Capital goods under GST refer to assets such as machinery, equipment, or vehicles that are used or intended to be used in the course or furtherance of business and that provide economic benefits over a period of more than one year. These assets are in the nature of long-term investments that contribute to income generation and are not consumed immediately in the normal course of…
The Goods and Services Tax (GST) is set for its biggest reform since 2017, With the government working on a revamped structure, popularly known as GST 2.0, aimed at making essentials cheaper, simplifying tax slabs, and boosting the economy. For the common man, this reform is not just about tax rules; it’s about lower bills, affordable services, and greater savings each month. What the Government…
What is Electronic Cash Ledger? Before the introduction of GST, taxes or duties were paid manually through bank challans. Once the payment was made, the bank would allocate the funds to the respective tax heads. However, with the implementation of GST, the entire process has been automated. The traditional system of manual tax payment has been replaced by the GST portal, which handles all transactions…
