Online Legal India

India's Goods and Services Tax (GST) regime has significantly transformed the country's indirect tax structure, unifying various taxes under a single system. One of the many product categories affected by GST is consumer electronics, including air conditioners (ACs). With rising demand for air conditioners due to increasing temperatures and improved living standards, it is crucial for consumers and businesses alike to understand how GST impacts the pricing of these appliances. In this article, we will explore everything you need to know about GST on AC , including the applicable GST rate, HSN code, input tax credit implications, and more. Understanding GST on AC What is GST? GST is a unified indirect tax levied on the supply of goods and services in India. It replaces multiple state and central taxes such as VAT, excise duty, and service tax. GST is categorized into CGST (Central GST), SGST (State GST), and IGST (Integrated GST, for interstate transactions). GST on Air Conditio...

If you are a business owner in India, staying compliant with GST regulations is crucial. One such important aspect is keeping your bank account details up-to-date on the GST portal. Whether you have changed your bank account, opened a new one, or need to correct existing information, updating your bank details is necessary to avoid any issues in GST return filings or refunds. In this blog, we’ll walk you through the step-by-step process of updating your bank account details in the GST portal and why it's important as part of your overall GST registration and compliance journey. Why is Updating Bank Details Important in GST? When you complete your GST registration , you are required to provide valid bank account details. These are used for multiple purposes: Receiving GST refunds Validating your business identity Ensuring compliance during audits Avoiding notices from the GST department Failure to update your bank account information can lead to delays in refunds and possible penal...

  In India, Nidhi Companies have gained immense popularity due to their unique structure and member-centric operations. If you are looking for a safe and regulated option to encourage savings among members and offer loans at reasonable interest rates, then a Nidhi Company could be an ideal business model. However, before diving into operations, understanding the Nidhi Company registration process is crucial. In this blog, we’ll walk you through the detailed steps of Nidhi Company registration , legal requirements, and the benefits of registering with the help of platforms like Online Legal India , making your company registration smooth and hassle-free. What is a Nidhi Company? A Nidhi Company is a type of Non-Banking Financial Company (NBFC), formed with the primary purpose of cultivating the habit of thrift, savings, and mutual benefit among its members. The company accepts deposits and lends money to its members only, complying with the rules outlined in Section 406 of the Com...