Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
Filing GST is a massive task involving document compilations, computations, GST calculations, verification and so on. People with deficit knowledge are often seen struggling with GST filing and reviewing documents for accuracy. GST invoice is one of the major components used while computing tax, one wrong invoice will affect the figures in GST returns leading […]
The 37th GST Council meeting headed by FM Nirmala Sitharaman concluded with amendments in the tax rates for different industries. One such industry is the diamond manufacturing sector for which the council deducted GST on job work from 5% to 1.5%. Currently, the blocked working capital of Rs. 1,500 Crore in the defunct outsourced diamond […]
Currently, 18% of GST is charged on long term lease transactions by the government, which has been strongly opposed by many companies. Some major companies have recently moved towards legal proceedings in court to seek permission for revoking or making a credit claim against GST on long-term land lease deals. Many tax experts, on this […]
GST ANX-1 and GST ANX-2 form have been added under the newer GST return filing system (GST 2.0). These forms will work as a supplement to the main returns forms, i.e., GST RET 1/RET-2/RET-3 under GST 2.0. These forms are apparently similar to the GSTR-1 and GSTR-2A forms that are used in the present GST […]
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 […]
The tax authorities are planning to bid farewell to the existing GST e-invoicing (online billing) system which is currently used by lacs of businesses in the country for generating supply bills. E-invoicing is the online invoice generated for the goods sold. After the confirmation from both parties, a unique number is generated. The bill with […]
According to the specialists, the manufacturers and wholesalers who supply a discount to retailers to pass on to the customers, GST on which is creating confusion and pushing towards possible legal proceedings. The retailers say that GST on discount can put them into a difficult situation following the government’s recent decision. In June 2019, the […]
Micro Small and Medium Enterprises (MSME) is surely hidden from the limelight but is the core of economic growth in the nation. The sector lacks recognition by financial governance. As per the statistics, with the GDP over $3 trillion currently, India constitutes approx 63 million MSMEs which includes 45% of manufacturing industries and 31% of […]
According to reports from Maharashtra’s Appellate Authority for Advance Ruling (AAAR), Charges imposed on dishonoured or bounced cheques will also include Goods and Service Tax (GST). The decision is further confirmed by the Authority of Advance Ruling (AAR). The law is currently effective and is applicable only for the applicants and jurisdictional assessee officers associated […]
