45th GST Council Meeting Highlights

45th GST Council Meeting Complete Highlights in detail. GST rate changes for goods and services, COVID relief measures...Nirmala Sitharaman...

GSTR 9C Self-Certification: Everything You Need to Know About!

GSTR 9C Self-Certification | Latest changes suggested that taxpayers would be able to self-certify the reconciliation statement in GSTR 9C. Read more…

Blocking Of E-way Bill Generation Facility Resumed

The government had temporarily suspended blocking of E-way Bill generation for taxpayers citing the pandemic. Now, the blocking of E-way Bill generation facility is resumed

GST Compliance Calendar

GST Compliance Calendar for the month of September 2021. Never miss a due-date with our comprehensive GST Compliance Calendar - September 2021. Read all the GST Updates here

Top GST News for the Month | Latest GST Updates

GST is a dynamic law and is changing frequently. Stay updated with the latest GST News and Notifications. All the latest GST updates in one place!

Cancellation, Revocation and Re-Registration under GST

The GST Regime mandates every person/business with an annual turnover of Rs. 40 lakhs or more, to register as a normal taxable person.

Important Checklist To Consider Before Filing September 2021 GST Returns

GST Return for September of a year is the last return period during which taxpayers can rectify any missing inputs or errors in the returns already filed during the previous financial year. These corrections are crucial for the correct closure of that particular financial year. It also forms an important checkpoint during the self-certification process, i.e, during filing the GSTR-9C. Therefore, filing September 2021 GST return is very significant and crucial. Read the article to learn more...

GST Compliance Guide: Your Ultimate Resource For All Things GST!

Despite the huge setback in 2020 due to lockdown citing the COVID-19 pandemic, majority of businesses have started opening up and have gained momentum again this year. If you are someone who is seeing rapid growth in your business and are wondering how it’s going to affect your GST Compliance, this article will help as a guide to everything you need to consider for efficient GST compliance in 2021...

Reasons Why Your GSTIN Can Get Cancelled And How To Avoid Cancellation?

Monthly/quarterly GST return filing requires a lot of time and attention. It is important that you, as a taxpayer, keep a tab on all the latest GST updates and file the GST returns timely following all the rules or else there are high chances that your GSTIN may possibly get cancelled. Read the article to know why your GSTIN can get cancelled…

How to be a Beta User for IRIS Peridot?

We are delighted to share with you all that IRIS Peridot is coming up with a new version yet again! If you wish to become a beta user for IRIS Peridot, read the steps that will aid you in the process.

Looking at GST Compliance through a new lens with IRIS Peridot 5.0

Every new version of IRIS Peridot, gives us delight and also a feeling of gratitude for all our patrons. It is because of your support and feedback which we receive

Ultimate Guide to E-way Bill Management

This article on E-way Bill Management serves as ‘all encompassing’ and provides everything you want to know about E-way Bill. It is a must-read as it covers everything from basics to advanced details.

8 Key Aspects To Know About E-way Bill Under GST

E-way bill provisions have come into effect from 1st April 2018 for inter-state transactions and will be effective for all intra-state transactions by June 2018.

10 tips and tricks to jump-start using GST data for lending

Utility of GST data for lending is proven, especially when it comes to lending to small businesses. The availability of data over APIs, relevance, and authenticity of data source i.e. the GST system itself, makes it the best fit for large scale digital lending programs. Read the article and learn about the important points to note while using GST data.

10 lesser-known facts about the E-way Bill that you must be aware of!

E-way Bill is an effective tool to track the movement of goods and check tax evasion. Here are 10 lesser-known facts about the E-way Bill that you must be aware of! Read more…

Form GST PMT-04: To file ledger related grievances

PMT-04 is a GST form with which one can file ledger related grievances or complaints. If there’s any discrepancy in electronic liability ledger, electronic cash ledger or electronic credit ledger taxpayers can file FORM GST PMT-04.

QRMP Scheme Updates: Important Changes 2021

Quarterly Return Monthly Payment or QRMP scheme under GST has been introduced to simplify compliance for taxpayers having turnover up to Rs. 5 crores. Recently, the government has introduced few QRMP Scheme updates for the taxpayers. Read the article to find out all the changes.

Unblocking GSTIN for E-way Bill Generation

Unblocking a GSTIN for EWay Bill Generation in case of non-filing of GST Returns is going to be a major concern of the MSME sector in coming days as the rule of EWay Bill Generation blocking is now supposed to come into effect from 21st November 2019 as per Notification No. 36/2019 – Central Tax dated 20.08.2019.

Multi-Vehicle option in E-way Bill Generation: Explained in 7 Simple Steps

India, is a big economy with wider geographical anomalies. Here people live in terrains, deserts, land and mountains connected by roads, rail, air and even water at some places.

Consolidated E-way Bill: Requirement and Importance

E-way Bill is to be issued irrespective of whether the movement of goods is caused by reasons of supply or otherwise.

Common Enrolment Number for Transporters for E-way Bill generation

Common Enrolment number is a 15-Digit unique number available exclusively for transporters registered in multiple states under a single PAN, for the generation and updation of their EWB.

