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 […]
The rise of scams involving fake GST invoices is of great concern. Most cases comprise the use of fake GST invoices for incorrect availing of undue input of tax credit (ITC). The government introduced the Goods and Service Tax (GST) as a successor to its predecessor VAT system on goods and services sold. It
GSTIN is a Goods and Services Tax Identification Number that is assigned to each person registered under GST. In simple terms, this answers the question what is gstin for most taxpayers. It is a 15-digit unique identification number also known as the gstin number. The Tax Identification Number or TIN has been substituted with
GST stands for Goods and Service Tax. Indirect taxes like the value-added tax, service tax, purchase tax, excise duty, and others were replaced by this one, which is an indirect tax. When specific products and services are purchased and sold in India, a tax known as GST is levied. Everybody in India must pay
What is GST? GST, or Goods and Services Tax, is a value-added tax levied on the supply of goods and services in India. It has replaced multiple indirect taxes like VAT, service tax, and excise duty. GST is designed to streamline the taxation system, making it more efficient and reducing the cascading effect of
Goods and Service Tax, also better known as GST, is one of India’s indirect tax regimes for the consumption and supply of goods and services. GST returns are a form that a taxpayer recorded under the same law must file for every GSTIN. GSTIN is a special 15-digit code assigned to each taxpayer based
The full form of GST is Goods and Services Tax. It is an indirect tax reform implemented in India to replace multiple taxes like VAT, service tax, etc., with a single tax structure. What does GST mean? The GST corporation aims to simplify the tax system, reduce tax evasion, and create a common market
Capital gain can be understood as the net profit which an investor makes on selling any capital asset which exceeds the purchase price. This total value that one earns by selling any capital asset is taxable income as per the Income Tax Act 1961. For anyone to be eligible to get tax benefits in
Lately, the Government of India has introduced a drastic change in its E-way bill generation mechanism on its E-way bill portal. It blocks the facility for those taxpayers who failed to file their tax returns for the last two months. Thus, if you fail to file your tax returns for two or more months
If you’re a business owner in India, you’ve seen that 15-digit GST Identification Number countless times. It’s on every invoice you issue, every bill you receive from a registered vendor, and every GST return you file. The most crucial part of the GSTIN is the first two digits. These two numbers are the key
Tax is the biggest topic of discussion among people in India after cricket, be it in big offices or in small tea stalls; the people of India treat it as something bothering and inevitable yet a very interesting topic to have a discussion on. Every year, as soon as the Ministry of Finance releases
