Mastering Year-End GST Reconciliation: Tips and Best Practices

Year-end reconciliations are pivotal for businesses operating under the GST regime. Read to know the significance of filing GSTR-1 and GSTR-3B.

Transforming Portfolio Monitoring: Unlocking the Power of Compliance Data

Discover how IRIS Watch transforms portfolio management for equity investors, offering real-time insights from compliance data. Streamline monitoring, mitigate risks, and make smarter investment decisions today.

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!

GST Compliance Calendar for April 2024

GST Compliance Calendar for the month of April 2024. Never again miss a GST due date with our comprehensive Calendar for GST Due Dates April 2024 

Top Causes of GST Notices Demystified

Let’s delve into the primary reasons behind GST notices, shedding light on key areas that demand attention and compliance.

Uncertainty Ahead: The Impending GST Council Meeting Amidst Election Speculations

As anticipation mounts over the announcement of the 2024 General Election schedule, stakeholders await clarity on the convening of the next GST Council meeting.

Dr Reddy’s Faces Rs 74.22 Crore Tax Notice from GST Authority: Understanding the Implications

Dr. Reddy's Laboratories Ltd. faces tax notice from GST authority. The demand amounts to a staggering Rs 74.22 crore, marking a notable financial challenge for the company.

Streamlining Logistics: Integration of E-Waybill System with New IRP Portals

Discover how the integration of the E-Waybill system with new IRP portals revolutionizes logistics management. Learn about the benefits, challenges, and IRIS E-Way Bill Solution, ensuring efficiency and compliance in the ever-evolving taxation landscape.

A Guide to All the Latest GST Advisories on Payments, e-Invoicing, Composition Scheme & Fake Summons

A guide to help businesses and taxpayers stay updated with the latest GST advisories and portal functionalities.

Year-end GST Checklist 2023-2024: Your Go-To Guide for a New Financial Year

Here’s the Year-end GST Checklist to help businesses with an efficient financial planning and smooth GST compliance journey.

GST and AP Automation: 7 Ways It Can Transform Your Business Practices

Automated invoice processing streamlines the accounts payable processes by seamlessly inputting invoice data into the company’s ERP or accounts payable system.

Union Budget 2024 at a Glance: Highlights from Modi Government’s 2.0 Last Finance Bill

Union Budget 2024 | Understanding FM Nirmala Sitharaman’s Interim Budget

Table 14 & 15 in GSTR 1 Added |New Changes in GSTR 1| E-commerce Operators

Effective January 2024, the GSTN implemented the introduction of Tables 14 & 15 in GSTR-1 and streamlined reporting for e-commerce operators (ECOs) and their suppliers.

10 Key Updates of IRISGST: Year in Review 2023

The evolution of IRIS GST products is attributed to factors like global advancements in e-invoicing and country-specific GST updates | IRISGST Updates 2023

Let Us Recap 2023

The updates to GST rules reflect the refinement of the system and the adoption of fair practices by businesses | Key GST updates of 2023

Kerala HC Permits GSTR 3B Rectification: ITC Claimed as IGST Instead of SGST and CGST

GSTR 3B Rectification allowed by Kerla HC when ITC in GSTR 3B return accounted as IGST credit instead of CGST and SGST credit erroneously.

Amnesty on Missed Appeal Filing Deadline on Orders Preceding March 31st, 2023, Advisory Released for Taxpayers

The Finance Ministry has outlined a comprehensive advisory for filing appeals under the GST Appeal Amnesty Scheme for GST assesses.

List of Documents Required for GST Registration

Important Documents Required for GST Registration

Latest 6-Digit HSN Code Mandate in E-Invoices for Taxpayers with AATO of 5 Cr and above from December 15, 2023: Key Pointers to Consider

A minimum 6-digit HSN code is compulsory for taxpayers with an AATO of Rs. 5 crores and above from December 15, 2023

Two-Factor Authentication (2FA) under GST for e-Invoice/eway Bill Login: Advisory for Enhancing Taxpayers Security

Two-Factor Authentication (2FA) mechanism is soon going to be a part of the login to GST Portal to enhance security.

GST Registration: How to Register for GST Online in 12 Simple Steps

Here is a step-by-step guide to complete the registration process online on the GST portal.

