RBI Compliance on Merchanting Trade or Drop Shipping

2019-09-23T14:46:55+05:30September 23rd, 2019|Compliance|

What is Drop Shipping? If we go by the definition mentioned in Wikipedia, Drop shipping is a supply chain management method in which the retailer does not keep goods in stock but instead transfers the customer orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer. As in retail business, the majority [...]

A Simple Guide on Tax Deduction at Source for Small Businesses and Startups

2019-09-10T21:27:51+05:30July 12th, 2019|Compliance|

Tax Deduction at Source often referred to as TDS has successfully been able to haunt early-stage companies in their day to day operations. Many early-stage companies (headcount 1-10) does not enjoy the luxury of a full-time finance/tax consultant who can advise on various payments to be made to consultants/vendors/employees etc. As a result, Auditors (which [...]

Penalties under GST Act

2019-05-10T21:00:57+05:30May 10th, 2019|Compliance|

Penalty  for certain offences Under Section-122 Any person who commits any of the following offences is liable to pay a penalty of - Rs. 10,000 100% of the amount of tax evaded, ITC availed/ passed or distributed wrongly, refunded claim fraudulently, TDS not deducted/deducted but not paid, TDS not collected/ short collected/collected but not [...]

Impact of GST on Small Businesses

2019-05-10T20:41:59+05:30May 10th, 2019|Compliance|

With the introduction of GST a centralized tax system for all the goods and services acr0ss India, it made a huge impact on Indian Economy and especially in Small and Medium Enterprises (SMEs). The main purpose of introducing the GST was to bring every indirect tax on one roof i.e one nation one tax [...]

Frequently Asked Questions on TCS Under GST

2019-01-29T00:42:00+05:30January 8th, 2019|Compliance|

E-commerce Operators and Marketplaces are required to collect TCS at the rate of 1% from October 01, 2018 onwards. Here are some of the most frequently asked questions which were answered by CBIC (Central Board of Indirect Taxes and Customs). As per Section 2(44) of the CGST Act, 2017, electronic [...]

Guide for Freelancers to Manage Cash Flow under GST Regime

2018-12-21T17:39:25+05:30December 21st, 2018|Compliance|

The introduction of Goods and Services Tax regime has propelled a new set of taxpayers viz. Online Sellers and Freelancers. While there is a turnover limit of INR 20 lakhs on GST Registration, E-commerce marketplaces have made it mandatory for online sellers to have a GST registration number for online sellers irrespective of their turnover. [...]

Ten Mistakes Entrepreneur Make While Starting Up

2018-10-19T19:12:38+05:30October 19th, 2018|Compliance|

Starting up a new business is always challenging and more often than not most of the entrepreneurs end up making the same mistakes. We are listing 10 most common mistakes which you can avoid in your startup and ensure more smooth operations: Book Keeping - Many a times, entrepreneurs take book-keeping for granted. While it [...]

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