Simplified GST Registration Scheme for small and low-risk businesses in India, A new optional scheme approved by the GST Council on 3 September 2025 to simplify GST registration for “small and low-risk” applicants. The idea is to grant GST registration automatically by the system (with minimal manual checks) for eligible applicants, instead of long/complex verification. …
GST is applicable on dinner coupons issued to members COUPONS (FOR COMMUNITY LUNCH/DINNER/PARTY) SUPPLY IS CONCERN: Supply of Dinner Coupons by Society/Association When a NGO/ / Society / Club / Association collects money from its members and provides them dinner coupons (for community lunch/dinner/party), it is considered a supply of service under GST. Even though …
GST Changes Coming in GST from October 2025 No Auto ITC in GSTR-2B : Until now: Input Tax Credit (ITC) auto-appeared in GSTR-2B (based on suppliers’ filing). From Oct 2025: ITC won’t auto-flow. This is to be noted that as per New Rule: Only invoices that you accept in IMS (Invoice Management System) will count …
New cheque clearing process in India starting from October 4, 2025 Existing System (Until Oct 3, 2025) : Clearing Method: Batch clearing Switch to Continuous Clearing (on‐realisation) : The current batch-wise settlement model for cheques will be replaced with a continuous clearing system. Rather than waiting for a fixed “cheque-clearance slot,” cheques presented during the …
Overview on Tax Treatment on Gratuity in India What is Gratuity? Gratuity is a lump sum paid by an employer to an employee in recognition of long-term service, governed by the Payment of Gratuity Act, 1972. It becomes payable on retirement, resignation, death, or disablement after at least 5 years of continuous service (not needed …
Taxation Comparison: Gold Coin vs Gold Jewellery Tax Aspect Gold Coin Gold Jewellery ITR Reporting Treated as a capital asset. Must be reported under “Capital Gains” if sold. Same as gold coin – report in ITR under “Capital Gains” when sold. Capital Gains Tax (CGT) – Short-Term (STCG): If held ≤ 3 years → Taxed …
Crypto Taxation & ITR Reporting Guide Tax on Profits from Crypto (Virtual Digital Assets)- Taxation U/s 115BBH Applicability on Virtual Digital Assets : Legal Definition Virtual Digital Assets: Under Income Tax Act, cryptocurrencies, NFTs, and similar assets are classified as Virtual Digital Assets (Sec. 2(47A)). Special taxation rules apply from 1st April 2022 onwards. Effective …
Savings Account – Rules for Transactions to Avoid Income Tax Scrutiny The Income Tax Department monitors high-value transactions through banks’ Annual Information Statement (AIS) & SFT reporting. Certain activities in savings accounts can attract scrutiny if they appear unusual or exceed prescribed limits. Keep your financial transactions transparent, documented, and consistent with your declared income. …
Quick Guide on GST Marginal Scheme What is GST Marginal Scheme Meaning : The GST Margin Scheme is applicable primarily to second-hand goods. Under this scheme, GST is levied only on the margin (difference between selling price and purchase price), not the full sale value. Purpose: Avoid double taxation on goods that have already been …
Reasons to Choose Health Insurance for Your Parents Caring for one’s parents often involves ensuring their health and well-being, particularly as they age. One significant way to provide this security is by opting for parents’ health insurance. A health insurance plan for parents offers peace of mind, financial protection, and access to quality healthcare when …