Author: Manjinder Sood

Understanding GST Registration and Its Process

As a good citizen we must understand this new law and if you wish to undertake any economic activity in India, you must get the business registered under GST law. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any Input Tax Credit of tax paid by him. Need and advantages of...

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Documentation for GST Registration

Documents required for Sole proprietorship / Individual Individual documents PAN card and ID proof of the individual. Copy of Cancelled cheque or bank statement. Declaration to comply with the provisions Registered Office documents Copy of electricity bill/landline bill, water Bill Rent agreement (in case premises are rented) NOC OF OWNER Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/One person company (OPC): Company documents PAN card of the company Registration Certificate of the company Memorandum of Association (MOA) /Articles of Association (AOA) Copy of Bank Statement Copy of Board resolution Director related documents PAN and ID proof...

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Reverse Charge Mechanism in GST

The most complicated law provisions as the general public may find it, the reverse charge mechanism aims at plugging the loophole and bringing to tax net almost everyone. What is Reverse Charge? Reverse Charge means the liability to pay tax is on the recipient of the supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In simple words, you receive goods and services and instead of paying tax to the supplier, you directly pay to the government. Types of Reverse Charge There are two typed of Reverse...

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Analysis of The BUDGET 2018 in English :)

The Annual Union Budget is most awaited every year and as citizens, we look forward to benefits from the government in the form of tax concessions. This year’s budget is surely Senior Citizen’s budget with a bouquet of benefits given specifically to them. A big major change impacting several investors is the change in long-term capital gain tax. A boost to real estate with a change in circle rate definition impacting capital gains taxation, a move towards greater transparency by making TDS provisions applicable to charitable trusts, expansion in the definition of dependent agent, govt now proposes to tax...

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Yet another referral turned bad!

I am made to ponder and dig deep.Should I stop referring business or just wash my hands off the whole thing. Anyone asks do you know someone good? We simply say, “Sorry! Pls, find yourself.” No! This does not seem the solution. Let’s analyze this matter. Whenever we are need of buying something we ask our friends or put in on FB, hey my fav “Gurgaon Moms” my most popular group. Do you know someone good? I need this service/ I need to buy this product. Hey! I need a cake now? Hey pls, help urgently need a doctor?...

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ACCOUNTING QUERIES FOR A SMALL BUSINESS

While you set up your business with grand fanfare, reaching your dream turn-over was just the first milestone and you have already begun to bother about the profitability? One key area where most start-ups fumble and dread is figures and accounts. When do I start maintaining books of accounts? Where to maintain and who will do it? Can I maintain myself? Maintenance of financial records is actually a way to know the true and fair position of your business. In reality, it is much more. It is also a legal requirement. Several laws are applicable on a business and...

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