May 24, 2022
Recently, matching and mismatching of Input Tax Credit (ITC) have created a huge havoc, within the trade and industry, under Goods and Services Tax (GST). In the FAQ on ITC article, let us go through some of the frequently asked questions relating to ITC mismatch which will be helpful for clearing the relevant concept to
May 23, 2022
Dictionary meaning of the term penalty is ‘a punishment imposed for breaking a law, rule or contract’. Article briefly discussed Penalties under GST and its precautionary list on Just like any other law, Goods and Services Tax (GST) also caters a wide range of penalties for various offences likeCarrying out any fraudulent activity;Delayed in filing
May 16, 2022
As we all know, the historic date i.e., 1st July 2017 was when the Goods and Services Tax (GST) was introduced. Around 13 taxes were subsumed into one single tax known as GST. Article briefly speaking on Implication of GST on Service Industry, GST applicability and its provisions. Going through the erstwhile laws, we will come
May 9, 2022
With effect from the tax period August 2020, a new static auto-drafted statement in Form GSTR-2B was introduced. Notably, GSTR-2B possesses vital importance in the life of a registered taxable person under GST since the same is directly related to the availment of the input tax credit. In order to curb the practice of fake invoicing
May 9, 2022
GST Input Tax Credit can be availed without any blocking of your credit if it is done in a right way. This article is mainly focused on ITC claim in GST and its dependence on ITC reconciliation process.Claiming of GST Input Tax Credit on the purchases made can be difficult and availing only the eligible
May 9, 2022
Provisions of section 2(63) of the Central Goods and Services Tax Act, 2017 cover the definition of ‘input tax credit’. Accordingly, ‘input tax credit’ means the credit of input tax. It is worth making a note here that except simple definition, each and every thing is complicated when it comes to availment of input tax