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Are you familiar with India’s essential export regulations? If you receive payments from abroad in foreign currency, you are exempt from paying GST. Per the export regulations set by the Indian government, the export of goods and services is considered a zero-rated supply if payments are received in foreign currency. Since payments are received later,
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Introduction TDS under section 194R was introduced in the Union Budget 2022, and it was made effective from 1st July 2022. Section 194R was introduced to avoid tax evasion in case of income received in the form of any perks or other non-monetary benefits from the business or profession. Before this section was introduced people
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Are you looking to expand your company into the global market but unsure of how to navigate it? In this article, we’ll discuss how outsourcing the payroll services can allow US companies to take advantage of international opportunities and why they are so important for growth! IntroductionAs the world becomes increasingly connected, more and more
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After introducing the GST Act initially, the composition scheme had a limit of Rs. 1 crore, i.e. registration under the composition scheme can only be opted by business with an annual turnover of less than Rs. 1 crore. The GST composition scheme turnover limit for northeastern states and hill states such as Sikkim and Himachal
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CBIC has issued Notification No. 56/2019–Central Tax dated 14th November, 2019 and has simplified Annual Return GSTR-9 & GST Audit GSTR-9C vide Central Goods and Services Tax (Seventh Amendment) Rules, 2019. It notifies various changes in Form GSTR-9C to give effect to its applicability for F.Y 2017-18 and 2018-19. This notification provides substantial relief by
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