Input tax credit refers to the tax levied on the operational side of a business. These taxes are levied on the items that are meant to further the business. The respective companies can claim input tax credit by submitting the necessary forms and fulfilling all other obligations, it gives them a chance to save money. Given below are the steps you can follow to pay your input tax credit on your business expenses:
The Goods and Services Tax (GST) is a landmark legislation tax that has been implemented with the intent of simplifying the tax system in India. It came into effect on 1st July, 2017. GST was introduced with the intent of making the taxation system more transparent and eliminating the confusion caused by the cascading tax system used in India. Earlier, the state and central governments used to levy taxes on products and there were a lot of discrepancies leading to chaos. Many goods that made ...
Two of the countries in GCC, the Cooperation Council for the Arab States of the Gulf, decided to introduce VAT from January 1st, 2018. Out of the 6 countries in the GCC namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE), Saudi Arabia and UAE will be the first ones to get started with VAT. The rate for VAT is set at 5%. The businesses with an annual income more than or equal to Dh 375,000 are required to register for VAT system. Value Added Tax (VAT) is a kin...
Each business has its own merits and challenges. However, with the right staff and software, any business owner can streamline the process he uses in his business and takes it to the next level. IT companies provide a range of solutions that can be helpful to carry out various tasks seamlessly. ERP software is one of the most popular IT solutions that are being used today by many businesses all over the world. It allows the business to centralise the data and manage it in one place even if th...
The Truck Trailer and Tyre Expo 2017 held at Mahatma Gandhi Convention Centre in Gandhi Nagar, Gujarat was a grand success. Companies from India and around the world gathered for the 3-day event to showcase their products including trailers, truck tyres, fabricated parts, lubricants, etc. This event acts as a bridge the buyers, manufacturers, and sellers and brings them on a common platform. Some of the top companies participated to showcase their products and solutions. Panel discussions by ...
