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 GST in India system is a destination-based indirect tax levied on every value addition in the supply chain. Introduced on 1st July 2017, GST replaced multiple indirect taxes like VAT, service tax, and excise duty to create a unified tax structure. Understanding the features of GST and the core characteristics of GST is
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
