Unusual Tax Cases in the World!
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Unusual Tax Cases in the World!

Have you ever wondered about some of the most unusual tax disputes in the world or the weirdest taxes that once existed? If not, then these cases and taxes will surely surprise you! One of the weirdest taxes that emerged in Ancient Rome was none other than Bachelor tax, yes you heard it right! This was broadly practiced in the year 1821 in Missouri in the USA. The bachelors had to pay a tax of $1 but it never became a law. 

Continue Reading about 6 months ago
In and Out of Excise Duty!
Taxes

In and Out of Excise Duty!

While seeing the news about petrol and diesel's skyrocketing prices, you may have heard about excise duty. Did you know that it still exists even after 3.5 years of the new GST regime? After the implementation of GST, Excise Duty has been abolished on most items. But there are a few products on which excise duty is still levied, which is liquor and petroleum products.

Continue Reading about 7 months ago
Document Identification Number (DIN): Transparent and Accountable
Taxes

Document Identification Number (DIN): Transparent and Accountable

The companies in India sell you the goods, earn their money, and pay the taxes. These taxes are paid to the government in two forms. The Direct tax that is income tax or corporate tax is levied on the income of the company. Other is the indirect tax now known well as the Goods and Service Tax or the GST and Customs duty.

Continue Reading about 1 years ago
8 things you must be aware of if you are a startup
Legal

8 things you must be aware of if you are a startup

As entrepreneurs, we want to innovate, experiment and do every thing possible in a different way. In this fast-pacing world, survival is the most important element for any new business that is being set up or is already there in the market. But, when it comes to legal structure, I'm sure nobody wants to run their brains and would keep it as simple as possible. 

Continue Reading about 2 years ago
5 ways to improve the Economy of India
Economy

5 ways to improve the Economy of India

The focus of our Indian government is on reforms that can revive the Indian economy. The main aim must be to increase the growth output without compromising on actions needed. Some reforms like GST and Implementation of FDI are bigger, but their impact on the life of a common man is minimal. Many reforms done by the government are only administrative in nature. Reforms that have a larger positive effect on the life of a common man are needed now and the below five reforms, when implemented, will push our economy to new heights.

Continue Reading about 2 years ago
What are the reasons for Auto Sector Slowdown?
Invest

What are the reasons for Auto Sector Slowdown?

The Auto Sector in India is under severe crisis after nearly a decade of high growth. The sluggish demand, along with liquidity crisis added to the stressful situation of the sector.

Continue Reading about 2 years ago
Regular Scheme Under GST: Composition Scheme
Taxes

Regular Scheme Under GST: Composition Scheme

Goods and Services Tax Act, which came into effect on 1st July 2017, has now replaced most of the indirect taxes in India, with a single tax.

Continue Reading about 2 years ago
A Comment on Recent GST Slab Rationalization
Taxes

A Comment on Recent GST Slab Rationalization

GST which means Goods and Services Tax which is a kind of indirect tax and is the one which is included in the sale price of goods and services. GST came into effect in India on 1st July 2017. A good goes through various stages which starts from a manufacturer and then finally reaches a seller and in all such stages GST is added.

Continue Reading about 3 years ago
All You Need to Know About GSTR-3
Taxes

All You Need to Know About GSTR-3

GST R1, R2, and R3 are various forms which are used for filing GST return. Return is a document which contains the details of income which a taxpayer is required to file with the authorities. Under GST a registered dealer has to file GST return which includes for purchases, sales, input tax credit etc.

Continue Reading about 3 years ago
Shortcomings of Goods and Service Tax
Taxes

Shortcomings of Goods and Service Tax

GST (Goods and Services Tax) is a kind of indirect tax and which is included in the sale price of goods and services. GST came into effect in India on 1st July 2017. A good go through various stages which starts from a manufacturer and then finally reaches a seller and in all such stages, GST is added.

Continue Reading about 3 years ago
What are the advantages of GST?
Taxes

What are the advantages of GST?

The Goods and Services Tax abbreviated as GST is a major tax reform which has consolidated the various manners in which the indirect tax was levied by Central and State tax departments and brought it under one umbrella. For instance, it has replaced the Service tax law, VAT, Entry tax, Luxury tax, Purchase tax, etc. It is a comprehensive tax on manufacture, sale and consumption of goods and services.

Continue Reading about 3 years ago
Critical Analysis of GST Slabs in India
Taxes

Critical Analysis of GST Slabs in India

Throughout the world, over 160 countries have adopted the Goods and Services Tax while France remains the parent country. India adopted this new tax system on 1st July 2017 with the One Hundred and First Amendment of the Constitution of India, replacing the various cascading taxes imposed by the central and state governments. Inspired by Canadian model, India adopted a dual-GST structure which is seen as the biggest tax reforms in the history of India.

Continue Reading about 3 years ago
What is GSTR 1return?
Taxes

What is GSTR 1return?

GSTR-1 is a return that is mandatory for every certified trader to file. This return contains details of outward supplies by that trader. The term ‘outward supply’ has been defined in the Central Goods and Services Tax Act, 2017. It implies all sales of either goods or services or of both, by methods of,

Continue Reading about 3 years ago
How is GSTR 1 Form filed?
Taxes

How is GSTR 1 Form filed?

Are you facing difficulty in filing GSTR-1? Don’t worry! This is your one-stop guide to finally understanding GSTR for what it is, and how is it to be filed.

Continue Reading about 3 years ago
What are the Requirements for Registering a Sole Proprietorship
Entrepreneurship

What are the Requirements for Registering a Sole Proprietorship

In a Sole Proprietorship, only one corpse or human being executes the business. Accordingly, the holder and the business are examined as individual material and substances. In other words, there is no variety between the sole-proprietorship and its possessor. Business drafted out by a single person is not like conventional and classical businesses. It is more of a one-man-show which is not expandable beyond an assertive point. Moreover, there is no decree or law leading its listing and working.

Continue Reading about 3 years ago
What is the Composition Scheme under GST?
Taxes

What is the Composition Scheme under GST?

On July 1st, 2017 the Government of India announced GST to be applicable throughout the territory of India including the State of Jammu and Kashmir. At first huge resentment was shown by the public to the GST being applied as some were in a state of confusion that how to apply GST over their regular methods of applying service tax and some were worried that how will they now be able to evade tax liability. But the small dealers who were eligible to pay tax were the ones in the most disturbed state of mind as to whether the provision of composition scheme under service tax will be repealed or will continue to operate under the new Goods and Services Act, 2017.

Continue Reading about 3 years ago