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 5key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts.

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.

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.

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:

COVID-19: New relief measures issued amidst Lockdown 3.0

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:

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…

May 2020 GST Compliance Calendar

Here’s the Compliance Calendar for May 2020 with all the due dates regarding the updated GST Returns and also due dates for income tax returns. Read the blog with all the latest happenings in the month of May.

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…

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.

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…

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…

Advisory on Opting-in for Composition Scheme by GSTN – 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.

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

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-invoice New API Specification Released

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

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.

March 2020 GST Compliance Calendar

From March 1 onwards, a 28% Goods and Service Tax i.e. GST will be levied on all the lotteries. It has been imposed on all the state-run and authorised lotteries!

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,

10 Things You should know about eInvoicing under GST

Starting April 2020, the eInvoicing mechanism shall be made mandatory for certain category taxpayers, based on their aggregate turnover.

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:

E-invoicing becomes mandatory from 1st October, 2020

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.

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.

Preparing for the new GST Returns: The Ultimate Guide

The new returns, which are supposed to be simplified, if followed in complete sense, can actually decrease the compliance processes. With real time invoice matching and monthly reconciliations, it will not only make compliance easier but would also boost tax revenues.

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

Top GST News for the month of November

Here are the major of updates from the month of November: CBIC Issues GSTR 3A Notice in Bulk for Non-Filers,Robots to Check Tax Evasion in India,Clarification on the scope of 'Job-work' services,6% rise in GST Collection

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.

GST E-invoicing: 7-Steps of 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.

Provisional ITC -10% Rule: Summary of GST Circular No. 123/42/2019

Ahead of GSTR3B due date of , CBIC has resolved queries on provisional ITC @ 20% through Circular No. 123/42/2019-GST but still the ambiguity persist.

E way bill generation for transporters using Common Enrolment Number

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.

Legal Appeal under GST (3/3) – 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.

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.

Input Tax Credit Break-up of GST RET 1 – Table 4 Explained

Return RET-1 has a total of 9 tables, out of which in this article we will focus on table 4 in detail. Kindly note table 3 is already detailed in our previous articles GST Form RET 3.

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.

SUGAM (RET-3): Quarterly Return for B2B+B2C Transactions

Sugam, which is also known as RET-3, is a newly introduced simplified return for small taxpayers. Small tax payers may opt to file Sugam on quarterly basis.

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.

GST New Return Offline Tool (Beta) v0.3 – released on GSTN

With an aim to help taxpayers with the New Simplified Return System, a new beta version of the Offline Return Tool has been released on the GSTN portal.

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.

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.

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 (2/3) – 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.

GST: E-Invoicing Proposed Framework and Format Released by GSTN

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

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.

New Input Tax Credit Rule: 20% Capping of ITC not Reflected in GSTR 2A

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

GST Form RET-1: How to file Table 5 to Table 8

The GST Council has introduced new return filing system in order to simplify the filing process. This system is currently postponed until October 2020.

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 Updates – New 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 – 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.

GST Law and Procedure: Legal Appeal to 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.

SAHAJ (RET-2): Quarterly Return for B2C Transactions

Taxpayer having turnover upto Rs. 5 Cr in previous financial year, involved in B2C Supplies (supplies to unregistered persons and consumers) and Inward supplies attracting reverse charge only may opt to file Sahaj return on quarterly basis.

FORM GST ANX-1 –How to Prepare Annexure Of Inward and Outward Supplies?

The annexure to the simplified form GST Ret1, Anx 1 allows a regular invoice-wise detail upload in the respective sections except in case of B2C Outward supplies, Inward RCM and Import of Services, wherein the taxpayer can upload aggregate details for the same.

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.

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.

Provisional ITC as per New Simplified GST Returns

In New Returns Table 4A.10 Provisional input tax credit on documents not uploaded by the suppliers [net of ineligible credit] gives the provision to the purchaser to take ITC on provisional basis.

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 1/3)

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.

Exploring Simplified GST Returns – Taxpayer’s Profile

Simplified GST Returns is expected to simplify indirect taxation for the taxpayers, and provide a boost to the economy in India.

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,

5 Key Responsibility 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

Composition Form CMP 08 – 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.

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.

5 Key Changes in New Simplified Returns

Under the Simplified Returns regime, a taxpayers may notice the below-given 5 key changes in the return filing system

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.

