Importance of GSTR 2A in Claiming Input Tax Credit
Posted Date : 30-Dec-2024 , 02:01:56 pm | Posted By
Ishita Ramani
Under the Goods and Services Tax (GST) system, the Input Tax Credit (ITC) performs a critical role in decreasing the tax burden for companies. GSTR 2A, a vehicle-populated shape, is pivotal in the ITC claim system. It provides information on inward supplies from providers, making sure of transparenc...
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Category : GST |
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Important Updates on GST Returns Due Date and Filing Extensions
Posted Date : 13-Nov-2024 , 03:55:06 pm | Posted By
Ishita Ramani
The Goods and Services Tax (GST) compliance manner in India calls for groups to adhere strictly to the time limits for submitting returns. Missing the GST returns due date can lead to consequences and hobby fees, impacting cash glide and overall business operations.
Recent updates and amendments h...
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Category : GST |
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0 | Hits : 1041 |
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Penalties for Not Obtaining a New GST Registration Number on Time
Posted Date : 06-Sep-2024 , 03:45:11 pm | Posted By
Ishita Ramani
Businesses who engage in specific forms of trade and supply or exceed the established turnover threshold in India are required to comply with the Goods and Services Tax (GST). Getting a New GST Registration Number in the allotted time is a crucial step for organizations. If you don't, you fear serio...
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Category : GST |
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0 | Hits : 1056 |
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Impact of New GST Registration Rules on Startups
Posted Date : 29-Aug-2024 , 05:12:44 pm | Posted By
Ishita Ramani
The Goods and Services Tax (GST) in India has fundamentally altered the landscape of taxation, particularly for startups. While GST aimed to unify the tax structure across the country, the government has continuously refined the rules to improve compliance, reduce tax evasion, and simplify p...
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Category : GST |
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Advisory on Re-filing of GSTR-3B for some Taxpayers - Re-filing of GSTR 3Bs is now live
Posted Date : 23-Apr-2024 , 08:27:42 am | Posted By
S.Mahajan
The Goods and Services Tax (GST) Department has recently sent out an advisory to specific GST taxpayers about the first chance given to correct errors in their previously filed GSTR-3B forms. This facility was provided due to discrepancies found between the data stored in the GST system and the dat...
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Category : GST |
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Can GST Officer Open GST Web Portal for e- Filing upon full compliance?
Posted Date : 19-Apr-2024 , 06:36:11 am | Posted By
S.Mahajan
The Hon’ble Orrisa High Court in the case of Akshya Kumar Sahu v. Commissioner, Central Goods and Service Tax & Central Excise [Writ Petition (Civil) No. 4644 of 2024 dated February 29, 2024] disposed of the writ petition where Mr. Akshya Kumar Sahu (“the Petit...
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Category : GST |
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0 | Hits : 9085 |
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GSTR 9 & GSTR 9C
Posted Date : 08-Dec-2023 , 11:32:04 pm | Posted By
CA TARUN KUMAR LAMBA
As per Sec 44 read with rule 80 :-
Every registered person whose aggregate turnover exceeds Rs 2 crore is required to file:
- Annual Return GSTR 9
- Reconciliation Statement GSTR 9C (if turnover exceeds Rs 5 crore)
- Audited financial Statement
before 31st Dec 2023
Co...
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Category : GST |
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0 | Hits : 4642 |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration
Posted Date : 09-Nov-2023 , 09:18:22 pm | Posted By
S.Mahajan
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be...
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Category : GST |
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Difference Between Debit Note And Credit Note: Under GST
Posted Date : 16-Oct-2023 , 07:02:50 pm | Posted By
Law Legends
Topic covers:
1.What is Debit Note and Credit Note?
2.Debit Note and Credit Note in GST
Definition
Reason to issue Debit note and Credit Note
Time limit to issue
3.Reflection in GST return
4.Format of Debit note and credit note
5.Difference between debit note and credit note
6.FAQs
Aft...
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Category : GST |
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0 | Hits : 916 |
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How should small companies manage GST compliance?
Posted Date : 14-Sep-2023 , 12:40:45 pm | Posted By
Ishita Ramani
Introduction
The foundation of the Indian economy, small and medium-sized enterprises play an essential part in export, GDP, job creation, and inclusive growth. They might think that the GST has substantially raised the cost of compliance. The nation’s most important tax reform since ...
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Category : GST |
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What is the process of filing a Letter of Undertaking (LUT) under Goods & Service Tax (GST)?
