Table of Contents How to calculate GST? Implemented in 2017 with an aim to simplify the burdened taxation system of India, Goods and Services Tax is one of the most significant indirect tax reforms enacted in any democratic country in the world. Before this tax, goods and services were under various taxes such as excise, […]
The full form of GST is “Goods and Services Tax”. The journey of GST in India began in 2000 when the govt. set up a panel for drafting the law. It took 17 years for the law to evolve, and was finally implemented on 1st July 2017.
Table of Contents What is MSME? MSME stands for Micro, Small and Medium Enterprises. MSMEs are primarily engaged in producing, processing, or preserving products and materials. In India, MSMEs contribute nearly 8% of the country’s GDP, around 45th of the producing output, and roughly 400th of its exports. Therefore, It won’t be wrong to refer […]
Table of Contents What is the Input Tax Credit (ITC)? The Input Tax Credit (ITC) is the tax paid on the purchase of goods or services, which can be set off against the tax liability on the sale of goods or services. How to avail Input Tax Credit (ITC) if your Supplier has not uploaded […]
The Government had always been working for the benefit of Micro, Small, and Medium Enterprises (MSMEs). Along with this Government also provide many services to MSME registration. In India, when it comes to MSME registration, we can see that many benefits also come with it. A business can avail of these benefits only if it […]
Calculating GST may be easy for the commerce guys. But others may find it confusing. If you are one of them, don’t worry. A GST Calculator is the solution to your problems. It makes accurate calculations. Still, if you don’t want to take the easy route, here’s a detailed explanation to calculate GST. A step-by-step […]
Budget 2021 is the first paperless budget by the Finance Ministry. There have been many initiatives taken to strengthen SME and Startup sector. Here’s Key highlights for SME and Startup, Nirmala Sitharaman announced in the first digital budget. Table of Contents Incentivising OPC Setup Budgetary Allocation Extending Tax Holiday Insolvency Resolution Customs Duty Slashed Digital […]
The year 2020 was a global challenge to all due to COVID-19 pandemic. As per the National Statistical Office, India’s GDP contracted by a record 7.7% during FY-2020-21. With the Union budget scheduled to be announced on the 1st of February, various sectors and start-ups, and SME’s are eagerly waiting for the annual budget. The […]