February 11, 2024
Goods and Services Tax, the biggest tax reform in India, is escorted by the concept of ‘reconciliation’. Consequently, reconciliation can be termed as one of many GST compliance challenges, as it is unavoidable, time-consuming, and oftentimes tedious. Furthermore, GST reconciliation is not at all a single-time obligation, but a continuous process. That is why it
February 1, 2024
The consequential impact of GST on the manufacturing sector has been reshaping the way the whole industry works. It is one of the reasons why the introduction of the GST has been marked as the biggest tax reform in India. In line with that, the revolutionary impact of GST on various sectors has been equally
January 29, 2024
Implementing Goods and Services Tax has made positive and negative impacts on the manufacturing sector. However, slowly and steadily, the manufacturing sector is adopting and also learning to deal with the pros and cons of GST, having handled various GST litigations.Consequently, the ‘Make in India’ initiative by the Government of India strongly encourages companies to
January 23, 2024
In the last few years, GST Compliance standards have become more fortified than ever before, powered by factors like the introduction of e-invoices, Automation in GST, and changing GST regulations. Businesses unable to keep up with these changes have faced consequences, like a penalty for late filing of GSTR-3B, legal actions for delay in GST
January 18, 2024
Implementing seamless GST compliance is necessary to run a legitimate and successful business enterprise. As a business owner, it’s crucial to anticipate potential pitfalls that could lead to penalties, errors, and non-compliance issues.What is the penalty for GST non-compliance?Failure to meet GST compliance requirements leads to penalties from ₹200 to ₹25,000 (and more), and even
October 16, 2023
The famous quote ‘Change is the only Constant’ is firmly adopted under Goods and Services Tax (GST). Yes, despite crossing more than six years, new amendments are still frequently introduced under GST. One of the most recent ones is the new functionality in form GST DRC-01B.As we know, liability declared via GSTR-1/ Invoice Furnishing Facility
