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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 […]
Here are three important changes under GST law that have come into effect from 20th October 2023 that will affect your input tax credit availability. Cab Rental Services for Passengers In the services, the condition has been inserted via renting any motor vehicle designed to carry the passengers in which the fuel cost is been […]
The Indian government enacted the Goods and Services Tax Act on March 29, 2017, which took effect on July 1 of the same year. This act stands as the singular domestic indirect tax law applicable across the country, known as the Goods and Services Tax (GST). GST is a comprehensive tax imposed on both goods […]
GST Liability for Transfer of Business U/S 85 According to Section 85 of the tax law, if a person who is liable to pay tax under this Act transfers their business, either wholly or partly, through sale, gift, lease, hire, or any other means, both the person transferring the business and the recipient of the […]
Since GST is a new taxation system in India, and it has been in existence for the last seven years. Therefore, there are so many revenue leakage activities happening and the authorities are still on their way to improving their measures. GST Input Tax Credit (ITC) fraud has also emerged as a significant concern in […]
More than 100,000 small and medium-sized enterprises currently fail to adhere to e-invoicing regulations established under the Goods and Services Tax (GST) Framework, which is obligatory for businesses with an annual turnover exceeding Rs 5 crore. E-invoicing facilitates instantaneous access to GST invoices generated by suppliers during the purchase of goods, enabling quicker availability of […]
When comparing the data shown in GSTR 9/9C Vs GSTR 3B, the council has initiated issuing the notices and has urged for the data. This blog acknowledging different changes in the GST law has the objective of furnishing clarity on the filing of the annual returns (Form GSTR 9) and the reconciliation statement (Form GSTR […]
According to Central Board of Indirect Taxes and Customs (CBIC) official Sanjay Kumar Agarwal, the increase in Goods and Services Tax (GST) collections in October is due to economic activity rather than the issuance of notices by tax authorities. Advisories will be issued to businesses that are not practising generating GST e-invoices for their B2B […]
The government is now considering exempting vouchers or gift cards from the collection of goods and services tax (GST), with the aim of addressing the issue of double taxation in some situations. Many retailers provide customers with vouchers or gift cards that may be exchanged for their products. As per the sources acquainted with the […]