5 Key Responsibilities a Transporter should Adhere to!

Under GST regime, in order to deliver the goods in a hassle-free manner, a transporter (Registered and Unregistered) is required to fulfil the 5 key responsibilities

4 Things You Should Be Aware Of Regarding the E-way Bill Mandate

The GST Council, in its 26th meeting, has given a go-ahead for rolling out E-way Bill. The E-way Bill mandate will kick-off with inter-state transactions, followed by intra-state movement of goods.

GST Amnesty Scheme – Relaxations

The government released several relief measures in the 43rd GST Council Meeting and one of the major ones was the GST Amnesty Scheme. Read all about the relaxations here.

Impact of e-invoicing on Nil rated and exempted goods reporting in GSTR 1

Impact of e-invoicing on Nil rated and exempted goods reporting in GSTR 1. Only regular tax invoices, debit - credit notes should be sent for IRN generation. Bill of Supply need not be sent. Read here

44th GST Council Meeting – Highlights

The 44th GST Council Meeting was held on June 12th, 2021 via video conference by our finance minister Nirmala Sitharaman in New Delhi. Read here...

All about Input Tax Credit (ITC) | How to claim ITC?

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

Cases where Input Tax Credit cannot be availed under GST

The Input Tax Credit mechanism allows a taxpayer to reduce his tax liabilities on his sales with the taxes paid on inward supplies.

How to Win Your GST Reconciliation & Influence ITC

The ability to claim ITC on your purchases, has made the reconciliation of your purchase data with your suppliers’ data extremely crucial.

Power Your Business Decisions with IRIS Sapphire – Best GST Return Filing Software

IRIS Sapphire, a GST compliance tool of IRIS GST, a leading GST Suvidha Provider, offers this required intelligence to your compliance processes.

How can a GST Software simplify your GST Compliance?

A secure & comprehensive GST software is necessary to ease the filing hassles and but also to acquire data, reconcile, and for ITC claim etc. Here’s how a GST software can simplify your GST Compliance with 100% accuracy.

8 Questions to Ask before Finalizing Your GST Filing Software

GST, the biggest tax reform of the country, is envisaged to simplify tax management for companies and government equally.

43rd GST Council Meeting Highlights

43rd GST Council Meeting took place on May 28th, 2021. Know the agenda, the Key highlights of the 43rd GST Council Meeting here

GST Registration Requirement For E-commerce Vendors

If you are someone who wants to start selling through e-commerce platforms and wondering if you need to register for GST then read this article it talks aboutGST Registration Requirement For E-commerce Vendors

COVID-19: New Relief Measures Issued – 2021

Here are the new relief measures released by CBIC via latest notifications and circulars. These recent updates with regards to COVID-19 serve as relief measures and will prove to be beneficial for the taxpayers:

5 Key Areas You Need to Plan for an Effective E-Invoicing Implementation

The GST Council in its last meeting pushed the e-invoicing mandate to 1st Oct 2020. Here are 5 key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts.

ESG Reporting in India

ESG Reporting in India | EGS - Environmental, Social and Governance. It is a business review of a company’s economic, environmental and social impacts, caused by everyday business operations and activities

Why small businesses should look forward to E-invoicing?

Why small businesses should look forward to E-invoicing? Read the full Blog to learn the four important reasons why SMEs should adopt e-invoicing plus steps on how they can get started.

Practical challenges at different stages in e-invoicing

Practical challenges at different stages in e-invoicing. Challenges in the IRN preparation stage, generating IRN stage which also includes e-way bills, and the post IRN stage. Read more…

Cloud Software in times of COVID-19

The current lockdown situation has forced companies in all sectors to work from home as much as possible. Here’s how cloud computing and cloud software applications in terms of COVID-19.

9 Step Work from Home Productivity Guide for CxOs amidst Coronavirus lockdown

Here’s a simple 9 step guide that every CEO and CFO must follow and take care of in a crisis situation like COVID-19 lockdown to maintain their team’s productivity and boost their morale. Read on…

Updates in the E-way Bill System – April 2021

Latest Updates – E-way Bill System. After all the e-invoicing updates, now the government has released some major updates in the E-way Bill arena.

Inverted Tax Structure in the GST regime

Inverted Tax Structure in the GST regime | Inverted Tax Structure is a condition where the rate of tax on inputs purchased is more than the rate of tax on outward supplies (finished goods).

QR Code and B2C Invoices | E-invoicing under GST

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.

7 benefits of E-invoicing in a post pandemic world

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

Do more with Peridot | Search GSTIN by Name | PAN | Scan E-Invoice QR Code

The 4.0 Version which is right now in Beta Launch will soon be released on Playstore for user download. Main Features: Search GSTIN by Name | Search GSTIN by PAN | Create watchlist of frequently searched GSTINs | GST Updates and Notifications and much more with Peridot 4.0

E-invoice APIs: Specifications | Access Mechanism | Versions | Updates

E-invoice New API Specification has been released today in line with the updated e-Invoice standard fields released early Feb 2020.

2B or not 2B:10 checkpoints to maximize your ITC Claim

Checklist to maximize ITC Claim | ITC Claim under GST | GSTR 2B and GSTR 2A | Role of GSTR 2B in ITC Claim | ITC Maximization | Read more

E-Invoice Schema and E-Invoice Framework – Complete Guide

E-invoicing model has been adopted by many countries globally with varying implementation models. The Indian adoption consists of following components.

