Services provided by insurance and recovery agents are considered as a taxable supply under GST law. This includes commissions earned for services rendered.The GST rate applicable to insurance and recovery agents typically is 18%.If the agent is unregistered, the recipient of the service (such as the insurance company or bank) may need to pay GST under reverse charge … [Read more...] about GST on insurance and recovery agents under RCM (Reverse Charge Mechanism)
GST under RCM on services supplied by directors
In the normal GST system, it's the responsibility of the supplier of goods and/or services to charge and collect the tax as per the GST law from the recipient and deposit the same with the government. In Reverse Charge Mechanism (RCM), the responsibility for paying the tax shifts from the supplier to the recipient of the goods and/or services.Reverse charge mechanism (RCM) … [Read more...] about GST under RCM on services supplied by directors
Annual Report Explained for Beginners in India: Meaning, Sections & How to Read It Simply
If you run a small business, freelance, or are just starting to explore the stock market, you’ve probably heard the term annual report many times. Most people assume it is meant only for accountants or big investors — so they never open one.In reality, an annual report is one of the simplest ways to understand how a company actually performed during the year. It shows … [Read more...] about Annual Report Explained for Beginners in India: Meaning, Sections & How to Read It Simply
How to Analyze Profit Margins: A Simple Guide for Business Success
How do you know if your business is truly profitable—or just surviving?Understanding corporate profit margins is one of the most practical steps you can take toward financial clarity. Many Indian small business owners and first-time investors confuse high sales with high profit—or get overwhelmed by confusing terms like gross margin, EBIT, or net profit.This guide is … [Read more...] about How to Analyze Profit Margins: A Simple Guide for Business Success
How to prepare for income tax return filing FY 2024-25 (AY 2025-26)
Due date of income tax return filing for the financial year 2024-2025 (assessment year 2025-26) is 31st July 2025. For the financial year 2023-24, the due date of filing was 31st July 2024.In cases where accounts are required to be audited by a chartered accountant in practice, the due date of filing income tax return is 31st October 2025 and tax audit report is 30th … [Read more...] about How to prepare for income tax return filing FY 2024-25 (AY 2025-26)