The Goods and Services Tax (GST) has replaced the majority of India’s indirect levies. Before the introduction of the GST, companies were forced to pay tax at every point of the supply chain. The product’s price rises as a result of the cascading effect. However, under GST, a taxpayer can claim an input tax credit …
The Goods and Services Tax (GST) is a reformative taxation system introduced by the Government of India in the year 2017. GST was implemented with the goal of “One Nation, One Tax.” The 4 major tax components under GST are CGST, SGST, UTGST, and IGST. In this blog, we will provide detailed information on CGST …
As we know that digital records allow you to quickly verify and cross-check any information such as AADHAAR. The e-way bill site will now be linked to the VAHAN system to increase compliance and tax administration. In this regard, a pilot program has already commenced in the state of Karnataka. What exactly is the VAHAN …
When making transactions, it’s not unusual for an invoice to be issued by mistake under the GST, or for a few invoices to require revisions. In such circumstances, the invoices must be corrected and reported in the monthly returns. The procedure is known as invoice revision. Revision of GST invoices can manifest in many ways, …
As per Notification No. 39/2021 issued on 21st Dec 2021, Sections 108, 109, and 113 to 122 of the Finance Act, 2021 (FA, 2021 will take effect on January 1, 2022. Decoding Sections 108, 109, and 113 to 122 of the Finance Act, 2021 Decoding Section 108 The clause (aa) shall be introduced and shall …
How to cope with invoice late payment or invoice not paid is the most typical question that every businessman encounters. So, in this post, we’ll go through four different approaches to deal with payment delays: Control the Payment Failures The only way to maintain a healthy cash flow is to keep payment failures under control. …
The UIN stands for Unique Identification Number, a type of GST registration reserved for taxpayers that are not liable to pay GST in India. Any tax (direct or indirect) collected from these taxpayers is reimbursed to them. 7 Facts about GST Unique Identification Number (UIN) that You Ought to Know Who is eligible to apply …
The Goods and Service Tax Network (GSTN) was the first to introduce and construct the GST Suvidha Provider (GSP). GST Suvidha Provider (GSP) is an enabler or licensed gateway that allows companies to use the GST portal through automated tax software. What is GST Suvidha Provider (GSP)? Goods and Service Tax Network (GSTN), the private corporation that owns and manages the GST portal, introduced the …
We have compiled all the recent changes take will take place in GST law with effect from 1st Jan 2022. Recent Changes in GST Law 1. The Introduction of a New GST Compliance GST G E-Commerce Operators While Providing Restaurant Services Instead of hotel providers, any E-Commerce Operators providing “Restaurant Services” would be responsible to pay GST on such services. These …