QR Code: The new identity of a B2B invoice

E-invoice QR Code will make its mark on all B2B invoices and will be unique for every invoice. | QR Code and E-invoicing | E-invoicing and B2B QR Codes | B2B E-invoices. Read more…

Ultimate Guide for E-invoicing Notifications and Updates

On 13th Dec 2019, Government notified the e-invoicing rules, its applicability and date from when the notified rules will be effective. In all there were 5 notifications and a summary of notifications.

GST Rule Changes Applicable from April 2021

GST is a dynamic law. It has gone through several changes, alterations, and additions ever since its inception. GST rule changes that are applicable from April 2021 that you must note, read here…

The story ‘beyond compliance’ – All about GST Data and its Emerging Use Cases

All about GST Data | GST as a data source is getting deeper, wider and richer | The length and breadth of GST Data | Types of GST Data

4 Factors to Consider while Building Credit Models using GST Data

4 factors to consider while building credit models Using GST Data | GST Data based lending is gaining a lot of popularity | When we talk about digital-first, rather digital-only strategy, data is at the core

Aadhaar authentication under GST

A process of submitting the ‘Aadhaar number’ along with other biometric details of the Aadhaar holder to the CIDR for verifying its correctness is known as Aadhar authentication.

PMT-06: All you need to know about this GST Challan

Form PMT-06 is a GST challan or a form for deposit of goods and services tax. This Challan has gained significance after introduction of QRMP Scheme.

Preparations to be done for GSTR1 – Post e-invoicing

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…

Invoice Furnishing Facility (IFF) under GST

To ease the compliance burden, the system has assigned quarterly frequency to small taxpayers automatically. This is why IFF was introduced

GST Proposals in Union Budget 2021

Finance Minister Nirmala Sitharaman presented the Union Budget 2021 which focused on 6 pillars – Health & Well-being, Inclusive Development, Human Capital, Innovation, and R&D. Read more…

Registering your GSP for E-Invoicing

All about Registering your GSP for E-Invoicing | It is essential to register your GSP on the GSTN portal before you start the e-invoicing process through them.

Validation rules for e-invoicing that you must take care to avoid errors

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 e-invoice details into GSTR1

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

Key GST Amendments from 1st January 2021 – Impact Analysis for Businesses

Key amendments from 1st January 2021. Amendments in notifications on ITC Claim, QRMP Scheme, GSTR-3B auto population, EWB Validity, cancellation of GSTIN and a lot more

All You need to Know About E-invoice under GST

E-invoicing has been the biggest and one of the most talked-about changes when it comes to GST in 2020. Read all about E-invoicing and its applicability with following heads/parameters...

8 FAQs Around GST Annual Return – GSTR 9

Annual GST Return - Everything you want to know about GSTR9, GSTR9A, GSTR9B, GSTR9C filing. A statement that every taxpayer needs to file annually.

Year 2020 in recap for IRIS GST

Here’s an elaborate recap of the year 2020. All the happenings and changes on the GST front and at IRIS GST | GST system changes in 2020. Read more...

7 Latest GST Updates You Need to Be Aware of before year ends

Latest GST Updates You Need to Be Aware of before the year ends. These changes introduce radical changes and stringent controls in the process of GST cancellation, ITC claim, EWB validity and GSTR 1 filing etc.

Composition Scheme under GST for Restaurant and Hotel Services

Composition Scheme under GST for Restaurant and Hotel Services. Anyone can voluntarily opt for this scheme if they come under the set GST guidelines. Composition Scheme under GST Regime. Read more...

Form GSTR 2A: Details and Format

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

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…

Quarterly Returns and Monthly Payment (QRMP )Scheme

QRMP Scheme under gst is an initiative by the Government to simplify compliance for taxpayers | Quarterly Returns and Monthly Payment Scheme. Read more...

Diwali Cleaning Checklist for Accountants

As an accounts manager, you try and maintain your books throughout the year. You pay monthly bills and collect due invoices from the customers.

All about Provisional Input Tax Credit (ITC) | CGST Rule 36(4)

The central government vide Notification no 49/2019 central tax dated 9/10/2019 has made amendments to CGST Rules, 2017.

Form GST REG-03: Notice for seeking additional information/clarification/ document relating to the Application for Registration/Amendment/ Cancellation

Form GST REG-03 is a notice for seeking additional information in the form of clarification, documents relating to the application for registration, amendment or cancellation.

E-invoicing and SEZ

Special Economic Zone or SEZ are dedicated geographical regions present in a country, providing businesses with simpler tax and legal compliance. Read all about E-invoicing and SEZ here

Important checklist to consider before filing September 2020 GST Returns

GST Return for September of a year is the last return period during which taxpayers can rectify any missing inputs or errors in the returns already filed during the previous.

Received an E-Invoice? 9 Questions to Consider First

The e-invoice received from the suppliers will have the extra-information related to IRN. Hence, the recipients now need to verify the same and keep it for records.

GSTR-4 (Annual Return) – Everything You Want To Know About It!

