GST Registration is a two-step process. A Temporary Registration Number can be generated without submitting documents. step-by-step guide to get your registered in the GST portal.
The Union Finance Minister Nirmala Sitharaman will preside over the 50th GST Council Meeting, which is most likely to take place in June 2023.
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
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 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.
GST Compliance Calendar for the month of June 2023. Never miss a GST due date - comprehensive Calendar for GST Due Dates June 2023
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!
Reall 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 refers to the legal verdict passed by a GST authority, bearing significant implications on tax liabilities and compliance norms for taxpayers.
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 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.
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? Read the full Blog to learn the four important reasons why SMEs should adopt e-invoicing plus steps on how they can get started.
CBIC has introduced a new Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers.
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...
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...
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 is a legal mechanism that provides clarity and certainty to taxpayers regarding the applicability of GST laws and regulations.
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
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.
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.
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.
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 | 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: 14 Tasks To Be Completed before 31st March 2023 | Latest GST Changes you need to be aware of! Read more...
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...
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.
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 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 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.
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.
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.
GSTR-3B is a monthly GSTR Return which consists of summarized details of supplies | GSTR 3B Format, Due date and Filing!
An ISD assures that the common expenditure and billings shared between an organization’s branches/sub-units is centralized.
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.
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.
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 was held on February 18th, 2023 in New Delhi. In this article, we will discuss the key highlights from the meeting
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 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...
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.
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.
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.
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.
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”.
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.
The government or the GST officials often send notice to registered taxpayers pertaining to any non-compliance or oversight in their GST returns.
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.
An audit is a term that is generally used for official inspection and verification of documents by an Independent body, usually for financial accounts.
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.
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 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.
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!
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.
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!
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.
A demand notice is a show-cause notice issued by the GST officials in case of short payment or non-payment of GST.
Read important GST changes announced in the Union Budget 2023, and their implications for businesses and taxpayers. GST Changes: Union Budget 2023
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 Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced the union budget for 2023 on 1st February. Union Budget 2023 Key Highlights
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!
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 stands for Harmonized System of Nomenclature, which consists of a globally used coding system and harmonized commodity description.
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
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 | Reasons for Mismatches | Blockage of further filing of GSTR-1 | Consequence of non-compliance of Rule 88C
5th Amendment Rules under GST: GST Notification 26/2022 | 5 Imp Changes | The Central Goods and Services Tax – 5th Amendment Rules, 2022
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
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.
Third Amendment under GST | Changes in ITC Claim for GSTR 9 & invoice amendment till November 30, 2022 | 3rd amendment rules under GST
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.
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
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 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 | Businesses that come under the supply chain management are required to learn about e-way bill under GST.
GST annual returns, taxpayers have been facing certain issues while filling form GSTR 9 and GSTR 9C.
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 form has a reconciliation statement for reconciling turnover, input tax credits and tax payments. Let’s see in brief about GSTR 9C
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 9C - Taxpayer who’s aggregate turnover exceeds 2 cr. and need to audit his accounts under GST.
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.
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.
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.
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.
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 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.
Annual GST Return - Everything you want to know about GSTR9, GSTR9A, GSTR9B, GSTR9C filing. A statement that every taxpayer needs to file annually.
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.
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.
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!
This Diwali, clean your accounts with IRIS GST’s Checklist for Accountants| Cleaning Checklist for Accountants | Yearly Accounting Checklist
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 Distributor Officer’ is one of the most crucial concepts in the Indian economy, especially for the big players in the market.
Application for Registration for TCS collector is to be filed in REG-07. Registration certificate to be issued in REG-06.
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.
Every month’s GST filing, you need to reconcile your purchase data with all your suppliers’ sales data that they have uploaded on GSTN.
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
As per GST Notification 18/2022, the time limit to claim ITC and amend sales/CDN has been extended (including for FY 21-22) by the CBIC. So, the date has been changed for claiming ITC, issuing CDN, and doing amendments to returns of the previous year till 30th November by notifying clause 100 of the Finance Act 2022 to be effective from 01.10.2022.
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.
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
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.
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 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.
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.
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.
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.
E-way Bill is to be issued irrespective of whether the movement of goods is caused by reasons of supply or otherwise.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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 .
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.
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
The GST Council in its 31st meeting held on 22 December 2018 at New Delhi made the following policy recommendations.
