Don’t Mess With Taxes

India has a long history of agrarian civilization, and agriculture has always been the foundation of the Indian economy . Before starting with the classification, let's understand the importance of agriculture with some datasets; India has the second-biggest amount of cultivable land in the world and the highest amount of irrigated agricultural land (8.26 million hectares) (159.7 million hectares). India ranks third in the world, In terms of major crops including wheat, rice, cotton, fruits, vegetables, and pulses. According to NITI Aayog, agriculture comprises roughly 54.4% of India's employed workforce, which was 18.29% of GVA (Gross Value Added) in 2019-20, sustaining 45.6% of the workforce. India is the world's #1 producer of milk, fruits, and vegetables, according to PRS figures. Following IMARC figures, India's agriculture sector generated 71,220 billion rupees in 2021 and is projected to increase to 142,280 billion rupees by 2027, with a compound annual growth ra

  Between January and September of this year, total investments in Indian real estate increased by 18% to USD 3.6 billion. The majority of the inflows were driven by the office sector, which accounted for 50% of them. According to the report, institutional investments worth USD 754 million were made in Delhi-NCR during the first nine months of this year.  Investments increased by 18% in Bengaluru, from USD 317 million. Chennai had a substantial increase in inflows, going from 98 million to 345 million USD. Institutional real estate investment in the Mumbai market increased by 5% to USD 477 million, however, it decreased by 96% in Pune to USD 9 million.  Between January and September of this year, investments in other cities or multi-city surged by 54% to USD 1619 million. With active involvement from domestic institutional and retail investors, the capital in Indian real estate is becoming increasingly diverse. Domestic investors are now more active in the market than they were a yea

Finally, the GST Council has mandated the adoption of the e-way bill in all states beginning from April 1, 2018. The intrastate e-way bill generated has been rescheduled to be implemented across the country from the earlier date of 1st June 2018 for unspecified reasons, but the GST council with the central government has notified that the said date, i.e. 3rd June, is the deadline for all states to implement intrastate GST eway bill regardless. What exactly is the GST E Way Bill? E-way bill GST is an electronic bill that will be required for the movement of products whose value exceeds 50,000 rupees. The bill can be generated through the GSTN portal, and every registered taxpayer must include it with the goods transferred. And become acquainted with its implementation features, fundamentals, and process of creating GST E Way Bill via the government's official e-way bill webpage https://ewaybillgst.gov.in/. What Documents Are Necessary to Generate an E-Way Bill Online? The sections

  One of the greatest and most prominent modifications to the GST in 2020 has been the introduction of einvoice . The integrated approach to e-invoicing was favourably appreciated by all taxpayers notwithstanding the use of proprietary invoicing systems. What is E-invoicing? E-invoicing under GST  is a system in which normal B2B invoices are electronically authenticated by GSTN before being used on the central GST system. Through the Invoice Registration Portal (IRP) or  e invoice portal of the GST Network (GSTN), a unique number or identification (IRN) number is issued for each such receipt. This process is also known as E-invoicing or e-invoice under GST. Reason behind the implementation of GST e invoice system. The main reason behind the implementation of the e invoice system is to increase businessmen's or companies' level of transparency. The extent of tax evasion can be reduced if the government receives online and instantaneous information about all of the transactions

According to the data provided by the Micro, Small, and Medium Enterprises Ministry, the MSME sector makes around 30 percent of India's GDP, 45 percent of its exports, and employs the second-largest number of people in the country after agriculture. But many MSMEs are having issues coping with their business growth. In addition to that, they also struggle with adapting to digitalization in day-to-day activities. And the limited availability of resources also contributes to small business owners’ losing control over Business growth   Hence, business management mobile applications are revolutionizing the landscape of business. They're growing more common and potent, but most importantly, they can make your daily business activities more efficient. As business owners can now create and manage professional purchase orders, quotations, and invoices from anywhere at their convenience.  An all-in-one business management application helps users to track and automate day-to-day busines

  Businesses have come a long way despite the significant setback caused by lockdown in the past 2 years. While many enterprises have begun to gain momentum once again, the taxes structure has also evolved. Businessmen can now easily and quickly file all required taxes through digitization. With the implementation of the new tax system, businesses must adhere to the GST compliance regulations. The rules established by the government for GST compliance must be followed by all businesses. This compliance under GST is divided into three groups: GST registration compliance - The first step toward compliance is the registration of GST. The registration process can be completed online at www.gst.gov.in. Although the procedure is rather simple, there are a few considerations to make in order to remain compliant. The annual turnover of a business must be taken into consideration while registering for GST. Applicable to businesses that engage with the provision of commodities and had a re

  On 1st November 2022, the finance ministry recommended a common ITR Form for all taxpayers. Currently, there are 7 different types of income tax return (ITR) forms, from ITR 1 to ITR 7, that can be filed by various taxpayer groups based on a number of factors, such as the source, level, and type of income, among others. To ease the ITR e-filing process, The Central Board of Direct Taxes (CBDT)  has put out a draft universal ITR form for comment from stakeholders and the general public. Except for ITR-7, all ITR Forms would be replaced with the common ITR Form. ITR-1 and 4 would still exist, but people would also be able to submit their ITR using the common ITR form. However, The common ITR will be the only alternative available to taxpayers who are entitled to file ITR-2 (ITR for capital gains) and ITR-3 (ITR for business returns) once it is adopted. Advantages of Common ITR Filing as per CBDT Taxpayers will have the choice to file their returns at their convenience in the proposed

  One of the greatest and most prominent modifications to the GST in 2020 has been the introduction of einvoice . The integrated approach to e-invoicing was favourably appreciated by all taxpayers notwithstanding the use of proprietary invoicing systems. What is E-invoicing? e invoicing under GST   is a system in which normal B2B invoices are electronically authenticated by GSTN before being used on the central GST system. Through the Invoice Registration Portal (IRP) or e invoice portal of the GST Network (GSTN), a unique number or identification (IRN) number is issued for each such receipt. This process is also known as E-invoicing or e-invoice under GST. The reason behind the implementation of gst e invoice system. The main reason behind the implementation of the e invoice system is to increase businessmen's or companies' level of transparency. The extent of tax evasion can be reduced if the government receives online and instantaneous information about all of the transact