How to Register as an E-Commerce Operator and/or for Online Information Services (OIDAR)

GST registration for e-commerce sellers is a mandatory requirement under Section 24(ix) and (x) of the Central Goods and Services Tax Act, 2017

Form GSTR 9: Categories, Applicability, Parts & Sub-Parts, Preparation, & Filing

Every registered taxpayer with a turnover of more than Rs. 2 Cr. needs to file the annual return in GSTR 9 form. It is an elaborate form with several parts and sub-parts.

Important checklist for taxpayers to consider before filing their GST Returns in November

Checklist for taxpayers to consider before filing their GST Returns in November to claim ITC and amend sales/CDN timely. Read more here

9 Latest GST and E-invoicing Updates Simplified

There have been quite a few GST rule changes, new functionalities and features released on GST system recently | Latest GST and E-invoicing Updates Simplified

Audit Notice under GST

An audit notice under GST is a formal document issued by a government agency or regulatory body to a business or individual, informing them that they will be subject to an audit.

52nd GST Council Meeting: Key Highlights

The Union Finance Minister Nirmala Sitharaman chaired the 52nd GST Council Meeting, took place on October 7, 2023. Read key highlights here...

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

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

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

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.

Managing Multiple GST Notices Simultaneously: A Comprehensive Guide

The rise in GST notices due to policy changes, rule alterations, and fraudulent claims presents a complex challenge for companies. In this article, we'll explore effective strategies for managing multiple GST notices simultaneously.

Harnessing the Power of GST Data | Benefits of GST Data Based Lending

Read the potential of harnessing real-time GST data to optimize lending strategies, benefits of GST data for lending, and how it facilitates more informed decisions and fosters economic growth.

Electronic Credit Reversal and Reclaimed Statement

Electronic Credit Reversal and Reclaimed Statement - In this article, we understand the significance of this new system, its impact on taxpayers, and the steps taken to ensure a seamless transition.

Issues Faced while Filing GSTR 9 and GSTR 9C

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

GSTR 9: Here are 8 FAQs Around GST Annual Return

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

Importance of Invoice Verification in Lending Process

Invoice Verification in Lending Process: Read about the various data sets which can be useful typically from an invoice verification angle.

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.

GSTR 9C Self-Certification: How You Need to Prepare as a Finance Head?

As per the Finance Act – 2021, a proposal was released to omit certification by CA by amending Section 35(5) of the CGST Act. In the 43rd GST Council Meeting, the finance ministry reaffirmed this suggestion for changes in furnishing the reconciliation statement GSTR 9C with self-certification instead of by CA/CMA. Read all the changes related to GSTR 9C self-certification here…

Nil GSTR 9 Return Filing: Do You Need to Do That?

GSTR 9 is an annual return form that a regular taxpayer is required to file for his/her annual turnover. The form requires invoice details for inward and outward supplies as procured by the given business.

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.

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.

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

Rule 88D: Dealing with Differences in GSTR 2B and GSTR 3B

According to the Notification No. 38/2023- Central Tax dated 4th August 2023, the CGST Rules, 2017 were updated to include Rule 88D, accompanied by FORM GST DRC-01C.

51st GST Council Meeting Key Highlights

The Union Finance Minister Nirmala Sitharaman presided over the 51st GST Council Meeting, which took place on August 2nd 2023. Read key highlights here...

GST Dispute: 4 Areas to Look out Where Disputes under GST May Arise

In this blog, we will delve into 4 significant areas where GST disputes commonly arise and explore the underlying provisions of the CGST and GST Acts that contribute to these disputes.

How to Reset GSTR 3B?

Here's how to reset form GSTR 3B in a few easy steps | Editing GSTR 3B made easy | Learn more about form GSTR 3B and government's new reset option.

50th GST Council Meeting Key Highlights

The Union Finance Minister Nirmala Sitharaman will preside over the 50th GST Council Meeting, which is most likely to take place in June 2023.

Form DRC-01B: Everything you need to know about!

Form DRC-01B serves as an official communication from the GST authorities to taxpayers, indicating a discrepancy in the reported liability between their GSTR-1/ IFF and GSTR-3B returns.

Bridging the Gap Between GSTR-1 and GSTR-3B | New Advisory: Liability / Difference Appearing in R1 – R3B (DRC-01B)

Significance of harmonizing GSTR-1 and GSTR-3B, exploring why it is more prudent to strive for consistency rather than explain differences | Liability / Difference Appearing in R1 – R3B (DRC-01B)

Leveraging Tax-Technology for streamlining ITC

This article explores the pivotal role played by technology in simplifying ITC management, from automated data extraction and real-time reconciliation to seamless integration with accounting systems.

