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
January 11, 2022
Table of Contents 1GST Input Tax Credit | What is the new Update?2Section 109 notified – Amendment to section 163How can I claim 100% Input Tax Credit after this change?1. Notify your defaulting suppliers2. Accurate reconciliation of GSTR-2B against purchase records4Highlighting features of GSTHero’s Reconciliation SolutionTo summarize Central Board of Indirect Taxes and Customs (CBIC)
December 3, 2021
Input Tax Credit under GST is the bedrock of the GST structure. Businesses should aim at using this feature wisely and avail maximum of eligible ITC under GST. In this short article, we have discussed a few important pointers that businesses should follow to claim maximum eligible ITC in FY 2022. The businesses must take utmost care
November 11, 2021
GST Audit has become essential with every passing day. This is especially true for businesses with multiple GST registrations. It becomes challenging for such businesses to keep track of all the GST activities in their various depots or sub-units with individual GST registration. Hence, it becomes necessary for such businesses to have a centralized mechanism to check
November 3, 2021
The Diwali festival season is around the corner now.Many companies are planning to gift their employees with Diwali gift hampers, vouchers, goodies, etc.The budget for this activity can go very high for businesses with a large number of employees.It’s also prevalent practice in many professions to offer promotional items to clients, distributors, partners, etc.This article
September 2, 2021
Input Tax Credit is the bedrock of the GST structure. Input Tax Credit makes the GST a justiciable tax structure in India and thus helps eliminate the earlier ‘tax on tax’ effect as was in the pre-GST era. Though Input Tax Credit is an integral part of the GST, specific scenarios exist where ITC cannot be
