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
February 17, 2021
Table of Contents List of companies required to apoint internal auditorIn case of GST, a very detailed checking is required.Internal audit in GST: Following areas need to be checked by auditorGSTR-1 Details of Outward SuppliesGSTR-2A Details of Inward supplyGSTR-3B (Monthly/ Quarterly Return)E-way billInput service distributor (ISD) Internal audit in GST is a very crucial aspect
February 10, 2021
GST was made as a general Law for everyone, with ease of GST Return Filing compliance. But with the passage of time and emergence of more practical cases, changes are bound to be made.We know that, GST is the most prominent indirect tax, with the highest revenue to the government replacing so many indirect taxes.
February 3, 2021
Table of Contents IntroductionWhy is Input Tax Credit relevant?Journey of Input Tax Credit Rule 36(4)Impact of this Input Tax Credit rule on taxpayerVALIDITY: (Here, validity means how valid and just, rule 36(4) is): -Claim upto 100% Input Tax Credit IntroductionIn the world of GST, Input Tax Credit (Commonly known as ITC) is a big relaxation
November 24, 2020
Table of Contents 1GSTR-1 Related GST updates2Read more GST updates3e-Invoicing Software & Process Under GST | Eligibility, Implementation & Applicability4E-Invoicing For 20 Cr+ Turnover Businesses Now Enabled – New Advisory5GSTR-2A/2B Related GST updates6GSTR-3B Related update7Input Tax Credit Related update8e-Invoicing Related update The Central Government CBIC has announced a series of New Notifications regarding Form GSTR-1,
July 6, 2019
Discount under GST is of the crushal part of GST system. It directly impact on the liability of GST and ITC.It is very usual and often that Supplier offers various kind of discounts to its Customer/dealer/retailer (referred as “dealer”), in order to incentives Sales, to offset for advertisement expense uncorrected, for reduction of sale price