Composition Scheme is a simple and easy scheme under GST for small taxpayers. The composition scheme is available only for taxpayers whose turnover is less than Rs. 1.5crores.

42nd GST Council Meeting – Expectations and Highlights

The 42nd GST Council Meeting was held on October 5th, 2020 chaired by Union Finance Minister Nirmala Sitharaman, via video conferencing.

GSTR 10: Eligibility, Due-date, & Format

Here’s all about form GSTR 10: Eligibility, Due-date, & Format. If a taxpayer’s GST registration is cancelled or surrendered, then he/she needs to file a return in Form GSTR 10.

Special Economic Zone (SEZ) – An Overview

The Special Economic Zones are deemed as foreign territory for trading operations and taxation purposes, i.e. any goods or services supplied to the SEZ shall be treated as Zero-Rated supply and attract 0% GST.

GSTR-5 – Eligibility, Due-date, Tables & Format

Here’s all about form GSTR 5 – Eligibility, Due-date, Tables & Format. GSTR 5 contains all the information related to purchases and sales of the filer.

E-invoicing for E-commerce Operators

E-commerce operators are allowed to generate IRN on behalf of a supplier. Read all the details about e-invoicing for e-commerce operators here in detail.

Form CMP-08 for Composite Taxpayers– All You Need to Know!

A quarterly statement cum challan, form CMP 08 shall be used to declare the self-assessed details of the tax payable by a composite dealer in the given quarter.

Compensation Cess under GST

Compensation Cess under GST is levied by GST - Compensation to States Act 2017. Read all about the compensation cess under GST here

Is Reverse Charge Transaction covered under E-invoicing?

E-invoicing starts in a month and the onus of creating invoices and getting them registered on the Invoice Registration Portal (IRP) lies on the Supplier.

Form GST RFD-10: Application for Refund by UIN or multilateral financial institutions

Form GST RFD-10 is similar to Refund Application RFD-01 but it is made only by UIN or multilateral financial institutions. Read more about RFD-10 here

41st GST Council Meeting – Expectations and Decisions

The 41th GST Council Meeting by the finance ministry is touted to be held on August, 27th 2020 via video conferencing. Here are some of the expectations from the upcoming meeting.

GSTR-2B – What, When, Where and How of it

Learn everything about GSTR-2B, the newly introduced GST Returns. The What, When, Where and How of Form GSTR 2B!

E-invoicing and E-way Bill: Generating E-way Bill using IRP

Read how you can to generatean E-way Bill using the IRP. Conditions for generation E-way Bill, cancellation process | E-invoicing and E-way Bill

A Definitive Guide to Coping-up with Constant Changes to the GST Regime

Here’s how IDT teams needs to be equipped enough to handle the constant changes and updates. Read about ideas that can be implemented for a smooth workflow.

GST Return Filing Changes and Its Impact

The government is planning to change some specifications to ease the compliance process. Here are the upcoming GST return filing changes and its expected impact. Read more…

GST Data-based Lending- Silver-bullet to MSME Credit Lending Challenges

Read more about the GST Data based lending and how it is the emerging case for MSMEs Credit Appraisal. How GST data based lending can be beneficial.

Form RFD-09: Reply to Show Cause Notice

Form RFD-09 is also known as Reply to Show Cause Notice. This is the reply by applicant on form RFD-08 issued by the concerned government officer.

Form RFD-08: Notice For Rejection Of Refund Application

Form RFD-08 is also known as notice for rejection of the application for refund. This form provides information about the reason why form RFD-01 and RFD-01A is rejected.

Composition Scheme under GST for Small Taxpayers

This article will help you to decide what to look forward to as Composite Dealers/Composite Taxpayers.

Form GST RFD-07: Adjustment of Sanctioned Refund Order

All about form GST RFD-07 is here! Form GST RFD-07 is an order for complete adjustment of sanctioned GST Refund.

Form ITC 03: Prerequisites and Steps to file ITC 03 on the GST Portal

Here are the steps to file ITC-03. Form ITC-03 is filed by taxpayers who wish to do the reversal of Input Tax Credit for which ITC has been availed.

How to generate an E-way Bill if the goods are rejected by the recipient?

Check out how to generate an E-way Bill if the goods are rejected by the recipient. When the transporter makes the E-way Bill and when the supplier makes the E-way Bill with screenshots.

Form GST RFD-06 – Final Refund Order

Form GST RFD-06 – Final Refund Order. This is an electronic order issued by the proper office/ government officer to the taxpayer.

Form GST RFD-05 – Payment Advice

Form GST RFD-05 - Payment Advice. This GST Refund form is issued by the government officer-in-charge if form RFD-01 application is accurately filed and approved. Read more…

Form GST RFD-04 – Provisional Refund Order

Know all about Form GST RFD-04 which is also known as Provisional Refund Order. Know in detail about its contents, tables, who and when it can be issued and more.

Steps to file Form Nil GSTR 1 via SMS

To ease the compliance process, Central Board of Indirect Taxes and Customs (CBIC) via notification 58/2020 –Central Tax has now allowed filing Nil GSTR 1 and Nil GSTR 3B via SMS.

