The concept of E-way bill has been introduced under GST regime on similar lines of “way-bill” in the erstwhile tax regime. It is a mechanism to ensure that goods being transported comply with the GST Law and serves as an effective tool to track movement of goods. Meaning of E-Way Bill E-Way Bill is a…
It is the duty of every registered person to comply with proper law, provisions & rules, which ensures proper and smooth implementation of GST. It is important to ensure whether goods are being transported as per GST Law and for safeguarding the same, provisions of “E-Way Bill” comes into light. It is a proper mechanism and…
The objective of introduction of Goods and Services Tax (GST) was to simplify the process of indirect taxation. However, despite the relative simplification from the previous tax regime, GST is still in its nascent stages. In other words, there are still some cloudy areas in the GST regime. Department is continuously making changes in the…
Will it resolve monthly Compliances Ailment? In India, tax laws have always favoured small businesses as they constitute a major portion of country’s growth and GDP. With the introduction of GST, taxpayers need to file monthly return i.e. GSTR-3B, which comprises of details of outward and inward supplies. Any delay in the filing of return…
Process of Generating and Cancelling an E-Invoice In continuation to our previous blog on E-invoicing under GST, in this blog we’ll be covering the process of how to generate an e-invoice through different modes such as off-line facility, Direct API integration and API integration through GSP. Also, we’ll be discussing how to cancel valid e-invoice…
With the advent of Financial Year 2020-21, dividend taxation in India has completely gone upside-down. The new provisions have again asked the recipient of dividend to pay taxes instead of the company who was distributing the dividends. The changes in the Income tax law which brought the above change are as under: Dividend Distribution Tax…
Standard Operating Procedures(SOPs) are a set of step-by-step guidelines gathered by an organization to supportits employees to carry out regular operations. SOPs objectiveis to achieve consistency of performance, productivity andvalue output while reducing failure to comply with industry regulations and miscommunication within the organisation. Appropriately designed SOPs define: Objective of the process or activities Scope…
MSMEs or Micro, Small, and Medium Enterprises contribute primarily to the socio-economic development of the country. MSMEs are governed by the Ministry of Micro, Small & Medium Enterprises in India and are also required to be registered under the Micro, Small and Medium Enterprises Development Act to avail benefits. What are Micro, Small and Medium…
The Finance Act, 2020 has introduced several modifications in the Indian taxation thereby enlarging the scope of applicability of TCS provisions. AKGVG & Associates has summarized the amendments brought about in TCS provisions by the Finance Act, 2020 for ease of understanding. On sale of goods W.e.f. 1st October 2020, all sellers (with sales exceeding…
A common myth among many businesses is that they ought to know their company’s valuation only when they are looking to sell it. And this is where the businesses end up getting less than what they desire in terms of results. Many a time, business owners are too late in realizing the importance of valuing…
