Every GST Identification Number (GSTIN) issued in India begins with a two-digit number that quietly does a lot of work. Those first two digits are the GST state code, and they tell you exactly where a business is registered, which in turn decides whether a transaction attracts CGST and SGST or IGST. This article explains…
Section 194H of the Income-tax Act, 1961 governs the deduction of tax at source (TDS) on payments in the nature of commission or brokerage made to residents. Businesses that engage agents, distributors, dealers or intermediaries need to understand when this deduction applies, at what rate, and by when the tax must be deposited. This article…
The Employees’ State Insurance (ESI) scheme is a self-financing social security and health insurance framework administered by the Employees’ State Insurance Corporation (ESIC) under the ESI Act, 1948. Employers that cross the coverage threshold must register on the ESIC portal and contribute monthly so that eligible employees receive medical, sickness, maternity, disablement and dependant benefits….
Renting commercial premises brings with it a tax deduction at source (TDS) obligation that many businesses overlook until a notice arrives. Section 194-I of the Income-tax Act governs TDS on rent paid for land, buildings, plant and machinery, while Section 194-IB covers certain individuals and HUFs who fall outside the audit net. This article explains…
Not every GST registration needs to stay live forever. When a business closes, its turnover falls below the threshold, its constitution changes, or it simply ceases to be liable under GST, the registered person can apply to surrender the registration rather than keep filing nil returns indefinitely. This article explains voluntary cancellation of GST registration…
A GST invoice is the primary document that records a supply of goods or services and forms the legal basis for charging tax and claiming input tax credit (ITC). Getting the format, fields and timing right is not merely good practice — it is a statutory requirement under the CGST Act, 2017. This guide explains…
A partnership firm remains one of the simplest ways for two or more people to run a business together in India, governed by the Indian Partnership Act, 1932. It is built around a partnership deed and can operate whether or not it is formally registered, though registration carries important legal advantages. This guide explains how…
An Import Export Code (IEC) is the ten-digit registration issued by the Directorate General of Foreign Trade (DGFT) that every business or individual must hold before importing or exporting goods from India. The code is PAN-based, valid for a lifetime, and is applied for entirely online through the DGFT portal. This guide explains who needs…
Partnership firms are among the most common business structures in India, yet many partners remain unclear about when their firm must be audited. Unlike companies, a partnership firm has no blanket statutory audit obligation under partnership law. The audit question is instead driven mainly by the Income Tax Act, particularly the tax audit provisions of…
Advertising and marketing sit at the intersection of creative work, media buying and technology, which is exactly why their Goods and Services Tax treatment often confuses agencies, publishers and brand owners. The rate you charge depends on what you are actually supplying: creative and agency services, digital advertising, or the plain selling of space in…