Updates in GST Return Due Dates

Analysing the GST compliance trend of taxpayers, it is observed that the percentage of filing for GSTR 3B is higher than GSTR 1.

MSME Relief Measures Released by the Government to Fight Pandemic

Measures released by the government for MSMEs (Micro, Small, and Medium size businesses) to compensate for their loss that occurred due to the COVID-19 crises and the lockdown.

Form GST RFD-03 – Deficiency Memo

In case any deficiencies are noticed in form RFD-02, then RFD 03 is issued by the Refund Processing Officer. Here is a detailed explanation of form RFD-03. Read more...

ITC-02A (Rule 41A) Enabled on GST Portal- 4 Things to know

Form GST ITC-02A is a declaration of unutilized ITC transfer by a taxpayer for procurement of a separate registration within the same state or union territory. Here are the steps for both transferor and transferee in detail!

Form RFD 02 – Response to Refund Form RFD-01/01A

Once form RFD-01/01A is filed, an acknowledgement of the same is available on the GST Portal. This acknowledgement is called as RFD-02 which also serves as a response to RFD-01. Here is the detailed explanation of form RFD-02

40th GST Council Meeting – Highlights

40th GST Council Meeting Highlights and Expectations with an easy to understand infographic. The meeting was held on 12th June 2020 via video-conferencing.

Steps to file NIL GSTR 3B via SMS are now issued by CBIC

As a measure to ease the compliance process, the Central Board of Indirect Taxes and Customs (CBIC) has now allowed filing NIL GSTR 3B via SMS through Notification - 38/2020.

Steps to lodge a complaint if your GST refund is not processed

If your GST Refund is stuck and is not getting processed or is rejected, there are a few steps you can take to raise a grievance for the same on the official grievance redressal portal. Here is the step by step process.

The Process to File RFD-01 and RFD-01A

RFD-01/RFD-01A is an application form that a taxpayer files when he wants to process their GST Refund. It needs to be e-filed on the official GST portal. Here is a detailed process to file the form.

Steps to Track The GST Refund Application

Once the GST Refund application is made, you can it to check its status. This blog covers the steps to track the GST Refund Application. There are three ways in which you can track your application status.

Merchant Exporter in GST – All you want to know!

Merchant exports generate foreign exchange for the country like normal exports and are mainly engaged in the export of goods and not services. Here’s all about Merchant Exporters and their export process in the GST regime.

Proposed Amendments to Curb Export Frauds

Despite several provisions, there have been many cases of fraudulent GST refunds and export frauds. Here we cover the reasons for export frauds and the proposed amendments issued by the government to curb export frauds.

Master these 6 Reports to Maximize Your Input Tax Credit (ITC) Claim

Did you know that the condition of 10% provisional ITC rule will apply cumulatively for Feb to Aug 2020. And any cumulative adjustment for input tax credit for these months can be reported in 3B of Sept 2020. Read the full article for detailed conditions for ITC Claim with screenshots.

How an ASP+GSP Offering can Simplify Your GST Compliance

The GSPs exist so as to help ASPs connect with the GSTN Network. Know why you should choose GSP+ASP and not just ASP.

Alert to taxpayers on fake messages on GST Refund

It has come to notice that fake messages on GST Refund have been circulating across social media asking for personal information citing new updates amidst COVID-19. Here are dos and don’ts.

FAQs around mistakes in GSTR 3B & GSTR 1 and how to resolve them

Since making revisions is not allowed, the government has set out some rules to make changes/amendments, and rectify the mistakes in GSTR 3B and GSTR 1 for the ease and convenience of the taxpayers. Read on…

A Step by Step Guide to GST refund

When taxpayers pay excess GST in certain cases and the tax paid is more than the GST liability, they can claim their GST refund via a streamlined GST process. Here's a step by step guide to GST Refund:

GST Refund Process Related Issues Clarified By CBIC

Here’s everything you want to know about the GST Refund Process related issues and its clarifications given by the CBIC (The Central Board of Indirect Taxes and Customs). Read on…

How to Amend your GST Return: GSTR1 & GSTR 3B

Here’s how you can amend your GST Return – GSTR 1 and GSTR 3B easily. Know how to resolve mistakes in GSTR 1 and how to reset GSTR 3B. This article features invoice and summary level amendments.

Scrap sales in GST

To be taxable in the GST regime, the scrap does not have to pass the test of manufacture or mechanical process. Here's all about Scrap sales in GST, HSN Code and GST Rates of the Scrap material etc. Read on…

Form PMT-09: Instrument for taxpayers to transfer ECL balance to appropriate heads

Form PMT-09 has been enabled on the GST Portal by the CBIC. All the registered taxpayers are eligible to file PMT-09 and use to rectify/shift ECL balance. It has been made live on 21 April, 2020. Read on…

Advisory on Opting-in for Composition Scheme for Year 2020-21

Considering the present scenario in the country with COVID-19 outbreak, GSTN (Goods and Service Tax Network) has recently issued an updated advisory for taxpayers opting for Composition Scheme for the Financial for Year 2020-21.

COVID-19 – What Government can do to Nurse the Economy Back to Health

We have been, hopefully, proactive in battling the virus, can we be equally so in taking care of the micro, small and medium businesses? In short, we need business ventilators in operation which will pump in funds to enhance staying power.

