Input Tax Credit (ITC) is among the most significant aspects of Goods and Services Tax (GST) regime. It lets businesses with a valid GST registration save on their output tax bill for eligible purchases and business expenses by claiming credit for GST paid on their eligible purchases. However, ITC will have certain conditions, documentation requirements,…
International service providers who provide their services in India and in foreign markets have to deal with several regulatory requirements along with cross-border transactions. Two key focus areas that need to be looked into are Goods and Services Tax (GST) and Foreign Exchange Management Act (FEMA). The foreign exchange regulations are dealt with by FEMA…
The surge of e-commerce has transformed the ways in which businesses are selling their products and services, but it has also added new tax compliance obligations. It is important for sellers, e-commerce operators, and some service providers to know how Goods and Services Tax (GST) is applicable to online transactions, collections made via marketplace and…
Good GST compliance is about much more than timely filing. The businesses should also ensure that the details provided in GSTR-1 are in sync with the details provided in GSTR-3B. If there is a discrepancy in these returns, it may result in notices from the tax authorities, wrong tax filing and compliance issues. This is…
E-invoicing has revolutionized the entire invoicing process of businesses. In today’s fast-paced regulatory environment, firms are looking towards automating their e-invoicing processes to avoid any errors on part of employees and achieve tax compliance. The digitalization of the generation and validation of invoices can assist businesses in streamlining their financial processes to maintain correct records…
