The average person is unfamiliar with the concepts of taxation and technology. The handling of goods and services tax is so detailed and logical that it appears to be a difficult task to comply with it through technology. But, as in any other field, technology has also advanced and made its way into GST. Binary …
Inter-state transactions has accounted for a significant portion of GST revenue. In previous tax regimes, the transportation factor was used to channel unaccounted and uninvoiced stock of goods. GST, by introducing an eWay bill, has attempted to eliminate malpractices while also digitising the process so that real-time supervision can be carried out. What is e-Way …
Until Monday, August 1, 2022, businesses with an aggregate annual turnover of more than Rs 20 crore were required to issue E-invoices under Rule 48 of the CGST Act 2017. From October 1, 2022, the Centre made E-invoicing mandatory for businesses with total revenue of more than Rs 10 crore. This decision was made to …
The implementation of GST is the most significant indirect tax reform since India’s independence. With so many additional benefits, it has made everything online, including registration, tax payment, returns filing, and other compliances. Furthermore, via the application of artificial intelligence and data analytics, GST has enabled the tax administration to discover and track tax evasion, …
The Goods and Services Tax (GST) is a destination-based tax levied on the final destination or consumption of goods or services. In addition, GST is charged on the supply of goods and services relating to movable and immovable property. In terms of the imposition of GST on immovable property, there is a lack of clarity. …
On June 28th and 29th, 2022, our Finance Minister presided over the 47th GST Council Meeting in Chandigarh. As a result, the council made a number of significant decisions, ranging from GST return filing to GST rate changes. The important highlights have been explained below: Annual returns for F.Y. 2021-22 may be notified with minor …
A company can continue to exist if it can stay afloat in a rapidly changing and competitive market. As a result, it is highly likely to go through multiple adjustments to adapt, compete, and expand promptly. Changes in location and style of operations, ownership, error correction, communication information, and other business specifics in need of …
In the previous few months, there have been reports of bogus GST registrations. This is accomplished by acquiring GST registration using the documentation of another individual. Through such GST Registration, the impersonator engages in illicit transactions and obtains GST through fictitious transactions. When authorities take action against such operations, they frequently pursue the person whose …
GST-registered businesses must keep records, send invoices, report purchases, and sales, pay taxes, and file returns according to standards defined by the GST council. This is part of the GST compliance process, and it necessitates adhering to the statutory GST requirements. Noncompliance with the GST can result in significant fines and penalties. Enterprises, particularly small …