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.

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.

RCM: Facilitating GST Collection from Unregistered Taxpayers

One such proposal laid down to improve GST implementation is Reverse Charge Mechanism (RCM) with an aim to enhance tax compliance and coverage across organized, partly organized and unorganized sector in India.

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.

New Changes in TCS on Overseas Travel Packages

Learn how the new changes in Tax Collected at Source (TCS) on overseas travel packages in India from 5% to 20% will impact the cost of travel for customers and travel companies

6 Tasks a GST Software can do to Simplify your Compliance beyond just Return Filing

In this article, we will see 6 Tasks a GST Software can do to Simplify your Compliance beyond just Return Filing. Read on...

Lifecycle of an Invoice under GST: Know your Invoice | E-invoice under GST

Lifecycle of an Invoice under GST: This article aims to simplify the various stages involved, highlighting how the data passes through different stages and various GST returns.

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.

Invoice Reference Number (IRN) in E-invoicing under GST

Invoice Reference Number or IRN as it is usually called is a registration number provided by the government under the e-invoicing mandate to prove the authenticity of any B2B invoice generated by the businesses. It is one of the main components of an e-invoice. You can read all about IRN in the article and understand its intricacies in detail.

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,

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.

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.

Zero Rated Supply Under GST

In India, GST is not applicable to any exports, which makes all the exports in India, Zero Rated Supplies. As per Section 16 of the IGST Act

Automated Refunds for Exporters under GST

The revenue department under GST have plans to introduce a faceless scrutiny of refunds to hasten the claim settlement process.

13 Mistakes to Avoid while Preparing GST 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.

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

Reverse Charge Mechanism (RCM) under GST- All You Need to Know about It

Goods and Service Tax Collection in India went up by 15.6% from a year ago to hit INR 1.06 trillion in March. GST Council has been working diligently towards a fairer taxation system and reduce tax evasion.

What is Form GST ASMT-10 | Handling and Responding to Form ASMT-10

In this blog, we will unravel form GST ASMT in detail, understand its content and learn how to file a response. All about Form ASMT-10

6 Tasks to Complete Before you Start your E-invoicing Journey

To start generating e-invoices, there are certain preparatory activities. Organizations can get started with these in parallel to getting their internal system and processes ready for e-invoices. In this article, we share all the important tasks that one needs to undertake before starting their e-invoicing journey.

E-Way Bill Management: A Complete Guide

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.

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.

Ultimate Guide for E-invoicing Notifications and Updates

Read all the latest E-invoicing notifications and updates here. All the notifications from the implementation of e-invoicing are covered in this article.

Order Under GST: An In-Depth Look

Order under GST refers to the legal verdict passed by a GST authority, bearing significant implications on tax liabilities and compliance norms for taxpayers.

Adjudication Notice Under GST

An adjudication notice under GST is a formal legal notice issued by the GST department to a registered person who has violated the provisions of the GST laws.

Inspection Notice under GST

Inspection Notice under GST is typically issued to taxpayers who are suspected of under-reporting their tax liabilities or engaging in any other activity that is deemed to be in violation of the GST law.

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

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.

Automated Return Scrutiny Module for GST Returns Introduced by the CBIC

CBIC has introduced a new Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers.

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...

How 7-day E-Invoice Generation Limit will Impact Your GST Compliance

For taxpayers with AATO higher than or equal to 100 Cr, the Govt. has decided to impose a 7-day e-invoice generation limit on the e-invoice IRP portals. Read more...

How MSMEs Can Use GST to Manage their Working Capital

Working capital plays an important role in enhancing the agility and financial growth of a business, especially when it is an MSME. Learn how GST can help with increasing working capital

Advance Ruling under GST: AAR

Advance Ruling under GST is a legal mechanism that provides clarity and certainty to taxpayers regarding the applicability of GST laws and regulations.

Appeal to Appellate Authority for Advance Ruling under GST

Under GST, taxpayers can seek an Advance Ruling from the Authority for Advance Ruling (AAR) on various matters related to the supply of goods or services or both being undertaken or proposed to be undertaken by the taxpayer.