8 FAQs Around GST Annual Return

Annual return is a statement of return which is required to be filed annually by each registered person (except few specified categories of persons) under GST giving summarized details of

GST ANX-2 Vs GSTR2 – Simplified GST Return

October 2019 is going to be a crucial month for GST Taxpayers. The new simplified GST return system will be taking up on the current GST Returns system. As per

Reverse Charge, TDS and TCS Provisions get Deferred for another 3 Months

The provisions related to tax deducted at source (TDS), tax collected at source (TCS) and reverse charge mechanism under GST have been deferred for another three months till Sept 30,

The GST Glossary

The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide. And to shift taxpayers from diverse taxation systems like excise,

How to Fill GST ANX-1: Simplified GST Returns

The new – simplified GST return system is expected to be introduced, mandatorily, onto the current GST Returns system of India in the month of October, 2019. As per the

[Case Study] GST Reconciliation in Manufacturing Industry

Manufacturing sector has emerged as one of the growing sectors in India in recent times. The introduction of GST, has provided a great boost to the manufacturing sector by eliminating

9 Action Points to Prepare You for New GSTR Forms

Updated on 26-06-2019:  The  CBIC has finally released the road map for Simplified GST returns implementation to ease the transition process. The transition that starts from October 2019 will be complete by

Introduction of Manual Checks in IGST Refunds

In a bid to minimize tax fraud using bogus bills, the Central Board of Indirect Tax and Customs (CBIC) introduced “Manual check” for its Customs and GST formation before the

Multi-Vehicle Option in EWay 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.

Accounts and Ledgers under GST

As a part of digital India initiative, the indirect taxation system of India was so crafted to go hand in hand with the technology today. However, in order to ensure

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.

6 Things to Expect from the 35th GST Council Meeting

The GST Council is scheduled to meet for 35th time under GST regime on 21th June, postponed from the original date of June 20.

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.

Issues Faced while Filing GSTR9 and GSTR9C

Amidst the chaos and hustle to file their first ever GST annual returns, taxpayers have been facing certain issues while filling form GSTR 9 and GSTR 9C. The CBIC has

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.

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.

How to Track Online GST Payment in 4 Simple Steps

Under GST, a businessperson has tax liabilities based on the nature of their business. The taxpayer can adjust these  GST liabilities with the available ITC and/or pay the balance through

How to Make GST Payment Online?

Entire country is going gung-ho about GST, the much-awaited tax reform of these years. As a business, you registered for your GSTIN, managed your outward supplies and inward supplies in a

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.

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. The Chief Minister of the Kerala, Pinarayi Vijayan, has

Late Fees and Penalties under GST

Under the GST regime, one issue that has been persistent ever since the introduction of GST in 2017 is the inconsistency in GST Return filings by a registered taxpayer. In

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

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)

HSN Code and SAC under GST: A Move towards Standardisation

Over the years, trading has grown from being contained within the local marketplace to and beyond the national borders. Today, the world is the marketplace, with traders reaching out making

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. A well-prepared invoice data not

GSTIN – The Fingerprint to your Business Identity

Goods and service tax, the little bud sowed into the Indian Taxation System, roughly 2 years ago, today has changed the compliance game in India. Prior to the GST regime,

Notices under GST- Why, What and When

Have you ever received a notice from the government or the GST officials and were unsure of what steps to take under such circumstances? Relax, we have you covered. The

RCM Facilitating GST Collection from Unregistered Taxpayers

Under new indirect tax regime, all different taxes got clubbed under one head i.e. GST. In order to further improve the newly implemented taxation system, smoothen the transition and widen

Composite Taxpayers under GST – To Be or Not to Be?

The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to India is a developing nation that has a great diversity

8 Questions to Ask before Finalizing Your GST Software

With continuous improvement in ‘Ease of Doing Business’ in India, business houses are flourishing beyond boundaries, diversifying into new sectors and numerous MNCs are setting up their shops in the country.

Zero Rated Supply Under GST

What is Zero Rated Supply In any country, the export of goods and services plays a major role in maintaining a country’s economic growth. Therefore, in order to boost the

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. If this plan rolls out, the exporters of goods and

Recovery of Tax under GST – Special Provisions

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

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

What is form GSTR 3A? Under GST, a registered taxpayer, with a turnover exceeding the threshold limit, is required to file his/her GST returns on a monthly/quarterly basis along with

ITC Claim When Consideration is Paid through Book Adjustment

The GST Act and rules made there under does not restrict the recipient from claiming the ITC when consideration is paid through book adjustment.

How to transform ERP data to GSTN Validated Data in minutes

It is often said, “Change is the only constant”, thus inevitable. However, when it comes to finances and complying with the rules and amendments set forth by the government, the

ICEGATE – now with Simplified Auto-Registration

What is ICEGATE ICEGATE is an abbreviation for Indian Customs Electronic Commerce/Electronic Data Interchange (EC/EDI) Gateway. ICEGATE provides e-filing services to the importers, exporters and other trading partners in India.

