Every taxable person registered as a TDS deductor under GST needs to file GSTR-7. In this blog, we will know GSTR-7 – Due Date, Prerequisites, and Format. Latest Update28th May 2021 1. The GSTR-7 due date for April and May 2021 is extended till 30th June 2021. 2. Reduction in the late fee from INR 200 per day to …
Just like getting the right GST software that integrates with your ERP ensures efficiency and no revenue loss, similarly, reconciling your returns with that of the supplier helps you to claim accurate Input Tax Credit. So, it is important to know the errors faced during GST reconciliation: What is GST Reconciliation? Reconciliation under Goods and …
One of the most significant decisions of the 43rd GST Council Meeting is the introduction of a GST amnesty scheme for small and medium taxpayers. GST Amnesty scheme aims to provide relief to small and medium taxpayers regarding the late fees for pending GST returns. What is GST Amnesty Scheme for Taxpayers? GST Amnesty is a limited-time …
GST laws provide a strong compliance framework. If a taxpayer does not comply with the GST law or rules gave thereunder, the GST registration of such taxpayer can be canceled or suspended. In this blog, we will take a gander what can be the circumstances when the GST registration of a taxpayer can be suspended …
The casual taxable person (CTP) concept was introduced under GST to cover all those who occasionally supply goods or/and services in the area where he/she is not having a place of business. Example: Mr. X, a Diamond dealer having a place of business in Surat, wants to sell his Diamond in an auction in Delhi …
The government of India implemented e-invoicing to ease B2B and export invoice detailing for organizations with an aggregate turnover of INR 20 crores or more. The fundamental idea behind e-invoicing is to promote machine readability and uniform translation, permitting interoperability across all GST software. Under e-invoicing, a taxpayer can easily verify an invoice using Invoice Reference Number (IRN) …
HSN is an abbreviated form for Harmonized System of Nomenclature, consisting 6-digit uniform code that classifies 5000+ goods and is globally accepted. HSN code was introduced under GST to systematically classify goods. HSN Worldwide More than 100 Nation worldwide uses HSN coding system as it: Standardize classification of goods Provides a base for Customs tariffs …
The registration process of any person or business entity under the GST laws is known as GST registration. Once the registration completes, the GST authority issues a unique 15-digit identification number known as GSTIN. So, in this blog, we will know the mandatory application of GST registration. Mandatory Application of GST Registration Categories We have divided the mandatory application of GST registration …
GST reconciliation is matching sales and purchase data using different GST returns and sales and purchase registers. The concept of reconciliation is not new to taxpayers as it was prevalent in pre-GST-regime too. However, under the GST regime, reconciliation gained popularity as every data in the business records is closely monitored by the GST authorities. …
