Dynamic QR code is applicable on B2C supplies from 1st July 2021. B2C supplies are those transactions that are made by a taxpayer to a non-registered taxable person (end consumer). So, in this blog, we will look into the dynamic QR code applicability from 1st July 2021. What is a Dynamic QR Code? The full …
API stands for Application Programming Interface is an intermediary interface that permits two separate applications to communicate with each other. E-way bill API is similar to the aforementioned statement. And, in this blog, we will discuss the integration of e-way bill API. What is an E-Way Bill API? E-Way Bill API empowers a taxpayer to automate their e-way bill …
The CBIC introduced the QRMP scheme under GST to help small and medium taxpayers whose aggregate turnover is less than INR 5 crores. The QRMP scheme permits the taxpayers to file GSTR-3B every quarter. However, the taxpayer would still need to pay tax each month. However, the CBIC introduced new changes in the QRMP scheme on …
GST officers at any time can cancel GST registration by initiating a suo-moto proceeding. So, such taxpayers can apply for revocation of canceled GST registration. In this blog, we will cover all the things related to the revocation of canceled GST registration. Meaning of Revocation of Cancelled GST Registration The meaning of revocation of canceled GST registration is reversing …
Numerous businesses have been hit hard since the start of the Covid-19 pandemic in India. Many had to shut down, while many are still battling to clear their liabilities including GST liabilities. Businesses neglected to clear their GST dues because of the effect of the pandemic, which leads to us a question of whether or not GST can be paid in installments. So, in this blog, we will …
The full form of GST is Goods and Services Tax. However, before knowing the meaning of GST, it is important to know the types of taxes prevalent in India. Types of Taxes in India Direct Tax Direct tax is a type of tax that is levied on the income of an individual or identity. Different types of …
As the name suggests Input Tax Credit (ITC) is the reduction of tax paid on the purchased inputs (goods or/and services) from liability paid on the output tax liability. But the question arises of how a taxpayer can maximize ITC claim? So, in this blog, we have created a checklist to maximize the ITC claim. Checklist to Maximize ITC Claim Here is a …
Reconciliation between GSTR-3B with GSTR-1 must be carried out by every taxpayer to ensure that there are no mismatches. As any mismatch between the data can lead to revenue loss and even notices from tax authorities. So, in this blog, we will dive into all the related aspects of reconciliation between GSTR-3B and GSTR-1. What …
The tax assessment framework might be very perplexing for some to comprehend because of the various legal customs that go with it. After the implementation of GST, different factors impact the supply of goods or/and services under GST. One of them includes intra-state and inter-state supply under GST. Regardless of whether the supply of goods …
