A. Changes in GST Tax Rates: I. Recommendations relating to GST rates on Goods A. Changes in GST rates of goods Other Miscellaneous Changes II. Recommendations relating to GST rates on services Other changes relating to Services B. Measures for facilitation of trade: a) In respect of initial years of implementation of GST, i.e., financial …
What is RCM? The Reverse Charge Mechanism (RCM) is an essential concept under the Goods and Services Tax (GST). Normally, the seller of goods or services pays the GST to the government. However, under RCM, the responsibility to pay the GST shifts to the buyer. Purpose of RCM RCM was introduced to ensure proper tax …
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Hi, I’m Ramalingam, the founder of Ramasiva Associates. Welcome to our channel! With over a decade of experience in auditing and finance, I founded Ramasiva Associates in 2018 to help businesses succeed. We offer services like Accounting, Direct Tax, Indirect Taxation, Internal Audit, and Management Consulting. Our goal is to support small and medium-sized businesses …
What is Working Capital? Working capital is the money a business uses for its daily operations. It’s calculated by subtracting current liabilities (what the business owes) from current assets (what the business owns). Good working capital management helps a business run smoothly and pay its bills on time. An ideal working capital ratio, which is …
Good accounting is the backbone of any successful small business. It provides a clear financial picture, enabling business owners to make informed decisions and ensure sustainable growth. Here’s how good accounting practices can benefit small businesses: Financial Clarity and Decision Making Accurate accounting offers a comprehensive view of your financial status. By maintaining up-to-date records …
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Navigating GST compliance can be daunting for businesses, but maintaining accurate accounts and records is crucial to stay compliant and avoid penalties. This guide aims to simplify the process and highlight the key aspects of GST compliance. Understanding Basic Requirements Under GST law, businesses must maintain detailed records of all transactions, including sales, purchases, input …
Unlocking GST Compliance: A Comprehensive Guide to Accurate Accounts and Records Read More »
Extension of Deadlines for GST Amnesty Schemes till 31st August 2023 1.Extension of Amnesty Scheme for Non-Filers of GSTR-4 The deadline for non-filers of GSTR-4 has been extended from 30th June to 31st August, 2023 under the amnesty scheme, vide Central Tax Notification 22/2023. This extension provides taxpayers with more time to fulfill their filing …
As per the new update, from 1st August 2023, all the registered businesses whose Aggregate annual turnover (based on PAN) in any preceding fiscal year from 2017-18 onwards Exceed 5 crores, will have to generate e-invoice as a mandate. However, as of now this mandate is only limited to the businesses whose annual turnover exceeds …
1.Carry forward your Losses By filing your return within the original due date, you can carry forward losses to subsequent years. These losses can be offset against the income of future years, thereby reducing your tax liability. Without filing an income tax return, this benefit would not be possible. 2. Claim Refund of Excess Tax Payments …
Invoice incentive scheme allows to earn cash prizes on upload of GST invoices Government to launch ‘Mera Bill Mera Adhikar’ GST reward scheme in six States, UTs from September 1 The government will launch the ‘Mera Bill Mera Adhikar’ invoice incentive scheme, which offers cash prize from ₹10,000 to ₹1 crore, from September 1, starting …
