As a business owner, managing taxes can be a daunting task. With the ever-changing tax laws and regulations, it’s easy to make mistakes that could cost you time, money, and even legal issues. It is where GST Consultants come in;…
GST for MSMEs: A short guide
The Goods and Services Tax (GST) affects how businesses of all sizes operate in India. For MSMEs (Micro, Small and Medium Enterprises), it is imperative to understand the implications of GST and how it can affect their business operations. This…
A short guide for GST refund
If you live in India and plan to spend money on goods or services, there’s an extra step you’ll have to do before you can pay your bill — but the GST refund process makes it worth your time! GST…
E-Invoicing: Will it reduce or increase the compliance burden on purchasers?
To stop registered persons from generating fake tax invoices and the corresponding recipients from claiming the ITC thereon, the Government of India had come up with the solution of generating E-Invoices. It is a system in which B2B invoices…
Significance of due diligence under GST
Before beginning an acquisition, investment, commercial partnership, or bank loan, Due Diligence is a process of investigation and analysis. Tax firms in Delhi examine an entity’s financial sustainability in terms of its assets and liabilities as part of due diligence, including evaluating…
Some common GST filling mistakes
Taxpayers and professionals make mistakes and errors while submitting GST registrations or GST return filings. Since the start of the GST in 2017, some taxpayers have made errors. However, by avoiding the late costs associated with such errors or mistakes…
Latest amendments on the GST portal (Part2)
Continuing with the amendments of the GST portal, here are some more points for the same: 2. Insertion of Table 3.1.1 in Form GSTR-3B 3. Additional mode for payment of GST Earlier the modes for payment of GST were: E-Payment,…
Latest amendments on the GST portal (Part 1)
Goods and Services Tax (GST) has been against indirect tax structure reform designed to support and enhance the economic growth of our country. It has replaced multiple indirect taxes, which were existing under the previous tax regime. The tax payers…
No GST exemption on business transfer between distinct persons as a going concern
The transfer of a going concern in a simple way can be described as the transfer of a running business, which is capable of being carried on by the purchaser as an independent business. To have more understanding regarding the…
5 Years of GST: Hit or miss
GST is touted to be India’s most comprehensive tax reform in decades, it is based on the principle of ‘one nation, one market, one tax’. GST was introduced with a promise and outlook of streamlining the tax system from inception,…