GST Return Forms  Various Types and Who Need to File

In order to simplify the taxation process and the cash flow, the GST returns have been segregated as per taxpayers’ registration and business types. These return forms are as follows:

GSTR 4 and Composition Scheme under GST

What is composition scheme? Composition Scheme is a simple and easy scheme under GST for small taxpayers. Under GST small taxpayers can choose to free themselves from the hassles GST

Form GSTR 1 – Everything you need to know about it

GSTR 1 – Introduction GSTR-1 is a monthly or quarterly return (based on taxpayer’s annual turnover) that should be filed by every registered dealer. In this form, the registered taxpayers

GST to implement e Invoice Module Determined to Curb Tax Evasion

Ever since the introduction of GST in the Indian taxation system, GST officials have been diligent to work out a mechanism to stop tax evasion in India. Over the years, there

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

The growing instances of GST frauds have put GST officers on their toes, working out a mechanism to tackle the situation in hand. Although GST officials have successfully counteracted multiple

Delay in GST returns filling Interest is payable on gross liability

Hyderabad, Apr 23 In a move that would have a significant impact on businesses that use tax credits available on inputs and raw materials to reduce payment in cash.

Power Your Decisions with IRIS Sapphire Business Intelligence Tool

Businesses have been filing GST returns for over a year now. While compliance is the main purpose, the granularity and spread of details captured in your GST filing makes it

Important GST Notifications Issued on 23rd April 2019

Non-filers of GST returns would not be able to generate e-way bills From 21St day of June,2019. Rule 138E – Restriction on furnishing of information in PART A of FORM

14 Cases where Input Tax Credit (ITC) cannot be Claimed

The Goods and Services Tax (GST) was introduced to the Indian business houses on July 1, 2017. While GST has been constantly evolving into a well-structured taxation system, one thing

11 Updates on GST Portal 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.

9 Updates to Look Forward to in EWay Bill System to Curb Tax Evasion

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.

List of Documents Required for GST Registration

In India, any person undertaking a supply of taxable goods is required to register under GST if, His/her firm/organisation has crossed the annual aggregate threshold limit of Rs. 40 Lakh

Utilization of Input Tax Credit under GST Rule 88A, Section 49A and 49B

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

The Curious Case of GSTR 2X

GSTR 2X return need to be filed by taxpayer who wants to claim for TDS and TCS credit received. Here taxpayer will get auto-population of data from his counterparty who files GSTR 7 and

Movie Producers to Pay IGST on Reverse Charge Basis West Bengal AAR

WEST BENGAL AUTHORITY FOR ADVANCE RULING in case of “Udayan Cinema Pvt Ltd” held that The producer of a feature film is liable to pay IGST on reverse charge basis

Bill of Supply under GST

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. The invoice consists of Tax

Cancellation, Revocation and Re-Registration under GST

The GST Regime mandates every person/business with an annual turnover of Rs. 40 lakhs* (Rs 10 lakhs for North Eastern states) or more, to register as a normal taxable person.

Change in GST Rates for Real Estate Sector from 1st April 2019

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. If no

Effective 1st April 2019, Reset the Invoice number series: GST Advisory

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. This draws attention, now

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

As per the GST Law, a person who owns, operates and manages an E-Commerce platform is known as E-commerce operator and is liable to collect tax (Tax Collected at Source

How to Register for GST Online in 12 Simple Steps

In recent years, India has emerged as a major hub for Startups and SMBs. In the past 2 financial years, India has retained its position as the 3rd largest base

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

Simplified GST Return Deferred

One of the changes expected with the dawn of new Financial Year was the introduction of simplified GST returns envisaged to reduce compliance burden of taxpayers. The pilot for simplified

Job Work and ITC 04 : Charging GST on Goods not Owned

29 March 2019 Update: GSTN brings relief to companies engaged in Job Work. The due date for filing ITC-04 for period from July 2017 to March 2019 hs been extended till

7 Tasks to Finish Before the End of Financial Year 2018-19

Coming to the end of the financial year 2018-19, one may call it a roller coaster ride that went through various rules and amendments introduced by the GST Council. In

Top 11 Advance GST Rulings of February 2019

Advance Ruling under GST refers to a decision provided by the authority or the appellate authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or sub-section (1) of section 100 in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the applicant.

How to edit invoices uploaded in ANX -1 in 5 steps

As you may know, new and simplified GSTR forms are to be implemented from April 1, 2019, on a pilot basis. Under the reign of new return forms, a taxpayer

Wondering How Simplified Returns can be Amended? Here are 5 Points to Note.

It is a very famous saying that nothing is perfect. This saying goes very well when it comes to returns. Especially when the entire register is being considered there are

Government introduces lottery on GST-paid bills to boost GST Collection

As per the proposed plan, a lottery scheme shall be introduced to lure taxpayers to pay their GST. For the initial period, the GST panel shall hold daily and monthly lotteries for customers who indulge in a B2C transaction and take a copy of the bill after paying applicable GST.

