Search found 66 matches
- May 26th, 2023, 6:29 pm
- Forum: SMEs and Startups
- Topic: Quiz Question
- Replies: 1
- Views: 1200
Re: Quiz Question
Ans. Retailing businesses, such as the greeting card store, sell products directly to the people who use or consume them.
- May 26th, 2023, 6:23 pm
- Forum: SMEs and Startups
- Topic: Quiz Question
- Replies: 1
- Views: 1150
Re: Quiz Question
Ans. Service business type of entrepreneurial business sells instead of a product Explanation: Service business include companies locked in transport, food service, distribution, retail, and other industries that offer administrations instead of products
- May 26th, 2023, 6:16 pm
- Forum: SMEs and Startups
- Topic: Quiz Question
- Replies: 1
- Views: 1281
Re: Quiz Question
Ans. You don’t need a fancy calculator for this. The net income formula is simply: Gross revenue – Expenses = Net Income
- May 26th, 2023, 5:38 pm
- Forum: Business Law/Regulation/ Taxation
- Topic: GST Quiz
- Replies: 1
- Views: 3108
Re: GST Quiz
Ans. Yes, you have to pay GST via RCM. You can avail ITC of the GST so paid if you are otherwise eligible.
- May 26th, 2023, 4:59 pm
- Forum: Business Law/Regulation/ Taxation
- Topic: GST
- Replies: 1
- Views: 3108
Re: GST
Ans.e-invoice has many advantages for businesses such as Auto-reporting of invoices into GST return, auto-generation of the e-way bill (where required). e-invoicing will also facilitate standardization and interoperability leading to reduction of disputes among transacting parties, improve payment c...
- May 26th, 2023, 4:09 pm
- Forum: Business Law/Regulation/ Taxation
- Topic: GST
- Replies: 1
- Views: 3153
Re: GST
Ans. As per Rule 48(4), notified person has to prepare the invoice by uploading specified particulars in FORM GST INV-01 on Invoice Registration Portal and after obtaining the Invoice Reference Number (IRN). As per Rule 48(5), any invoice issued by a notified person in any manner other than the mann...
- May 26th, 2023, 4:01 pm
- Forum: Business Law/Regulation/ Taxation
- Topic: GST
- Replies: 1
- Views: 3146
Re: GST
Ans. i. Invoices ii. Credit Notes iii. Debit Notes, when issued by notified class of taxpayers (to registered persons (B2B) or for the purpose of Exports) are currently covered under e-invoice. Though different documents are covered, for ease of reference and understanding, the system is referred to...
- May 26th, 2023, 3:58 pm
- Forum: Business Law/Regulation/ Taxation
- Topic: GST
- Replies: 4
- Views: 3144
Re: GST
Ans. For Registered persons whose aggregate turnover (based on PAN) in any preceding financial year from 2017-18 onwards, is more than the prescribed limit (as per relevant notification), e-invoicing is mandatory.
- May 26th, 2023, 3:52 pm
- Forum: Business Law/Regulation/ Taxation
- Topic: GST Related Quiz
- Replies: 1
- Views: 3004
Re: GST Related Quiz
Ans. New registration would be required as Partnership firm would have new PAN.
- May 26th, 2023, 3:50 pm
- Forum: Business Law/Regulation/ Taxation
- Topic: GST
- Replies: 1
- Views: 3154
Re: GST
Ans. As per Rule 48(4) of CGST Rules, notified class of registered persons has to prepare the invoice by uploading specified particulars of the invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN).