Goods and services tax (“GST”) is an indirect tax for the entire country levied on the supply of goods and services. GST is India’s single unified tax which reflects an overall shift from taxing goods and services at the point of supply to where they’re consumed. India is also looking to boost tax revenue by moving the existing sales taxes to a new harmonised GST system. GST was touted as biggest taxation reform since independence.
The recent 32nd GST council meet announced new registration criteria for businesses, doubling the sales threshold for GST registration to INR 40 Lakh, allowance … Read more
For any organization, one of the most crucial tasks is payroll processing with complications paving way as tax regulations as well as compliances. Also, incorrect computation of worker benefits can wreck the timing and accuracy of one’s payroll system. Payroll is a list of particulars of employees of the company including the amount they are to be paid. Human resource, for any organization, is the paramount resource and paying them for the work performed by them is not a choice but an obligation for the organization.
Nonetheless, it is paradoxical not to encounter any challenges when an in-house payroll system … Read more
The thrust of framing amendments in Income Tax Act (“IT Act”) was on social infrastructure, ease of living, and technology-led governance aiming at inclusive and equitable growth which means greater public expenditure. With the following trends of market, IT Act ought to be updated from time and onwards. Following are the amendments made to the IT Act with effect from assessment year 2019-20:
- Conversion of stock-in-trade into capital asset
In accordance with section 2 (24), a new sub-clause (xiia) has been appended, stating fair market value of inventory to be included in income.
- Modification in terms of employment
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India is the fastest growing economy and a substantial recipient of foreign direct investment (FDI) globally. Among all, India shines to be the most stable economy claiming 100th spot in World Bank’s recently released Ease of Doing Business rankings. In addition to this, Make in India campaign, startup India and digital India has been a welcoming change. In order to reap the benefits of the fast growing economy, varied forms of business organizations are set up for doing business in India and are flourishing. Below mentioned is a brief connotation to incorporate an entity.
Incorporation of an entity idea … Read more
In this contemporary world, initiation of globalization has lubricated great technological advancement. All this has facilitated easy access as well as real-time communication among various countries notwithstanding the physical distance. Currently, the world is a ‘global hub’ where no destination is secluded. Subsequently, corporates around the world have become global in their operations and have been expanding their businesses beyond the boundaries of their countries into new markets in their quest to achieve growth and economies of scale.
Over time, two type of cross border transactions have emerged
- Conducting business activities with a country – Residents of a country transacting
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