9 Things to check before paying the GST interest liability

In this article, we will discuss 9 things that businesses need to check before paying their GST interest liability to ensure that they are not overpaying or underpaying their tax dues.

One Person Company under GST | OPC in India

One person company under GST is a business structure that allows a single individual to operate a company without requiring a partner.

E-invoicing and AP Automation: How will e-invoicing under GST help in AP Automation?

E-invoicing and AP Automation | With the introduction of GST, the invoice data became available to the companies via GSTR 1, GSTR 2A and now also GSTR 2B. This helped in building AP automation products around GST data.

GST Year-End Checklist: 13 Tasks To Be Completed

GST Year-End Checklist: 14 Tasks To Be Completed before 31st March 2023 | Latest GST Changes you need to be aware of! Read more...

Assessment under GST: An Overview

Assessment under GST is a process by which the tax authorities examine the returns filed by taxpayers to verify the correctness of their tax liability. Read more...

Effective 1st April 2023, Reset the Invoice Number Series

Rule 46 (b) of the CGST Rules 2017 suggests that any tax invoice should have a 16 character alpha-numeric invoice number unique for a financial year.

Litigation Management Software: Revolutionizing Tax Litigation in India

Learn how a litigation management software can help you effectively manage tax litigation – Pre-GST and GST litigation, GST Audits and Legal Notices.

On-Site Inspection Under GST: How to Prepare

On-site inspections are conducted by the GST authorities to verify the accuracy and completeness of the information furnished by taxpayers in their returns, records, and other documents.

GSTR 8 and TCS: Everything You Need to Know!

GSTR-8 Return is the return filed to declare the Tax Collected at Source (TCS by E-Commerce Companies. Filed every month on or before 10th by e-commerce companies.

Updates in GSTR 3B | GSTR 3B and ITC Eligibility

GSTR 3B witnessed a bunch of updates in July 2022 after the two-day-long 47th GST Council Meeting. The CBIC has announced a bundle of clarifications and updates through the latest GST Council Meeting recommendations, GST Notifications and Circulars. Read the article to learn all about changes and updates in GSTR 3B, new table addition and ITC eligibility.

GSTR 7 and TDS Explained in 10 ‘Should Ask Questions’

Conceptually, TDS under GST is similar to TDS under income tax. In the GST regime, the deductor is supposed to declare the TDS deposits through a form – GSTR 7.

Form GSTR 3B: Eligibility, Due-date, Format, Filing

GSTR-3B is a monthly GSTR Return which consists of summarized details of supplies | GSTR 3B Format, Due date and Filing!

GSTR 6: Here are 11 Points to Know Before Filing GSTR 6

An ISD assures that the common expenditure and billings shared between an organization’s branches/sub-units is centralized.

Input Service Distributor under GST | GSTR 6 Filing

It has been one year since GST rollout. In the coming year, changes in the GST return filing process can be expected which aim to simplify the existing process.

How GST Rates Could Impact Your Business Strategy

The government seems resolute to bring in the GST regime soon. With activity happening at a frantic pace, it might not be too long before the new tax regime kicks in.

Importance Of An E-Way Bill Management App for Transporters

For a transporter, not managing an e-way bill properly can spell trouble and have serious repercussions. Let’s dive deep into the importance of an e-way bill management app for transporters.

All about MCA Struck-Off Companies in 5 Questions

Know all about the law around MCA Struck-Off Companies, Section 248 (5) of the Companies Act 2013, Section 560 of the Companies Act, 1956 and the new Disclosure Requirement for Struck-off Companies for FY 2022-2023.

49th GST Council Meeting

49th GST Council Meeting was held on February 18th, 2023 in New Delhi. In this article, we will discuss the key highlights from the meeting

What is Pre-GST Litigation?

Pre-GST litigation comes under the indirect tax litigation category. Litigation and cases that are continuing from the pre-GST regime prior to July 2017 are all grouped under Pre-GST litigation. Cases related to Excise, Sales tax, VAT etc. are covered under this litigation system.

Adjudicating Authority under GST

Adjudicating authority means any authority, appointed or authorized to pass any order or decision under GST Act, but does not include the Central Board of Indirect Taxes and Customs...

GST Litigation Management in India: A Comprehensive Guide

Read this comprehensive guide to managing GST litigation in India, including the steps involved, the key players involved, and the common challenges faced by businesses.

What is GST Litigation?