Notifications Released by the Finance Minister in view of COVID-19 outbreak

The Government of India has taken these measures and has implemented these changes in the view of the COVID-19 outbreak. Smt. Sitharaman made these announcements via video conferencing today i.e. on 24th March, 2020.

Know your Supplier with IRIS Peridot 3.1

Know Your Supplier’ scheme that will enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business was introduced in the 39th GST Council Meeting that happened on March 14th. IRIS Peridot does the same for you.

39th GST Council Meeting Highlights

The 39th GST Council meeting was held on Saturday, 14th March 2020 at New Delhi. Read here to know all the changes that will be implemented:

E-invoicing-Will it Simplify or Complicate your Purchase Cycle?

As a concept, e-invoicing has many advantages to offer to all the participants – suppliers, recipients and the Government. It also opens up avenues to provide value-added solutions and services by using the highly standard, processable and recent invoice data.

GSTR-9 and 9C Simplification – Advisory issued in January 2020

The simplifications notified in Form GSTR-9 and Form GSTR-9C effective only for FY 2017-18 and 2018-19. For FY 2017-18, the last date for filing GSTR-9 and GSTR-9C extended to 31st Jan 2020.

Budget 2020 in GST – Highlights

Amendments in the Central Goods and Services Tax Act,2017 / Integrated Goods & Services Tax Act, 2017 /Union Territory Goods & Services Tax Act,2017. Amendments carried out through the Finance Bill, 2020 will come into effect on the date of its enactment.

Tax authorities gear up for first-ever GST Audit

The GST collection has started showing signs of recovery with the monthly collection crossing 1 lakh crore for 2 consecutive months.

7 GST updates for the month of January

The new returns shall introduce new and simplified forms GST Ret 1, Ret 2 and Ret 3 along with annexure form GST Anx 1 and Anx 2.

Top 10 IRISGST upgrades of 2019 that helped you ease your compliance journey!

IRIS Sapphire, the GST software from IRISGST, is a one-stop solution for all your GST Compliance. Built with features like auto-computation, smart and advanced reconciliation and robust insights and reports,

38th GST Council Meeting – Highlights

The 38th GST Council meeting was held on December 18, 2019, under the chairmanship of Union Finance Minister of India, Smt. Nirmala Sitharaman. Here are the preliminary highlights of the 38th GST Council Meeting:

IT Grievance Redressal Mechanism under GST

The taxpayers and the GST authorities have had multiple encounters with such technical glitches, which has led to erroneous or missed filings. Thus, in order to address such issues on the GST portal, an IT-Grievance Redressal Mechanism was introduced in April 2018.

How to Reset GSTR 3B?

When a taxpayer resets his GSTR 3B, the filings status of the form changes from “Submitted” to “Yet to be filed”. The facility also deletes all the entries posted in the electronic liability registers and reverses the ITC integrated with the electronic credit ledger.

Identifying Tax Evasion – 4 Early Signs to look for

Economies across the world have been struggling with tax frauds as long as the taxes have existed. It is a two headed-snake. Because of the non-compliance of a few, honest

How to Avail Advance Authorisation on Export Inputs

Advance Authorisation Scheme (AAS) is a tax and duties neutralization scheme under the foreign trade policy (FTP). Under the scheme, an exporter can import duty-free goods (subject to export obligation) to be physically integrated with the export goods.

Understanding the Supply ‘to & from’ SEZ in GST

In order to facilitate the supply of goods and services to and from SEZ, separate provision has been made under the GST regime.

What is e-Invoice | 7 Steps to E-invoice Generation

Clearing the fog about a major misconception surrounding the E-invoice generation, it is not mandatory for a taxpayer to generate E-invoice through the government’s tax portal.

Legal Appeal under GST (4/4) – High Court and Supreme Court

We have covered how an appellant can raise an application to a higher court/authority for the reversal or revision of an order, as passed by a lower court/authority.

GST Refunds on Export

The supply goods and/or services is done under bond or LUT, without payment of IGST. In such scenario, the exporter can claim a GST refunds on export of the unutilized ITC available for CGST, SGST and IGST.

Refiling Erroneous Nil GST Refund Application

Understanding genuine hardship to taxpayers, CBIC has issued a Circular No. 110/29/2019 – GST dated 3rd October 2019, wherein it provided an option to re-file refund application if taxpayer has inadvertently filed NIL GST refund application.

Section 168 Of CGST Act – Power To Issue Instructions Or Directions

The Section 168 of CGST Act 2017 covers all the details for Power to issue instructions or directions GST Act 2017.

Issues in Export Refunds -Top Reasons Why Your Invoice data did not Transmit to ICEGate

With ICEGate, the user can make E-payments, Track Document status at Customs EDI, Register for IPR, Verify IE Code, etc. making it an essential tool for traders and exporters in India.

GST integrates FASTag with Eway bill

The integration of GST EWay Bill with FASTag, envisaged in January 2019 with the revenue department setting up an officers committee to integrate e-way bill, FASTag and Delhi-Mumbai Industrial Corridor’s (DMIC’s) Logistics Data Bank (LDB) services, finally came into effect last week.

