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...
GST (Good and Service Tax) has completely changed how businesses tracked their expenses and expenditures. Earlier, businessmen used to calculate taxes manually or through standalone software. With the coming of GST, all such processes and methods have changed completely. This landmark change in the tax regime has also pushed businesses to adopt advanced enterprise solutions. In addition, with the tax reporting and filing becoming more and more online, business need a robust ERP (Enterprise Resou...
Much is being said about the new GST or Goods and Service Tax that the Indian government is planning to levy. One of the important questions being asked is that how will the GST impact the chartered accountants and company secretary professionals in the country.