The term ‘litigation’ is officially defined as the process of taking legal action in a court of law. Majorly, there are two main types of tax litigation – Direct Tax and Indirect Tax. GST Litigation falls under the indirect tax litigation in India. Read the article to understand GST litigation in detail.

First Appellate Authority under GST

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.

Direct and Indirect Tax Litigation in India

The judicial procedures for tax litigation in India are long and tedious. Know the basics of Tax Litigation in India, direct and indirect taxation, the sub-types of the two main types of taxation, and the litigation associated with it that businesses need to be aware of, in the article.

5 Step Process to Handle Litigation under GST

The government authorities have been on regulating the business laws strictly and are keeping a watch for tax fraud and mismatch cases etc. The best practice to avoid GST litigation is following the rules but mishaps happen all the time. So, here, we discuss, how to handle litigation in 5 easy steps.

Provisional Assessment under GST in 10 Steps

Let us take some time to get ourselves braced up for the “assessment scenarios”. The first and foremost step in the chain of Assessments is a “Provisional Assessment”.

Maximize your ITC with GST MIS Reports | IRIS GST MIS Reports

There are several factors when it comes to maximizing your ITC, apt GST reconciliation being one. In this article, we will discuss, how you can maximize your ITC with GST MIS Reports.

What is GST departmental audit? And how to be prepared for it?

GST Audit is the process of examining a taxable person’s records, returns, and other documentation. There are 3 types of audits as mandated by the GST law, they are – Statutory GST Departmental Audit, and Special Audit. In this article, we have covered the GST departmental audit and how you can handle it better.

Audits 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.

Show Cause Notice Under GST: How to Handle Show Cause Notices?

A show cause notice under GST may be issued by the GST authorities to a business or individual for various reasons, such as non-compliance with GST laws and regulations, evasion of tax, or other suspected offenses.

Raising an Appeal under GST to the 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.

Appellate Tribunal under GST

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.

What are the grounds of appeal in GST?

If an appellant feels aggrieved by any findings, observations or conclusions made by the authority granting the order, they can consider initiating an appeal. It is the most important part of the appeal. Grounds of appeal in GST represent those issues which show the nature of the dispute between the assessed and the revenue. Read the article to know more!

Appeals under GST: Legal Disputes, Adjudicating Authority, Appeal Hierarchy

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.

GSTR 3A – Notice on Non-Filing of GST Returns and Paying GST as EMI

If a taxpayer fails to file his\her returns, the taxpayer receives a notice from the government in form GSTR 3A. Know more about the payment structure here!

Recovery of Tax under GST – Recovery Notice

If a registered taxpayer does not file his/her GST returns on the given due date, he is liable to be penalised as per the notice sent by the government in form GSTR 3A.

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.

Key GST Changes: Union Budget 2023 | Finance Bill 2023

Read important GST changes announced in the Union Budget 2023, and their implications for businesses and taxpayers. GST Changes: Union Budget 2023

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...

Union Budget 2023: Key Highlights

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced the union budget for 2023 on 1st February. Union Budget 2023 Key Highlights

Form GSTR 1 – Details, Format, Due-date, Eligibility, GSTR 1 & E-way Bills

GSTR-1 is a monthly or quarterly return (based on taxpayer’s annual turnover) that should be filed by every registered dealer. Know more about the duedate, format and eligibility here!

ITC is Available even in case of a Mismatch of 2A: GST Circular 183/2022

CBIC has issued a GST circular no 183/2022 clarifying the procedure to be followed for dealing with the difference in ITC availed in GSTR-3B as compared to that detailed in GSTR-2A for FY 2017-18 & 2018-19

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.

Penalties, Confiscation, Detention & Seizure on Non-generation of E-way Bill

The authorised personnel can penalise a registered person or the consigner with a fine of Rs. 10,000 or the amount of the tax being evaded, (whichever is greater) if the person was caught

GSTR 1 Blocking if GSTR 3B Not Filed Timely

Stricter compliance for GSTR 3B not filed | GSTR 3B non-filing penalty | Rule 59 of CGST Rules, 2017 | Recent GST Update for GSTR 3B non-filing | GSTR 1…

Rule 88C – GSTR 3B vs GSTR 1 Mismatch in Liability

Rule 88C - GSTR 3B vs GSTR 1 mismatch in Liability | Reasons for Mismatches | Blockage of further filing of GSTR-1 | Consequence of non-compliance of Rule 88C

Recently crossed GST threshold? Here’s a 4 point action plan to get GST ready

The Goods and Service Tax (GST) bill, believed to be a significant reform in the Indian taxation system, is definitely a move closer to Digital India.

