March 3, 2022
Probably by now we all are mostly aware of the existence of the term ‘Composition Scheme’ under Goods and Services Tax (GST). But due to the frequently changing GST law and complication involved therein, even the simple looking ‘GST Composition Scheme’ has become quite complex.Importantly, the GST composition scheme is voluntary/ optional scheme. In order to analyze
February 18, 2022
Don’t know how to adjust credit note in GSTR 3B? Then this article is for you. I have written this article with supportive illustrations and examples to keep things simple. Even if you don’t understand basics about credit note and debit note, you would be able understand how to adjust credit note in GSTR 3B
October 5, 2021
Putting up in simple terms, ‘export’ means trading/ supplying of goods and services outside the domestic region of a country.Under GST export of goods and services will be deemed as ‘inter-State supplies’ and will be treated as ‘zero-rated supply’. ‘Zero-rated supply’ makes the entire supply tax free. In nut-shell, there will be no tax burden
September 22, 2021
Filing of mid-year GST Return, i.e., return for the month of September, is crucial mainly because it marks as the last return for reconciliation/ rectification of any mistakes/ omission of any data relating to the preceding Financial Year.Simplifying thereof, various mistakes/ errors, if any, done while filing returns for the Financial Year 2020-2021 needs to
September 2, 2021
E-invoicing solution is recently the most trending topic under GST, with the continuous increase of its ambit. Smartly, in the case of e-invoice, the Government has adopted the strategy of stage-wise implementation.Large and medium-sized firms have already adopted an e-invoicing mechanism. Now, it is most likely that sooner or later an e-invoicing solution will be
August 5, 2021
Formerly, the registered person opting under the Composition Scheme was required to furnish a quarterly return in Form GSTR-4. However, from the Financial Year 2019-2020 onwards, the duration of filing of return in Form GSTR 4 is changed from quarterly to annually. In this article, you will get GSTR-4 Due Date, Late Fees and A