In the world of Goods and Services Tax (GST), canceling your registration is a bit complicated. It’s important for businesses to understand what happens during and after this process to follow tax rules correctly. In this simple guide, we’ll break down what occurs after canceling your registration, including the temporary pause, ongoing responsibilities, how your …
In the dynamic realm of Goods and Services Tax (GST), a nuanced comprehension of the complexities surrounding registration cancellation is vital for businesses. Section 29(1) read with Rule 20 of the GST Act presents a dual avenue for cancellation – one initiated by the proper officer and the other instigated by the application of the …
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Introduction: Understanding how to cancel Goods and Services Tax (GST) registration is important, especially when unexpected things happen, like the owner of a business passing away. Circular No. 96/15/2019-GST, dated 28-3-2019, gives clear guidelines to make this cancellation process smoother. It helps both the current and new owners of the business transition without any hiccups. …
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If you’ve ever wondered what happens when your money gets taxed in both India and another country, Double Taxation Relief is the answer. It’s like a helpful tool that makes things less confusing. In easy terms, it stops you from paying too much tax in different places, making sure things are fair. This tool encourages …
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Introduction In the complex realm of international taxation, understanding the nuances of Double Taxation Avoidance Agreements (DTAA) is indispensable. This comprehensive guide aims to demystify the meaning of DTAA, explore its benefits, delve into effective planning and strategies, and shed light on the tricks of the trade. Meaning of DTAA: Decoding the Jargon Double Taxation …
If you’re a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) dealing with property transactions in India, it’s crucial to be well-versed in the guidelines laid out by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act, 1999 (FEMA). In this blog post, we’ll simplify the key provisions and answers …
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In a recent circular dated October 26, 2023, the Reserve Bank of India (RBI) made significant changes to its guidelines on non-callable deposits, impacting both domestic and Non-Resident (External) Rupee (NRE) Deposits as well as Ordinary Non-Resident (NRO) Deposits. Let’s break down the key points in simple language. Introduction: The circular, labeled RBI/2023-24/74, falls under …
In recent times, the Central Government has introduced some changes to the Limited Liability Partnership (LLP) Act, 2008, through the Limited Liability Partnership (Third Amendment) Rules, 2023. Let’s break down these changes and understand what they mean for LLPs in simpler terms. 1. What is LLP? Limited Liability Partnership or LLP is a type of …
In the world of corporate governance and regulations, transparency is a key factor that builds trust among stakeholders. To enhance transparency in the management of company shares, the Ministry of Corporate Affairs (MCA) has outlined specific rules regarding the designation of individuals responsible for providing information about beneficial interests in shares. Let’s delve into the …
In the ever-evolving landscape of financial markets, dematerialization has emerged as a pivotal concept, reshaping the way securities are issued and traded. This paradigm shift has garnered significant attention, prompting regulatory bodies to issue directives to ensure seamless integration. One such noteworthy initiative is the Ministry of Corporate Affairs’ (MCA) notification on October 27, 2023, …
