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.
On 23rd meeting of GST council Finance minister Arun Jaitley announced some major changes in tax rates which provide some relief to tax payers.
GST council also reduced GST tax rates for service sector (Restaurant, Handicraft & Aviation) to simplify taxation process and promote ease of doing business.
Relaxation for Service Providers:
Service providers within Rs.20 Lakh turnover are free from GST registration. This is also applicable on those who provide inter-state services and through any e-commerce portal.
There is no good news from this 23rd meeting for restaurants. Restaurants can’t avail any input tax credit with remaining tax rate of 5%.
Services export to Nepal and Bhutan are exempt from GST charges also they can avail input tax credit facility. Continue reading “Major changes announced on 23rd GST council meeting”
GST marked as the biggest tax reforms in India since 1947. It’s a unified tax implemented by current BJP Government with an aim to erase all state or central government indirect taxes. GST subsumes 11 Indirect taxes that were levied on the sale of goods and services by central or state Government. GST made indirect taxation process simpler for small and medium scale enterprises. It will also boost economic growth in a long run. New small businesses will be benefited from this new tax law as they have to pay less tax under composition scheme (SMEs with Rs.20 – Rs.50Lakh turnover).
As we are saying that GST made taxation easier. So, let’s have a look at its registration process. In this article we will cover all details regarding GST registration with below-mentioned points: