Reverse Charge mechanism in GST – list, rate, accounting entries in India
Overview Goods & Services Tax, is a well-known taxation system that rolled out in July 2017 and is well-known among businesses and individual dealers/suppliers who have registered themselves under the system to avail of its benefits and further follow compliances. However, there are certain terms under GST that are difficult to understand therefore, it...
Components of Franchise Agreement for startups in India
Overview With the advent of globalization and liberalization, Franchise business models have been especially popular helping businesses to adopt proven business models for sustenance and prosperity. Franchising, is one of the most profitable business models adopted by domestic players as well as foreign businesses across the world. The franchise business model has been designed...
Important points for Drafting Memorandum of Understanding (MOU) for startup in India
Overview A Memorandum of Understanding or MOU is a formal agreement between two or more parties who wish to enter into a business relationship to fulfill a common goal. Though it is an agreement entered between parties before actually preparing and signing the final contract, it is more of an understanding between the parties to...
Input Tax credit under GST – important details, due date, structure, documents
Overview With the introduction of GST in the year 2017, one of the most important novel concepts introduced was the Input Tax Credit for a person registered under GST. The GST taxation structure has ITC in its core, which helps businesses and individual dealers to claim credits based on the taxes paid by them...
Gift deed registration in India – charges, process, documents
Overview We all love to receive gifts. Gifts represent the mutual affection & respect among people for each other. But, to ensure their legal validity, it would be a good idea to create a gift deed and get it registered under the legal provisions, especially in cases where a person gifts any immovable property to...
How to issue a legal notice under Consumer Protection Act 2019?
Overview Businesses do work with an ultimate objective of customer acquisition and earning high profits out of the sales made to existing customers as well as new ones for which they adopt various marketing(advertisements) & sales techniques(cashback or discount offers). But, what happens when a particular commodity fails to do what it promises to?...
GST return filing for Startups in India – forms, process, due dates, documents, fees
It’s a known fact that GST was launched in the year 2017 with the prime objective to abolish the problems existing with the older laws under VAT, CST, and Service Tax that included problems such as double taxation, cascading effect, multiple taxes on the same Assessee and above all a long list of compliances. It...
Components of Freelancer Agreement for startups in India
Freelancing is a common phenomenon these days. More & more people are choosing to work as a freelancer rather than sticking to traditional 9 to 5 routine jobs due to the innumerable benefits offered through freelancing. Interestingly, one of the most attractive benefits is the ability to control your place of work, work hours, your...
How to receive FDI in LLP in India
Overview The concept of LLP was introduced under the Limited Liability Partnership Act 2008 and is one of the most preferred forms of business entities in India due to their minimal compliances, simple procedures, and flexible procedures as compared to other business entities like partnership firms and companies. The LLP business structure allows smaller and...
Composition Scheme under GST – limit, rate, return form and due date
Overview In recent years, there has been a tremendous increase in the number of small and medium business enterprises in India. As per the data provided on Nov 26, 2021, by the Ministry of Micro, Small & Medium enterprises, there are as many as 6.3 crores of MSMEs registered in India. They have utmost importance...
