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What is GST Compliance? In the ever-changing world of taxation, businesses face different kinds of barriers to ensuring adherence to Goods and Services Tax (GST) regulations. GST, a comprehensive indirect tax imposed on the provision of goods and services, has become a fundamental aspect of financial operations worldwide. This article delves into the fundamentals of […]
The GSTN furnished an Advisory No. 614 on November 14, 2023, for Online Compliance about ITC mismatch – GST DRC-01C. It is stated that GSTN has been made a utility for the operation to generate automated intimation in Form GST DRC-01C that drives the assessees to elaborate on the difference in the ITC available in […]
The implementation of the Goods and Services Tax (GST) system in India has brought some significant transformations in how businesses handle their tax compliance responsibilities. Given the range of requirements including e-invoicing, e-way bills, invoice management, credit and debit notes, input tax credits, tax payments, annual return filings, and reconciliations, it is crucial for businesses […]
The 50th GST Council meeting chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman suggested measures to streamline compliance with GST. The Council has recommended inserting rule 138F in the CGST Rules, 2017, as well as in the SGST Rules, 2017, of the States that want to mandate the generation of e-way bills […]
The coming 20 days will be so heated for the finance and the tax professionals in distinct companies since many GST-related compliance are required to get finished on September 30 or prior to that. Some of these consist of creating the new e-invoices process, total usage of ITC of the former financial, and fixing invoices. […]
5 years before, on July 1, 2017, India had started the biggest amendment in its indirect tax system through the GST that would improve the complete indirect tax structure and lastly amend tax administration and compliance. In the former 5 years, the GST implementation proves to be a ride like a roller coaster for the […]
Some of the passive incomes are said to be the income from Youtube, blogging, money from sharing video apps, and others. The same is essential to note the tax treatment from both the income tax and the GST point of view in India. The taxability of GST on YouTube and blogging income-earning shall be discussed […]
Industry associations IndiaTech.org, ADIF, and Nasscom have advised the government to reduce the GST compliance load on the small online sellers. They mentioned that various micro, small and medium enterprises (MSMEs) have fear concerning the transition to the online marketplace because of cumbersome tax compliances beneath the GST law. It opposes the MSMEs from approaching […]
Some important GST work would need to be done as the end of the financial year has been arrived which entails some essential ramifications. The GST chores to be completed have been classified as: A. Related to Tax Compliance B. Related to GST Input Tax C. Related to Reconciliation D. Related to Law A. Tax […]