5th Amendment Rules under GST: GST Notification 26/2022 | 5 Imp Changes

5th Amendment Rules under GST: GST Notification 26/2022 | 5 Imp Changes | The Central Goods and Services Tax – 5th Amendment Rules, 2022

6 GST Changes from January 2023: 48th GST Council Decisions

Read all the updates and GST changes from January 1 2023 stated by CBIC related to Input Tax Credit, GST Rates, Reverse Charge, GST registration

Supply in GST – 10 Facts You Need to Know

With the Finance Minister resolute on introducing GST on 1st July 2017, businesses are left with no choice but to get ready for the most awaited tax reform.

Changes in ITC Claim for GSTR 9 & invoice amendment till Nov 30, 2022 | Third Amendment under GST

Third Amendment under GST | Changes in ITC Claim for GSTR 9 & invoice amendment till November 30, 2022 | 3rd amendment rules under GST

Year in Review | 2022

Year in GST | IRIS GST | 2022 Year End Wrap | Revisiting how the year 2022 treated us and more importantly what we were able to achieve for our clients, our users, and our partners.

Year in GST: Top 7 Law Changes and GST Updates in 2022

The year in GST 2022 saw a sea of changes and updates that required taxpayers to alter their ways of filing taxes etc. Top GST updates for 2022

Second Amendment under GST: GST Notification 19/2022

The Central Goods and Services Tax - Second Amendment Rules, 2022 were published by the Central Board of Indirect Taxes and Customs in GST Notification no. 19/2022 - Central Tax dated September 28, 2022.

48th GST Council Meeting Highlights

48th GST Council Meeting will be held on 17th December 2022 under the chairmanship of Finance Minister Nirmala Sitharaman. Read the agenda here

Why having an E-way Bill Management System is great for your Business

Why having an E-way Bill Management System is great for your Business | Businesses that come under the supply chain management are required to learn about e-way bill under GST.

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.

GSTR 9C: A Complete Guide to Preparing GSTR 9C | Explained Table-wise

GSTR 9C form has a reconciliation statement for reconciling turnover, input tax credits and tax payments. Let’s see in brief about GSTR 9C

How to Handle Freight, TCS, and Discounts in E-invoicing

Aspects like handling Freight, TCS, and Discounts in E-invoicing can be a concern for many. Especially now, that the e-invoicing turnover limit has been reduced to small businesses.

GSTR 9 Vs GSTR 9C, which One should You Prepare this Year?

GSTR 9C - Taxpayer who’s aggregate turnover exceeds 2 cr. and need to audit his accounts under GST.

4 Key Aspects of ITC Computation

ITC Computation is fundamental for businesses to ensure maximum ITC claim as it can help have more working capital. In this article, we will discuss 4 key aspects of ITC computation in detail.

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.

Withdrawal of Exemption on Export Freight

The withdrawal of exemption on export freight has affected exporters and transporters severely. In this article, we will discuss the new change that has been implemented, how much air freight and ocean freight is now applicable, the ITC issues and also the history of this exemption.

Implementation of mandatory mentioning of HSN codes in GSTR-1

It is mandatory for the taxpayers to report a minimum 4-digit or 6-digit HSN Code in table-12 of GSTR 1 on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year. To facilitate the taxpayers, these changes are being implemented in a phase-wise manner.

7 Major GST Changes from 1st October 2022 Onwards

Meta Description: GST Changes from 1st October 2022 Onwards | We have collated all the significant GST changes being applicable from 1st October 2022 onwards that you need to be aware of!

Diwali Cleaning Checklist for Accountants

This Diwali, clean your accounts with IRIS GST’s Checklist for Accountants| Cleaning Checklist for Accountants | Yearly Accounting Checklist

Maximize ITC Claim: Here are 4 things you need to do!

The ultimate objective of every taxpayer is to maximize ITC claim while following all the conditions and rules of GST law. The success of this goal depends on the internal practices and tools used and some external factors such as vendor compliance. Here, we discuss, 4 important aspects to maximize ITC claim.

