GST Impact on Co-operative Housing Societies
GST is applicable not just to Individuals and Corporations but also to housing societies. Society is collective body of persons who stay in a residential society. As a collective body of persons, they would be supplying certain services to its members, be it collecting statutory dues from its members and remitting to statutory authorities, maintenance […]
The New Tax Regime VS the Old Tax Regime
In Budget 2020, our Finance minister surprised everyone by introducing a new tax regime under section 115BAC. This new tax regime has lower tax rates but took away exemptions and deductions available to taxpayers. With this new tax regime came the announcement that taxpayers can themselves choose between new or old tax regime. So now […]
What is Reverse Charge Mechanism (RCM) and how is it applicable to you?
In most transactions, the supplier of goods or services is liable to pay tax to the Government. However, there are certain cases where the tax chargeability rests with the recipient. This mechanism is known as Reverse Charge Mechanism (commonly called as RCM) and is enforced in certain conditions which are explained later in the blog. […]