In India, Micro, Small, and Medium Enterprises (MSMEs) are the backbone of the country’s economic growth, generating employment and contributing significantly to the GDP. However, accessing credit has often been a significant challenge for such enterprises, especially for startups and small-scale businesses. This is where responsible lending plays a transformative role. At LendingKart, responsible lending […]
Businesses all over the country have felt the impact of the government’s decision to change the country’s goods and services tax code. The new tax, GST, will change the way our country does business, affecting all businesses engaged in sale/supply of goods or supply of services. What is GST? The Goods and Services Tax
GST, which was treated as India’s most significant reform in the sector of Tax, is also known as Goods and Services Tax. GST is a form of indirect taxes imposed at the State and Centre levels. The GST outlawed the old tax system, which consisted of VAT, Excise duty, Service Tax and other such
What is HSN? The Harmonized System of Nomenclature or HSN has been developed by the WCO or World Customs Organization for giving a code to the various goods around the globe in a proper manner for a taxation system for finding different types of products. HSN has more than five thousand different products, and
All about GST Portal Before GST came into effect, indirect tax compliance was largely handled offline. Businesses dealt with multiple tax laws, extensive paperwork, and frequent visits to tax offices, making routine compliance slow, repetitive, and tiring. The introduction of GST brought these taxes under a single framework, supported by a dedicated online portal.
What is TCS? The TCS or Tax Collected at Source is the tax that is collected from the buyer by the seller while the purchase of some specific goods category by the buyer. This TCS rate depends on the category of the items and this tax collected from the buyer needs to be deposited
VAT or Value Added Tax is a kind of tax that is charged on the sale of goods and services to the ultimate consumers, and it is charged by the Central Government. VAT is a tax that is paid by the producers or manufacturers of the goods and services by levying it on the
As a primary repository for the hard-earned fruits of our labour, banks play the most foundational role in the economy. However, the commercial advantage that banks have to pertain to the area of interest provisions. No one would want to see their hard-earned thoughtful investments slipping out of their hands. This usually happens in
An Introduction to GST Reform 2025 On September 3, 2025, the GST Council convened for the 56th time since the taxation system was formally introduced in India. In this meeting, several GST reforms were made to boost business and economic growth. As a business owner, understanding these updates is crucial, especially if you are
The Goods and Services Tax (GST) framework simplifies the entire indirect taxation system of India. It even introduced a unique composition scheme that enables small taxpayers to reduce their liability and compliance burden. Individuals and businesses with annual turnovers of less than Rs. 1.5 crore (Rs. 75 lakh for special category states) can opt
Introduction The Goods and Services Tax (GST) has significantly altered the indirect taxation framework in India. Launched in July 2017, GST replaced various central and state taxes with a consolidated tax system. This reform aimed to enhance tax compliance, reduce cascading taxes, and create a more transparent and efficient business environment. Under GST, the