FAQ – New and Simplified GST Return forms

GST, the biggest tax reform in the country, is to undergo a major revamp in the second term of the year 2019. The year 2018 saw the approval of the

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

GSTR 7 and TDS Explained in 6 ‘Should Ask Questions’ When it comes to Indirect Taxation, one item that forms an important part of the team’s job is filing TDS

8 GST Rule Updates You Need to Know Before 1st April 2019

CBIC has recently announced many updates to the existing GST rules in various meetings and through notifications. These are going to be in effect within 15 days from 1st April 2019.

Nil GSTR9 Return Filing: Do You Need to Do That?

As you may know, 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

Penalties and Confiscation 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

5 Aspects of ITC Distribution an ISD should Know

‘Input Distributor Officer’ is one of the most crucial concepts in the Indian economy, especially for the big players in the market. With ISD, the common expenditure shared between sub-branches

33rd GST Council, Adjourned!!!

The 33rd GST council meeting was scheduled to be held on February 20th, 2019. However, state finance ministers requested a face-to-face discussion on special schemes for Real Estate Industry and issues in taxation system on lotteries.

GST Updates – February 2019

There are few major updates being announced by CBIC on 18th February 2019. Please find the same below: 1. CBIC mandates every registered person to specify Place of Supply with

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.

11 Points to Know Before Filing GSTR 6

When a business is born, the mind behind the venture begins to dream of a future where the business has grown in every corner of the nation.  However, as the

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

Reconciliation is a crucial step that you, as a taxpayer, need to undertake to avail ITC. For every month’s GST filing, you need to reconcile your purchase data with all

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

GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. It includes reconciliation Statement for a particular FY

How to Win Your GST Reconciliation & Influence ITC

Since the announcement of GST, there is a constant tussle going on between GST pros and others on its effects on the economic growth of the country. While the contention

Brace Up! Key Amendments in GST take effect from 1st February 2019

The President of India gave assent on 29th August 2018 to make amendments to following GST laws: The Central Goods and Services Tax (Amendment) Act 2018 The Integrated Goods and

Paid GST on Your Purchase? Exercise Your #RighttoKnow

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

Everything You Need to Know About TCS and GSTR 8

Just like Job Work, ecommerce transactions also involve a different buy-sell arrangement, hence need special attention in GST Law. As per the section 52 of CGST Act 2017, a person

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

Since the day annual return filing has been announced in GST lobby, the taxpayers are perplexed on the applicability of the form type to them. Should they be filing GSTR

Top 10 GST Advance Tax Rulings of 2018

GST Applicable on the activities performed by employees at corporate office in the course of or in relation to employment such as accounting, other administrative and IT system maintenance for the units located in the other states

Provisional Assessment in GST – 9 Answers to the Most Frequently Asked Questions

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”. What is

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

As per the GST law, an Electronic Commerce Operator is liable to collect taxes while making taxable sales on behalf of other suppliers. GST TCS provisions were deferred for a long

CGST, SGST & IGST: The Three Pillars of Goods & Service Tax

Good and Service Tax (GST) is an Indirect tax which came into effect on July 1, 2017. GST was coined in to replace the hassle of multiple taxations in India

Narrow the difference in Your GST Reconciliation with IRIS Sapphire Insights and Reports

Reconciliation of invoices with the supplier uploaded invoices on GST system, ensure that the ITC which you intend to claim is accurate and meets all the provisions of the GST

Filing Due Dates extended for GSTR 1

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

New Simplified Return Forms – Sahaj & Sugam and difference in filing return for small taxpayers

In our previous blog series of GST new return formats, we have covered the aspects of introductory part giving brief idea about the simplified formats, new return formats for Large tax payers and comparative analysis of

Comparative Analysis of New Main Return and Existing GSTR 1

In our previous blog, we have presented the impact for Large Taxpayers as per proposed simplified return formats and process. The Large Taxpayers i.e. taxpayers having a turnover above Rs. 5

New GST Returns Filing for a Large (Regular) Taxpayer Explained in 7 Points

Simplifying the GST return has been one of the priority items for the Government. In its 28th meeting held on 21st July, 2018, GST Council approved the key features and new draft format

New Simplified GST Returns Overview

The previous GST Council meeting approved the simplified process and format for GST new returns. The new GST returns are now released for stakeholder feedback and comments. The new returns are

Eway Bill Rules and Requirements for Export Transactions

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.

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.

Eway Bill 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.

GST Compliance for an Input Service Distributor and 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. Though it

Simplified New GST Returns: Changes Expected and Comparative Analysis

The GST Council, in its last meeting on 4th May 2018, decided to go ahead with Simplification of Returns based on the recommendations placed by GoM led by Shri Sushil Kumar Modi. The

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.