Legal Appeal under GST (3/4) – GST Appellate Tribunal

GST Appellate Tribunal (GSTAT) or simply the Appellate Tribunal is the second appeal forum under GST i.e. for any dissatisfactory order passed by the First Appellate Authorities, an application for revision of the same can be raised to the National Appellate Tribunal.

CGST Notification 49/2019 – Updated CGST Rules, 2017 -The Sixth Amendment

The Central Government amends the Central Goods and Services Tax Rules, 2017 to be called as Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019.

Form GSTR-3B – Filing made Simple!

GSTR 3B is a monthly self-declaration form that a taxpayer is required to file on a monthly basis. Form GSTR 3b consists of summarized details of supplies made during the month along with the details of paid taxes, ITC claimed, purchases under reverse charge mechanism, etc.

Time Release Study – Understanding the International trade

With the global trade becoming a norm, there has been a dramatic change in the cross border trade in recent years.

GST Exemption List – 7 New Services Added

Under GST, certain goods and services, as decided by the government, are exempt from goods and service tax on their supply i.e. ‘NIL’ GST rate is applicable to such transaction.

GST Refund Process with Single Authority Disbursement – CBIC Advisory

In order to help taxpayers understand the electronic refund processing, the following advisory was released by the CBIC.

GST Forms and Functionalities available on the GST Portal

With an aim to provide taxpayer with a user-friendly and seamless compliance journey, the following GST updates have been on the GST portal / GSTN Portal.

GSTN Introduces Online GST Refund Process 2019

The GST Network (GSTN) has incorporated an online GST refund process, as decided by the 37th GST Council. With this utility, taxpayers will easily be able to file for a refund via form RFD 01, which can further be processed online by the GST officers.

Audit under GST – Overview and Types

An audit is a term that is generally used for official inspection and verification of documents by an Independent body, usually for financial accounts.

E-invoicing in India- a Promising Reality for a Seamless GST Compliance

This new invoicing system is expected to be rolled out on a voluntary basis from January 2020 onwards. More information on the implementation model and final formats are anticipated to be released in the coming weeks.

Payment Voucher under Reverse Charge Mechanism (RCM) in GST

Payment Voucher under Reverse Charge Mechanism in GST is a proof of transaction between taxpayer and unregistered supplier.

Unique Identification Number (UIN) under GST

A UIN or Unique Identification Number is a GST Exempt class under GST regime for specified person/organisations such as foreign diplomatic missions and embassies, who do not carry any outward transaction and thus are entitled to the refund of the tax paid on inward supplies.

Legal Appeal under GST (2/4) – First Appellate Authority

First Appellate Authority (in this case). In order to make an appeal to the First Appellate Authority, a person has to file form GST APL 1 within 3 months (extendable up to 1 month) of the issuance of order.

37th GST Council Meeting Highlights – Optional Annual Returns for Small Taxpayers

The 37th GST council is likely to discuss the following issues in the upcoming meeting:Reduction of GST Rates in Auto Sector,Review return filings,ITC treatment in the healthcare sector,Review present Revenue Position,Single Authority Mechanism for Export Refunds.

Direct Port Delivery (DPD) scheme under GST

CBIC, in an attempt to reduce the dwell time, improve supply chain efficiency and minimise the cost on logistics for EXIM (Export-Import), has undertaken various steps and initiatives.

Legal Disputes and Appeal under GST (1/4)

In case of any legal disputes, wherein the person involved is not happy with the decision passed on by a lower court, the person can raise an application to the higher court for the cancellation or reversal of the same.

Demand Notice under GST

A demand notice is a show-cause notice issued by the GST officials in case of short payment or non-payment of GST.

Reversal of ITC for Real Estate Developers

Input Tax Credit (ITC) by applying the formula stated in Annexure of notification, within the due date of 20th September.

Service Exports From India Scheme

Service Export from India Scheme is reward-based initiative from the government, which aims to elevate the export of certain notified services and eventually boost the economy.

Procedural Aspects of Sabka Vishwas (LDRS) Scheme

What is Sabka Vishwas – Legacy Dispute Resolution Scheme? Sabka Vishwas (LDRS) Scheme, 2019, a dispute resolution and amnesty scheme under GST, shall come into force from September 1, 2019.

Sabka Vishwas – Legacy Dispute Resolution Scheme (LDRS)

The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019,(SVLDRS) application has been made available online from 1-9-19.

Deemed Export under GST

The process of supplying the goods (produced/manufactured in the country) on an international scale is known as Export.

Casual Taxable Person under GST

The provisions made under GST define a Casual Taxable Person as any individual who transacts goods and services occasionally while acting as a Principal, Agent or in any other capacity for the furtherance of the business, but does not possess any fixed place of business in the given taxable territory,

Do You have Missing Invoices in Your GSTR 1?

The monthly return (in some cases quarterly) containing the details of outward supplies made during the period.

36th GST Council Meeting Highlights – Building up the EV Sector

The 36th GST Council Meeting was held on 27th July 2019 with the prime agenda being – reduction of GST rates applicable on Electric Vehicles.

