Ministry of Corporate Affairs (MCA) has suggested certain changes in GST law to tackle tax evasion and fake invoicing incidents in India. So, in this blog we have tried listing out all the important and recent changes in GST law applicable from 2021: S.No. GST Laws Recent GST Changes Notification No. And Related Section 1 Section …
We already know everything that has advantages has some disadvantages same as with the newly implemented e-invoicing system in India. So, in this blog, we will cover all the advantages and disadvantages related to e-invoicing. Introduction of E-Invoicing System in India CBIC has been implementing an e-invoicing system in phases. E-invoicing was first introduced to …
GST PMT-09 is a form that was introduced by the CBIC and was first available on 21st April 2020 for the taxpayers. This blog talks about all the important aspects related to form GST PMT-09 its applicability and format. What is GST PMT-09? GST PMT-09 is a challan form that helps the taxpayer to transfer the wrongly paid tax from one head …
In the Union Budget 2021, major changes in GSTR-9 and GSTR-9C were suggested to reduce the compliance burden and simplify the filing procedure. So, in this blog, we will try to cover all the major changes introduced in GSTR-9 and GSTR-9C. Major Changes in GSTR-9 Tables 4 and 5 (Details of Outward Supply) One of …
CBIC implemented e-invoicing with a motive to track all the fake invoices under GST and lessen the tax evasion incident in India. But recently there are a lot of fraud cases reported where the taxpayer claimed ITC without actually supplying the goods and raising fake GST invoices for the same. Hence, let’s understand how to identify fake GST bills. We have put all the information …
IRN is a unique number that can be generated for any invoice uploaded on the Invoice Registration Portal (IRP). We will try to cover all the aspects related to IRN in this blog. What is IRN? The full form of IRN is Invoice Reference Number; IRN is a 64-character unique number that can be generated for all …
As e-invoicing has already been implemented in India, so it is important for businesses to know the process of how invoices are electronically authenticated via the Invoice Registration Portal (IRP). So, in this blog, we will discuss the functions of IRP and how to enroll for the same. What is Invoice Registration Portal (IRP)? An …
GSTR-2B is a new auto-drafted ITC statement that is new introduced in the GST eco-system. The concept of GSTR-2B was introduced in August 2020. What is GSTR-2B? Form GSTR-2B is an auto-drafted ITC statement that will be generated for every taxpayer based on the details filed by his/her suppliers in their respective GSTR-1 or GSTR-5, …
The GST has not only helped large enterprises to grow and expand but also had some major schemes for small enterprises. One such scheme is the Composition Scheme which was introduced under GST to relax the tax compliance of small enterprises. But as we know that every advantage has a disadvantage. So, in this blog, we will …
