As we discussed in the last blog about certain GST provisions to be fulfilled under demerger of a company, here in continuation of the last blog we discuss some more GST provisions which need to be catered to comply with GST LAW: – Annual Return and Final Return As per Section 44 of the CGST…
Inventory management is one of the crucial business practices for any business enterprise. It is done by keeping track of the company’s stock goods and by checking for any quality, quantity standards concerning their weight, dimensions, amounts, and location. Inventory management’s primary objective is to minimize the cost of holding inventory by helping business owners…
The ferocious second wave of COVID-19 threatens people’s lives as coronavirus has blown a hole in the breathing capacity of an individual. An unprecedented surge in covid-19 cases has made Medical oxygen- a necessity for a patient to survive. However, most of the hospitals started running out of oxygen supply as demand for medical oxygen amplified. As…
What is an advance ruling? An Advance Ruling is a mechanism for the person registered or the personal desire to obtain registration under this act to seek clarity on tax aspects concerning the supply of goods or services being undertaken or proposed to be undertaken by them, thus reducing unwanted differences and litigations that may…
Internet and social media have led to an information boom in our lives and the kind of information we get is relevant in all walks of life. Moreover, there is always a preference to consume information that is clear, concise snippets and not some lengthy text. The same goes well for the financial statements that…
“Why do you need an accountant?” generally, the answer to this question is given as “To keep the accounting of the company and to fulfill the liabilities against the finance”. Accountants are positioned as sort of “tax accountants”. However, most of the time your needs are not limited to “tax accounting”. Your needs and expectations…
In the Pre-GST era, many debatable issues had been settled by various high court judgments. Among the various issues, one of the burning issues, which was highly debatable even before GST came into the picture was whether ITC would be allowed to the recipient on default of the supplier for non-payment of tax to the…
It was on 23rd March 2020 that the Supreme Court extended the limitation period for filing petitions/applications/suits/appeals and all other proceedings in all courts and tribunals with effect from 15th March 2020 until further orders. A bench headed by The Chief Justice of India passed this order taking Suo-moto cognizance of the situations arising from…
The Government of a nation is responsible for the welfare and well-being of the people. To achieve this aim, the government has to spend its resources on various sectors such as infrastructure, health, agriculture, defence, etc. But money can be spent only when it is earned. The government meets its expenditure with various sources of…
In an attempt to reduce GST evasion and increasing business efficiency, the government had introduced an e-invoicing system. It is a standardized system that enables reporting of the B2B, and Export invoices being issued by the taxpayers to their customers on the government portal and obtaining a unique Invoice Reference Number (IRN). E-invoicing provisions were…