Part V of GSTR 9 Explained: Particulars of Transactions Declared in Monthly Returns

The annual return is divided into 6 parts, Part I covers basic details while Part II is for outward supplies. Part III is important section covering ITC related reports in Table 6, Table 7 and Table 8.

Part IV of GSTR 9: Declaring the Actual Tax Paid during the Year

GSTR 9 Annual Return preparation is round the corner. With due date extended twice from 31st December 2018 to 30th June 2019 and from 30th June 2019 to 31st August 2019, it is expected that this time there won’t be any extensions.

Pure Agent Under GST

The pure agent makes a payment to a third party, on behalf of the recipient, for procuring a supply when the contract for the supply of services procured is between the third party and the recipient.

GST Treatment of Secondary Discounts or Post-Sales Discount

CBIC vide Circular No. 105/24/2019-GST dated June 28, 2019, has clarified that the treatment of tax in cases of secondary discounts or post-sales discount under GST regimes for the purpose of determination of the value of supply.

Necessary actions to be taken for GSTR 9 and GSTR 9C – CBIC Press Release

Although the due date to file the annual return forms has been extended to August 31, 2019, the confusion among the taxpayers is yet to be settled.

Notifications for Key Decisions of 35th GST Council Meeting (Dated 28 June 19)

The Government has issued various notifications, Order and Circulars for implementing the decisions taken in the 35th meeting of the GST Council.

Credit Availed and IGST paid in GSTR 9 – Table 8 Explained

The first section relates to the comparison of credit availed on forward charge by the taxpayer with the credit available as per inward supply uploaded by the suppliers in GSTR 1, duly reflected in GSTR 2A.

How to Fill ITC Reversal details in GSTR 9: Table 7 Explained

The amount of input tax credit reversed as per this provision shall be added to the output tax liability of the Registered Person for the month in which the details are furnished.

Inward Supplies and ITC in GSTR 9: Table 6 Explained

In the Annual Return GSTR 9, as we all know, details of outward and inward supplies along with ITC claimed, reversed, tax liability, tax payment and the adjustments are to be reported.

10 Step Guide to Outward Supply: Table 4 and 5 of Form GSTR-9 Explained

In this part, you need to provide consolidated details of all your outward supplies and advances received on which tax is applicable during the financial year for which the return is filed.

GSTR 9 Annual Return Form: Parts and Sub-sections Explained

GSTR-9 is an annual return form that needs to be filed once a year by registered taxpayers under GST disclosing a detailed summary of outward supply and taxes paid thereon.

The GST Glossary

The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide.

[Case Study] GST Reconciliation in Manufacturing Industry

The introduction of GST, has provided a great boost to the manufacturing sector by eliminating the cascading taxes. This has resulted in reducing cost of production.

Introduction of Manual Checks in IGST Refunds

The Central Board of Indirect Tax and Customs (CBIC) introduced “Manual check” for its Customs and GST formation before the issuance of IGST refunds.

Accounts and Ledgers under GST

GST council have made amendments that mandates timely and apposite maintenance of account books and ledgers by a taxpayer registered under GST rules.

35th GST Council Highlights: GSTR 9 Due Date Extended

The GST Council meeting held today under the chairmanship of newly elected Union Finance Minister Mrs. N Sitharaman was long awaited by the tax community.

Issues Faced while Filing GSTR9 and GSTR9C

GST annual returns, taxpayers have been facing certain issues while filling form GSTR 9 and GSTR 9C.

How to Track Online GST Payment in 4 Simple Steps

The taxpayer can adjust these GST liabilities with the available ITC and/or pay the balance through the electronic cash ledger.

How to Make GST Payment Online?

While we have already covered the GST registration process and management process in our previous articles, let us look at the payment process under GST.

Kerala Flood Cess – Rebuilding Gods Own Country

8th August 2018, Kerala witnessed the worst flood in the century, affecting over one-sixth of the total population of the state.

Late Fees and Penalties under GST

A registered taxpayer under GST can be liable to following offences and penalties for non-compliance to GST regulations:

Clarifications Regarding Filing of GST Annual Return (FORM GSTR-9) – Released on 4th June 2019

The Annual Return in the form GSTR-9 for FY 2017-18 is to be filed by 30th June 2019. However, there have been many inconsistencies in the form requiring suitable amendment therein.

ACES Functionality Migrated and Integrated to CBIC-GST Portal

ACES or Automation of Central Excise and Service Tax is a centralised, web-based software that allows a user to automate the processes of Central Excise (CE) and Service Tax (ST) under GST.

HSN Code and SAC under GST: A Move towards Standardisation

HSN code stands for Harmonized System of Nomenclature, which consists of a globally used coding system and harmonized commodity description.

12 Mistakes to Avoid while Preparing Invoice Data

Invoicing your sales, no matter how basic it may sound, is an essential aspect of business that every taxpayer registered under GST needs to master.

GSTIN – The Fingerprint to your Business Identity

GSTIN is an abbreviation for Good and Service Tax Identification Number, which is a 15 digit, unique registration number given to every taxpayer registered under GST.

Notices under GST- Why, What and When

The government or the GST officials often send notice to registered taxpayers pertaining to any non-compliance or oversight in their GST returns.