It is critical to have a well-structured income break-up in order to ensure that an individual uses all tax exemptions and subsequently all tax deductions in order to pay no or minimal tax. Almost every taxpayer in India looks for ways to reduce their tax burden. An individual can avoid this predicament with proper tax…
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The Import Export Code (IEC) is an essential element if you are planning to start your import or export business in India. The IEC is a 10-digit identification code issued by the Director General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. It is issued to an importer or exporter by…
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The composition scheme is a simple and straightforward scheme under GST for traders. Small taxpayers can get rid of cumbersome GST paperwork and pay GST at a fixed rate of turnover. This scheme can be chosen by any taxpayer whose turnover is less than Rs. 1.5 crore. A taxpayer whose turnover is less than Rs.…
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