Posted Date : 08-Sep-2023 , 05:28:55 pm | Posted By
Ishita Ramani
Introduction
All registered taxpayers who wish to export goods or services without paying IGST (Integrated Goods and Service Tax) must submit a Letter of Undertaking (LUT) in GST RFD-11 form through the GST website. This article is going to focus on “What is a Letter of Undertaking un...
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Category : GST |
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Concept of Combined Supply and Impact of change in Rate of Tax
Posted Date : 01-Sep-2023 , 10:03:03 am | Posted By
Sunil Jain
Concept of Combined Supply & Impact of Change in Rate of Tax
By- CA Sunil P. Jain & CA Ayush S. Jain, Indore
Many a times more than one supply is made together. It may be a case of Goods & Goods (mobile with charger) or Goods & Services (e.g. AC sold with transportation & f...
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Category : GST |
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0 | Hits : 572 |
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Some common mistakes to avoid while filing GST returns (GSTR-1 and GSTR-3B)
Posted Date : 01-Aug-2023 , 11:28:05 am | Posted By
NIKITA AGARWAL
GSTR-1 and GSTR-3B are two types of GST returns that businesses registered under the Goods and Services Tax (GST) regime in India need to file to comply with tax regulations. Here's an overview of each return:
GSTR-1: GSTR-1 is a monthly or quarterly return that provides details of outward supp...
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Category : GST |
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0 | Hits : 722 |
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Process to Download GST Registration Certificate
Posted Date : 18-Jul-2023 , 04:35:56 pm | Posted By
Ishita Ramani
Introduction
The GST registration certificate is a legal document that is a proof of the GST registered taxpayers in India. Any company or firm in India whose revenue exceeds the GST registration criteria is required to register under GST. Entities such as casual taxable persons, non-reside...
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Category : GST |
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0 | Hits : 513 |
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How to Reconcile GSTR1 with GSTR 3B(Steps by Step)
Posted Date : 10-Jul-2023 , 05:30:36 pm | Posted By
NIKITA AGARWAL
Reconciling GSTR-1 with GSTR-3B requires a step-by-step process to ensure accuracy. Here's a practical guide to reconciling these two GST returns: Step 1: Understand the Difference Between GSTR-1 and GSTR-3B GSTR-1 is a return that contains details of all outward supplies (sales) made during a spe...
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Category : GST |
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Apply for GST Number: How to check GSTIN Number?
Posted Date : 16-Jun-2023 , 03:28:41 pm | Posted By
Ishita Ramani
Introduction
GST stands for goods and service tax. The goods and services tax is a value-added indirect tax levied on most goods and services sold for domestic consumption. The GST is paid via GST Returns by consumers, but it is remitted to the government by the businesses selling the goods...
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Category : GST |
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1 | Hits : 867 |
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Process for E-Way Bill Genration on Mobile
Posted Date : 14-Jun-2023 , 12:06:30 pm | Posted By
Ishita Ramani
Introduction
In the realm of the Goods and Services Tax (GST) system, the E-Way Bill has emerged as a crucial document for the transportation of goods. In this blog, we will delve into the process of generating an E-Way Bill on a mobile device using the SMS method. We will also discuss the w...
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Category : GST |
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0 | Hits : 762 |
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E-Invoicing Under Goods and Services Tax (GST)
Posted Date : 12-Jun-2023 , 04:38:49 pm | Posted By
Ishita Ramani
Introduction
E-Invoicing under the Goods and Services Tax (GST) regime is a digital invoicing system implemented for specific categories of taxpayers in India. It enables businesses to register and obtain digitally signed Electronic Invoices within the GST framework. In this article, we wil...
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Category : GST |
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0 | Hits : 822 |
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GST Registration for OIDAR Services
Posted Date : 07-Jun-2023 , 01:17:46 pm | Posted By
Ishita Ramani
Introduction
The term OIDAR services, which stands for Online Information and Database Access or Retrieval services, pertains to services provided through the internet or electronic networks with minimal human involvement. The increasing adoption of cloud technology and software-as-a-servic...
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Category : GST |
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0 | Hits : 738 |
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What is Forward Charge Mechanism under GST?
Posted Date : 26-May-2023 , 12:08:08 pm | Posted By
Ishita Ramani
Introduction
The introduction of the Goods and Services Tax (GST) system has brought significant changes to the taxation regime in India, revolutionizing the way taxes are levied and collected. A key aspect of the GST system is the implementation of the forward charge mechanism (FCM), which...
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Category : GST |
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0 | Hits : 864 |
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