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Finance Minister Nirmala Sitharaman at the National Traders Convention of the Confederation of All India Traders (CAIT) spoke in favour of traders, taking cognizance of the problems faced by the traders in the present taxation system. FM highlighted that the traders bring in tax revenue and the government would never want to annoy them with […]
XBRL is an encrypted form of transferring & sharing the business details and complete turnover data with the government department within an XBRL format file. Let us go through all the important frequently asked questions about the XBRL and its return filing. Q.1 – Explain XBRL XBRL is a widely acclaimed digital language used for […]
As per the latest notification, dated 26th December, 2019, released by the Central Government, a few amendments in the Central Goods and Services Tax Rules, 2017, have been proposed. According to the new rule, “20 per cent” ITC for non-invoice returns is now replaced with “10 per cent” ITC, effective from the 1st January, 2020. […]
As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the new rules for claiming a refund of input tax under GST. So, they are now waiting for some kind of clarification from the government’s side over the revised mechanism, which limits the maximum amount […]
ITC reconciliation is a hectic task which not only requires patience but also money and proper techniques. Therefore people often depend upon expert tax professionals for the accomplishment of their reconciliation tasks. Nowadays most of the professionals ignore ITC reconciliation while filing GST returns for their clients’ reasons could be more time consumption or the […]
The scheme of E-invoice was officially approved by the GST Council in the 37th Council Meeting. If you are looking to generate an e-invoice under GST, this is the step-by-step guide to help you. What is GST E-invoice? E-invoice is not an invoice that you can download or generate through the GST Portal, but it […]
In simple words, a trust is an organization to which the owner donates his property for the benefit of others from that particular property. Whereas, Trust, as defined by the authority, is a commitment affixed to the ownership of property, and arising out of confidence rested in and accepted by the owner, or declared and […]
Effective from 31st May 2024, all the prescribed PAN Cards, if not linked with prescribed Aadhaar Cards, some sections may be considered invalid. During the presentation of the budget, these amendments in the PAN-Aadhaar linking rules were announced. CBDT has confirmed that the last date for linking PAN to Aadhaar is 31st May 2024. What […]
There are two ways to cancel a GST registration – voluntary and by authorities. If in case, you have applied for (voluntary) cancellation of your GST registration, you must about your liability to file GSTR or pay a penalty in the interim period between the application date and the date of cancellation. How to Apply […]