Input Tax Credit or ITC under GST is the credit back of the tax a registered GST taxpayer pays on inputs i.e. purchases. This tax he is liable to get back from the government. Read more
The Input Tax Credit mechanism allows a taxpayer to reduce his tax liabilities on his sales with the taxes paid on inward supplies.
The ability to claim ITC on your purchases, has made the reconciliation of your purchase data with your suppliers’ data extremely crucial.
43rd GST Council Meeting took place on May 28th, 2021. Know the agenda, the Key highlights of the 43rd GST Council Meeting here
Understanding E-invoicing and QR code generation for B2C transactions made easy! Also read, all about QR Codes in case of B2C invoices and transactions.
With the unfortunate advent of COVID-19, countries worldwide have felt the need and importance of paperless transactions. 7 benefits of E-invoicing in a post pandemic world
Preparations to be done for GSTR1 - Post e-invoicing. Let us understand what exactly has changed with E-invoicing for all GST transactions. Read more…
The validations are categorized in 4 major buckets for better understanding. Here are the rules for e-invoicing that you must take care in order to avoid errors. Read more...
Auto-population of details from e-invoices into GSTR-1 is only a facility for the taxpayers and not final numbers from legal point of view. Read more about Auto-population of details from e-invoices into GSTR-1
NIC Specified Changes | E-invoicing and QR Code forB2B and B2C Transactions | IRIS Onyx – E-invoicing Solution | GST Compliance Calendar- December
GSTR 2A is an auto-generated form of inward supplies i.e. purchase-related transactions. Unlike the erstwhile GSTR2 return form, this is different as GSTR 2A is not editable.
TCS under Finance Act & impact on E-invoicing | The Finance Act, 2020 has expanded the provision to include sale of goods also under the purview of TCS. Read more…
