GST State Code List and Jurisdiction
Each state and Union Territory in India is assigned a distinct state code under the GST framework. These GST state codes form a crucial part of a business's GST Identification…
Section 80DDB of the Income Tax Act: Deduction Limit, Covered Diseases, Claim Process & Certificate
Many taxpayers with dependents suffering from specific illnesses seek guidance on claiming deductions under income tax laws. Section 80DDB offers a tax deduction for expenses incurred on the treatment of…
GST Composition Scheme: Eligibility, Limits, Rates, and Advantages
The GST Composition Scheme is a simplified tax scheme designed to ease the compliance burden for small taxpayers. Under this scheme, eligible taxpayers can pay GST at a fixed percentage…
Section 16(4) of the CGST Act: Deadline for Claiming Input Tax Credit
Section 16(4) outlines a definitive period within which taxpayers must claim Input Tax Credit (ITC). This provision aims to streamline the process and minimize errors in tax reporting. In this…
GST Benefits – Advantages and Disadvantages of GST
The Goods and Services Tax (GST) is one of India’s most significant tax reforms, combining various indirect taxes previously levied by both the Central and State Governments—such as excise duty,…
Tax Deducted at Source (TDS) under GST
Under the Goods and Services Tax (GST) regime, TDS is required to be deducted at 2% on payments made to suppliers providing taxable goods or services, by specific notified entities.…
Tax Benefits of One Person Company (OPC) Registration in India
A One Person Company (OPC) is a unique business structure introduced under the Companies Act, 2013, allowing a single entrepreneur to operate a corporate entity with limited liability protection. This…
Importance of ROC Filing for Private Limited Companies
Registrar of Companies (ROC) filing is a mandatory compliance requirement for private limited companies in India. It involves submitting essential documents and financial statements to the Ministry of Corporate Affairs…
Union Budget 2025-26: Customs Reforms and GST Surge
The Union Budget 2025-26 introduces significant customs duty reforms to enhance trade efficiency, encourage domestic manufacturing, and simplify tariff structures. Additionally, the Goods and Services Tax (GST) collection has surged,…
Key Highlights of Finance Bill 2025: Income Tax Changes
Overview of Income Tax Changes in Finance Bill 2025 The Finance Bill 2025 introduces several pivotal amendments to India's income tax framework, aiming to simplify compliance and provide relief to…
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