approach must be followed by both small and large organisations. While many small firms skip this stage entirely, it is not recommended because it can result in substantial fines from the Registrar and potentially the directors being …
Tax on Blogging Income Under the Income Tax Act
The need for content providers and bloggers has risen dramatically since the advent of social media. Blogging is a popular job not only because of the platform it provides for self-expression, but also because it pays well. The income earned by a blogger is subject to the Income Tax Act’s tax regulations. Blogger’s Definition A …
Audit: Items/Income other than Sales/Service Receipt – GST Implication
There are many items which has different treatment in Income tax v/s treatment under GST Laws. So while auditing we should careful about the same. As per charging section of GST act, GST shall be levied on supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption. Supply …
Job Work provisions under GST – Key Points
Job work means any treatment or process undertaken by a person on goods belonging to another registered person. So registered person need to send inputs/capital goods to job worker to do job work. To send these inputs/capital goods without payment of tax only on challan basis – Job Work provision under #GST comes into force. …
GST Return Filing Services
GST is a major indirect tax reform in India, unlike anything the country has seen since independence. GST was implemented to make indirect taxation easier, reduce complexities, and eliminate the cascading effect. Depending on the type of business, all registered businesses must file a monthly, quarterly, or annual GST return. GST returns are submitted electronically, but …
Tax Auditor in Delhi
With businesses reaching greater success on a wider scale, creating the right regulatory standards in tax auditing is becoming more and more essential. The idea behind tax audit is to ensure that accounting records are kept in compliance with the provisions of the Income Tax Act. Since auditing indicates the corporate health and efficiency, helps …