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.
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.
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.
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.
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.
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.
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
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 is levied by GST - Compensation to States Act 2017. Read all about the compensation cess under GST here
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.
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.
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 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!
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.
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.
Filing Letter of Undertaking (LUT) in form RFD-11 has been made mandatory by the government as per rule 96A of CGST Rule-2017 notified by GST Notification No. 16/2017 dated 07-07-2017. Know all about the form and LUT here in the article.
The list of the required may change based on the constitution of your business and the type of GST registration you are seeking.
Updates: 23 April 2019 – Presently, the common portal supports the order of utilization of input tax credit in accordance with the provisions before implementation of the provisions of the CGST (Amendment) Act
As per GST law, for every supply of taxable goods or services, a registered supplier is required to provide a tax invoice to the Purchaser.
Government has issued notification w.r.t. changes in GST rates for real estate sector with an option to charge new tax Rate from 1st April 2019 for ongoing projects.
An E-commerce operator liable to collect tax, he is required to be registered under GST, mandatorily.
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.
GST is structured as One-multistage based taxation system, it is categorized into CGST, SGST or IGST, based on whether the transaction is Intra-State or Inter-State.
The pilot for New Returns- Sahaj and Sugam, was to start from April 1, 2019 and the mandatory filing to start from July 2019.
A company has to deal with multiple transactions and with the supply of goods and transportation, the requirement of e-way bills also becomes mandatory. Thus a secure and comprehensive e-invoicing software is necessary to ease the course not just for IRN generation but also to print and share invoices, manage e-way bills, and for a smooth ITC claim as a way ahead.
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.
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.
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…
The Government of Maharashtra has released new instructions for the issuance of FORM GST DRC-07 for vehicles detained under the provisions of the e-way bill. Read more…
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.
As per the latest GST Notification 1/2022 released on 24th February 2022, e-invoicing has been made mandatory for all the B2B transactions from 1st April 2022 for all the entities with an aggregate annual turnover of Rs. 20 Cr. or more in any financial year from 2017-18 onwards. Read the complete article to know all the related changes.
ITC-04 and Job Work under GST | Job Work includes outsourced activities that may or may not culminate into manufacture | Read more about due-date, format and filing here!
GSTR 2X return is filed by taxpayers who want to claim TDS and TCS credit. Here taxpayer will get auto-population of data from his counterparty who files GSTR 7 and GSTR 8. Read more about due date!
The finance bill 2022 was announced the same day as Union Budget that listed key changes in GST that can significantly impact taxpayers and business owners across all spheres. In this article, we discuss the key areas that have seen multiple changes in GST laws and rules.
Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced the official budget for 2022 on 1st February. Some major decisions have been made for healthcare, infrastructure development, tech-enabled development, and several decisions under the PM Gati Shakti scheme. Announcements have also been made regarding the digital economy, bitcoin, and climate actions. Read them in detail here!
The monthly return (in some cases quarterly) containing the details of outward supplies made during the period.
The implementation of GST, has probably been the biggest taxation reforms in independent India. Besides uniting the country under a single tax regime, the roll out of GST has also laid the path for the formalisation of the economy.
GST Notification 39 and GST Notification 40 issued during the end of Dec 2021, specify the rules for claiming Input Tax Credit with effect from 1st Jan 2022. The rules state that ITC on a provisional basis cannot be claimed henceforth. Here’s what you can do to define your ITC strategy for 2022 for availing maximum ITC claim.
The E-way Bill system has seen new changes that have been implemented lately. You as a business owner need to be aware of these rules and law amendments in order to avoid penalties and confiscation of your goods. Here, we particularly discuss the latest updates in EWB system in 2022 that directly affect your business if you are a part of the supply chain.
New revised edition of HSN 2022 | HSN 2022 is the new revised edition of HSN published by the World Customs Organization (WCO) has into force from 1st Jan 2022…
The 46th GST Council Meeting was held on 31st December 2021 in New Delhi. It was a physical meeting and considering the COVID restrictions, not more than 2 representative members from each state were requested to join. The meeting was chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman.
2021 went by in a jiffy and 2022 is waiting for us around the corner patiently! From all the changes that indirect taxation has undergone this year, it seems like the GST rules are getting tighter in 2022. We have collated all the important GST changes being applicable from 1st January 2022 that you need to be aware of! Let us look at the changes in major brackets one by one...