Input Service Distributor: 5 Aspects of ITC Distribution

‘Input Distributor Officer’ is one of the most crucial concepts in the Indian economy, especially for the big players in the market.

Tax Collected at Source (TCS) by an e-Commerce Operator- All You Need to Know

Application for Registration for TCS collector is to be filed in REG-07. Registration certificate to be issued in REG-06.

7 Ways CFOs can use MIS reports | Analyse GST Data

GST MIS Reports help CFOs and decision makers of a company take informed decisions for the organisation by coordinating, controlling, analysing, and visualising factual data which is presented in a crisp and orderly manner. Read more to get valuable insights.

Your 3-step Guide to a Hassle-free Reconciliation under GST

Every month’s GST filing, you need to reconcile your purchase data with all your suppliers’ sales data that they have uploaded on GSTN.

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

GST Reconciliation for IDT Teams: Types, How to, Importance, ITC Computation, Common Issues

The term ‘reconciliation’ means to compare two sets of data entries to identify any mismatches or variances. The data sets are of the same origin but come from different sources. It is a practice for correcting errors in the process.

Procedure for Sanction, Post-audit and Review of GST Refund Claims: New circular

CBIC has laid down new guidelines regarding sanction, post-audit, and review of GST refund claims. Here, we will touch upon important changes that CBIC established in accordance with the new circular.

What is the e-invoice turnover limit for 2022?

Taxpayers with turnover between Rs. 5 Cr. and Rs. 20 Cr. are enabled for testing on Sandbox. Read the article to learn if your business has crossed the e-invoice turnover limit 2022

GST MIS Reports for Return Filing Analysis

The GST MIS report is a smart feature that enables top management or decision-makers to quickly assess the compliance level. MIS reports will offer a thorough analysis of mismatches, total GST turnover, maximum ITC utilisation, and other decision-making criteria.

GSTR 1 & GSTR 3B Reconciliation: Use MIS Reports to Resolve Mismatches

There are several reasons for facing mismatches in the two including but not limited to furnishing supplies under the wrong head in GSTR 3B or the time difference between filing GSTR 1 and GSTR 3B. This Recon is important as it reduces the chances of omission and duplication of invoices among a lot of other advantages mentioned in the article.

PMT-03A – Form for Re-credit in the Electronic Cash Ledger

PMT-03A is an annexure to the existing form PMT-03. The form, issued by the CBIC in Circular No. 174/06/2022-GST dated July 06, 2022, allows the proper officer to re-credit the amount in the taxpayer's electronic credit ledger.

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.

Invoice Registration Portal (IRP) – Everything you need to know about!

IRP for e-invoicing stands for Invoice Registration Portal which is an official platform provided by the government of India for businesses to generate e-invoices under GST. With the expansion in the scope of the e-invoicing mandate, IRIS has been appointed as the Invoice Registration Portal (“IRP Partner”) of GSTN, which permits us to act on behalf of GSTN to register B2B e-invoices of trade and industry.

9 Enhancements in E-way Bill System

In an attempt to lower the possibilities of GST evasion, e-way bill system was rolled out on April 1, 2018, for inter-state movement of goods worth over Rs 50,000.

Importing Your E-way Bills into GSTR-1: How You Need to Prepare?

GSTR1 is essentially a detailed report on all of your outward supplies, EWB is a sub-set to the GSTR 1 carrying details of only those outward supplies where there is movement of goods over and above a threshold limit.

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.

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.

Generating E-way Bills under Bill to and Ship to Scenario

Eway Bill under Bill-to and Ship-to’ is a common business scenario wherein the party to whom invoice is billed is different from the party actually receiving the goods or services.

E-invoicing & Purchase Cycle: 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.

E-way Bill for Export Transactions: Rules and Requirements

Eway Bill, which came into effect from 1st April, is to be generated for all movement of goods and covers goods being exported and imported.

E-way Bill for Imports: Rules and Requirements for Import Transactions

Eway Bill rules are now effective across the country for movement of goods. The Eway Bill rules also apply to import and export transactions and let us understand more about import transactions in this blog.

E-way Bill For Unregistered Persons: Know All The Rules!

E-way bill provisions have come into effect from 1st April 2018 for inter-state transactions and in a staggered manner will be rolled out for intra-state transactions by 1st June 2018.

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.

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

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.

