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…
The government has always been under the lens of the taxpayers for seamlessly granting the refund. Currently, the taxpayers are facing delays in the grant of refunds due to stringent rules and regulations for processing refunds. The majority of the taxpayers are not aware of the frequent changes that are made in the rules relating…
In continuation to the previous blog, there are certainly more important changes in CGST Act,2017 which commence on such date as the Central Government may, through a notification in the Official Gazette, appoint. Section 74 of CGST Act,2017 From Section 74, recovery of tax, overrunning and confiscation of conveyances and goods in transit are now…
There were certain important amendments in the financial proposal of the Central Government for the financial year 2021-2022 regarding GST which emphasized collecting taxes, overruling all previous supreme court judgments or high courts judgments. An Act to give effect to such financial proposals received the assent of the President on the 28th of March 2021…
An insight has been provided to the readers how one can safeguard against unwanted demand notice from tax authorities or unwanted issues that may arise from errors in GST compliance that are committed unknowingly. It is to be kept in mind that escaping from small obligations today might one day turn into hardships and heavy…
There are various topics which can be seen as debatable since the implementation of GST as each one of us have our own set of interpretation therefore such areas are considered to be inconclusive. An effort has been made to bring clarity on such equivocal topics and update with recent changes which are relevant for…
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…
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…