From all the changes that indirect taxation has undergone this year, it seems like the GST rules are getting tighter in 2022. We have collated all the important GST changes being applicable from 1st January 2022 that you need to be aware of! Let us look at the changes in major brackets one by one
2021 was quite a year full of ups and downs plus loads of GST changes to adapt to! In this article, we share the year’s GST changes and IRIS GST’s key product highlights. The GST Collections, e-invoicing implementation, changes in reconciliation patterns, how to claim maximum ITC are some of the themes in this article. And, we also talk about gearing up for 2022…
The year 2021 has been a rollercoaster ride for many of us. We are sure you must have experienced some good parts and some not-so-good phases this year. We at IRIS GST had our fair share of happiness and we can’t thank you all enough! Going down memory lane, sharing the wonderful milestones we were able to achieve throughout the year with your constant support and love. Read on…
9th amendment of the CGST Rules 2021 | The 9th Amendment of CGST Rules 2017 was recently updated by the CBIC by exercising the powers conferred by section 164. Read more...
The 8th Amendment of CGST Rules was recently updated by the Central Board of Indirect Taxation and Customs (CBIC) via GST Notification 35/2021 - Central Tax, dated 24-09-2021. The changes were made to update and amend the existing CGST Rules 2017. There are multiple changes to the act. You can read the full article to get the complete details.
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.
Summaries of the latest GST circulars 165 and 166 - November 2021 | Circular 165 offers clarification regarding the applicability of Dynamic QR Code on B2C invoices while 166 offers clarification regarding refund-related issues...
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.
With RFID, VAHAN, FASTag, GSTR 1 matching and E-invoicing coming into the picture, the E-way bill has become an important document and hence the businesses need to consciously define their long-term strategies around E-way Bill Management. Let us understand the importance of all these components and their relation with E-way Bills here in this detailed article.
E-invoice New API Specification has been released today in line with the updated e-Invoice standard fields released early Feb 2020.
E-invoicing model has been adopted by many countries globally with varying implementation models. The Indian adoption consists of following components.
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…
Summary of GST Circular 159: This circular talks about the clarification on doubts related to Scope of “Intermediary”. Read here…
Falling Under The E-invoice Criteria? Here Are Mistakes To Avoid | E-invoice Preparation | E-invoicing in India | E-invoicing under GST
Summary of GST Circular 161 talks about clarification relating to the export of services-condition (v) of section 2(6) of the IGST Act 2017. Read here…
GST Circular 160 explained: It talks about the clarification with respect to certain GST related issues. Read here…
Read the Summary of GST Circular 164. It is all about GST Rates and Classification of Goods/Services | Latest GST Circulars and Notifications
Vendors being GST compliant plays a significant role in the ITC claim of taxpayers. As the GST law is designed, the taxpayer not only needs to be self-compliant, it is equally important to have a GST compliant network of vendors around. If you deal with multiple vendors, keeping a tab of compliances of all vendors becomes an important activity for optimum ITC claim.
1st October 2021 marks the one-year completion of e-invoicing in India. Presently, the system adoption rate stands at 80% and is likely to increase even further. However, just like constant GST law changes, e-invoicing is also evolving and is undergoing changes. All the taxpayers that fall under the threshold, need to take note of the changes/updates mentioned in this article.
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.
Taxpayers, traders and transporters were facing a lot of issues while generating e-way bills for movement of those goods where their principle supply is classifiable as a service since there is no provision for generating e-way bills by entering SAC (Service Accounting Code-Chapter 99) alone on the E-way Bill Portal. Thus this advisory was released to offer a solution for the same.
The CBIC has recently issued Advisories 500 and 501 on 26th August 2021 dealing with furnishing of form GSTR-1/IFF and addressing the issues related to HSN while filing of GSTR-1 respectively.
Union Finance Minister Nirmala Sitharaman chaired the 45th GST Council meeting held on 17th September 2021, in Lucknow, Uttar Pradesh. This was the first offline meeting after the outbreak of the deadly coronavirus pandemic. In this council meeting, there were several GST rate changes, clarifications and other updates were given out. Read here...
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…
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
The GST Regime mandates every person/business with an annual turnover of Rs. 40 lakhs or more, to register as a normal taxable person.
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…
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.
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.
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…
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.
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 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.
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.
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.