Consequences of non-compliance with e-invoicing: April 2022 onwards

It is mandatory for taxpayers with an AATO of Rs. 20 Cr. + to generate e-invoices. An e-invoice is a document with an IRN and a digitally signed QR code printed on it. In this article, we will not just learn about the consequences of non-compliance with e-invoicing but also understand the mistakes to avoid to save yourself from the penalty.

47th GST Council Meeting

The 47th GST Council Meeting took place on 28th and 29th June 2022 to address multiple important issues like GST rate changes for an array of goods and services, compensation cess, E-way Bill and E-invoicing changes and so on. Chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman, the meeting was held in Chandigarh, Punjab. Read a detailed update and changes in the article.

34th GST Council Meeting – GST Rates for Real Estate Sector

GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate .

33rd GST Council Meeting Highlights: A Boost to “Housing for All”

The 33rd GST Council Meeting was held on 24th February 2019 under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley in New Delhi. The good news for the Real Estate sector of the Indian Economy.

32nd GST Council Meeting Updates

The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi

31st GST Council Meeting Decoded

The GST Council in its 31st meeting held on 22 December 2018 at New Delhi made the following policy recommendations.

28th GST Council Meeting on GST Return Simplification

In the previous GST council meeting, the principles and approach for return simplification had received a nod and a committee for finalising the return formats and process was formed. In the meeting today, the new return formats and process were approved.

27th GST Council Approves Simplified Return Filing

The 27th GST council, in its meeting held today on 4 May 2018, has taken the key decision on simplifying the return filing process. The Council has given go-ahead for new filing process and it will be rolled out in 3 phases.

26th GST Council Meeting: Recommendations on Eway Bill and Key Highlights

The Eway Bill mandate will kick-off with inter-state transactions and by 1st June it will be implemented for intra-state movement of goods.

11th GST Council Meeting ‒ What the PIB Release Says and What it Doesn’t!

The Goods and Services Tax (GST) Council, in its 11th meeting held on March 4, 2017, decided on some key contours of the CGST and IGST Acts.

Clarification regarding incomplete GSTR 2B for April 2022 | May 2022

There was some issue with GSTR 2B and taxpayers were not able to view their records. Read the clarification and CBIC’s recent notifications 05/2022 and 06/2022.

Supply Chain in GST: How to Optimize it in 3 Steps

Supply chain is the very foundation of product delivery comprising of individuals, technology, activities and resources involved in the movement of items from manufacturing till delivery. Some typical links in

Reporting 6% rate in GSTR-1 | New GST Advisory

The GSTN has released a new advisory on 10-05-2022 regarding the 6% reporting rate in GSTR-1. As per GST Notification No. 02/2022, a new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain commodities. Taxpayers who must report items at this rate may do so temporarily by reporting the entries under the 5% category and then manually increasing the system computed tax amount to 6%.

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

ICEGATE – now with Simplified Auto-Registration

ICEGATE provides e-filing services to the importers, exporters and other trading partners in India. It is responsible to fulfil the custom department’s EC/EDI and data communication needs.

The requirement of Table 6 in GSTR 4 | Negative liability in GSTR 4

As per the new advisory released by GSTN, the entire year’s liabilities must be declared in table number 6 of GSTR 4 and if there is no liability, the table can be populated with zero value. Read the article to understand the cause of negative liability in form GSTR 4.

Anti-Profiteering Provisions of GST – A 3 Step Plan for Companies to Comply with

Australia is said to be the first country to introduce an anti-profiteering provision during GST introduction in the year 2000, followed by Malaysia in the year 2015.

GSTR 1/IFF Enhancements | GSTR 1 Filing Process Changes 2022

GSTR-1 filing process changes are seen time and again. The GSTN has made new changes regarding the GSTR 1/IFF filing process. In tune with this change in the GST system, we have updated our GSTR 1 filing process. Read in detail here!

Check Tax Frauds with IRIS Peridot : Make Your Way through GST Evaders

GST officials have successfully counteracted multiple defaulters who, with the help of fake invoices and GSTINs, were caught robbing the nation of its financial assets.

Who needs to register under GST

Any business in the supply of goods or services with a specific turnover needs to register under GST. Know if Salaried employees, small businesses, and Individuals need to register under GST.

Top 11 GST Portal Updates You should be aware of

In recent few months on GST portal, many new features have been updated to help taxpayers while transacting through GSTN for return filing or for reconciliation between two returns etc.