How To Claim Your Income Tax Refund Income Tax Refund A lot of people oversees the fact that they pay heavy taxes on their income. This is because they don’t actually pay it on their own; rather their paymaster deducts the tax before crediting the income to the respective person account. Most of the times people pay more tax then they are liable to and never apply for refunds. Please note that the income tax deducted from your [...]

Cancellation of GST Registration Cancelation of GST Registration The Proper officer may cancel the registration in such manner and within such period as may be prescribed, either On his own motion Or an application filed by the registered person or by his legal hires (in case Of death of such applicant) Under the following circumstances, a registered person can fill for the cancelation of GST registration. Discontinuance of business Transfer of business on account of amalgamation, merger, [...]

GST for E Commerce Operators E Commerce: What Is E Commerce? E Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both, including digital products over digital or electronic network. Who Is E Commerce Operator? E Commerce Operator has been defined in Sec. 2(45) of the CGST Act, 2017 to mean any person who owns, operates or manages digital or electronic facility or platform for [...]

Are your Cryptocurrencies taxable? Cryptocurrencies are a form of virtual currency and in the current scenario is held and traded as a form of investment due to its high worth and arbitrage opportunities. The Income Tax Department has recently conducted surveys on various cryptocurrency exchanges in India which has created a scene of panic for everyone who has been dealing with cryptocurrencies. Is trading of Cryptocurrency legal in India? The Reserve Bank of India has not legalized the [...]

Composite Supply vs Mixed Supply Composite Supply “Composite Supply” means a supply made by any taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply. Interpreting the above definition in law Composite Supply can be explained as when one or more goods [...]

Supply under GST   Point of Taxation under earlier laws i.e Service Tax, VAT, Excise fell at different events. Goods and Services Tax which is aiming at unifying taxation system in India will Introduce the concept of Supply.The Point of taxation under Goods and Services Tax act is the time of Supply of Goods or Services. Supply includes: All forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease [...]