Every GST taxpayer must be aware of the powers of GST officers so that they can approach the appropriate officer at the appropriate time. This would also help them avoid wasting valuable time by approaching the wrong GST officer, as well as any illegal exploitation by the GST authorities. It also safeguards the GST taxpayer …
Important note: The last date of furnishing the GSTR-9 and GSTR-9C forms is 31 December 2021. GSTR-9 is the GST form that has to be filed yearly through a regular assessee using all the consolidated and combined information pertaining to CGST, SGST, and IGST provided for the year. This also requires complete information of outward liability, …
The CBIC has launched e-Sanchit (e-Storage and Computerized Handling of Indirect Tax documents) that provides an electronic interface between taxpayers and custom departmental officers to submit their import/export-related supporting documents hassle-free and without any human intervention. The aim behind the introduction of e-Sanchit is to promote paperless processing, fast documents uploading, and hassle-free trading across borders. It has already been made available to importers and …
The most common mode of transport for goods in India is by road. Transportation is an important aspect of the economy since any disruption in transportation undermines the entire supply chain. According to the NHAI, highways carry around 70% of goods and 80% of passenger traffic. A transporter or courier agency is responsible for the transportation of goods by road. The transporter, also known …
On April 12th, the Union Territory Goods and Services Tax, or UTGST, was enacted by the UTGST Act, 2017. The UTGST is an Act that makes provisions for the charging and collection of tax on all intrastate goods and services. In the case of UTGST, Central Government collects the tax. What are UTGST and the Full form …
The goods and services tax, or GST, replaced the majority of indirect taxes that have resulted in the “One Nation, One Tax” system. In comparison to the previous VAT and excise systems, accounting entries under GST are simpler. However, accounting entries in the books of accounts must be understood and passed regularly. It’s critical to …
We already know that the GSTR 3B return cannot be amended because the current GST law does not allow for it. However, the council devised new features and a new design for GSTR 3B that permitted taxpayers to reset their returns only in circumstances where they had been submitted but not filed, as determined by EVC or DSC. That is until the GSTR 3B is submitted, …
UQC (Unique Quantity Code) is a standardized measurement quantity used by all taxpayers under the GST system. As a result, it is critical for GST-registered taxpayers who supply goods. Meaning of Unit Quantity Code (UQC) in GST UQC code is an abbreviation for Unique Quantity Code. In simple terms, it refers to a unit of measurement, such …
Every normal taxable person under GST needs to file GSTR-1 on either a monthly or quarterly basis and any mistake in filing it can lead to penalties and interest. So, how can you ensure that your mistakes do not attract any penalty or interest? The answer to this is, you need to perform reconciliation between e-invoices and the sales register to prepare an errorless GST return. What is …
