The Importance of AADHAAR to the GST Scheme
We’re nearing the end of the second quarter of Fiscal Year 2017-2018 and the impact of GST on your profits and sales has yet to be fully assessed.
There are some signs that the negative externalities of demonetization and the fact that sellers claimed overkill on discounts and offers, led to lower profits in the first quarter of this fiscal. However, there is no denying that the GST would positively spur business by eliminating multiple
Is Registration under the GST necessary?
The GST system requires every business entity with a yearly turnover exceeding Rupees 20 lakh (Rupees 10 lakh for entities in the North East or hilly regions) to register with the tax authorities. All businesses that were registered previously under the VAT, Excise or other tax systems before the new regime need to re-register under the GST.
Entities engaged in
What you need to register under GST
Why Do I need to link AADHAAR with PAN for Income Tax Returns?
Over the years, there have been several instances of tax evaders using multiple PANs to conceal their actual income. The Supreme Court of India recently observed that 10.52 lakh “fake” PAN cards of individual income
For this reason, the Government has made it mandatory to link all PAN cards with the AADHAAR number of each individual. GST applicants and taxpayers also need to link their PAN with the AADHAAR. In a measure of the seriousness which the UIDAI treats personal biometric information and its integrity, the body refused to share details of bogus AADHAAR cards and the steps it had taken against the violators citing confidentiality terms and national security.
Moreover, the Supreme Court has, in principle, given sanction to the linking of AADHAAR for the purposes of taxation. Remember that the stronger the Government’s finances, the better position it would be in to offer tax breaks and incentives to your business.
What are the Benefits of Registering AADHAAR?
Registering your mobile number with AADHAAR will further simplify your tax returns by enabling you to