One of the major challenges that were faced by the large taxpayers was the deferral in receiving ITC when goods or/and services were purchased or rendered from small taxpayers documenting quarterly returns. So, the government introduced the Invoice Furnishing Facility (IFF) to eliminate the burden on large taxpayers and give a lift to small taxpayers. …
Union Finance Minister Nirmala Sitharaman, in the Union Budget 2021 announced that government will take every possible measure to smoothen GST structure further to improve the ease of doing business index. So, in this union budget 2021 our Union Finance Minister has proposed several major GST Changes and in this blog, we will try to …
An advance tax ruling is an order passed by the authority for advance ruling (AAR) or Appellate Authority for Advance Ruling (AAAR) that helps the taxpayers to understand certain tax provisions better. What Are Authority For Advance Ruling (AAR) And Appellate Authority For Advance Ruling (AAAR)? Authority for Advance Ruling (AAR) is a body constituted legally that can …
Updates from 2020 – From 1st October 2020, all those taxpayers whose annual turnover was more than INR 500 crores were required to implement e-Invoicing. Updates from 2021 – Likewise, the taxpayers with an annual turnover of more than INR 100 crores had to implement the e-Invoicing process from 1st January 2021. Under this new …
GSTR-11 is the return that needs to be filed by the taxpayer who holds a Unique Identity Number (UIN) and claims a refund of the taxes paid on their internal supplies. In this blog, we will discuss GSTR-11 like filing eligibility, its due-date, and sections involved in GSTR-11: What is GSTR-11? GSTR-11 is a type …
E-Invoicing is considered as one of the major tax reform under GST. The E-invoicing system is proving to be a great tool that is not only improving ease of doing business but also helping in easy GST compliance. However, it is important to discuss what is the impact of e-invoicing on SEZs’, Exports, and Deemed …
GSTR-10 is a final return that needs to be filed by all the registered taxable persons whose GST registration is either canceled or surrendered. In this blog, we will discuss GSTR-10 in detail. What is GSTR-10? Any registered taxable person whose GST registration is either canceled or surrendered needs to furnish a final return also …
The Hon’ble Union Finance Minister announced several relief measures in the GST council meets to cater to the needs of taxpayers amidst the COVID-19 outbreak. 40th GST Council Meeting Highlights – Held on 12th June 2020 The government additionally gave some relief to small taxpayers with nil liability by eliminating the late charge for GSTR …
To curb GST fake invoice frauds, CBIC on the suggestions of the GST Council’s Law Committee has passed GST Rule 86B to manage the fraudsters who benefit and pass on ineligible ITC by fake or dummy firms. There are some myths about the 1% Cash payment rule 86B that have been circulating on Social Media …
