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To facilitate and enhance GST data, the Goods and Services Tax Network (GSTN) has divided Table-12 of the GSTR-1 form into two parts: one for business-to-business (B2B) sales (Table 12A) and one for business-to-customer (B2C) sales (Table 12B), starting with the May 2025 tax period. The amendment introduces obligatory HSN-wise reporting, but in a warning […]
The declaration of HSN (Harmonised System of Nomenclature) codes in invoices under the Goods and Services Tax (GST) regime in India is a significant compliance need that differs as per the type of sale, B2B (Business to Business) or B2C (Business to Consumer) and the taxpayer’s annual turnover. The HSN codes support in categorising the […]
The Orissa High Court in a judgment allowed to improve the error that emerged in GST Returns -1 from B2C to B2B. it was discovered by the court that the applicant remarked the error after the opposite part ruled the legitimate running bill amount of the applicant via notifying the same for the aforesaid error […]
Starting March 1, 2024, the National Informatics Centre (NIC) has announced that certain GST payers must have e-invoice details to generate GST e-way bills. This requirement applies specifically to e-invoice-enabled taxpayers involved in B2B and export transactions. However, for other transactions like B2C, the e-way bill process remains unchanged, operating as usual. Currently, businesses with […]
GSTN would have been initiated to permit the revision concerned with the FY 2021-22 in October 2022 return period. The same is within the recent revision in the GST Law in which the revision could be performed up to 30th Nov. of the subsequent fiscal year. The information of the taxable outward supplies could get […]
Toward confirming the B2B deal with the GST-compliant supplier, an individual must review the below-mentioned information which would be made available on the GST portal: Check the Registration Activity of GST Suppliers Doing the transaction with the registered supplier, the recipient would ensure that the supplier would be actively enrolled under GST. As there would […]
Since from 1st April 2021 it is important for the GST assessee who posses the turnover exceeds 5 cr in the before fiscal year, to file 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) upon the invoices provided for the supplies of taxable goods […]
GST (Goods and services tax) is a major tax reform implemented in India on 1st July 2017 across all the states. The new tax scheme has subsumed around 17 indirect taxes of both central and state levels. It is said that the goods and services tax will end the currently prevailing cascading effects of taxation […]
The GST Council has recently shown a green flag to the e-invoicing or electronic invoicing commencement in a phased manner. The mechanism is an advanced level Business reporting model through which all the B2B invoices are directly communicated to the main GST System. Prior to its commencement, the new e-invoicing mechanism was discussed upon by […]
