When it comes to E-way bill preparedness, one can never be too vigilant. One small mistake or slight delay leads to immediate penalties. Also, one must not ignore that with the increasing need for supply-chain management and growing transactions, businesses require a quick and streamlined process of generating and tracking e-way bills with real-time capabilities. …
Goods and Services Tax was implemented to simplify the indirect tax structure. However, as businesses battle with the complexities of compliance, one issue that has consistently arisen is the mismatch between GSTR-9, GSTR-9C, and GSTR-3B. These three forms play a crucial role in the GST framework, and discrepancies can lead to compliance challenges and potential …
The Indian taxation system introduced GST (Goods and Services Tax) 2017 to systemize the tax structure. Various components of GST are crucial for compliance. Amongst these, the GST E-way bill is an electronically generated document that is mandatory for the movement of goods across India under Sec No. 68 of CGST Act’17, with rules 138, …
Goods and Services Tax (GST) compliance is a crucial aspect of doing business in India. GSTR-9, an annual return under the GST regime, plays a pivotal role in ensuring tax compliance. One of the critical components of GSTR-9 is the reconciliation of Input Tax Credit (ITC), which significantly influences the accuracy of the final figures …
In today’s fast-paced world, businesses constantly seek ways to optimize their operations and reduce manual processes. One area where this efficiency is especially crucial is in logistics and supply chain management. When GST was implemented in 2017, it was introduced to simplify the tax structure and ease supply chain management. One important part of GST …
The government’s objective has always been to ensure that no laws were broken when paying taxes and to centre the Indian tax system around the populace’s needs. Of all the GST return forms, GSTR-9 offers the most comprehensive overview of a business’s financial operations for a given fiscal year. However, what will the future hold …
Introduction: The Goods and Services Tax system in India brought about a significant shift in the way businesses manage their taxation and compliance. One crucial aspect of GST compliance is the filing of GSTR-9, an annual return that summarizes the entire year’s GST transactions. This process can be complex and challenging for businesses, especially those …
Goods and Services Tax (GST) has transformed the way businesses operate in India. It focuses on enhancing transparency, accountability, and compliance. One of the crucial obligations under GST is the GSTR-9 filing. The annual return filing is known as GSTR-9. This return holds potential significance in maintaining the integrity of the GST system as it …
Under the Goods and Services Tax (GST) system in India, when a director of a company provides any service to the said company in the capacity of being a director, he falls under the provisions of the GST Reverse Charge Mechanism (RCM in GST). Here, the liability of paying GST on the service lies with …
