GSTR-2 is an application of Return for Inward supplies for the tax period. It is the next step for the taxpayer once he has filed GSTR-1.
The yearly return filed by the registered taxpayers in GST, including those listed under composition levy scheme, is known as GSTR-9.
GSTR-1 filing is a regular monthly sales return filing. It’s mandatory for all businesses who registered themselves under GST.
The retail industry is the fastest growing industry in India also in the world. The retail industry growth rate was 23% in 2017 in comparison to 2016 and is expected to grow at a higher rate in 2018.
GST council came up with new changes in GST tax rules after 28th GST council meet held on 21st on July 2018. The best and most accepted change is an exemption of GST on sanitary napkins.
Under this GST regime, it’s mandatory for every business to register them under GST. Currently including GSTR-3B companies have to file three other returns i.e. GSTR-1, GSTR-2, and GSTR-3. Continue reading “All you need to know about GSTR-3B Filing”
As the name suggests it’s a tax levied on incomes or earnings by companies & individuals. The government imposes this tax to provide better infrastructure & facilities to citizens also for some Government’s own activities. Income tax needs to be filed every year by individuals & entities. The only sector exempted from income tax is agriculture.
Finance minister Arun Jaitley announced budget 2018 on 1st February 2018. This budget brings some disappointment for investors also for some other sectors as custom duty hiked.
Arun Jaitley said that he proposed this budget keeping in mind the growth of Indian economy.
Here are some highlights of “Budget 2018”
E-Way bill is an electronically generated bill or receipt need to be generated for the purpose of transportation of goods worth more than Rs.50000 across the state.
Cloud accounting is widely accepted by small businesses. Cloud Accounting is termed as online accounting and manual accounting called as traditional accounting. Why we need cloud accounting? The best answer would be to save time, money and to reduce accounting errors. Also, cloud accounting is the best way to do accounting as you can save & edit all your data at any time and anywhere as data will be saved on server. These are some features which attract small businesses to use accounting software.